UBI plans to raise up to Rs 500 cr

State-run lender United Bank of India (UBI) on Wednesday said it is planning to raise up to Rs 500 crore through issuing and allotting of Basel III compliant bonds.

UBI would seek approval for this from its board which is scheduled to meet on December 6.

"Issue and allotment of Basel III compliant additional tier-I bonds up to Rs 500 crore and board meeting to

Bharat Rasayan Q2 net profit jumps 45.24% at Rs 24.08 cr

The company reported standalone net profit of Rs 24.08 crore for the quarter ended September 30, 2017 as compared to Rs 16.58 crore in the same period last year, registering a year-on-year growth of 45.24 per cent. Net revenue of the company rose substantially by 27.26 per cent at Rs 244.06 crore in July-September quarter of this fiscal as against Rs 191.78 crore in the corresponding period las

Standard Chartered close to selling real estate principal finance unit to Actis

NEW DELHI - Standard Chartered is close to selling its real estate principal finance business to private equity firm Actis, sources with knowledge of the matter told Reuters, as part of the bank's decision last year to exit from the loss-making unit.

The real estate principal finance business, which is worth about $700 million and mainly spread across India, China

Moody`s upgrade boosts already growing confidence in Indian debt

SINGAPORE/MUMBA - India's sovereign rating upgrade by Moody's is a shot in the arm for Indian companies looking to raise funds in offshore bond markets.

Driven by more attractive rates and relatively strong economic fundamentals among emerging markets, offshore dollar borrowing by Indian companies has already risen 32 percent from the start of 2017 to $8.81 bi

Sensex gains for fifth straight session; PSU banks rise

 Indian shares rose for a fifth straight session on Wednesday, helped by a late rally in state-owned banks after the cabinet approved amendments to the Insolvency and Bankruptcy Code.

The benchmark BSE Sensex closed up 0.25 percent at 33,561.55 while the broader NSE Nifty ended 0.15 percent higher at 10,342.30.

The Nifty PSU index closed 1.26 percent higher after fallin

India`s annual diesel consumption to rise by two-thirds by 2030

NEW DELHI  - India's annual diesel consumption could rise to 150 billion litres by 2030 from 90 billion litres now, Oil Minister Dharmendra Pradhan said on Wednesday.

Annual gasoline consumption in the world's third-biggest oil consuming nation could rise to 50 billion litres by 2030 from 30 billion litres now, he said.

The energy hungry nation,

India`s North American coal imports may surge on domestic shortage

NEW DELHI - India's coal imports from North America are likely to surge as buyers are looking to boost purchases amid a domestic shortage of the fuel and a regional ban on petroleum coke, traders and cement company officials said.

Shipping data from Thomson Reuters showed that India's coal imports from North America tripled to 2.1 million tonnes in October fro

20 Microns Q2 net profit down 1.34% at Rs 4.42 cr

The company reported standalone net profit of Rs 4.42 crore for the quarter ended September 30, 2017 as compared to Rs 4.48 crore in the same period last year, registering a year-on-year decline of 1.34 per cent. Net revenue of the company declined by 0.31 per cent at Rs 97.43 crore in July-September quarter of this fiscal as against Rs 97.73 crore in the corresponding period last year.

Hindusthan Urban Infrastructure posts Q2 net loss of Rs 0.33 cr

The company reported standalone net loss during the quarter stood at Rs 0.33 crore as compared to net loss of Rs 0.24 crore in the previous year quarter. Net revenue of the company declined moderately by 12.29 per cent at Rs 154.98 crore in July-September quarter of this fiscal as against Rs 176.70 crore in the corresponding period last year. During July-September quarter, operating expenses dr

Asian Granito India Q2 net profit up 10.99% at Rs 6.87 cr

The company reported standalone net profit of Rs 6.87 crore for the quarter ended September 30, 2017 as compared to Rs 6.19 crore in the same period last year, registering a year-on-year growth of 10.99 per cent. Net revenue of the company declined by 0.77 per cent at Rs 240.43 crore in July-September quarter of this fiscal as against Rs 242.29 crore in the corresponding period last year.

Supreme Court upholds ban on petroleum coke in New Delhi area

NEW DELHI - The Supreme Court on Wednesday upheld the ban on use of petroleum coke in and around New Delhi as the country battles to clean the air in its capital, one of the world's most polluted cities.

India is the world's biggest consumer of petroleum coke - a dirtier alternative to coal composed mainly of carbon - which emits 11 percent more greenhouse gas

Indian Oil Corp studies renewed Venezuelan crude purchases

NEW DELHI - Indian Oil Corp is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm.

The OPEC-member's economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services an

Bajaj Steel Industries bags order worth $7 mn

Bajaj Steel Industries has been awarded a prestigious order from Egyptian Holding Company for Cotton. The order is for 3 Gining Plants based on Rotobar Gining Technology aggregating worth $70,05,591, the company said in a filing to the Bombay Stock Exchange.

Bajaj Steel Industries is a dynamic e-commerce company dedicated to providing clients with a full spectrum of Cotton Baling Pres

Uber paid hackers $100,000, concealed data stolen from 57 million accounts

Uber Technologies Inc paid hackers $100,000 to keep secret a massive breach last year that exposed the personal information of about 57 million accounts of the ride-service provider, the company said on Tuesday.

Discovery of the U.S. company's cover-up of the incident resulted in the firing of two employees responsible for its response to the hack, said Dara Khosrowshahi, who repl

Sensex little changed in subdued trade

Indian shares eased off early highs and were largely unchanged in lacklustre trade on Wednesday, as gains in auto and realty indexes were offset by losses in pharmaceuticals and energy stocks.

"Investors are cautious at this moment and hence the markets remain range-bound and we see profit-booking after a couple of session of gains," said Neeraj Dewan, director, Quantum Secu

Yes Bank raises $400 mn through twin loans

 Leading Indian private lender Yes Bank said on Tuesday it was raising $400 million (Rs 2,600 crore) through two syndicated loans from Taiwan and Japan.

"The first loan of $250 million is from 17 Taiwanese banks and second (Samurai) loan of $150 million from 8 Japanese banks," said the bank in a statement here.

The Mumbai-based bank has tied up a 5-y

RIL raises $800 mn through 10-year bonds at lowest rate

 Reliance Industries Ltd (RIL) on Tuesday said it has raised $800 million by selling 10-year bonds in the first offering since Moody's last week raised India's sovereign rating after 14 years.

According to a Mukesh Ambani-led RIL release here, the bonds, priced at 3.66 per cent, were the lowest coupon ever achieved by an Indian corporate for a 10-year issuance, the c

GAIL India to skip mid-term LNG deals for 2018 due to U.S. imports

By Promit Mukherjee and Nidhi Verma

MUMBAI  - GAIL (India) Ltd will skip medium-term liquefied natural gas (LNG) deals for 2018 as it starts getting supplies from its U.S. portfolio from February, its head of finance said.

"... We used to buy every year one medium-term contract to cater to domestic demand. This year, we are not doing it. So we will

State Street opens centre of excellence in Hyderabad

State Street Corporation, one of the world's leading providers of financial services to institutional investors, on Tuesday announced the opening of a new centre of excellence in Hyderabad and expanding its facility in Bengaluru.

It currently has 2,800 employees in India based in offices in Bengaluru, Mumbai and Hyderabad. 

Over the next 12 months, the company will

SEBI asks for trading data as it probes WhatsApp messages: source

MUMBAI  - India's market regulator Securities and Exchange Board of India (SEBI) has asked for trading data on companies mentioned in a Reuters story last week about prescient messages on company earnings in social media chatrooms, a person familiar with the matter told Reuters on Tuesday.

The Reuters investigation documented at least 12 cases of prescient me

SBI biggest bank by volume of SMSes: Report

The State Bank of India (SBI) is the biggest bank by volume of SMSes, with 30 per cent of Truecaller users using it, followed by HDFC at 14 per cent and ICICI at 13 percent, a new report claimed on Tuesday.

According to the Truecaller Insights' report, Axis Bank at 9 per cent and ING Vysya at 8 per cent are at fourth and fifth places respectively. 

Global banks such

Equity indices close higher, healthcare stocks boost sentiments

Key Indian equity indices on Tuesday provisionally closed on a higher note with strong buying witnessed in stocks of healthcare majors like Dr. Reddy's Lab, Sun Pharma, Cipla and Lupin.

According to market observers, the key indices discarded the previous day's lacklustre performance to trade with substantial gains although some gains were capped as investors booked profits in

Honda Cars to close FY18 with 17% volume growth

 Car maker Honda Cars India Ltd hopes to close this fiscal with 17 per cent growth in volumes sales and will launch six models over the next three years, said a senior official.

"Between April and October 2017, we sold 105,503 units logging l7 per cent volume growth. We hope to retain the same growth percentage for the whole year," Jnaneswar Sen, Senior Vice President-M

ONGC buys 15 percent stake in Namibia offshore block from Tullow

NEW DELHI - ONGC Videsh Ltd (OVL), the overseas investment arm of the country's top explorer Oil and Natural Gas Corp , said on Tuesday it had acquired a 15 percent stake in Namibia's offshore Block 2012A from Tullow Oil .

OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd, it said in a statement.

Tullow Namibia Ltd had a 25

Lambodhara Textiles Q2 net profit down 22.76% at Rs 1.12 cr

The company reported standalone net profit of Rs 1.12 crore for the quarter ended September 30, 2017 as compared to Rs 1.45 crore in the same period last year, registering a year-on-year decline of 22.76 per cent. Net revenue of the company rose substantially by 29.56 per cent at Rs 36.73 crore in July-September quarter of this fiscal as against Rs 28.35 crore in the corresponding period last y