HAL to sign orders for 73 copters, 106 trainers

 State-run Hindustan Aeronautics Ltd (HAL) would soon sign orders for selling 73 Advanced Light Helicopters (ALH) and 106 HTT-40 trainers to the armed forces, said a top official on Wednesday.

"We expect to sign the order for 73 ALH worth Rs 14,000 crore to the Services soon and order for 106 HTT-40 to the Indian Air Force (IAF) worth Rs 4,770 crore when ready for production

Tata Motors Q3 net nosedives 96% at Rs 111.57 cr

India’s leading automobile manufacturer Tata Motors Ltd has reported a steep fall of 96.2 per cent its consolidated net profit after tax at Rs 111.57 crore, on a steep decline in profit in JLR business and higher losses in domestic operations.

“The consolidated net profit of the company stood at Rs 2,952.67 crore during the same period a year ago,” Tata Motors Ltd sa

Jindal Steel loss narrows to Rs 407.44 cr in December-quarter

Naveen Jindal-led firm Jindal Steel & Power Ltd (JSPL) has reported that its consolidated net loss shrank to Rs 407.44 crore in the October-December quarter of FY17. “The consolidated net loss of the company stood at Rs 869.73 crore during the same period a year ago,” Jindal Steel & Power Ltd said in a filing to the Bombay Stock Exchange.

Further, the consolidated

Banks fight for $40 million fee pot in advising on Vodafone India merger

HONG KONG/MUMBAI  - BofA Merrill Lynch, UBS and Standard Chartered are among banks scrambling to win advisory roles in a potential merger involving Vodafone  in India, sources said, as they chase a rare big deals-related payday in the country.

Britain's Vodafone Group said last month it was in talks to merge its Indian subsidiary with Idea Cellular  

Fitch India affiliate sees banks' core capital needs at $13.6 billion by March 2019

MUMBAI - India's banks will need 910 billion rupees ($13.6 billion) in Tier-1 capital until March 2019 to grow at a bare minimum pace of 8 to 9 percent on average, India Ratings and Research said on Wednesday.

Of the total capital needs, 500 billion rupees will have to come from additional Tier-1 bonds, the rating agency, an affiliate of Fitch, said.


Inox Wind’s arm issues NCDs worth Rs 195 cr

Leading Wind energy company, Inox Wind Infrastructure Services, a wholly owned subsidiary of Inox Wind, has issued non-convertible debentures worth Rs 195 crore on a private placement basis.

“The NCDs will carry a coupon rate of 8.33 per cent (payable semi-annually) and are guaranteed by the company,” the company said in a filing to the Bombay Stock Exchange. The proceeds

Trai held our free offers as legitimate: Reliance Jio to High Court

Reliance Jio (RJio) on Tuesday told Delhi High Court that telecom regulator Trai has held that its free offers to subscribers was perfectly legitimate, reported PTI. The submission was made before Justice Sanjeev Sachdeva when telecom major Vodafone India's plea, alleging that RJio "blatantly violated" Trai's tariff orders, directions and regulations, came up for hearing.

DLF Q3 net falls 46% to Rs 98 cr on demonetisation impact

Real estate major DLF on Tuesday reported a 46 per cent fall in its consolidated net profit for the quarter ended December at Rs 98.14 crore on lower sales and higher finance costs.

The company had posted a net profit of Rs 182.11 crore in the same quarter a year ago.

"The performance in the last quarter was subdued as markets adjusted itself to new paradigm initiated b

Vedanta Q3 net up 356% to Rs 1,866 cr buoyed by metals business

Natural resources major Vedanta Ltd on Tuesday recorded an over 350 per cent jump in consolidated net profit for the third quarter ended December at Rs 1,866 crore, as compared to the same period of the last fiscal, mainly on the back of operational performance.

The Anil Aggarwal-led mining company had posted a profit after tax of Rs 409 crore in the corresponding period of 2015-16.

SpiceJet Q3 net profit down 24%

Budget passenger carrier SpiceJet on Tuesday reported a decline of 24.50 per cent in its net profit for the third quarter of Fiscal 2016-17.

The company's Q3 net profit stood at Rs 181.14 crore from Rs 239.94 crore reported in the corresponding quarter of 2015-16.

"We have reported our eighth successive profitable quarter despite headwinds," Ajay Singh, SpiceJe

REC net profit up 28.07% in Q3

Rural Electrification Corp (REC) on Tuesday reported a 28.07 per cent increase in its net profit to Rs 1,754.40 crore in the quarter ending on December 31, 2016 as compared to Rs 1,369.86 crore in the corresponding period last year.

The company's total income from operations has decreased 6.17 per cent from Rs 6,017.95 crore for the quarter ended December 31, 2015 to Rs 5,646.35 c

Petronet buys 26% stake in LNG vessel firm for Rs 100 cr

State-run natural gas importer Petronet LNG Ltd (PLL) on Tuesday said it has purchased 26 per cent stake in the shipping consortium that has built the ships that transport its liquefied natural gas (LNG) imports.

"We have now decided to take 26 per cent equity in India LNG Transport Company (No 4) Private Limited," Petronet Director (Finance) R.K. Garg said here.


Key Indian equity indices plunge during afternoon trade

The key Indian equity indices plummeted on Wednesday afternoon following disappointing corporate earnings.

The 30-scrip Sensitive Index (Sensex) was trading 181.38 points or 0.64 per cent lower during the afternoon trade.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was trading 61.95 points or 0.70 per cent lower at 8,730.35 points.

Foreign jet makers need their government's nod to make in India - Manohar Parrikar

BENGALURU - Foreign aircraft manufacturers offering to make combat jets in India will have to win approval from their governments, Indian Defence Minister Manohar Parrikar said, in a measure aimed at ensuring projects are not affected due to policy flip-flops.

These comments come at a time when U.S. firm Lockheed Martin has said the new administration under President

Infosys seeks to reassure investors over governance

MUMBAI  - IT services group Infosys on Tuesday reassured investors and analysts it was not being distracted by a dispute with its founders over how it was being managed.

India's second-biggest IT services company behind Tata Consultancy Services has been locked in a public war of words with founders and former executives, who, led by N.R. Narayana Murthy, hav

India clears plans to step up production of Tejas

BENGALURU, India  - India will open a second production line for its light combat aircraft, Defence Minister Manohar Parrikar said on Tuesday, pressing ahead with a home-grown plane the military has had doubts over for years.

The Tejas fighter entered service last year, 33 years after it was approved as the country sought to build a modern fighter from scratch fo

Bank of Baroda sees growth in bad loans slowing

MUMBAI  - Bank of Baroda Ltd, India's second-biggest state-controlled lender by assets, expects the rate of growth in bad loans to slow in the coming financial year, a senior banker said on Tuesday.

Ashok Garg, an executive director, said the Bank of Baroda expects gross non-performing loans to total about 450 billion rupees ($6.7 billion) in the current year

Airtel Payments Bank makes 70 Andhra, Telangana villages go cashless

Airtel Payments Bank has enabled over 70 villages in Andhra Pradesh and Telangana to go cashless.

The company said this was part of its endeavour to take its banking services deep into rural/unbanked areas and contribute to financial inclusion in the state.

These villages now have access to basic banking services and the option of making digital payments, making them less re

Anil Ambani to fly sortie in Rafale at Aero India

 Industrialist Anil Ambani is all set to take to the skies on Wednesday for a sortie in the French Rafale fighter at the Yelahanka IAF base here, venue of Aero India 2017.

Ambani, also known as the Marathon Man for his distance-running abilities, will be kitted in flying overalls, G suit, Armée de l'Air jacket torso harness, flying boots and helmet with oxygen mask, a

Vedanta Q3 net jumps over 4-fold to Rs 1,866 cr

Billionaire Anil Agarwal-led mining conglomerate Vedanta Ltd on Tuesday reported its highest quarterly profit in 12 quarters by registering a jump of over four-fold in its net profit after tax at Rs 1,866.28 crore for the third quarter, ended December 31, 2016.

The mining and energy group had reported a net profit of Rs 408.58 crore during the same quarter of previous year, Vedanta Lt

GVK Power December-quarter loss narrows

Leading Indian conglomerate GVK Power & Infrastructure Ltd on Tuesday reported a decline in it’s standalone net loss for the third quarter ended December 31, 2016. It’s net loss for the October-December quarter shrank to Rs 0.71 crore.

“The standalone net loss of the company stood at Rs 6.8 crore during the same period a year ago,” GVK Power & Infrastru

Apollo Hospitals Q3 net dips 40% at Rs 73 cr

Apollo Hospitals Enterprise on Tuesday reported a 40.46 per cent year-on-year decline in its net profit at Rs 72.83 crore for the quarter ended December 31, 2016. The India's leading super speciality hospital had posted the net profit of Rs 122.33 crore in the corresponding quarter of previous fiscal, said Apollo Hospitals Enterprise in a filing to Bombay Stock Exchange.

The total

Tata Motors posts 96 percent profit plunge

MUMBAI  - Tata Motors has reported a worse than expected 96 percent fall in net profit for its third quarter, citing sharply lower earnings at its British luxury carmaker Jaguar Land Rover (JLR) and losses in its domestic business.

Consolidated net profit for the three months to Dec. 31 fell to 1.12 billion rupees ($16.7 million) from 29.53 billion a year earlier

Sun Pharma's profits drop as U.S. sales hit by pricing, supply issues

MUMBAI  - Sun Pharmaceutical Industries, India's largest drugmaker, reported its first fall in quarterly profits in a year on Tuesday, as pricing issues and supply constraints affected sales in the United States, its largest market.

Sun's U.S. business faces increasing uncertainty as it struggles to fix quality control problems found by regulators at its

S&P downgrades IDBI Bank to BB on very weak asset quality

International rating agency Standard & Poor's today downgraded IDBI Bank to 'BB' citing "very weak asset quality" but maintained a stable outlook on the state-run lender. "S&P Global Ratings today lowered its long-term foreign currency issuer credit rating on IDBI Bank to 'BB' from 'BB+' because we expect the bank's asset quality to remain