Central Bank shareholders okay plan to raise Rs 6,500 crore

Central Bank of India's shareholders have approved a proposal to raise Rs 6,500 crore through follow-on public offer (FPO), rights issue and qualified institutional placement (QIP).

The state-owned lender on Monday said its shareholders approved the company's capital raising plans at the annual general meeting (AGM) held on June 30 at Mumbai.

Coal India announces linkage auction for non-regulated sector

Coal India on Monday announced auction of coal linkages of tranche III for the non-regulated sector.

"Ministry of Coal...has issued policy guidelines and directed CIL (Coal India Ltd) to conduct auction of coal linkages for the non-regulated sector. Towards this, CIL announces auction of coal linkages (Tranche III) for non-regulated sector," the miner said in a regulatory fi

Tata Power Solar gets award for project in Andhra Pradesh

Tata Power Solar, Indias largest integrated solar company, has won India Solar Week Excellence Awards 2017 in 100-MW or below project based category.

A company release said on Monday that the award was given for "excellence in commissioning" 100 MW solar project for the NTPC in Anantapur, Andhra Pradesh.

The release said the 100-MW solar power project is the bigges

GST effect: Honda Cars cuts vehicle prices by up to Rs 1.31 lakh

Honda Cars India has brought down prices of its models by up to Rs 1.31 lakh with immediate effect to help customers reap GST benefit. The company has cut price of its hatchback Brio by up to Rs 12,279 and that of compact sedan Amaze by up to Rs 14,825. Besides, it has slashed price of Jazz by up to Rs 10,031 and that of its recently launched model WR-V by up to Rs 10,064. Price of mid-sized se

Strides Shasun bags approval for Promethazine tablets

Leading pharma company, Strides Shasun has said that it has received approval from the USFDA for Promethazine Hydrochloride tablets USP, 12.5 Mg, 25 mg and 50 mg. According to the IMS data, the US market for Promethazine Hydrochloride tablets USP 12.5 mg, 25 mg and 50 mg is approximately USD 17 million. The product will be manufactured at the company flagship facility in Bangalore and marketed

Hero MotoCorp sales up 14% at 624,185 units in June

Hero MotoCorp, the country’s largest two-wheeler manufacturer, on Monday said it has reported robust volumes in the month of June on account of strong growth in both motorcycles and scooters. “The company’s two-wheelers sell grew by 14 per cent to 624,185 units in June 2017, compared to 549,533 units during the same month a year ago,” said Hero MotoCorp in a filing to th

Equity markets cheer GST launch, FMCG stocks soar

Cheering the launch of the country's biggest indirect tax reform -- the Goods and Services Tax (GST) -- at the start of July 1, the Indian equity markets surged and provisionally closed with substantial gains on Monday.

Stocks of FMCG rose to hit record high, with ITC, which is the largest contributor to the index, witnessing the highest momentum. According to market observer

FMCG stocks surge to record high, ITC top gainer

Stocks of FMCG rose to hit record high on Monday, with ITC, which is the largest contributor to the index, witnessing the highest momentum.

The S&P BSE FMCG index touched a fresh 52-week high of 10,936.47 points. Around 3 p.m., it traded at 10,794.56 points -- up 3.51 per cent.

Around 3 p.m., shares of ITC traded up by almost 6 per cent at Rs 343.15 per scrip on the BSE.

Ashok Leyland sales increase 11 per cent in June

Commercial vehicles maker Ashok Leyland on Monday said it closed June with 11 per cent growth in sales volume.

In a statement issued here, Ashok Leyland said it sold 12,330 units last month up from 11,108 units sold during June 2016.

During the first three months of this fiscal year, the company has sold 28,495 units down from 31,165 units sold during the correspon

TVS Motor sales increase in June

Two- and three-wheeler maker TVS Motor Co on Monday said it closed the June sales book with 11 per cent volume growth.

The company said in a statement that it sold 273,791 units in June, up from 247,364 in June 2016.

During the period under review, the company sold 268,638 two-wheelers and 5,173 three-wheelers as against 240,236 two-wheelers and 7,128 three-wheeler

Relince Capital arm Makes Seed Investment in alternative Digital leading start-up - Billionloans

Bangalore / Mumbai, July 3, 2017: Billionloans Financial Services Pvt. Ltd. (“Billionloans”) today announced that it had closed a seed funding round of approx. Rs 7 crore (US$ 1 million) from Reliance Corporate Advisory Services Limited, a wholly-owned subsidiary of Reliance Capital.

Mr. V Balakrishnan, the ex-Member of the Board of Infosys, Chairman of Ex

NMCE, ICEX to merge creating third biggest commodity exchange

MUMBAI - National Multi Commodity Exchange (NMCE) will merge with Indian Commodity Exchange (ICEX) creating the country's third biggest commodity exchange, they said in a statement on Monday.

The ICEX will hold a 62.8 percent stake in the merged entity, while NMCE shareholders will own the rest, the companies said.

The merger has been approved by the boa

Indian manufacturing growth cools in June on weak demand

 Activity in India's manufacturing sector eased to a four-month low in June amid a slowdown in output and new orders as softer domestic consumption partly offset strong foreign demand, a private business survey showed on Monday.

The Nikkei India Manufacturing Purchasing Managers' Index, compiled by IHS Markit, fell to 50.9 in June from 51.6 in May, but still held above th

MOIL revises prices of manganese ore

State-owned manganese-ore mining company MOIL on Monday said it has revised prices of different grades of manganese ore, with effective from July 01, 2017. “The prices of various grades of Manganese Ore have been revised, the average increase being 4.6 per cent on an weighted average basis,” said MOIL in a filing to the Bombay Stock Exchange.

MOIL have reduced the free cre

India bonds slump after RBI announces open market bond sale


Indian government bonds yields rose sharply on Monday after the central bank announced an open market sale of debt to mop up excess liquidity that filled the country's banking sector following last year's demonetisation push.

The announcement from the Reserve Bank of India late on Friday on a 100 billion rupees ($1.55 billion) sale of govern

Sensex rises; ITC surges on GST boost

Indian shares rose nearly 1 percent on Monday, heading for a third straight session of gains as consumer goods makers such as ITC Ltd surged on hopes the newly implemented goods and services tax (GST) would reduce retail prices and boost sales.

India on Saturday rolled out its biggest tax reform in the 70 years since independence from British colonial rule, replacing more than a dozen

GST will boost revenue, positive for Indian credit profile: Moody's

The just effected Goods and Services Tax (GST) regime in India is positive for the country'scredit profile as it would increase government revenues through improved tax compliance, US ratings agency Moody's said on Sunday.

"It (GST) will support higher government revenue generation through improved tax compliance and administration. Both will be positive for India

GST impact, global cues to set market trajectory

The impact of Goods and Services Tax (GST), coupled with global cues, are expected to determine the trajectory of key domestic stock exchanges in the upcoming week.

According to market observers, key macro-economic data points released after market hours on last Friday, like the eight core industries (ECI) figures, external debt and fiscal deficit data, will heavily influence the

Confused about GST rates, many refrain from doing business

After the countrywide launch of the Goods and Services Tax (GST) on Friday midnight, many businessmen in Delhi-NCR on Saturday seemed confused about the new indirect tax regime, with some even refraining from buying and selling any products.

However, there were some who found different ways of generating bills, while a number of businesses with updated software generated bills wi

Tata Motors' June sales down 9%

utomobile major Tata Motors on Saturday reported that its total sales including exports during June declined by nine per cent to 40,358 units from 44,525 vehicles sold during the same month last year.

The automobile major said its domestic sales for last month fell by five per cent to 36,854 units from 38,718 units sold in June 2016.

"Mixed consumer sentiments

Chartered accountants a big pillar of Indian economy: Narendra Modi

 Prime Minister Narendra Modi on Saturday called chartered accountants a "big pillar" of the Indian economy and urged them to bring technological innovations to meet global standards.

Addressing CAs at an event organised by the Institute of Chartered Accountants of India (ICAI), Modi said "You (CAs) take care of the economic health of the country and you are f

Country will benefit immensely from GST: Arun Jaitley

 Finance Minister Arun Jaitley has said the Goods and Services Tax (GST) that was rolled-out from Saturday across the nation is a modern, efficient tax system and the country will get immensely benefited from this.

"The government wanted a modern and efficient tax system through GST. And we wanted it to be assessee friendly, taxation friendly and a simple procedure. The

M&M's June sales down 8%

Leading SUV manufacturer Mahindra & Mahindra (M&M) on Saturday reported a decline of eight per cent in its overall sales for June.

According to M&M, its total sales for the month under review declined to 35,716 units from 39,009 units sold during June 2016.

The company's domestic sales was lower by three per cent to 33,861 vehicles during last month

Mixed opinions as many Kolkata traders confused, clueless about GST

On the first day of business under the GST regime on Saturday, there was mixed reaction from traders -- iconic outlets to the small roadside shops -- in Kolkata but many complained of being totally clueless about the new system.

While some jacked up prices to pass on the enhanced tax rates to the consumers, others said they were bearing losses, unable to fathom the billing proced

Hyundai`s June domestic sales down 5.6%

Automobile major Hyundai Motor India on Saturday reported a 5.6 per cent decline in its domestic sales for June 2017.

According to the company, its domestic sales decreased to 37,562 units from 39,807 units off-take for the corresponding month of 2016.

However, the company's January-June sales edged up by 4.1 per cent to 253,428 units from 243,442 units.