RBI puts Bank of India under prompt corrective action

Bank of India said on Wednesday that the Reserve Bank of India has initiated 'prompt corrective action' (PCA) against the lender over high bad loans.

High net non-performing assets (NPA), insufficient common equity tier 1 (CET1) capital and negative return on assets (ROA) for two consecutive years has prompted the action, the bank said in a statement.

The RBI issues

Dwarikesh Sugar Industries raises Rs 25 cr via CPs

Dwarikesh Sugar Industries, a leader in the Indian sugar industry, on Wednesday said that the company has raised Rs 25 crore by issuing commercial paper (CP).

“The company has issued commercial paper (CP) of Rs 25 crore on December 20, 2017,” said Dwarikesh Sugar Industries in a filing to the Bombay Stock Exchange. Meanwhile, shares of company were trading at Rs 51.70 apie

Veer Energy & Infrastructure gets order for solar rooftop panel

Veer Energy & Infrastructure Ltd said that it has received order for Rooftop Solar Panel Installation from well-known chain of school group having schools in Gujarat and Maharashtra. This installation of rooftop solar project, school would be saving approximately 30% of their power cost.

The company is eyeing on this cost saving advantage as the big opening for the solar rooftop i

IDBI Equity Advantage Fund: change in investment factsheets for November

IDBI Equity Advantage Fund has announced change in investment factsheets and fund flash for the month ended November 30, 2017. As on Nov 30, 2017, the total size of the Fund was Rs 673.79 crores, compared with Rs 665.66 crores in the last month. The Fund's NAV per unit was Rs 27.07 for Growth, while 52-Week High and Low ranges were Rs 27.07 and Rs 19.45 respectively.

The Equity -

Jet Airways Q2 net profit down 54.09% at Rs 49.63 cr

The company reported standalone net profit of Rs 49.63 crore for the quarter ended September 30, 2017 as compared to Rs 108.11 crore in the same period last year, registering a year-on-year decline of 54.09 per cent. Net revenue of the company rose moderately by 14.35 per cent at Rs 5,626.61 crore in July-September quarter of this fiscal as against Rs 4,920.55 crore in the corresponding period

Infosys` arm changes name to Infosys BPM Limited

Infosys Limited has said that its subsidiary Infosys BPO has received the approval of the Ministry of Corporate Affairs, Government of India to change its name to Infosys BPM Limited. The new name is effective immediately, and will be implemented across the company's services. The new name is a reflection of the paradigm shift in the nature of services that the company now offers through it

Ashok Leyland launches two new trucks

Commercial vehicle maker Ashok Leyland said that it has launched BS-IV emission norms-compliant CaptainHaulage and 3718 Plus trucks with iEGR engines. The new vehicles also come with frontal crash protection, a feature that helps the trucks to absorb the impact of a head-on collision, thereby keeping the occupants of the vehicle safe in the eventuality of any untoward incident, the company said

JSPL appoints Deepak Sogani as CFO

Private steel maker Jindal Steel and Power Ltd (JSPL) said that Deepak Sogani has been appointed as its chief financial officer. "Deepak Sogani has been appointed as CFO and KMP (key managerial personnel) of the company ... with effect from December 19, 2017 to fill the vacancy caused by resignation of Rajesh Bhatia, erstwhile CFO," the company said in a statement.

Sogani ha

Ramco Systems configures its software to address UAE VAT

Ramco Systems, a global enterprise software company has said that Ramco’s Global Tax Engine is configured to address UAE VAT, which is one of the biggest tax reforms being introduced in the Gulf nation. Ramco’s Finance and Accounting Suite will offer clients’ a VAT-ready application to manage the new tax regime. Effective 1st January 2018, the UAE government will implement tax

HDFC Bank plans to raise up to $3.75 billion from share sale

MUMBAI - HDFC Bank Ltd, India's second-biggest lender by assets, said on Wednesday it would raise up to 240 billion rupees ($3.75 billion) to fund growth by selling shares to investors, including a preferential issue to its parent HDFC Ltd.

HDFC Bank, the most valuable in the sector with a market capitalisation of more than $76 billion, said in a statement its boa

HDFC Bank`s chatbot now works with Google Assistant

HDFC Bank's Artificial Intelligence (AI)-based chatbot 'Eva' will now work with Google Assistant on millions of Android devices, the company announced on Wednesday.

'Eva' -- built for HDFC Bank by Bengaluru-based Senseforth AI Research -- claims to have answered more than five million user queries with more than 85 per cent accuracy.

"The Google Assi

Edelweiss Group unit buys Religare`s securities business

The wealth management unit of India's Edelweiss Group has acquired the securities business of domestic financial firm Religare Enterprises Ltd for an undisclosed sum, the two companies said in a statement on Wednesday.

The acquisition by Edelweiss Wealth Management will include Religare's securities and commodities broking services, as well as the depository participant servic

Amara Raja commissions two-wheeler battery plant

Battery manufacturer Amara Raja Batteries on Tuesday commissioned its two-wheeler battery plant here.

According to the company, the first phase of the plant which was commissioned on Tuesday will have a capacity of 5 million units.

"The plant will have an ultimate capacity of 17 mn units with an estimated investment of Rs 700 crore taking the total capacity for two-whee

Nissan Motor India to raise prices by up to Rs 15,000

The Nissan Group of India on Tuesday announced a price revision across its Nissan and Datsun range of models.

According to an official statement, the prices of Nissan and Datsun models will rise by up to Rs 15,000 effective January 1, 2018.

Nissan Motor India's Managing Director Jerome Saigot said: "With the rise in input and manufacturing costs, Nissan has decided

Equity indices fall from new intra-day highs

Continuing with gains for the fifth consecutive session, the key indices of the domestic equity markets touched record intra-day high levels on Wednesday.

On an intra-day basis, the BSE Sensex touched a record high level of 33,956.31 points, surpassing its previous high of 33,865.95 points recorded on November 7.

Similarly, the NSE Nifty50 edged higher to a new intra-day lev

Tata Steel to raise Rs 12,800 cr to fuel growth strategy

Steel major Tata Steel today said its board has approved raising Rs 12,800 crore through a rights issue to finance organic and inorganic growth plans, reported PTI. The board in its meeting today also approved a proposal to expand the capacity of Kalinganagar plant by 5 million tonne per annum (MTPA) to 8 MTPA with a total investment of Rs 23,500 crore, the company said in a statement. The boar

Rajesh Exports bags export order worth Rs 878 cr

Rajesh Exports said that it has received order worth Rs 878 crore for its products from UAE. The said order is to be completed by April 2018, it said in a filing to the Bombay Stock Exchange. The company is confident of executing this order well within the timeframe on the back of its expertise, skilled craftsmen, artisans and its exceptionally strong backward integrated infrastructure.

Mortgage lender HDFC unveils $2 billion fundraising plan

MUMBAI - India's Housing Development Finance Corp said on Tuesday it would raise as much as 130 billion rupees ($2.03 billion) by selling shares or compulsorily convertible bonds, mainly to subscribe to a preferential issue by HDFC Bank Ltd.

HDFC, which along with its units owns about 21 percent of HDFC Bank, said it would buy shares worth up to 85 billion rupees

India scraps stock limit on sugar for traders - government statement

NEW DELHI - India has scrapped limits on the quantity of sugar that traders can keep, a government statement said on Tuesday, indicating higher output in the year that began in October.

India, the world's top sugar consumer, had imposed inventory limits on traders in the 2016/17 season to keep prices under control as production fell after dry weather conditions cu

Sensex hits record closing high, powered by auto companies

 Indian indexes marked record closing highs on Tuesday, driven by automakers as regional markets gained at the prospect of passage of a major U.S. tax bill, while the victory of Prime Minister Modi's party in key state elections continue to boost sentiment.

The BSE Sensex rose 0.7 percent to end at 33,836.74, while the broader NSE Nifty ended 0.72 percent higher at 10,463.20.

Motorola opens `Moto Hub` in Chennai

 To strengthen its offline retail presence across India, Motorola India on Tuesday opened its first "Moto Hub" in Chennai in partnership with the multi-brand retail chain Poorvika Mobiles.

This is the first "Moto Hub" to be launched under the collaboration that will let prospective buyers to experience the latest Motorola technology and get a hands-on dem

Dr. Reddy`s arm settles compliance issues with US govt

Drug maker Dr. Reddy’s Laboratories on Tuesday said that its US subsidiary has reached a settlement with the US government for USD 5 million in a case that is more than six years old, involving packaging for five blister-packed prescription products. “In a joint filing by the parties, Dr. Reddy’s and the US Department of Justice agreed to the settlement of the action without a

Huawei, OPPO, Vivo to slash smartphone orders by 10%: Report

Concerned over sluggish worldwide smartphone demand, Chinese handset makers Huawei, Vivo and OPPO will reportedly begin 2018 on a slower note as they may cut smartphone orders by over 10 per cent, media reported.

"China-based smartphone brand vendors including Huawei, OPPO and Vivo are taking about less 10 per cent of smartphone shipments than their original orders from the suppl

Apple names long-time exec as new India sales head - source

MUMBAI - Apple Inc has appointed Michel Coulomb as its top sales executive in India, replacing Sanjay Kaul, a source familiar with the move said on Tuesday, as the U.S. tech giant pursues a bigger share of the world's third-largest smartphone market.

Coulomb has worked with Apple since 2003 and was most recently the managing director for Apple in South Asia, accor

Airtel to acquire Millicom`s operations in Rwanda

Bharti Airtel through its subsidiaries has entered into a definitive agreement with Millicom International Cellular under which Airtel Rwanda will acquire 100 per cent equity interest in Tigo Rwanda, a company statement said here on Tuesday.

"Airtel has taken proactive steps in Africa to consolidate and realign the market structure in the last few remaining countries where its op