India`s end-March external debt rises to $471.9 billion

NEW DELHI - India's end-March external debt was at $471.9 billion, up $15.8 billion from end-December, the Reserve Bank of India said in a statement on Friday.

The country's external debt in March 2017 was, however, lower compared with $485 billion a year ago, the statement showed.

On a residual maturity basis, short-term debt constituted41.5 percent

India`s infrastructure output grows 3.6 percent in May

NEW DELHI- India's annual infrastructure output grew 3.6 percent in May, mainly driven by a pick up in refinery output and electricity generation, government data showed on Friday.

The output grew a revised 2.8 percent year-on-year in April.

Annual growth in refinery production rose 5.4 percent last month from 0.2 percent in April, while electricity prod

Government had 105.36 billion rupees outstanding loans from RBI in June 23 week

The government had 105.36 billion rupees ($1.63 billion) outstanding loans with the central bank under ways and means

advances in the week ended June 23, according to the Reserve Bank of India's weekly statistical supplement released on Friday.

The central government had no outstanding loans in the week earlier.

State governments had 19.30 billion rupees loans

Equities close higher ahead of GST, consumer durables surge

The Indian equity markets on Friday pared all its morning losses to provisionally close in the green just ahead of the launch of the country's biggest indirect tax reform -- Goods and Services Tax (GST) -- at midnight.

According to market observers, positive European markets and healthy buying in consumer durables, FMCG and healthcare stocks trimmed losses and pushed the key equit

JSW Steel registers record steel output in FY 17

Sajjan Jindal-led JSW Steel has recorded its highest-ever crude steel production at 15.80 mt during 2016-17, surpassing earlier guidance. This is 25 per cent more than what the company produced in 2015-16. The growth has come despite a relatively modest industry and GDP performance, JSW Steel said in its Annual Report 2016 -17.

The output is "its highest-ever crude steel producti

ICICI Bank-led consortium concludes largest asset resolution

ICICI Bank on Thursday said that a bankers consortium concluded the largest asset resolution with the sale process of the cement business of Jaiprakash Associates and Jaypee Cement to UltraTech Cement valued at Rs 16,189 crore.

"Today the sale process of the cement business of Jaiprakash Associates Ltd (JAL) and Jaypee Cement Corporation Limited (JCCL) to UltraTech Cement Ltd. ha

Citigroup sells Petronet shares worth Rs 163 cr

Citigroup has offloaded nearly 38 lakh shares of Petronet LNG for an estimated Rs 163 crore through an open-market transaction. Petronet, India's biggest importer of liquefied natural gas (LNG), is registered as a private company. According to bulk deal data available with National Stock Exchange (NSE), Citigroup Global Markets Mauritius Pvt Ltd sold a total of 37,79,753 shares of Petronet.

Motherson Sumi`s arm unveils non-call life secured Notes

Motherson Sumi Systems Limited has said that its subsidiary Samvardhana Motherson Automotive Systems Group B.V., Netherlands has announced the pricing of its new Euro 300 million 7-year (due July 2024) non-call life senior secured Notes offering 1.800 per cent (at 140 bps over mid swaps).

“This is the fourth successful issue of Notes by SMRP BV and third offering in the European

Foreign investors can buy shares in AU Small Finance Bank

The Reserve bank of India (RBI) has removed restrictions placed on purchase of shares in AU Small Finance Bank by foreign investors with the total foreign investment coming below the threshold caution limit. The aggregate limit of total foreign investment that can be received by the company shall remain at 49 percent, the RBI said in a release.

The restrictions placed on "the pur

RIL`s arm launches AAE-1 submarine cable system

Reliance Industries has said that its arm Reliance Jio Infocomm Ltd. (Jio), the largest 4G and mobile broadband digital services provider in India has launched the Asia-Africa-Europe (AAE-1) submarine cable system. “AAE-1, the longest 100Gbps technology based submarine system, will stretch over 25,000 km from Marseille, France to Hong Kong, with 21 cable landings across Asia and Europe.

Indiabulls Real Estate allots NCDs worth Rs 500 cr

Leading real estate company, Indiabulls Real Estate has said that the company has proposed to issue, in one or more tranches, secured, redeemable, non-convertible debentures of face value Rs. 10 lakhs each ('NCDs') aggregating Rs. 500 crore, on a private placement basis, and pursuant to Regulation 30 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirement

Aditya Birla Nuvo`s arm enters into SSA with Premji Invest

Aditya Birla Nuvo has said that its subsidiary Aditya Birla Capital Limited (ABCL) has entered into a definitive Share Subscription Agreement (SSA) with PI Opportunities Fund - 1 ('the Fund'), an affiliate of Premji Invest, a leading Private Equity fund in India. “As per the SSA, subject to the customary closing conditions, the Fund will subscribe to about 2.2 per cent of the post

CDSL makes strong debut, stock lists with 68% premium

Central Depository Services (India) Ltd (CDSL) made a remarkable stock market debut today, listing at a premium of nearly 68 per cent from the issue price of Rs 149, reported PTI. The stock listed at Rs 250, a sharp jump of 67.78 per cent from the issue price on the NSE.

Later, it touched a high of Rs 268, up 79.86 per cent. Over two crore shares of the company were traded on the NSE

Sensex falls ahead of GST; set for first monthly loss this year

By Jessica Kuruthukulangara

The BSE Sensex edged lower on Friday as caution ahead of the launch of a unified goods and services tax (GST) hit auto makers, with benchmark indexes heading for their first monthly loss this year.

The revised tax structure will kick in from midnight Friday, marking India's biggest tax reform since independence, unifying its $2 trillion econom

Uber crosses 5 billion trips

Uber Technologies Inc said on Thursday that the ride-hailing services company had completed 5 billion trips, as of May 20.

The news comes after a string of setbacks for the privately held firm, including the resignation of Chief Executive Travis Kalanick last week.

Uber, which was founded in 2010, said 156 trips started at the same time, helping the company cross the milesto

'Party's over' for millions, as India launches biggest-ever tax reform

By Rajesh Kumar Singh and Manoj Kumar

NEW DELHI  - Rakesh Sachdeva sells auto parts in a busy market in central Delhi, just a few miles from Prime Minister Narendra Modi's office. Yet despite having a flourishing business he does not pay any tax.

Until now, his rundown premises and small scale operation has kept the business below the radar of India

IndusInd Bank inaugurates new branch in Kota

Private-sector lender, IndusInd Bank said that it has inaugurated a new branch in Kota, Rajasthan. “IndusInd Bank has recently inaugurated its second branch in Kota, India's technical education hub. The branch is located at Plot No. 2 - Kha-6, Near Southpoul Restaurant, Vigyanagar, Jhalawar Road, Kota,” the Bank said in a filing to the Bombay Stock Exchange. With the inauguratio

UltraTech completes takeoevr of Jaypee Cement

Ultratech has concluded the Rs 16,189 crore takeover of Jaypee Cements, said the ICICI Bank. "This is the largest asset resolution in the country so far and I hope that this landmark transaction will pave the way for more such resolutions," Chanda Kochhar, ICICI Bank managing director and chief executive, said in a statement. She said the sale process of the cement business of Jaiprak

UBI aims at 12.8% business growth in 2017-18

United Bank of India (UBI) is looking at a 12.8 per cent growth in business to clock a figure of Rs 2.20 lakh crore in the current fiscal and the state-run lender is also planning to raise up to Rs 1,000 crore capital this year, an official said on Thursday.

"We are looking at a business of Rs 2.20 lakh crore from the current level of Rs 1.95 lakh crore in the current financial y

Shriram Transport Finance gets nod to raise up to Rs 30k cr

Shriram Transport Finance said that it has received approval from the Board of Directors of the company to raise up to Rs 30,000 crores via issuing redeemable non-convertible debentures on private placement basis.

“The Board of Directors of the Company at their meeting held today has inter-alia approved issuance of Redeemable Non-Convertible Debentures on private placement basis

JSW Steel to set up slurry pipeline to transport iron ore

JSW Steel, a part of the diversified JSW Group, on Thursday said that its board has given an approval to set up a Slurry Pipeline to transport iron ore from coastal Karnataka to the Vijayanagar works. “This Slurry Pipeline can be set up within 24 months at an estimated cost of Rs 2,100 crores. This will facilitate transporting iron ore through Slurry Pipeline at a very competitive 15 per

India`s 2016/17 cotton exports seen down 17 pct to 6 million bales - trade body

MUMBAI  - India's cotton exports in 2016/17 are likely to fall 17 percent from a year ago to 6 million bales, a leading trade body said on Thursday, as an appreciating rupee dented the competitiveness of the Indian fibre in the world market.

The world's biggest cotton producer is likely to have harvested 33.63 million bales of cotton in the 2016/17 season

Equities close flat on derivatives expiry day, metal stocks surge

The Indian equity markets on Thursday recouped after sixth consecutive sessions of losses to close on a flat note -- marginally in the green -- as volatility was induced on the day of June derivatives expiry.

According to market observers, positive global cues and healthy buying in metal, FMCG and capital goods stocks aided the key indices to trade on a higher note.

The wide

Rajesh Exports bags order worth Rs 774 cr

Rajesh Exports has said that it has bagged a prestigious order for its products for a value of Rs 774 crore. The order has been procured beating global competition from a well-established and prestigious global white label importer from UAE.

The said order is to be completed by October 2017. With this current order which is to be executed by October 2017, the order book at the consoli

Modi set to launch India's biggest tax reform amid protests

By Manoj Kumar

NEW DELHI  - At midnight on Friday, India will introduce a nationwide goods and services tax with Prime Minister Narendra Modi taking centre-stage in parliament for what will be the country's biggest tax reform in the 70 years since independence from British colonial rule.

The GST will replace about 20 central and state taxes such as