Central Bank of India raises Rs 500 cr through bonds

Central Bank of India has raised Rs 500 crore by issuing Basel III compliant tier II bonds, reported PTI. The bank will offer an interest rate of 8.62 per cent per annum to the bond holders, the bank said in a regulatory filing.

The security instruments in the form of non-convertible redeemable unsecured Basel III compliant tier II bonds placed on a private placement has 122 months ma

SAIL to ramp up mfg, to offer tailor made steel products

SAIL plans to ramp up production at couple of its new facilities including at Burnpur, Bokaro and Rourkela and will also add new products to suit customer needs, reported PTI. SAIL Chairman P K Singh undertook a review meeting of the marketing performance of the company a few days earlier. He stressed upon higher level of customer engagement, increased proportion of value added and ready-to-use

Providence selling stake in Idea Cellular for $190 million

MUMBAI  - A subsidiary of Providence Equity Partners is selling its 3.3 percent stake in India's third-biggest mobile phone carrier Idea Cellular Ltd for at least $190 million, according to a deal term sheet seen by Reuters on Monday.

The Providence unit, P5 Asia Investments (Mauritius) Ltd, will sell about 120 million shares in the mobile carrier on Tuesday

CARE revises ratings of Arvind`s bank facilities

Arvind, a textile manufacturer and the flagship company of the Lalbhai Group, on Monday said that global rating agency Credit Analysis & Research Ltd. (CARE) has revised its rating for company’s bank facilities.

“For long-term bank facilities, the agency has revised rating from CARE AA- (Double A Minus) to CARE AA (Double A),” Arvind said in a filing to the Bomba

State Bank of Bikaner and Jaipur staff to join Feb 28 strike

Public sector lender State Bank of Bikaner and Jaipur on Monday said that United Forum of Bank Unions (UFBU) has served a notice of strike on February 28, 2017 to put forth their long pending demands such as wage revision, opposing out sourcing and others issues.

“United Forum of Bank Unions has called for All India Bank Strike on February 28, 2017,” State Bank of Bikaner

Negative global cues pull Indian equities lower

 Broadly negative global cues, coupled with a weak rupee and heavy selling pressure witnessed in banking, automobile and capital goods stocks, subdued investors' sentiments and pulled the Indian equities markets lower on Monday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged down by 42.80 points or 0.48 per cent to 8,896.70 points.    

Tata Motors, Tata CLiQ join hands for Hexa test drive

Tata Motors' newly-launched SUV Hexa can now also be booked on the group's e-commerce portal, Tata CLiQ, with the two entities joining hands for an exclusive partnership, reported PTI. The partnership will enable consumers to book test drives, explore additional features and benefits with just a CLiQ, Tata CLiQ said in a statement.

"Tata Hexa promises to be a perfect comb

Telenor India buy won't affect Airtel's financial position: Standard and Poor

Acquisition of Telenor's India operations will help telecom giant Bharti Airtel improve its market and spectrum position without any material increase in debt, S&P Global Rating said according to the PTI report. S&P Global Ratings' rating on Bharti Airtel (BBB-/stable/--) is unaffected by the company's plans to acquire the India operations of Telenor ASA, it said in a statem

Zydus subsidiary receives USFDA nod to market Tamiflu drug

Drug firm Zydus Cadila's US subsidiary has received approval from the US health regulator to market oseltamivir phosphate capsules used for the treatment of Tamiflu.

"Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA has received the final approval from the United States Food and Drug Administration (USFDA) to market oseltamivir phosphate capsules in strengths

Bank unions serve strike notice to Karnataka Bank

State-run lender Karnataka Bank on Monday said that Indian Banks' Association (IBA), the convenor of United Forum of Bank Unions (UFBU), have served a notice of strike on February 28, 2017 to put forth their long pending demands such as wage revision, opposing out sourcing and others issues.

“The members of all the constituents of United Forum of Bank Unions (AIBEA, BEFI, NO

Jubilant gets USFDA nod for generic anti-fungal capsules

Jubilant Life Sciences today said it has received approval from the US health regulator to market generic Sporanox capsules, used to treat fungal infections, in the American market.

The company has received approval from the US Food and Drug Administration (USFDA) for Itraconazole capsules, a generic version of Janssen Pharmaceuticals' Sporanox, Jubilant Life Sciences said in a re

Tata Communications, Hewlett Packard Enterprise partner to roll-out LoRa network

Leading telecom services provider Tata Communications Ltd on Monday said that Hewlett Packard Enterprise (HPE) is working with the company to support the roll-out of India’s first LoRaWAN (LoRa) based network. “HPE to work with Tata Communications to build world’s largest IoT network in India to enhance resource utilization,” the company said in a filing to the Bombay St

9 bank unions to strike on Feb 28 to protest 'anti-people banking reforms'

The United Forum of Bank Unions (UFBU), an umbrella body of nine unions in the sector, has called a one-day strike on February 28 to protest the government's "anti-people banking reforms" as well as to demand compensation for employees for extra work done on account of demonetisation.

United Forum of Bank Unions, comprising nine unions in the banking sector -- namely AIB

`Mention public investment in infrastructure in National Steel Policy`

The National Steel Policy 2017 must make a special mention of the need of public investments in the steel intensive infrastructure sector to pull up domestic demand up, says an expert.

With the Steel Ministry floating a draft national policy and inviting comments and suggestions, Institute for Steel Development and Growth Director General Sushim Banerjee told IANS that they had urged

Nifty volatile; financials weigh on markets

By Samantha Kareen Nair

The Nifty swung between gains and losses on Monday, taking a pause after hitting its highest in nearly two years last week, although market heavyweight Reliance Industries Ltd surged to a more than 7-1/2-year high on continued hopes about its telecom unit.

The Nifty was not far from breaching the key 9,000 level which it last touched on March 4, 2015,

Torrent Power gets shareholders' nod to raise Rs 1,500 cr

Torrent Power said it has received shareholders' approval to raise up to Rs 1,500 crore through issuance of non-convertible debentures on private placement basis.

The special resolution for issuance of secured, redeemable, non-convertible debentures not exceeding Rs 1,500 crore, at par, on a private placement basis within the overall borrowing limit of the company is approved by t

NMDC's Rs 18k-cr steel plant likely to be completed by Dec

After year-long delay, state-owned iron ore miner NMDC’s Rs 18,000 crore integrated steel plant, which is coming up at Nagarnar in Chhattisgarh, is expected to be completed by December, said the media reports. Commenting on the development, an official said, quoted PTI that, “As per the revised date, it will be completed by December 2017.

It has been slightly delayed by a

Coca-Cola to make Maaza $1 bn brand by 2020

Beverages major Coca-Cola India is aiming to make its mango fruit-based drink Maaza to become a USD 1 billion brand by 2020, as per the media reports.

Commenting on the matter, Coca-Cola India and South West Asia, President, Venkatesh Kini told PTI that, “We would love to see Maaza become a USD 1 billion brand coming out of India by 2020.

The brand has potential to be

Jain Irrigation to raise $75 mn via FCCBs

Jain Irrigation Systems plans to raise up to USD 75 million through foreign currency convertible bonds (FCCBs) mainly for redemption of existing bonds, reported PTI. In a filing to the BSE, the company said that a sub committee of the Board of Directors, in its meeting held today, approved "issue of FCCBs up to USD 75 million to non-promoter entities".

The shareholders appro

Bharti's acquisition of Telenor India credit positive: Moody's

Bharti Airtel's acquisition of Telenor India is "credit positive" and will enhance the company's position in the highly-competitive Indian mobile telecom market, Moody's Investors Service said.

"... Bharti's spectrum holding will increase in seven circles, and its subscriber market share will increase by around 2 per cent (based on December 2016 figures)

Coal India arm Northern Coalfields okays Rs 1,244-cr share buyback plan

The world's largest coal producer Coal India said that the board of its arm Northern Coalfield has approved a share buyback plan worth Rs 1,244 crore. "Board of Directors of Northern Coalfields Limited (NCL), our wholly-owned subsidiary ... Has considered and approved the buyback of 76,356 fully paid equity shares of face value of Rs 1,000 each from the members of NCL on a proportionat

Lone Star, IL&FS to invest in struggling Indian infrastructure projects

MUMBAI - U.S. private equity firm Lone Star has joined up with Indian infrastructure financier IL&FS to invest in struggling Indian infrastructure projects, the companies said on Sunday.

The collaboration will have an investment capital pool of $550 million, which could result in asset purchases of up to $2.5 billion, the partners said.

India's

Alive to situation post merger of SBI associate banks: AIBEA

The merger of five associates of the State Bank of India not only has financial implications for the acquirer but it also positively and negatively impacts the staff unions, a top leader of the All India Bank Employees' Association (AIBEA) said.

The AIBEA is the largest union with around 400,000 members from the banking industry.

The State Bank of India, the country'

Macro-data to determine equities markets' trends

Upcoming macro-economic data points, along with global trends, are expected to determine the trajectory of the Indian equities markets during the week starting February 27.

"The first half of the upcoming week will be heavily influenced by domestic macro-economic data points. The important quarterly GDP (Gross Domestic Product), monthly auto sales and ECI (eight core industries)

IndianOil repairs section of Mathura-Jalandhar pipeline

State-run Indian Oil Corporation (IndianOil) on Saturday said that it has repaired and restored a section of its Mathura-Jalandhar pipeline where illegal tapping was detected.

"IndianOil has repaired and restored the Mathura-Delhi section of its Mathura-Jalandhar pipeline, where an instance of illegal tapping was detected on February 17 morning, and put it (pipeline) back into se