Coal India subsidiary to buy back shares worth Rs 1,244 cr

Coal India Ltd on Saturday said its wholly-owned subsidiary Northern Coalfields Ltd (NCL) has approved buyback of 76,356 fully paid equity shares for an aggregate amount not exceeding Rs 1,244 crore.

"The Board of Directors of NCL at its meeting held on February 24, 2017 has considered and approved the buyback of 76,356 fully paid equity shares of face value of Rs 1,000 each from

Equities indices extend bull run on global cues, strong rupee

Key Indian equities indices continued their bull run for the fifth straight week to gain over a per cent each, as positive corporate news and US Fed's plans of a gradual rate hike enhanced investors' risk-taking appetite.

The indices rose to their new five-month highs on the back of corporate news which included Tata Consultancy Services' (TCS) announcement of a share buy-

On ground aircraft collision averted at Ahmedabad airport

An alert air traffic controller averted an on ground collision between an IndiGo and a SpiceJet aircraft which were ferrying at least 400 passengers between them at Ahmedabad airport.

The incident occurred late on Friday evening just before a SpiceJet flight was about to take-off when the alert ATC personnel noticed that the IndiGo plane which had landed sometime back had still not cl

Unit of Larsen & Toubro wins $165 million contract from Indian Oil Corp

NEW DELHI - A unit of engineering conglomerate Larsen & Toubro has won an onshore engineering, procurement and construction (EPC) contract from Indian Oil Corp Ltd, the country's largest refiner, worth 11 billion rupees ($165 million), it said in a statement on Saturday.

L&T Hydrocarbon Engineering won the contract for setting up a 0.74 million metric tonn

Kansas man charged in shooting of two Indians in possible hate crime

By Brendan O'Brien and Aditya Kalra

MILWAUKEE/NEW DELHI - A Kansas man was charged on Thursday with shooting to death an Indian man and wounding a second Indian man and an American in a bar, and federal authorities are investigating the incident as a possible hate crime.

The killing led news bulletins in India and drew strong reactions on social media, w

Founder of India`s $4 smartphone firm arrested on allegations of fraud

MUMBAI - The founder of an Indian tech firm that shot to prominence by offering a $4 smartphone has been arrested on allegations of fraud, after a handset dealer accused the company of not refunding him for an unfulfilled order, the police said.

Mohit Goel, the founder of Ringing Bells, was arrested Thursday afternoon in Uttar Pradesh and will be produced in cour

India`s wind power tariffs hit new low in push for renewables

By Sudarshan Varadhan

NEW DELHI - Indian wind power tariffs fell to a record low in a government-run auction on Friday, weeks after solar power rates too hit an all-time low, as the country looks to cut chronic electricity shortages in one of the world's biggest clean energy programmes.

India, the world's third-biggest greenhouse gas emitter, ha

India`s Q4 economic growth seen slowing to near three-year low: Reuters poll

By Krishna Eluri

BENGALURU - India's economy is expected to have slowed sharply to a near three-year low in the final three months of 2016, as demand wilted following Prime Minister Narendra Modi's surprise decision to ban high-value currency notes, a Reuters poll of economists showed.

Modi's announcement on Nov. 8 ordering the removal of 500-rup

Hyundai Motor to launch eight new models

South Korean automobile major Hyundai Motor Co will launch eight new models in the next four years, said a top official of the Indian subsidiary.

Hyundai will log double digit growth in India in 2017 while the industry as a whole would log a single digit growth, the official said.

Speaking to reporters here on Thursday evening, Y.K. Koo, Managing Director, Hyundai Motor Indi

Indian markets closed for Shivratri holiday

MUMBAI - Indian share, bond, and FX markets will be closed on Friday for Shivratri holiday. Trading will resume on Monday.

The broader NSE share index Nifty rose 0.1 percent to 8,939.5, its highest close since Sept. 8, 2016. The benchmark BSE index Sensex closed 0.1 percent up at 28,892.97.

The benchmark 10-year bond yield fell 2 basis points to 6.91 pe

Bharti Airtel to buy out Telenor India

India's largest telecom service provider Bharti Airtel on Thursday announced that it has inked a definitive agreement to acquire Telenor India.

According to the telecom major, it has entered into a definitive agreement with Telenor South Asia Investments to acquire Telenor (India) Communications Private Limited. The acquisition is subject to requisite regulatory approvals.

Centre garners over Rs 1,600 crore on BEL stake sale

In one of the most successful instances of its disinvestment drive, the Union government on Thursday raised over Rs 1,600 crore from the sale of 5 per cent stake in Bharat Electronics Ltd (BEL) after retail investors oversubscribed the shares on offer by more than 3.6 times.

"There has been overwhelming response from the retail investors, with the issue being subscribed 367 per c

SBI to merge 5 associate banks from April

The country's largest lender, State Bank of India (SBI), said on Thursday five of its associate banks would merge with itself from April 2017.

"We advise that the Government of India has issued the orders ...under subsection of Section 35 of the State Bank of India Act, 1955... In terms of the said orders, the entire undertaking of SBBJ (State Bank of Bikaner &Jaipur), SB

Coal India union to launch protest, production may be hit

 Protesting against the Coal Ministry's decision to exclude its representatives from any committee of Coal India and its subsidiaries, the Intuc-affiliated union is planning to launch fresh agitation from March, which could hit production in the last month of the current fiscal.

"We have planned to launch agitation, including blockade despatch of coal and production proc

Oil and Natural Gas Corp to invest $1.1 billion to boost output

NEW DELHI - Oil and Natural Gas Corp, India's top oil and gas explorer, will invest 73.37 billion rupees ($1.10 billion) in five fields to produce about 15 million tonnes of oil and about 3 billion cubic metres (BCM) of gas, it said on Thursday.

India wants to boost its local output to cut dependence on imports from the current 77 percent.

Most of t

Varun Beverages hikes stake in Zambia subsidiary to 90%

PepsiCo's bottler Varun Beverages today said it has hiked stake in its Zambia subsidiary, Varun Beverages (Zambia) Ltd, to 90 per cent. "Varun Beverages has increased its stake in its Zambia subsidiary, Varun Beverages (Zambia) Ltd, to 90 per cent from 60 per cent. VBL has been successfully running the Zambia operations since its acquisition in 2016," the company said in a stateme

Need to define cyber sovereignty principles, say experts

Cyber sovereignty principles need to be quickly defined to address not just national sovereignty and security concerns but also to balance conflicting state interests in cyberspace, cyber law experts said here.

Addressing a seminar recently on "Tallinn Manual 2.0" that was launched earlier this month, experts emphasised that there is a dire need for an "International Co

Equities close flat, Nifty touches 52-week high

Indian equities markets on Thursday provisionally closed on a flat-to-positive note, with the telecom sector stocks witnessing healthy buying following a major acquisition announcement by telecom major Bharti Airtel.

Despite a volatile trade session on the back of derivatives expiry, the benchmark index Nifty touched its 52-week high during the intra-day trade.

The key indic

Nifty rises as IT stocks, Airtel rally

The Nifty ended higher on Thursday, having earlier hit a near two-year high, with IT stocks leading the gains on the day of derivatives expiry.

Infosys gained 1.66 percent and Tata Consultancy Services rose 2.8 percent, while Bharti Airtel hit its highest in 18 months after the telecom operator said it would buy Norwegian Telenor's India unit.

The Nifty ended up 0.14 per

Brand Finance ranks TCS as top 3 global brands in IT Services

Tata Consultancy Services (TCS), the country’s largest software exporter, on Thursday said it has made into the list of the top 3 most valuable brands in the IT Services industry, in an assessment done by Brand Finance, the world’s leading brand valuation firm.

The list is led by American IT giants IBM and Accenture. “Just five years ago the TCS brand had achieved a

National Insurance Co to raise Rs 800 cr via subordinated debt

In a bid to achieve the required solvency margin of 1.5, state-run National Insurance Company is set to raise Rs 800 crore through subordinated debt in near future, a top company official said. Subordinated debt is a loan or security that ranks below other loans and securities with regard to claims on a company's assets or earnings.

The Kolkata-based non-life insurer had solvency

India`s MobiKwik to invest $45 million to expand user base

MUMBAI - Indian digital payments firm MobiKwik will invest 3 billion rupees ($44.89 million) this year to expand its user base and rack up $10 billion worth of transactions on its platform, it said in a statement on Thursday.

MobiKwik and Alibaba-backed bigger rival Paytm have been among the biggest beneficiaries of India's drive to ban high-value currency no

Tata Motors mulls raising Rs 500 cr via NCDs

Tata Motors said its Board will meet next week to consider raising Rs 500 crore through private placement of non-convertible debentures (NCDs).

"The company is desirous of offering the sixth series of its rated, listed, unsecured, redeemable, NCDs aggregating to Rs 500 crore and in this regard is holding a meeting of its duly constituted Committee of the Board on March 2, 2017,&q

Bank unions serve strike notice to Syndicate Bank

State-run lender Syndicate Bank on Thursday 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,

Tata Communication forays into mobile data connectivity; unveils MOVE platform

Tata Communications on Thursday announced its entry into the global USD 4 billion mobile data connectivity and cross-border Internet of Things (IoT) market. The telecom major unveiled the Tata Communications MOVE platform that will enable people and things to become seamlessly connected on a global scale.

“With more than 3 billion Internet users globally and billions more connec