Government defers BSNL stake decision as Jio rocks sector: sources

By Manoj Kumar

NEW DELHI - The government has deferred a decision on selling a stake in state-run telecoms firm Bharat Sanchar Nigam Ltd (BSNL) as falling profits and market share in the booming handphone sector dim the prospects of a successful sale, federal government officials said.

Chief Executive Anupam Shrivastava said the government, which fully owns

Sensex ends higher ahead of GDP data

Indian shares ended higher on Thursday, pulling back from losses earlier in the session, as investors awaited GDP data for the April-June quarter due later in the evening.

The benchmark BSE Sensex ended 0.27 percent higher at 31,730.49. The broader NSE Nifty rose 0.34 percent to 9917.90.

The Sensex lost 2.41 percent for the month while the Nifty fell 1.58 percent.

RIL to raise Rs 2,500 cr through debentures

Reliance Industries Ltd on Wednesday said it will make an offer for issuing non-convertible debentures (NCDs) worth Rs 2,500 crore next week, reported PTI. "Pursuant to the authority given by the shareholders of the company at the Annual General Meeting held on July 21, 2017 it is proposed to make an offer for issuance of non- convertible debentures...On private placement basis on Monday S

Saab picks Adani as partner for India fighter jets contract - consultant

By Aditya Kalra

NEW DELHI  - Sweden's Saab will tie up with India's Adani Group to bid for a contract to make fighter aircraft in India, an aerospace consultant aware of the proposed partnership told Reuters on Thursday.

The partnership will compete with U.S. defence giant Lockheed Martin in a two horse-race to equip the Indian military with sin

GE Shipping to raise Rs. 150 cr via NCDs

Great Eastern Shipping Company said that debenture issue committee has approved a proposal to raise Rs 150 crore via issuance of non-convertible debentures (NCDs) on a private placement basis.

“The debenture issue committee at its meeting held today has approved the issue of 1,500 secured non-convertible debentures of Rs 10 lakh each aggregating Rs 150 crore by way of private pl

Tata Steel`s Sukinda Chromite Mine bags 4 awards from DGMS

Sukinda Chromite Mine (SCM) of Tata Steel in Jajpur district of Odisha bagged four awards at the safety week organised by the Directorate General of Mines Safety (DGMS). SCM received the first prize in Electrical Safety, Code of Practices / Safe Operating Procedure of Heavy Earth Moving Machinery Maintenance (HEMMs) and Monsoon Preparedness and second prize in Penetration of OMMS application in

CRISIL assigns ratings to bank facilities of KFBL

Kothari Fermentation and Biochem Ltd (KFBL), an India-based yeast manufacturing firm, on Wednesday said that CRISIL has assigned credit ratings to the bank loan facilities of the company worth Rs 30 crore.

“The rating agency has assigned Long-term Rating of CRISIL BB+ with positive outlook, while Short-term Rating of CRISIL A4+,” Kothari Fermentation and Biochem said in a

Moody`s affirms ratings of government-related issuers

Moody's Investors Service, the world’s leading rating agency, has affirmed the foreign currency issuer ratings of Export-Import Bank of India (EXIM India), Rural Electrification Corporation Limited (REC), and Power Finance Corporation Limited (PFC) at Baa3. The outlook for EXIM India remains positive, while Moody's has changed the outlook to stable from positive for REC and PFC. &

Wipro gets shareholders nod for Rs 11k-cr buyback proposal

India's third-largest software services firm Wipro today said its shareholders have approved the company's Rs 11,000-crore buyback proposal. Last month, the Bengaluru-based firm had said it will purchase up to 343.75 million shares at Rs 320 ($4.95) per scrip.

The total size of the offer will be up to Rs 11,000 crore ($1.7 billion). "The aforesaid special resolution has b

UCO Bank has Rs 7,500 cr exposure in identified stressed accounts

State-run UCO Bank on Wednesday said it has Rs 4,500 crore exposure in the identified 12 large non-performing accounts and additional Rs 3,000 crore in the second list of 21 stressed accounts.

"In the initial list of 12 (companies or stressed accounts), we have exposure in nine accounts and the exposure would be Rs 4,500 crore...as far as the new list is concerned, our exposure w

Equity indices trade flat on derivatives expiry day

Key Indian equity indices -- the NSE Nifty50 and the BSE Sensex - traded on a flat-to-positive note during the mid-afternoon session on Thursday as investors remained cautious on the day of derivatives expiry.

According to market observers, a weak rupee and broadly negative global cues, too, capped gains.

However, healthy buying witnessed in consumer durables and oil and gas

India raises $1.4 billion from NTPC share sale - stock exchange data

MUMBAI  - The Indian government has raised 91.36 billion rupees ($1.4 billion) from a share sale in state-run utility NTPC Ltd , according to Reuters calculations based on stock exchange data.

The share sale was part of New Delhi's asset sales programme to raise funds by paring stakes in state-run and private sector companies to help meet its fiscal deficit t

Ericsson launches small cell solutions to improve network coverage

In a bid to provide better mobile coverage and prepare networks for 5G, global tele-communications service provider Ericsson on Wednesday launched three new scalable small cell solutions -- "Multi-Operator Dot", "Multi-Dot Enclosure" and "Strand-Mount Unit".

The "Multi-Operator Dot" solution delivers a set of 'Radio Dots' that can be sha

Sensex, Nifty end higher; financial, metal stocks lead

Indian shares rose about 1 percent on Wednesday, recovering most of the previous session's losses, as financials such as HDFC Bank bounced back, while metal stocks rose on higher commodity prices.

The broader NSE index closed 0.9 percent higher at 9,884.40, while the benchmark BSE index ended up 0.82 percent at 31,646.46.

HDFC Bank rose 1.4 percent, while JSW Steel Ltd e

SAIL inks long-term tariff pact with Railways

Country's largest steel maker SAIL said that it has entered into a long-term tariff contract with railways involving 15 zones for loading and unloading terminals. Different commodities applicable to the contract include iron and steel, pig iron, slag, limestone, dolomite and manganese ore with a benchmark gross freight revenue (BGFR) of Rs 3,417.74 crore and with corresponding tonnage of 19

Puneet Chhatwal to take charge as Indian Hotels MD & CEO

Tata group hospitality firm Indian Hotels Company Ltd (IHCL) on said that it has appointed Duetsche Hospitality Chief Executive Puneet Chhatwal as its Managing Director and CEO. He will take over from incumbent Rakesh Sarna, who is stepping down on September 30. The board of directors of the company at its meeting held on Tuesday approved the appointment of Chhatwal, the company said in a BSE f

Bird Group says keen to buy Air India's ground-handling unit

NEW DELHI  - India's Bird Group on Wednesday said it is interested in buying state-owned carrier Air India's ground-handling business, making it the second company to formally show interest in bidding for a part of the ailing airline.

Bird Group, which handles ground services at seven airports in India and operates hotels in the United Kingdom, has expres

Maruti Suzuki to go for new-look showrooms

Maruti Suzuki India on Wednesday announced the upgrading of its retail channel for better customer service as the re-branded 'Maruti Suzuki Arena' that will require its dealers to invest in redesigned showrooms over the next five years.

"Besides providing a more comfortable ambience for buyers, key to the new-look dealerships is the digital connectivity offering a seamles

Wipro`s arm releases HMDA compliance update

Wipro Ltd has said that Wipro Gallagher Solutions (WGS), a leading end-to-end provider of lending technology products and services has released its enhanced Home Mortgage Disclosure Act (HMDA) functionality in NetOxygen, which helps lenders comply with current and new collection and reporting requirements, prescribed by the Consumer Financial Protection Bureau (CFPB) under the HMDA Act taking e

Inox Wind bags wind power project from Adani Green Energy

Inox Wind has said that the company has closed a deal for developing a 100MW wind power project for Adani Green Energy, a part of the Adani group at Kutch in the state of Gujarat. “The capacity was won under the round 1 of SECI bids for wind power projects connected on the central grid. The project is scheduled to be executed over the next 6-9 months and will be executed on a turnkey basi

Omaxe promoters to take salary cut for growth purposes

Omaxe Limited, one of India’s leading Real Estate Development Company, headquartered in Delhi, has said that their promoters will take a substantial salary cut, to the tune of 90% from the current level and also forego their share of the dividend.

“The decision by the promoters is keeping in the mind the challenges the real estate industry is facing amid implementation of

HCL Infosystems to raise Rs 500 cr via rights issue

IT major HCL Infosystems on Tuesday said that it will raise Rs 500 crore by "rights issue of shares to existing shareholders".

According to a BSE filing, the company's board approved the plans to raise the equity capital in its meeting held on Tuesday.

"The Board of Directors... approved the recommendations of its Capital Raising Committee to go for a righ

Infosys to invest Rs 100 cr in Bengal sans SEZ status

Information and Technology giant Infosys would invest around Rs 100 crore in the state without the Special Economic Zone status which it had sought earlier, Chief Minister Mamata Banerjee announced on Tuesday.

"InfosysAis coming to Bengal without the SEZ status," Banerjee told reporters while leaving the state secretariat Nabanna near here.

"Primarily, they wi

Murthy bets on Nilekani for `Acche Din` again at Infosys

Hailing the return of co-founder Nandan Nilekani at the helm of his troubled global software major, Infosys founder N.R Narayana Murthy on Saturday hoped 'Acche Din' (good days) would be back at the $10 billion IT behemoth.

"I wish Nandan the best of everything in his effort to bring back 'Acche Din' to Infosys," said Murthy, 70, in a statement to global inst

Vandana Sikka quits Infosys Foundation in US

Vandana Sikka, wife of former Infosys CEO Vishal Sikka, resigned as Chairperson Infosys Foundation, USA, said the software major on Tuesday.

Sikka resigned as the company's CEO on August 18 and as its Executive Vice-Chairman on August 24 after joining three years ago in 2014.

"We thank Vandana Sikka, as she decides to move on from the organisation. We acknowledge he