Indian equities surge on global cues, healthy auto results

Indian equities markets surged during the mid-afternoon trade session on Wednesday as positive global cues, coupled with upbeat quarterly automobile results lifted investors' sentiments.

The key indices traded with gains of more than half a per cent each, as healthy buying was witnessed in stocks of banking, healthcare and metal stocks.

The wider 51-scrip Nifty of the Na

PepsiCo to modernise ITIs in Maharashtra

Global beverages giant PepsiCo will help develop skills of workers in different food processing plants in Maharashtra and modernise the Industrial Training Institutes (ITIs) in the state, an official said here on Tuesday.

The collaboration plans came in a meeting between Chief Minister Devendra Fadnavis and PepsiCo Chairman & CEO Indra K. Nooyi here this evening when a letter of i

Lupin receives FDA approval for tablets, oral solution

Pharma major Lupin Limited on Tuesday said that it has received final approval for its Oxycodone and Acetaminophen tablets and sodium, potassium and magnesium sulphate oral solution from the US Food and Drug Administration (FDA).

The approval will help the pharmaceutical company to market a generic version of Vintage Pharmaceuticals LLC's Percocet tablet and Braintree Laboratories

Tata Steel's first greenfield ferro-chrome plant starts in Odisha

Tata Steel on Tuesday announced that its Rs 542 crore ferro-chrome greenfield plant at Gopalpur Industrial Park in Odisha has commenced production.

"The recently-commissioned ferro-chrome plant of Tata Steel at Gopalpur Industrial Park in Ganjam district of Odisha, has achieved a major milestone with the first ever production of ferro-chrome on February 25, 2017, in compliance wi

Nissan shipped out 700,000 Made in India cars

 Nissan Motor India on Tuesday announced that it has reached a new milestone of shipping out 700,000 Made in India cars to its global markets.

In a statement, the company said it exported 700,000 Nissan and Datsun branded cars in a span of seven years of starting production near here.

The cars, manufactured at the Renault-Nissan Automotive India Ltd plant in Chennai, ha

India aviation regulator probes P&W engine issues on Airbus A320 NEOs

By Aditi Shah and Rahul Bhatia

NEW DELHI/MUMBAI  - India's aviation regulator said it is investigating issues that have arisen with the Pratt and Whitney engines in Airbus Group's A-320 NEO narrow-body jets brought into service over the past year by two local carriers.

The Directorate General of Civil Aviation said late on Tuesday at least two i

Finance ministry official Tyagi takes helm at India's market regulator

By Abhirup Roy and Manoj Kumar

MUMBAI/NEW DELHI - Finance ministry official Ajay Tyagi takes over as Securities and Exchange Board of India (SEBI) Chairman on Wednesday with two likely priorities - developing the country's commodity and corporate bond markets and shoring up corporate governance.

Tyagi, 58, will also inherit from outgoing SEBI Chairman U.

Reliance buys naphtha to feed growing domestic demand

By Seng Li Peng

SINGAPORE - India's Reliance Industries has bought between 60,000 and 90,000 tonnes of heavy full-range naphtha for March arrival to plug a supply gap due to its growing petrochemical capacity, industry sources with knowledge of the matter said on Tuesday.

The purchase came at a time when Asian naphtha supplies are relatively tight due to

Amansa sells 2.56% stake in Cholamandalam for Rs 388 cr

Foreign fund Amansa Holdings offloaded its entire 2.56 per cent stake in Cholamandalam Investment and Finance Company for a little over Rs 388 crore through an open market transaction, reported PTI. According to bulk deal data available with the National Stock Exchange (NSE), Amansa Holdings sold a total of 40 lakh shares, amounting to 2.56 per cent stake, of Cholamandalam Investment and Financ

Sony completes first phase of acquisition of Ten Sports from Zee Entertainment

Zee Entertainment Enterprises, Mumbai-based media and entertainment company, on Tuesday said that Sony Pictures Networks India (SPN) and its affiliates have completed the first phase of a two-phase acquisition of the TEN Sports Network. “Following the completion of this phase of the acquisition, SPN’s cluster of nine sports channels will now include, Sony SIX, Sony Six HD, Sony ESPN

Tata Steel's Odisha ferro-chrome plant starts production

Tata Steel said that its Rs 542-crore ferro-chrome plant in Odisha has started production. "The recently commissioned ferro-chrome plant of Tata Steel at Gopalpur Industrial Park in Ganjam district of Odisha, has achieved a major milestone with the first ever production of ferro-chrome on February 25, 2017, in compliance with all technical parameters," the company said in a filing to

Amazon India sees consumables as growth driver

Online retail giant Amazon India expects the consumables category to be the growth driver in future for the retailer, a top company official said on Tuesday.

"Overall market segment is big. I think it (consumables category) continues to be a growth driver for us and it will continue to be one of the fastest growing categories," said Saurabh Srivastava, the retailers Director

Sensex falls for second day, but gains for the month

Indian shares fell for a second straight session on Tuesday as caution set in ahead of quarterly gross domestic product data due later in the day, which will show the extent of the impact on the economy from a ban on high-value currency.

The Nifty ended 0.19 percent lower at 8,879.6, while the Sensex was down 0.24 percent at 28,743.32.

However, for the month, the Nifty rose

Canara HSBC OBC Life Insurance launches iSelect term plan

Canara HSBC Oriental Bank of Commerce Life Insurance today expanded its online product suit with the launch of iSelect term plan meant for family protection, reported PTI. ISelect term plan provides enhanced protection cover for the family at an affordable premium, the company said in a release. Canara HSBC OBC Life Insurance claims the product to be highly cost effective.

It will cov

Lupin gets USFDA nod to market pain relief drug

Pharma major Lupin Ltd said that it has received final approval from the USFDA to market a pain relief drug. “Lupin received final approval for its Oxycodone and Acetaminophen Tablets USP, 2.5 mg/325 mg, 5 mg/325 mg, 7.5 mg/325 mg and 10 mg/325 mg from the United States Food and Drug Administration (FDA) to market a generic version of Vintage Pharmaceuticals LLC's Percocet tablets,&rd

Fitch affirms NHPC at 'BBB-'; withdraws Ratings

Fitch Ratings has affirmed state-run hydro power producer NHPC the Long-Term Foreign and Local-Currency Issuer Default Ratings (IDRs) at 'BBB-' with stable outlook -- reflecting its robust operating and financial profile, reported PTI. At the same time, Fitch has chosen to withdraw the ratings of NHPC for commercial reasons, Fitch Ratings said in a statement.

According to stat

Tata Power generation capacity up 8% in Q3 FY'17

Tata Power today announced a generation capacity increase of over 8 per cent in the third quarter of the current fiscal compared to the year-ago period. "The company, together with all its subsidiaries and jointly controlled entities, has a gross generation capacity of 10,496 MW and a presence in all the segments of the power sector viz.

Fuel Security and Logistics, Generation (t

Cisco, Reliance Jio to build largest all-IP services platform

Reliance Jio has announced a collaboration with networking giant Cisco to further expand Jios existing multi-terabit capacity with the first All-IP converged network in India.

With this network, Jio will offer a combination of high-speed data, mobile video, VoLTE, digital commerce, media, cloud and payment services, Cisco said in a statement.

It is the first network of its k

Supreme Court to hear Gopal Ansal's plea on Friday

The Supreme Court on Tuesday agreed to hear on Friday a plea by Uphaar owner Gopal Ansal not to be jailed for a fire that killed 59 persons at the cinema in 1997.

Arguing that he does not want to undergo the remaining part of his one year sentence, Gopal Ansal's plea seeks parity with elder brother Sushil Ansal who was let off with the sentence he has already served.

Sus

Caution ahead of macro-data release suppresses equities

Caution ahead of the release of major domestic macro-economic data points, coupled with broadly negative Asian indices and a weak rupee, suppressed the Indian equities markets during the mid-afternoon trade session on Tuesday.

The second advance estimates of national income, 2016-17, along with the estimates of Gross Domestic Product for the third quarter of 2016-17 and the Index of E

Coal India's subsidiary SECL to buy-back shares

Coal India on Monday said its wholly-owned subsidiary South Eastern Coalfields Limited (SECL) has approved buy-back of 1,50,443 fully paid equity shares for an aggregate amount not exceeding Rs 1,200 crore.

"The Board of Directors of South Eastern Coalfields Limited at its meeting held on February 27 has considered and approved the buy-back of 1,50,443 fully paid equity shares of

LIC posts 12.43% growth in total premium income in April-December

 State-run Life Insurance Corporation of India on Monday said its total premium income grew by 12.43 percent to Rs 1,45,031 crore during the April-December period of the current fiscal as compared to Rs 1,29,001 crore in the same period last year.

Total assets during the period under review stood at Rs 24,41,946 crore, up by 12.81 percent from Rs 21,64,652 crore in the last finan

'Banks need to climate-proof $400bn shipping debt'

A report by two global organisations on Monday said leading banks holding $400 billion of shipping debt are unaware how ill-prepared the maritime industry is in the face of oncoming climate regulations.

The report by Carbon War Room and UMAS on Monday added there is climate leadership vacuum in ship finance.

In October last, over 170 countries at the UN's shipping body a

Magma Fincorp plans to sell non-performing assets up to Rs 600 cr

Asset finance company Magma Fincorp on Monday said it has approved the sale of non-performing assets (NPAs) of the company up to Rs 600 crore in one or more tranches.

"This is to inform you that the management committee of the board of directors of the company at its meeting held On February 27, 2017 has approved sale of non-performing assets of the company in one or more tranche

Indian Overseas Bank to receive authorised capital of Rs 10,000 cr

Leading PSU bank, Indian Overseas Bank has informed in a filing to the Bombay Stock Exchange that as per Department of Financial Services, Ministry of Finance, Government of India, notification dated February 27, 2017, the authorized capital of the Bank is increased from three thousand crores rupees to ten thousand crores rupees in exercise of the powers conferred by sub-section (2A) of Section