M&M Financial Services Limited announces Public Issue of NCDs opens on July 10, 2017

Mumbai, July 05, 2017: Mahindra & Mahindra Financial Services Limited (“Company” or “Mahindra Finance”), one of the leading non-banking finance companies with customers primarily in the rural and semi-urban markets of India, plans to raise NCDs via public issue which is opening on July 10, 2017.  

 The NCDs proposed to be issued u

McNally Bharat bags order worth Rs 43.49 cr from DMRC

McNally Bharat Engineering said that it has received a construction order worth Rs 43.49 crore from Delhi Metro Rail Corporation. “The company has received an order for construction of entry/exit structure of Elamkulam station and balance works in the main station building at Elamkulam from Delhi Metro Rail Corporation for a value of Rs. 43.49 crore,” the company said in a filing to

TCS bags award at Asian Banker Technology Awards 2017

Tata Consultancy Services (TCS), a leading global IT services organization has said that IDFC Bank, India, and KBZSC, Myanmar, won the Best Core Banking Implementation and Best Securities Trading Implementation awards at the just concluded Asian Banker Technology Innovation Awards 2017 in Singapore. “TCS also secured a Silver Award and was named among the three winners in the Best Vendor

Mahindra cuts prices of utility vehicle, SUV by up to 6.9%

Mahindra & Mahindra announced reduction in prices of its utility vehicles and SUVs by up to 6.9 per cent on an average to pass on the GST benefit to customers, reported PTI. The prices of vehicles for end customers on large UVs and SUVs have been reduced by an average of 6.9 per cent, while those that come under small car segment have been reduced by an average of 1.4 per cent, Mahindra sai

Essar Steel moves HC against insolvency proceedings

Essar Steel has moved the Gujarat High Court against insolvency proceedings initiated by the banks on the direction of the Reserve Bank (RBI), reported PTI. The high court issued notice to the RBI and leader of the banking consortium SBI and posted the matter for Friday, media reports said. When contacted, a company spokesperson said: "Essar Steel has moved the Gujarat High Court, which ha

India June services activity hits eight-month high on solid new orders

 Activity in India's dominant service sector expanded at its fastest pace in eight months in June as new business orders surged, a private survey showed on Wednesday.

The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 53.1 in June from the previous month's 52.2. June was the fifth consecutive month the index has been above the 50 mark that separates

Snapdeal rejects $700-$800 million Flipkart bid: report

MUMBAI - The board of Indian online marketplace Snapdeal has rejected a bid worth $700-$800 million from Flipkart after due diligence by its bigger rival, Mint newspaper reported on Tuesday.

Japan's SoftBank Group Corp, Snapdeal's biggest investor, is looking to sell the firm to Flipkart to secure a stake in India's largest e-commerce player.


Markets open on a higher note on Wednesday

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a higher note during the morning session of the trade.

The Sensex of the BSE after opening at 31,272.72 points, touched a high of 31,284.64 points and a low of 31,193.08 points.

On Tuesday the Sensex closed at 31,209.79 points.

The Sensex is trading at 31,230.28 points up by 13.02 points or

Exclusive: NTPC bets $10 billion on coal power despite surplus, green concerns

NEW DELHI- NTPC plans to invest $10 billion in new coal-fired power stations over the next five years despite the electricity regulator's assessment that thermal plants now under construction will be able to meet demand until 2027.

In the first phase, India's biggest power producer, NTPC, plans to build three new plants with a combined capacity of more than 5

Honda Cars' India sales in June up 12 per cent

Passenger cars manufacturer Honda Cars India (HCIL) on Tuesday reported that its domestic sales grew by 12.2 per cent in June.

According to the company, its monthly domestic sales increased to 12,804 units during the month under review from 11,407 units sold in corresponding month last year.

"HCIL conducted a price protection in June to those customers who purchase cars

Arvind Ltd focusing on multipronged strategy for growth

Textile major Arvind Limited is focusing on a multipronged strategy for its growth and intends to become a strategic partner with its customers, a top company official said on Tuesday.

"Our strategy will be built on four planks -- sustainability, innovation, verticalisation and multi-fibre," company's Chairman and Managing Director Sanjay Lalbhai told BTVi in an intervie

Cyrus Mistry, others face criminal defamation charges

A court here has initiated process against industrialists Cyrus P. Mistry, Shapoor Mistry and others in a criminal defamation complaint lodged last month by Tata Trusts' Managing Trustee R. Venkataramanan, an official said on Tuesday.

The process was issued by Metropolitan Magistrate K.G. Paldewar and accordingly, Mistry, the ousted former Chairman of Tata Sons, and other director

L&T gets 17 month extension to complete Hyderabad metro

 The Telangana government on Tuesday extended till November 2018 the time for construction major Larsen & Toubro (L&T) to complete Hyderabad Metro Rail project.

The original construction period for the 71.16 km elevated metro ended on Tuesday but the project could not be completed due to court cases in acquisition of some critical properties.

After detailed tech

Infosys Finacle partners with Active.AI to improve banking

 Infosys Finacle, part of Infosys-owned subsidiary EdgeVerve Systems, on Tuesday announced a partnership with Singapore-based fin-tech company Active.AI to offer enterprise Artificial Intelligence (AI)-based platform for banks globally.

The platform, in integration with Finacle, will help financial institutions offer conversational banking services through chat and voice-based in

Indian refiners tap spot crude market to feed increased capacity

SINGAPORE/NEW DELHI -Indian companies have stepped up purchases of high-sulphur crude oil from the Middle East and Russia in the spot market to feed demand from expanded refining capacity, trade sources said.

Four refiners in the world's third largest crude importer bought 9 million barrels of Middle East and Russian crude loading in July-August via spot tenders l

Shivam Autotech posts 28% growth in Q1 FY18 sales

Shivam Autotech said that it has reported 28 per cent growth in sales in the first quarter ending June 30, 2017 as compared to the sales reported in the previous quarter last year. Earlier, the company has reported 20 per cent growth in sales in the month of May 2017 as compared to the sales reported in the corresponding month last year. Meanwhile, shares of the company were trading at Rs 70 ap

No material findings w.r.t Taxmen searches, says Welspun

Welspun Group arm Welspun India Ltd on Tuesday clarified on the news regarding IT department conducting search operations at various locations of the group. In a filing to the Bombay Stock Exchange, the company said, “We confirm that a search under sec 132 of the Income Tax Act, 1961 was conducted by Income Tax authorities at various locations of Welspun Group from June 30, 2017 to July 3

Alembic gets FDA tentative nod for erectile dysfunction drug

Vadodara-based drug maker Alembic Pharmaceuticals Ltd on Tuesday said it has received tentative approval from the US health regulator for its ANDA for erectile dysfunction drug, vardenafil hydrochloride orally disintegrating tablets. In a filing to the Bombay Stock Exchange, Alembic Pharmaceuticals said, “The company has received tentative approval from the US Food & Drug Administrati

Yes Bank board to consider stock split on July 26

Private sector lender, Yes Bank said that it will consider the proposal to divide the equity share of the company in a board meeting to be held later this month. "A meeting of the board of directors of Yes Bank will be held on July 26, 2017 to consider sub-division of equity shares of the bank of the face value of Rs 10 each," the bank said in a filing to the Bombay Stock Exchange.

RCom offers 4G VPN solution for businesses

Telecom major Reliance Communications (RCom) on Tuesday announced the launch of its 4G enterprise Virtual Private Network (VPN) solution designed to help businesses extend their corporate network in the last mile.

Launched by RCom's India enterprise business services unit 'Branch Connect' offers secure high-performance wireless connectivity to connect branch offices,

Indian equities close lower as investors book profits

Indian equity markets pared gains to provisionally close on a flat-to-negative note on Tuesday, as investors booked profits.

Broadly negative global cues and selling pressure in automobile, healthcare and FMCG stocks dampened investors' sentiments.

The wider Nifty of the National Stock Exchange (NSE) inched lower by 1.70 points or 0.02 per cent to provisionally

Black gold: Tax hike under GST could boost illegal bullion, jewellery sales

MUMBAI - A hike in taxes on gold sales in India could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery.

As part of a new nationwide sales tax regime that kicked in on July 1, the Goods and Services Tax (GST) on gold has jumped to 3 perce

Sensex, Nifty slip on profit-booking; energy firms gain

Indian shares snapped a three-session winning streak to end slightly lower on Tuesday as investors booked profits in recent outperformers such as ITC Ltd, but energy shares rose on lower global oil prices.

The benchmark BSE Sensex fell 0.04 percent to 31,209.79, while the broader NSE Nifty ended 0.02 percent lower at 9,613.30.

Cigarette maker ITC Ltd, which hit a record high

SEBI set to propose new rules for rating agencies - chairman

NEW DELHI/MUMBAI- India's market regulator chairman Ajay Tyagi said on Monday he was considering imposing more regulations on ratings agencies, days after announcing a set of tough new rules that the agencies must observe.

Regulators and market participants say the agencies were slow to adjust ratings on some companies that subsequently defaulted, including Amtek

RBI raises foreign investment limits in bonds, tweaks rules

MUMBAI - The Reserve Bank of India on Monday increased the investment limits by foreign investors in government bonds by 110 billion rupees ($1.70 billion) to 2.42 trillion rupees, while also tweaking rules to attract more long-term investments.

As part of the additional limits, the RBI increased the limits for the "general" category by 28 billion rupees to