TCS announces up to $2.4 billion share buyback

MUMBAI  - India's top software services exporter Tata Consultancy Services(TCS) will buy back shares worth up to 160 billion rupees ($2.4 billion), it said on Monday, adding to pressure on similarly cash-rich rival Infosys to follow suit.

The TCS board has approved the buyback of up to 56.1 million shares at 2,850 rupees apiece, the company said in a stock ex

Paytm to invest Rs 600 cr in QR code-based payment network

Mobile payment and e-commerce platform Paytm on Monday announced that it will invest Rs 600 crore in its QR code-based payment solution to enable digital payments for merchants across India.

Paytm's QR code-based solution is already powering more than five million merchants and is used by consumers to pay at kirana (grocery) stores, tolls, food courts, hospitals and retail outlets

Maruti Suzuki India Ltd crosses sales of 1 lakh smart hybrid vehicles

India’s largest car maker Maruti Suzuki India Ltd (MSIL) on Monday said it has crossed cumulative sales of 1 lakh of its smart hybrid vehicles this month. “Its Smart Hybrid Vehicles - Ciaz SHVS and Ertiga SHVS - had crossed cumulative sales of 1,00,000 units this month.

This marks the sucess of Maruti Suzuki's efforts in hybrid and electric mobility in India,” th

UK`s Gemfields says India`s demonetisation drive to hurt FY results

By Sanjeeban Sarkar

British precious stone miner Gemfields plc said on Monday India's move to scrap higher value banknotes forced the company to delay an emerald auction and would hurt its full-year revenue and core earnings.

Shares in the company fell as much as 7.9 percent to 46.50 pence in morning trading before recovering to 48.6 pence by 0832 GMT.

The auct

Supreme Court tells Unitech to pay interest to flat buyers

The Supreme Court on Monday asked real estate major Unitech to pay interest to 39 flat buyers who chose to withdraw after the builder's failure to deliver flats as promised.

The matter concerns the owners who booked flats in Unitech's Vistas project in Gurugram in Haryana.

Justice Dipak Misra, Justice A.M. Khanwilkar and Justice Mohan M. Shantanagouder gave the build

ICICI Bank allots equity shares under ESOS

Country’s leading private sector lender ICICI Bank Ltd on Monday said it has allotted 2,50,575 equity shares to its employees under the Employees Stock Option Scheme, 2000 (ESOS).

These equity shares are having face value of Rs 2 each, private sector lender said in a statement. In a filing to the Bombay Stock Exchange, the private sector lender said, “The bank has allotted

Marksans Pharma`s facility in Goa inspected by UK regulator

Marksans Pharma today said its Goa plant has been inspected by the UK health regulator without any critical observations. The plant located at Verna has had an inspection by UK Medicines and Healthcare products Regulatory Agency (MHRA) from February 14-17, Marksans Pharma said in a filing to BSE.

"The same has been completed without any critical observations," it added. The

Tata Steel`s Katamati Mine wins Best Green Award

Tata Steel's Katamati iron mine has been honoured with the the Best Green Organisation of the Year Award at the Global Green Future Leadership Awards in recognition of its environmental protection measures, reported PTI.

The award was presented at a function organised by World CSR Day on February 18 in Mumbai. Rahul Kishore, Head (Mining Operations), Katamati Iron Mine, Tata Steel

Deepak Fertilisers starts comm prod at NPK plant in Taloja

Industrial chemicals manufacturer Deepak Fertilisers & Petrochemicals Corporation Ltd on Monday said it has commenced commercial production at NPK plant in Taloja. The company has started commercial production of NPK fertilisers under its brand ‘Mahadhan’, Deepak Fertilisers & Petrochemicals Corporation Ltd said in a filing to the Bombay Stock Exchange on February 20, 2017.<

Himatsingka Seide sets up subsidiary in Europe

Textiles firm Himatsingka Seide has incorporated a wholly-owned subsidiary in Europe, aiming to strengthen its distribution network in the continent.

"The company has incorporated a wholly-owned subsidiary in Europe, namely Himatsingka Europe Ltd, which is registered with the Registrar of Companies for England and Wales on February 17, 2017. This will help to strengthen the distr

Ashoka Buildcon arm evaluates options to bolster capital

Infrastructure developer Ashoka Buildcon Ltd on Monday said that its subsidiary, Ashoka Concessions Ltd (ACL), is evaluating options to bolster its capital and is planning to commence discussions with potential investors to explore such options.

In a filing to the Bombay Stock Exchange, Ashoka Buildcon said, “In terms of the contractual requirements between ACL and its sharehold

Havells to acquire Lloyds consumer durable biz for Rs 1,600 cr

The electrical goods company Havells said that it will acquire consumer durable business of Lloyd Electric & Engineering for about Rs 1,600 crore. "...(Havells)board has approved the acquisition of Lloyd Consumer Durable Business Division (Lloyd Consumer).

The acquisition is proposed to be executed at an enterprise value of Rs 1,600 crores on a debt free, cash free basis subj

Axis Bank rejects buzz on `merger with Kotak Mahindra Bank`

Country's third-biggest private sector lender Axis Bank Ltd on Monday issued a clarification on the news of its merger with Kotak Mahindra Bank, saying the reports are baseless and unsubstantiated.

In a filing to the Bombay Stock Exchange, the bank said, “This has reference to our earlier letter dated 9th February 2017, wherein we had clarified on the baseless newspaper repo

Bharat Petroleum plans to raise Rs 2,000 cr

State-run oil marketing company Bharat Petroleum Corporation Ltd (BPCL) said that it plans to raise up to Rs 2,000 crore through private placement of secured non-convertible debentures during the current financial year.

The company informed the Bombay Stock Exchange (BSE) that last year its shareholders had approved "private placement of non-convertible bonds/debentures and/or ot

Dilip Buildcon receives LOA from NHAI for road project

Leading infra company, Dilip Buildcon Ltd has informed in a filing to the Bombay Stock Exchange that it has received a letter of award issued by National Highways Authority of India (Ministry of Road Transport & Highways, Government of India) for the Project of Four Laning of Tuljapur-Ausa (Including Tuljapur Bypass) Section of NH-361 from Km 0.000 to km 55.835 under NHDP Phase IV on Hybrid

MosChip signs binding MOU for maintenance of smart center

MosChip, a Hyderabad-based leading Semiconductor company has said that it has signed a binding MOU for establishment and maintenance of Smart Center with Centralised Command and Monitoring System (CCMS) in the State of Andhra Pradesh on sub-contracting basis. The total value of the sub-contract is RS.83 Cr to be implemented in 24 months, providing CCMS Solution to selected Gram Panchayats in th

Positive global cues, strong rupee lift equities

Indian equities markets surged during the mid-afternoon trade session on Monday as broadly positive Asian indices and a strong rupee buoyed investors' sentiments.

However, some gains were capped due to caution ahead of derivatives expiry and profit booking.

The key indices traded in the green, with healthy buying witnessed in metal, healthcare and consumer durables stock

NMDC in talks to acquire stake in Vietnam`s tungsten mine

State-owned iron ore miner NMDC Ltd is in discussions with Vietnam-based Masan Resources to acquire a "considerable stake" in its Nui Phao polymetallic mine, sources close to the development said. The mine, which has rich reserves of tungsten mineral, is located in Thai Nguyen province in Northern Vietnam.

At present, India mostly imports tungsten for its domestic requiremen

SBT to raise up to Rs 600 cr ahead of merger with SBI

State Bank of Travancore (SBT) will raise up to Rs 600 crore to shore up additional tier-I capital by issuing Basel compliant bonds on private placement. The development comes ahead of its proposed merger with parent SBI.

The bank got approval of its executive committee on Saturday to raise the money, which will be augment its additional tier-I capital. "The executive committee o

Jet Airways plane loses ATC contact over Germany, causes scare

Setting off a major scare about a missing aircraft when it lost contact over German airspace, a Jet Airways flight from Mumbai to London earlier this week had to be escorted by fighter planes part of the way before it landed at its destination, an airlines spokesperson said on Sunday.

"Contact between Jet Airways flight 9W 118, from Mumbai to London Heathrow, of February 16, 2017

Steel exports surge 224% in January

India's steel exports jumped by 224 per cent in January and the country shipped out 5.865 million tonnes of steel in April-January period of the current fiscal -- up by 71.1 per cent over the same period last year, a steel ministry's report said.

"Exports in January 2017 at 889,000 tonnes was up by 224 per cent over January 2016 and was up by 19 per cent over December 201

Havells India to buy Lloyd Electric`s consumer business for $231 million

MUMBAI - Havells India Ltd, a leading maker of lights and fans, has agreed to buy a unit of Lloyd Electric and Engineering Ltd that sells air conditioners and televisions in a 15.5 billion-rupee deal ($231.14 million), the companies said.

The deal, expected to close in eight weeks subject to final due diligence, will help Havells expand its reach into the $15 bil

State Bank of Travancore to raise Rs 600 crore

The State Bank of Travancore said on Saturday it plans to raise up to Rs 600 crore through issue of additional "Tier I bonds" by the way of private placement.

The bank informed the BSE that the executive committee of its board of directors approved the proposal at a meeting held on Saturday.

The State Bank of Travancore is proposed to be merged with the State Bank

Tata Steel looking at Myanmar, Bangladesh B2C markets

Tata Steel is looking at building a distribution network and its brands in the Business to Consumer (B2C) markets in Bangladesh and Myanmar, a company official said on Saturday.

"We have great success in developing brands and distribution network in B2C markets in India. Bangladesh and Myanmar are the two B2C markets which have similar profile as India. We are seeing opportunitie

HAL gets Israeli order for more Boeing cargo doors

State-run Hindustan Aeronautics Ltd (HAL) received a fresh order from the Israeli Aerospace Industries (IAI) to supply eight sets of cargo doors for the main deck of Boeing 737, said an official of the defence behemoth on Saturday.

"The IAI has signed a fresh contract with us to supply eight more sets of the main deck cargo door for Boeing 737 jets," the official told IANS o