IDBI Bank initiates process to sell non-core assets

Aiming at a turnaround to augment its capital base and recover from bad loans, the IDBI Bank on Thursday said it has initiated the process to sell its non-core assets over a period of time.

"The bank will look at reducing its operational cost and sell non-core assets over a period of time. The exact schedule and quantum of such sale will depend on market conditions. The bank

Sensex hits record highs; Tata Steel scales over 2-1/2 year peak

By Krishna V Kurup

 Indian shares hit record highs on Friday, with Reliance Industries  and Tata Steel Ltd leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights.

The broader NSE Nifty rose as much as 0.65 percent to a record high of 9,572.25,

Modi`s generics-only drugs plan worries health experts, Indian pharma sector

By Zeba Siddiqui

MUMBAI  - India's plan to bring in a law to ensure doctors prescribe medicines only by their generic names risks proliferating the sale of substandard drugs in a country where regulation is already lax, doctors and pharmaceutical executives say.

Prime Minister Narendra Modi said last month that the government was looking at such a l

Prime Focus' consolidated Q4 net profit at Rs 38.7 crore

 Global media and entertainment services firm Prime Focus on Thursday posted a consolidated net profit of Rs 38.7 crore for the quarter ended March 31, 2017.

The company had reported a loss of Rs 241.6 crore during the corresponding period of 2015-16.

The company's consolidated quarterly income during January-March 2017 quarter grew by 38 per cent to Rs 65

Cipla lowers bio drugs investment, sharpens focus on respiratory

By Zeba Siddiqui

MUMBAI  - Cipla Ltd, India's fifth-largest drugmaker by sales, plans to reduce investment in biosimilars to sharpen its focus on building a portfolio of high-margin respiratory products, the company's chief executive said on Thursday.

It has put plans to build a biotech plant in South Africa, its third-largest market, on hold, a

IDBI Bank unveils turnaround plan amid fears of debt default

MUMBAI  - IDBI Bank on Thursday set out a turnaround plan that includes raising additional capital and selling non-core assets to help the state-run lender to improve its financial position and reassure investors anxious about a possible debt default.

IDBI announced the plan, which will also include curbing its rising corporate loan book and cutting costs, on the

Sensex hits record high; banks rally

REUTERS - The Sensex hit a record high late in the session on Thursday as banks rallied on continued hopes of central bank and government action to tackle bad debt in the sector, with sentiment further boosted by gains in Asian shares.

The benchmark Sensex rose 1.48 percent to end at 30,750.03 points, after earlier climbing to a record high of 30,793.43.

Banking stocks surge

Ashok Leyland posts fourth-quarter net profit as vehicle sales grow

 Ashok Leyland  posted a net profit in the fourth quarter against a net loss in the same period last year, as the truck maker sold more medium and heavy commercial vehicles.

Net profit stood at 4.76 billion rupees ($73.72 million) in the quarter ended March 31, compared with a loss of 1.41 billion rupees, the company said on Thursday. 

Analysts on average esti

IOC March-quarter profit jumps 85 percent

 Indian Oil Corp said on Thursday net profit rose 85 percent in the fourth quarter, in line with analysts' expectations, as revenue from operations grew.

India's top refiner said profit came in at 37.21 billion rupees ($576.45 million) in the quarter ended March 31, compared with 20.06 billion rupees a year earlier.

Revenue from operations jumped 24 percent to 1

Coal India wins tax-cut boost as environmentalists fre

By Krishna N. Das

NEW DELHI  - State-run Coal India Ltd , saddled with millions of tonnes of unsold coal, is expected to be the biggest beneficiary of a controversial government decision to more than halve the sales tax on the fuel after a jump in local supplies.

The world's third-largest greenhouse gas emitting country said last Friday it would low

Sensex tracks Asian peers higher; Infosys leads

By Krishna V Kurup

 Indian shares rose on Thursday tracking Asian markets that hit two-year highs after the U.S. Federal Reserve signalled a more cautious approach to future rate hikes, but sentiment was subdued ahead of the expiry of monthly derivative contracts.

The MSCI broadest index of Asia-

HCL Tech to buy-back shares at 17% premium

 Information technology (IT) major HCL Technologies on Wednesday said that it will buy back 3.50 crore equity shares by offering a 17 per cent premium per unit.

"The company is proposing to undertake the buy-back of up to 3,50,00,000 equity shares aggregating up to 2.48 per cent and 2.45 per cent of the fully paid-up equity share capital of the company as at March 31, 2

Jio battle: Airtel urges DoT to reject TRAI's Rs 3,050 cr fine on 3 telcos

 Sticking to its earlier stand, the Indian telecom regulator on Wednesday recommended penal action against three operators -- Bharti Airtel, Vodafone India and Idea Cellular -- for not providing adequate points of interconnections (PoI) to newcomer Reliance Jio.

The amount of penalty the three collectively have to pay is Rs 3050 crore. 

In similarly worde

Cabinet clears Noida-Greater Noida metro rail corridor: Reports

The Indian Government has said that the Union Cabinet has cleared the 29.77 km Noida-Greater Noida metro rail corridor which is nearing completion. Commenting on the issue, Finance Minister Arun Jaitley told the media, "The cabinet granted approval to the Noida-Greater Noida metro rail corridor.... It had been pending for a long time."

The corridor will be entirely elevated

Indian drug for dementia gets US regulatory nod

Indian drug-maker Strides Shasun Ltd has got approval of the US regulator for its Memantine Hydrochloride tablets to treat Alzheimer's-type dementia, said the company on Wednesday.

In a regultory filing on the BSE, the city-based company said the US Food & Drug Administration (USFDA) has approved its 5mg and 10mg Memantine Hydrochloride tablets for treating moderate to se

India to pick industry champions as defence buying plan cleared

By Tommy Wilkes

NEW DELHI - India approved on Wednesday a long-awaited policy to boost local defence manufacturing by effectively picking industry champions that would tie up with foreign players to make submarines, fighter jets, helicopters and armoured vehicles.

Prime Minister Narendra Modi has vowed to end India's role as the world's largest arms

Ebix to invest $120 million for stake in digital payment provider ItzCash

By Aditya Kalra

NEW DELHI  - U.S.-based software firm Ebix Inc will pay 8 billion rupees ($120 million) for a majority stake in Indian payment provider ItzCash, the companies said on Wednesday, the latest foreign investment in India's booming digital payments market.

The deal, which values ItzCash at $150 million, comes as digital payments gain traction in India aft

Mahindra & Mahindra to build long-range electric vehicles

By Promit Mukherjee

MUMBAI - Automaker Mahindra & Mahindra  will invest in building long-range electric vehicles, high-power battery packs and power trains in an effort to boost green car sales, senior company executives said on Wednesday.

Mahindra plans to ramp up production of its electric vehicles to 5,000 units a month by mid-2019 from 400 units

ArcelorMittal agrees on concessions to seal delayed $897 million India JV

By Neha Dasgupta and Promit Mukherjee

NEW DELHI  - ArcelorMittal, the world's largest steel producer, said on Wednesday it has agreed to make concessions to Steel Authority of India to seal a delayed $897 million automotive joint venture.

The two companies are close to ironing out key commercial terms to close the deal, including non-compete and exi

Infosys joins new enterprise alliance for using Blockchain

 Software major Infosys Ltd has joined the Enterprise Ethereum Alliance for using Blockchain database across verticals, said the IT firm on Wednesday.

"The alliance connects Fortune 500 enterprises, start-ups, academics and technology vendors with Ethereum, a decentralised platform that runs smart contracts," said the city-based company in a statement here.

Debt concerns pile pressure on shares in Reliance Communications

MUMBAI - Shares in Reliance Communications fell nearly 10 percent on Wednesday after a sell-off in its bonds, sparked by concerns that the debt-laden firm may be unable to repay its lenders amid intense competition in the sector.

The company, controlled by billionaire Anil Ambani, is the most leveraged Indian telecom carrier and local agency ICRA this month downgraded

Sensex falls on border tensions; Tata Motors rallies

REUTERS - The NSE Nifty posted its fourth session of losses in five on Wednesday as investors were unnerved by border tensions with Pakistan and on the expiry of derivatives contracts this week.

The Nifty closed 0.27 percent lower at 9,360.55, while the benchmark BSE Sensex ended down 0.21 percent at 30,301.64.

However, Tata Motors Ltd rose 4.2 percent after posting better-t

Lupin fourth net profit halves

MUMBAI  - Lupin Ltd , India's second-largest drugmaker by sales, reported that its quarterly net profit nearly halved from a year ago, coming in well below analysts' expectations as sales slumped in its largest market the United States.

The Mumbai-based company reported a net profit of 3.80 billion rupees ($58.63 million) for the fourth quarter ended Marc

Sensex rises; Tata Motors rallies

By Krishna V Kurup

Indian shares rose on Wednesday with Tata Motors Ltd <TAMO.NS> leading the gains after the automaker reported a better-than-expected quarterly profit.

However, gains were capped as investor sentiment remained tepid after India on Tuesday said it attacked Pakistani army posts i