Concerns over lower tariff inconsistent with policy: Telecom regulator

The telecom regulator said on Thursday that the Telecom Commission's contention that reduced tariffs by telecom service providers (TSP) is leading to reduced revenues for the government and poor health of the sector may be inconsistent with the principles of public policy.

In response to a letter by the panel, the Telecom Regulatory Authority of India (TRAI) said the economic purp

HCL to set up IT, training centres in Andhra Pradesh

Information Technology giant HCL on Thursday signed a MoU with Andhra Pradesh to set up IT and training centres in Vijayawada and Amaravati.

HCL will invest Rs 500 crore in 10 years in the projects.

The company signed the Memorandum of Understanding with the state government at a ceremony here in the presence of Chief Minister N. Chandrababu Naidu and HCL chairman and founde

NPCI-Reliance Retail launch in-store UPI payment facility

The National Payments Corporation of India (NPCI) and the Reliance Retail announced launch of a new in-store payment solution that will enable customer payments through Unified Payments Interface (UPI) platforms, a statement said here on Thursday.

This integration will provide a convenient and seamless payment experience to Reliance Retail customers and will be an added avenue for dig

Sensex falls on profit-taking; set for best quarter in nearly three years

By Aby Jose Koilparambil

Indian shares fell on Friday as investors booked profits in recent outperformers, but were poised for a third straight gain on month fuelled by a crucial victory for India's ruling party in a key state election and big foreign inflows into markets.

The Nifty was down 0.2 percent at 9,153.35 as of 0618 GMT, while the benchmark Sensex was 0.3 perce

India seeks ways to revive state steel giant after damning report

By Neha Dasgupta

NEW DELHI  - India has set up an expert panel to help revive its loss-making state steel maker after a government review found the company to be far less efficient than its rivals despite spending more than $10 billion in the past eight years.

A review document, containing previously undisclosed data and seen by Reuters, criticises Stee

India privately took Amazon to task over insulting flag doormat

By Aditya Kalra

NEW DELHI - India's reaction to an Amazon.com website selling doormats resembling the country's flag involved an unprecedented public and private offensive against the U.S. company by Prime Minister Narendra Modi's government, a document shows.

Foreign minister Sushma Swaraj publicly threatened in January to rescind visas of Amazo

Soaring mercury take stocks of AC, fan firms to 52 wk high

A rise in sales of home appliances like air conditioners and fans due to soaring summer temperatures across western and northern India has led to a sharp increase in the S&P BSE consumer durables and capital goods indices, which touched their 52-week high levels on Thursday.

The consumer durables touched a new 52-week high of 15,132.34 points, while the capital goods index surged

Indian equities close higher on derivatives expiry day

Indian equity markets on Thursday provisionally closed the day's trade in the green for the third consecutive session, although volatility was witnessed on the day of the March 2017 derivatives contract expiry.

The key indices provisionally closed in the green on the back of a strong rupee and healthy buying witnessed in consumer durables, banking and capital goods stocks.

Moody`s assigns Baa3 to SBI's USD note drawdown

Moody's Investors Service, a global rating agency, has assigned a Baa3 rating to State Bank of India's proposed USD denominated senior unsecured notes, issued under its USD 10 billion Medium-Term Note (MTN) program. The drawdown will be carried out from its London branch, and the bonds will be listed on the Singapore Stock Exchange. The outlook on the ratings, where applicable, is posit

Bharti Airtel`s ratings unaffected by stake sale in telecom arm: Moody`s

Moody's Investors Service, a global rating aganecy, has said that Bharti Airtel's announcement on 28 March, that it successfully completed the secondary sale of over 191million shares, or 10.3 per cent, of its subsidiary, Bharti Infratel, to a consortium of funds advised by KKR and the Canada Pension Plan Investment Board for a total of around INR 61.9 billion (approximately $951.6 mill

VMware expands partnership with Samsung

Cloud services provider VMware on Thursday expanded partnership with Samsung to deliver a next generation unified mobile and desktop experience through Workspace ONE offering.

Integration between VMware Horizon and Samsung Desktop Experience (DeX) will enable end-users to dock a Samsung Galaxy S8 smartphone and deliver to the device full Windows desktops and applications. 

Microsoft to roll out Creators Update on April 11

Microsoft has announced that the next major update to Windows 10 -- the Windows 10 Creators Update -- will begin rolling out to the 400 million monthly active devices worldwide on April 11.

The company will also launch Surface Book and Surface Studio devices in new markets soon.

Surface Book and Surface Studio are available for pre-order in new markets, including Britain, Au

Kotak Mahindra seeks major fundraising amid deal speculation

MUMBAI- Kotak Mahindra Bank Ltd said on Thursday it planned to sell up to 62 million shares worth as much as 53.2 billion rupees ($819.4 million) at current market valuations, to fund potential acquisitions in the sector among other things.

India's fourth-biggest private sector lender by assets said its board had approved the sale through a rights issue, public is

Punjab National Bank raises Rs 250-cr via debentures

Punjab National Bank raised Rs 250 crore by issuing Basel III compliant perpetual debt instruments in the nature of debentures, reported PTI. "Bank raised Rs 250 crore on March 29, 2017 through unsecured, subordinated, fully paid-up, non-convertible, Basel III compliant, perpetual debt instruments (series X) in the nature of debentures for inclusion in additional tier I capital of face val

Punjab & Sind Bank to raise Rs 1,500 cr via bonds in FY18

Punjab and Sind Bank plans to raise up to Rs 1,500 crore by issuing Basel III compliant bonds in one or more tranches in next fiscal, reported PTI. The bonds will be issued on a private placement basis. "The bank proposes to raise funds through issue of Basel III compliant additional tier I up to Rs 1,000 crore and Basel III compliant tier II bonds up to Rs 500 crore during 2017-18 in one

Rating on Bharti Airtel unaffected despite stake sale in Infratel: Standard And Poor

S&P Global Ratings today said its rating on telecom operator Bharti Airtel is unaffected by the company's plan to sell 10.3 per cent stake in its subsidiary Bharti Infratel, but added the deal will help improve its financial ratios, reported PTI. The stake sale would help Bharti Airtel restore some "cushion" in financial leverage ratios that have been adversely affected due to

ADB approves $175 mn loan to Power Grid Corp

Asian Development Bank (ADB) has approved USD 175 million loan to Power Grid Corporation to expand its solar energy transmission network in the country, reported PTI. The project funding will improve the capacity and efficiency of interstate transmission networks, particularly in transmitting the electricity generated from new solar parks to the national grid, an ADB statement said. Apart from

GST Bills passage fails to cheer Indian equities

The passage of a major tax reform in the country failed to cheer the Indian equity markets on Thursday.

The key indices were jittery on the day of the March 2017 derivatives contract expiry and traded on a flat note during the mid-afternoon trade session.

The Lok Sabha on Wednesday passed the much-awaited Central Goods and Services Tax (CGST) Bill, Integrated GST Bill, Compe

RIL sells its 76% stake in Gulf Africa Petroleum to Total

Reliance Industries Ltd (RIL) on Wednesday announced completion of the sale process of its entire 76 per cent equity stake in Mauritius-based oil retailer Gulf Africa Petroleum Corp (GAPCO) to Total Marketing & Services, a subsidiary of French oil and gas firm Total SA.

The Mukesh Ambani-led RIL subsidiary Reliance Exploration & Production DMCC (REPDMCC), TOTAL and GAPCO have

Reliance Infra InvIT fund gets NHAI approval

Reliance Infrastructure InvIT Fund has got a crucial approval from National Highway Authority of India (NHAI), sources said. This is the first approval granted by NHAI for any InvIT fund.

The RInfra InvIT Fund, with a proposed issue size of Rs 3,000 crore and an option to retain over-subscription up to 25 per cent, will own 10 toll road assets connecting major urban centres, with an o

Kotak Mahindra aims to double customer base on new app

Kotak Mahindra Bank on Wednesday said it is planning to double its customer base through its new mobile banking app called 8-11.

"We plan to double customer base in the next 18 months through the unique new phenomenon in Indian banking named 8-11," Uday Kotak, executive vice-chairman and MD of Kotak Mahindra Bank told reporters here at the launch of the app.

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UCO Bank staff unions sign MoU to implement turnaround plan

UCO Bank employees and officers' unions signed a Memorandum of Understanding (MoU) with the management with some conditions for implementing its turnaround plan, an official said on Wednesday.

"The management of the bank, the employee unions and officers associations commit by this MoU that they take responsibility collectively for successful implementation of the turnaround

Hindustan Power commissions 50 MW solar plant in Punjab

 The clean energy arm of Hindustan Power has commissioned its second solar power plant of 50 MW capacity in Punjab at an investment cost of Rs 325 crore.

Hindustan Power said in a statement here that the high degree of solar insulation in Punjab is enabling this unit to "generate 2,20,000 units of clean energy per day." 

"The solar plant is

Moody's rates JSW Steel's proposed senior notes `Ba3`

Moody's Investors Service, a global rating agency, has assigned a Ba3 rating to the proposed senior unsecured notes to be issued by JSW Steel Limited. The ratings outlook is stable. Proceeds from the issuance will be used towards retiring some of the company's debt, funding capital expenditure and other purposes in accordance with the Reserve Bank of India's External Commercial Borr

Sensex ends higher as foreign inflows continue

Indian shares ended higher for a second consecutive session on Wednesday as strong foreign investments into the country continued, although broader gains were capped ahead of the earnings season.

The broader NSE Nifty ended 0.47 percent higher at 9,143.80 while the benchmark BSE Sensex closed 0.41 percent higher at 29,531.43.

(Reporting by Aby Jose Koilparambil in Bengaluru)