Indo National Q1 net profit down 58.48% at Rs 2.84 cr

The company reported standalone net profit of Rs 2.84 crore for the quarter ended June 30, 2017 as compared to Rs 6.84 crore in the same period last year, registering a year-on-year decline of 58.48 per cent. Net revenue of the company declined substantially by 35.60 per cent at Rs 56.16 crore in April-June quarter of this fiscal as against Rs 87.21 crore in the corresponding period last year.<

Moody`s continues ratings review of Lodha Developers

Moody's Investors Service, a global rating agency, has said that it is continuing its review for downgrade of Lodha Developers Private Limited's (LDPL) B2 corporate family rating and the B2 backed senior unsecured debt rating of the US dollar denominated bonds issued by Lodha Developers International Limited and guaranteed by LDPL.

"The continuation of the review despite

Coal India jumps nearly 5% on biz expansion plan

Shares of Coal India surged nearly 5 per cent on the Bombay stock Exchange after the state-run company said that it would invest Rs 8,500 crore in 2017-18 to expedite mining projects and ramp up production. Following the announcement, shares of the company gained as much as 4.75 per cent to hit intra-day high of Rs 248.15 apiece on the Bombay Stock Exchange.

The stocks were currently

YES Bank cuts savings account interest rate by up to 1%

Private sector lender Yes Bank today reduced the interest rate on savings bank accounts by 1 per cent to 5 per cent for deposits of less than Rs 1 lakh. However, the bank will continue to pay 6 per cent interest on deposits of over Rs 1 lakh and less than Rs 1 crore. The bank has also slashed interest rate on savings accounts to 6.25 per cent from existing 6.5 per cent for deposits over Rs 1 cr

Ramco Cements buys back shares worth Rs 167.70 cr

Ramco Cements said that it has bought back 25 lakh shares at an average price of Rs 670.80 apiece at a cost of Rs 167.70 crore. "We have bought back 25,00,000 shares at a cost of Rs 167.70 crore excluding brokerage and other charges and at an average price of Rs 670.80 per share," the company said in a Bombay Stock Exchange (BSE) filing.

The company further said post buyback

Nokia 8 launched globally, to soon be available in India

Finnish company HMD Global on Thursday launched its much-awaited flagship device Nokia 8 that will be available in India during the festival season.

Available in four colours -- polished blue, polished copper, tempered blue and steel -- Nokia 8 would be available at the global price of 599 euros ($705) through September, the company said in a statement.

The device boasts thr

PFS partners IIFCL to provide advisory services

PTC India Financial Services Limited (PFS), a leading Infrastructure Finance Company has said that it has collaborated with IIFCL Projects Limited (IPL), 100% subsidiary of India Infrastructure Finance Company Limited (IIFCL), a premier infrastructure lending firm wholly owned by Government of India with the aim to provide financial advisory, management consultancy, debt syndication and project

Moneyline sells stake in Max Financial for Rs 514 cr

Moneyline Portfolio Investments today sold 3.18 per cent stake in Max Financial Services (MFS) for over Rs 514 crore through an open market transaction, reported PTI. According to the bulk deal data available with BSE, Moneyline offloaded 85 lakh shares, amounting to 3.18 per cent stake, of the firm. The shares were disposed of at an average price of Rs 605.02 apiece, valuing the transaction at

Karur Vysya Bank inaugurates AADHAAR enrolment centre

Karur Vysya Bank unveiled the Aadhaar Enrolment Centre here following UIDAI's directive last month, reported PTI. The Unique Identification Authority of India had advised commercial banks to provide Aadhaar enrolment and updation facility at various branches in its July 13 notification. Karur Vysya Bank identified the branches and and ensured early implementation of the service.

K

PNB, HDFC Bank to revise interest rates on savings accounts

Banking majors -- PNB and HDFC Bank -- on Thursday said that they will reduce interest rate by 0.5 per cent on saving bank deposits of below Rs 50 lakh to 3.5 per cent per annum with effect from Saturday.

HDFC Bank said that post revision, customers maintaining savings bank account balance of Rs 50 lakh and above will continue to earn interest at 4 per cent per annum.

The re

SpiceJet launches third flight under Udan scheme

Budget passenger carrier SpiceJet on Wednesday said it has launched services on the Hyderabad-Puducherry sector.

The airline said this is its third daily flight launched under the Udan (Ude Desh ka Aam Naagrik) scheme.

"Puducherry is one of the four un-served markets the airline will be operating to under the Udan scheme," SpiceJet said in a statement.

Wi

Wipro to manage Bangladesh telecom firm's IT services

Software major Wipro on Wednesday announced that it had won a five-year deal to manage the IT infrastructure and services of Bangladesh's leading telecom operator Grameenphone Ltd.

"We will manage the IT landscape for the operator by leveraging our Artificial Intelligence platform Holmes, own application development and management, infrastructure support and maintenance and b

AI launches direct service on New Delhi-Stockholm route

National passenger carrier Air India on Wednesday launched its first non-stop flight between New Delhi and Stockholm, Sweden, with an all-female crew.

"We are confident that Air India's first foray to Scandinavia would add new dimensions to trade, commerce and tourism between the two countries -- India and Sweden," said Ashwani Lohani, Air India Chairman.

The a

SEBI notifies relaxation of norms for acquisition of distressed companies

 Markets regulatory Securities and Exchange Board of India (SEBI) has relaxed the norms for takeover of distressed companies.

In a notification on August 14, the markets regulatory amended the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The relaxation in norms applies to the acquisition of shares

BSE, PHDCCI joins hands for info exchange on unemployment

 The Bombay Stock Exchange (BSE) on Wednesday said it has signed a memorandum of understanding (MoU) with the PHD Chamber of Commerce and Industry (PHDCCI) for exchange of information on unemployment and consumer sentiments in the country.

The BSE said the information would be shared and published by PHDCCI on its website, and mailers and reports circulated to its members.

Equities trade in green; metal, oil&gas stocks buoy sentiments

The key Indian equity indices traded on a flat-to-positive note during the mid-afternoon trade session on Thursday, as healthy buying in metal, oil and gas, and IT stocks kept investors' sentiments buoyed.

However, market observers opined that a mixed trend observed in the global markets, coupled with profit booking in automobile and banking stocks, pared gains.

The Nift

Infosys to consider share buyback on Saturday

 The Infosys Board of Directors will meet on Saturday to consider a proposal for buyback of its equity shares of Rs 5 face value, said the global software major on Thursday.

"The Board of Directors will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19," said the IT major in a regulatory filing on the BSE.

T

Manage your business travel better with `Uber for Business`

US-based cab-hailing app Uber on Wednesday introduced a key update to its "Uber for Business" service for corporates enabling them to manage their business travel efficiently.

With this, the employees can have features like monthly billing and reporting. 

The new service would also help employees stay safe as they travel from work late at night, enhance custom

India`s bond, FX markets closed on Thursday for holiday; stock markets open

MUMBAI  - India's bonds and forex markets are closed on Thursday for a holiday. Trading will resume on Friday.

The stock markets will operate as usual on Thursday.

The benchmark 10-year yield rose 1 basis point to 6.53 percent on Wednesday, while the rupee weakened to 64.15 per dollar from its Monday's close of 64.1250 per dollar.

(Rep

MPC members warn inflation could accelerate: RBI minutes

MUMBAI  - The Reserve Bank of India's Monetary Policy Committee members said easing inflation had supported the need for a rate cut at its August meeting, but warned consumer prices could start accelerating, minutes from its last meeting showed on Wednesday.

The RBI cut the main policy repo rate by 25 basis points to a more than 6-1/2 year low of 6.00 percent

Tata Power`s generation capacity rises 13% in Quarterly result FY18

Tata Power, India’s largest integrated power company, on Wednesday said that the company’s generation capacity increased by close to 13 per cent in Q1 FY18 as compared to Q1 FY17. “The company, together with all its subsidiaries and jointly controlled entities, has an installed generation capacity of 10,466 MW (as of August 2017),” said Tata Power Company in a filing to

Sensex posts biggest single-day gain in over one month

Indian shares rose more than 1 percent on Wednesday, recovering from earlier falls to post their biggest single-day percentage gain since July 10, reflecting upbeat mood across global markets ahead of minutes of the U.S. Federal Reserve's latest meeting.

The benchmark BSE Sensex closed up 1.02 percent at 31,770.89, recovering from an earlier fall of as much as 0.16 percent to gain

NSE to launch new filing system for info related to auditors

Top stock exchange NSE has decided to introduce seamless corporate announcement filing mechanism for information related to change in auditors, change in directors, declaration of audit reports with un-modified opinion, from tomorrow, reported PTI. Besides, listed companies would be required to file corporate announcements on reappointment and statement of impact of audit qualifications through

Cracking down on`black` money, India steps up scrutiny of shell firms

NEW DELHI/KOLKATA- When Prime Minister Narendra Modi banned high-denomination currency bills in a surprise move late last year, authorities noticed a surge in shell companies depositing cash in banks, seemingly in a bid to hide who owned that wealth.

The moment, said a top aide to Modi, was an eye-opener for the government, which had not realized just how much shell c

Reliance Defence to change name to Reliance Naval and Engineering Ltd

Reliance Infrastructure controlled Reliance Defence and Engineering Ltd (RDEL) is all set to change its name to Reliance Naval and Engineering Ltd (RNEL).

The change of name is in line with the company's focus on building capabilities for the Indian Navy and Coast Guard, it is learnt.

The company will seek shareholders' approval for the change in name at th