Subsidies haunt ONGC

Mumbai, Feb. 1: Oil and Natural Gas Corporation (ONGC) has said any further contribution to the sharing of super kerosene oil and LPG under-recovery in 2004-05 will have material negative impact on its earnings. The company plans to invest Rs 10,000 crore on exploration and development of its domestic oil and gas properties in 2004-05.

Essar loss

Mumbai, Feb.1: Essar Steel has posted a net loss of Rs 21.74 crore in the third quarter ended December 31, down from a loss of Rs 65.91 crore a year ago. Essar Oil board has appointed Awadesh Sinha as managing director.

HCV sales

New Delhi, Feb. 1: Heavy commercial vehicle (HCV) sales were up 36.2 per cent in April-December at 1.78 lakh units over 1.30 lakh units a year ago.

Centurion Bank

Mumbai, Feb. 1: Centurion Bank chief S. Janakiraman has stepped down. Sabre Capital’s Rana Talwar, S. Bhandari and two Bank of Muscat nominees joined the board. The bank suffered a third-quarter loss of Rs 6.54 crore .