Key Indian equity indices trade flat in early session

Key Indian equity market indices opened flat on Friday following global cues.

The 30-scrip Sensitive Index (Sensex) was trading 42.08 points or 0.13 per cent higher during the early session.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 17.45 points or 0.18 per cent higher at 9,890.75 points.

The BSE Sensex, which ope

Ashok Leyland first-quarter profit falls about 62 percent

Ashok Leyland Ltd posted a sharper-than-expected 61.7 percent fall in quarterly profit on Friday as the commercial vehicle manufacturer recorded an exchange loss on swap contracts.

Profit was 1.11 billion rupees ($17.26 million) in its fiscal first quarter ended June 30, compared with 2.91 billion rupees a year earlier, the company said.

Analysts on average had expected a pr

Reliance launches 4G enabled low-cost phone

MUMBAI - Reliance Industries launched a low-cost phone with 4G-enabled features on Friday in a bid to woo tens of millions of low-income users to its upstart telecoms venture Jio's service.

The handset, named JioPhone, will "effectively cost zero" as buyers will be able to get the device for a one-time refundable security deposit of 1,500 rupees ($23.32)

Reliance Nippon Life logs 8% premium growth

 Private life insurer Reliance Nippon Life Insurance Company Ltd on Friday said it closed the first quarter with eight per cent growth in its premium income.

In a statement issued here the company said it has earned a total premium (net of reinsurance premium) of Rs 700 crore for the quarter ended June 30.

The company - a subsidiary of Reliance Capital Ltd - h

Crisil reviews Inox Wind`s bank facilities rating

Inox Wind has said that CRISIL Limited (CRISIL) has reviewed its ratings on the bank facilities of the company. “The rating action follows the initiation of insolvency proceedings against the Company in National Company Law Tribunal (NCLT), Chandigarh Bench in the matter of Jeena & Co. V/s Inox Wind Limited.

As already intimated, the Company has filed an appeal against the o

ABB India`s Q2 net profit up 35%

Industrial technology major ABB India on Thursday reported an increase of 34.90 per cent in its net profit for the second quarter (Q2) of 2017.

According to the company, its net profit for Q2 increased to Rs 75.06 crore from Rs 55.64 crore reported for the corresponding period of 2016.

The company revealed that it had received orders worth Rs 2,301 crore during the second qu

The debt threat lurking behind India`s zombie power plants

MUMBAI - In the central Indian village of Raikheda, the construction of a thermal coal power plant once promised jobs and economic progress.

Years after its completion though, the debt-saddled project that promised power supply to hundreds of thousands of homes, sits mostly idle. It is unable to buy coal to power the plant or sell electricity to utilities. Dozens of n

Paytm aims to sell gold worth $200 million this year

By Nivedita Bhattacharjee and Sankalp Phartiyal

BENGALURU/MUMBAI  - Paytm plans to sell 5 tonnes of gold valued around $200 million this year, the digital payments firm said on Friday, as it strives to develop a viable business from its e-wallet platform.

E-wallets like Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wal

RIL Quarterly Result standalone net up 9% at Rs 8,196 cr on petchem gains

Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday posted a healthy 9 per cent rise in its standalone net profit for the first quarter ended June at Rs 8,196 crore on the back of higher margins from its petrochemicals business and a one-time gain.

The company had registered a standalone net profit of Rs 7,548 crore during the April-June quarter a year ago. The standalone figu

Wipro to buy back shares worth Rs 11,000 crore

 Global software major Wipro Ltd on Thursday proposed to buy back nearly 344 million shares of Rs 2 face value for Rs 11,000 crore ($1.7 billion) at Rs 320 ($4.95) per share.

"The board of directors approved a buyback proposal for purchase of 343.75 equity shares of Rs 2 each, representing 7.06 per cent of equity capital, from the company's shareholders on a proport

KPMG India to merge BMR`s M&A and risk consulting businesses

Professional services firm KPMG in India on Thursday said that it will merge the transactions (M&A) and risk consulting businesses of BMR.

According to the company, the merger will combine the strengths of both the organisations across corporate finance, transactions tax, transaction support and risk consulting businesses.

"The combined domain expertise of the two f

SEBI tweaks rules on foreign purchases of rupee corporate debt

MUMBAI - India's market regulator said on Thursday foreign investors would be allowed to buy rupee-denominated corporate debt on tap until they reach 95 percent of the 2.44 trillion rupees ($37.87 billion) allocated to them.

Once that 95 percent limit is reached, however, custodians must halt any foreign investors orders, and the remainder would be sold off under

RIL to invest $25 mn in innovation incubator in Israel

Mukesh Ambani-led Reliance Industries (RIL) on Thursday announced it will invest $25 million in a technology incubator -- the Jerusalem Innovation Incubator (JII) -- which will reinvest in early stage start-ups working in the areas of artificial intelligence (AI), financial technology and Internet of Things (IoT).

"The Board of Directors has approved to set up and invest in a tec

Eurofins Scientific to acquire Tata`s Advinus Therapeutics

Tata Industries on Thursday said that laboratory testing major Eurofins Scientific will acquire its preclinical contract research company Advinus Therapeutics.

"Tata Sons, Tata Industries and Rallis India announced today that they, along with individual shareholders of Advinus Therapeutics (Advinus), have signed a definitive agreement with Eurofins Scientific (Eurofins) for Eurof

RIL proposes to buy stake in Balaji Telefilms

Industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday said it plans to acquire 24.92 per cent equity stake in media and entertainment industry firm Balaji Telefilms Limited (BTL) for a consideration of Rs 413.28 crore.

"RIL proposes to acquire 2.52 crore equity shares of BTL, constituting 24.92 per cent of the post-issue paid-up capital of BTL... for cash cons

Jio to raise Rs 20,000 cr through rights issue

Reliance Jio on Thursday announced that it will sell optionally convertible preference shares through rights issue to existing shareholders to raise Rs 20,000 crore.

Jio is a wholly-owned subsidiary of RIL.

In a regulatory filing with both the Bombay Stock Exchange and the National Stock Exchange, Reliance Jio Infocomm Ltd said its board of directors at a meeting on Thursday

HPCL sees more scope for foreign buys after ONGC deal

By Nidhi Verma

NEW DELHI - State refiner Hindustan Petroleum Corp Limited (HPCL) sees itself better placed to buy overseas downstream assets once it becomes part of the country's top explorer Oil and Natural Gas Corp (ONGC), its chairman M. K. Surana said.

The Indian cabinet on Wednesday cleared state-run ONGC to acquire the government's 51.1 percent

Bajaj Auto Q1 consolidated net profit down over 19%

Two- and three-wheeler major Bajaj Auto on Thursday reported a decline of more than 19.52 per cent in its net profit for the first quarter (Q1) of 2017-18.

The automobile major's net profit decreased to Rs 836.74 crore for the quarter ended June 30, 2017, from Rs 1,039.70 crore reported in the corresponding period of 2016-17.

According to the company, its total income fo

RIL Q1 consolidated net up by 28%

Indian oil-to-telecoms conglomerate Reliance Industries Ltd posted a nine percent rise in first-quarter standalone profit on Thursday, helped by higher margins from its core petrochemicals business.

Profit on a standalone basis, which only accounts for the company's refining, petrochemicals and oil and gas exploration businesses, rose to 81.96 billion rupees ($1.27 billion) for th

India urges final solution to WTO food stockpiling issue

Noting how protectionism in some developed nations is impacting the multilateral trading system, India has again urged WTO members to realise a permanent solution to the issue of public stockholding for food security, the Indian Commerce Ministry said on Thursday.

"During her meeting with the Director General WTO, the Commerce and Industry Minister mentioned the kind of outc

Alembic Pharma Quarterly Result net dips 36% at Rs 66 cr

Drug firm Alembic Pharmaceuticals today reported a 35.73 per cent dip in its consolidated net profit to Rs 66.67 crore for the quarter ended June, mainly on account of transitional provision of GST. The company had posted a net profit after tax, share of associates, joint venture and minority interest of Rs 103.74 crore for the same period a year ago, Alembic Pharmaceuticals said in a BSE filin

NIIT Technologies Consolidated Quarterly Result net surges 79.5% at Rs 51.3 cr

NIIT Technologies today posted 79.5 per cent jump in consolidated net profit to Rs 51.3 crore for the first quarter ended June 30, 2017. NIIT's net profit stood at Rs 28.6 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange. The company's revenues increased by 5.7 per cent to Rs 708.9 crore in the said quarter from Rs 670.7 crore in the April-June per

NSE files consent application for resolution of co-location issue

The National Stock Exchange of India (NSE) on Thursday said it has filed an application with stock market regulator Sebi for settlement of its co-location issue under the consent process.

"This application has been filed under the settlement regulations of Sebi. Sebi will review the application and get back to NSE on the future course of action," the stock exchange majo

Wipro announces up to $1.7 billion share buyback as second-quarter forecast disappoints

By Tanvi Mehta and Sankalp Phartiyal

BENGALURU/MUMBAI - Wipro Ltd, India's third-largest software services exporter, announced an up to 110 billion rupee ($1.71 billion) share buyback on Thursday, overshadowing a tepid revenue forecast that fell short of market expectations.

Bengaluru-headquartered Wipro said it expects revenue from its core IT services

Sensex ends lower; Infosys biggest drag

Indian shares fell on Thursday, dragged down by IT stocks such as Infosys Ltd , while investors await quarterly results from Wipro Ltd and Reliance Industries Ltd due later in the day.

The broader NSE Nifty closed 0.27 percent lower at 9,873.30, while the benchmark BSE Sensex fell 0.16 percent to 31,904.40.

Wipro shares closed 0.7 percent lower, while Reliance Industries end