Warburg Pincus to buy 43% stake in Tata Technologies

Private equity firm Warburg Pincus will acquire a 43 per cent stake in Singapore- based Tata Technologies for USD 360 million (around Rs 2,320 crore). An affiliate of Warburg Pincus will purchase around 30 per cent from Tata Motors and its subsidiary Sheba Properties as well as Tata Capitals’ entire 13 per cent stake, Tata Motors said in a filing to the Bombay Stock Exchange.

Ta

Axis Bank gets board`s nod to raise Rs 5000 cr via debentures

Private sector lender, Axis Bank said that it will raise Rs 5,000 crore by issuing bonds on a private placement basis. "The board of directors of the bank has approved the allotment of 50,000 unsecured, redeemable non-convertible subordinated debentures, Basel III compliant tier II debentures aggregating to Rs 5,000 crore on a private placement basis," Axis Bank said in a filing to th

HDFC to raise Rs 2000 cr on private placement basis

Housing Development Finance Corporation Ltd said that it will raise Rs 2,000 crore by issuing bonds through a private placement offer to augment its long term resources. "The object of the issue is to augment the long-term resources of the corporation.

The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the co

Canara Bank to raise Rs 6,300 cr through securities

Public-sector lender, Canara Bank said that it has received approval to raise Rs 6,300 crore through various routes, including qualified institutional placement (QIP), rights issue or follow on public offer. “The board of directors at the meeting held today approved the proposal to raise equity capital up to Rs 3,500 crore, inclusive of premium to be decided, by way of qualified instituti

Sensex flat; Nifty headed for first weekly loss in five

By Vishal Sridhar

The NSE Nifty swung between gains and losses on Friday and was headed for its first weekly loss in six, as a fall in information technology and pharmaceutical shares on worries over their earnings outlook offset a bounceback in bank stocks.

The index was trading 0.11 percent higher a

Dena Bank slashes home loan interest rates

Dena Bank has cut interest rates on home loans above Rs 30 lakh to Rs 75 lakh by 5 basis points, reported PTI. Th ebank has reduced the interest rate by 10 basis points for loans above Rs 75 lakh. Last week, India's largest lender State Bank of India had lowered interest rates by 10 basis points on home loans above Rs 75 lakh.

The reduction in rates follows reduction in risk weigh

ICICI Bank looks to raise fund via bonds

ICICI Bank is planning to raise funds by issuing long-term bonds. The Committee of Executive Directors of the bank will meet on June 20 to consider the proposal, ICICI Bank said in a regulatory filing. However, the bank did not mention the quantum of fund it wants to raise.

The bank said the committee will consider on "fund raising by way of issuance of senior unsecured long-term

BP, Reliance to invest in Indian gas block, cooperate downstream

By Neha Dasgupta and Nidhi Verma

NEW DELHI  - BP and Reliance Industries said on Thursday they would invest $6 billion to boost India's gas output from an east coast block and expanded their tie-up to feed the South Asian nation's rising fuel and renewable energy demand.

India is replacing China as the driver of fuel demand growth globally. The

Warburg Pincus to buy 43 percent in Tata Tech for $360 million

MUMBAI - An affiliate of private equity firm Warburg Pincus will buy an about 43 percent stake in Indian engineering outsourcing provider Tata Technologies Ltd for $360 million.

Warburg will buy an about 30 percent stake from Tata Motors and its subsidiary, Sheba Properties Ltd, and another 13 percent held by Tata Capital in Tata Technologies, Tata Motors said in a st

India invites BP and Reliance to invest in fuel retailing

NEW DELHI - India's oil minister invited BP and Reliance Industries Ltd (RIL) on Thursday to invest in fuel retailing after they jointly pumped billions of dollars into a gasfield off the country's east coast.

BP Chief Executive Bob Dudley and Reliance Chairman Mukesh Ambani, who met India's oil minister Dharmendra Pradhan in New Delhi on Thursday, will ho

Sensex, Nifty end lower; financials hit by profit-taking

REUTERS - Indian shares fell on Thursday as investors booked profits in recent outperformers, while soft U.S. economic data, a relatively hawkish Federal Reserve and worries of political turmoil in the world's largest economy hurt sentiment.

The BSE Sensex ended 0.26 percent down at 31,075.73

The broader NSE Nifty, which posted losses in two of the last

Aarti Industries bags Rs 4,000 cr agro-chemical supply contract

Aarti Industries Ltd (AIL), a speciality chemicals company, today said it has entered into a Rs 4,000 crore multi-year contract with a global agriculture company for supply of high value agro-chemical intermediary. The project will entail an investment of about Rs 400 crore by the company, AIL said in a BSE filing. As per the contract, the company will supply high value agro-chemical intermedia

Jindal Steel and Power Ltd may diversify into ammonia, urea production: CEO

Jindal Steel and Power Ltd (JSPL) may wade into ammonia and urea production as it is keen to use the spare gas from its coal gasification plant, a top company official said as per the PTI report. "The gas that we are producing is about 225 thousand cubic metres per hour for which we set up this gas-based coal generation plant... We have 75-90 thousand cubic metres of gas we can spare for s

Repco Home Finance raises Rs 100 cr via NCDs

Repco Home Finance (RHF) said that it has raised Rs 100 crore by issuing secured, redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh on private placement basis. “The Board vide Resolution passed by circulation today i.e. June 15,2017, has inter alia approved the allotment of 1000 Secured, Redeemable, Non-Convertible, Non-Cumulative Debentures (SRNCD) of face value of

Piramal Enterprises to raise up to Rs 600 cr via NCDs

Piramal Enterprises said that it has received approval to raise up to Rs 600 crore through issue of Non-Convertible Debentures (NCD) on private placement basis. “The Committee approved issue of secured Non-Convertible Debentures (NCDs) aggregating up to Rs 400 crore with a Greenshoe option of Rs 200 crore, not exceeding total issue size of Rs 600 crore on private placement basis,” t

Ratnamani Metals bags two orders worth Rs 328 cr

Ratnamani Metals & Tubes said that it has bagged two new orders worth Rs 328 crores for supply of HSAW and ERW pipes. The orders entail supply of HSAW pipes of Rs 116 crores and supply of ERW pipes of Rs.212 crores for Oil and Gas Pipe lines to be completed by Dec 2017/Jan 2018, the company said in a filing to the Bombay Stock Exchange. Meanwhile, shares of the company were trading at Rs 77

Mahindra Finance raises Rs 200 cr via bonds

Mahindra & Mahindra Financial Services (Mahindra Finance), a non-banking financial company, said that it has raised funds by allotment of secured redeemable non-convertible debentures aggregating to Rs 200 crore.

“A Meeting of the duly authorised Committee was held today, i.e. on 14th June, 2017 from 5.30 p.m. to 6.00 p.m. approving the allotment of Secured Redeemable Non-Co

OMCs formalise plans for West Coast Refinery Project

Three state-run oil marketing companies (OMCs) on Wednesday formalised plans to set up one of the world's largest refinery-cum-petrochemicals complex -- West Coast Refinery Project -- located in the Ratnagiri district of Maharashtra.

The three state-owned OMCs -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- entered into a joint venture agreement

Bajaj Auto reduces bike prices

Two- and three-wheeler major Bajaj Auto on Wednesday said that it has reduced the prices of its bikes by up to Rs 4,500 with immediate effect, in order to pass on the expected GST price advantage to its customers.

"The savings will range up to Rs 4,500 depending on the model and the state in which the motorcycle is purchased," the company said in a statement.

Accor

Banks will need higher haircuts to resolve NPAs: UCO Bank

Taking higher haircuts is the way forward for resolving the bad loans of banks, UCO Bank MD and CEO R.K. Takkar said on Wednesday.

"We may have to take some haircuts. The banks will be prepared for that and moving forward. I think that's the way things have to move. Most of these (non-performing assets) accounts will be having 40 per cent provisions, so the only issue that co

Competition Commission of India imposes $13.6 million fine on Hyundai Motor's local unit

NEW DELHI - India's antitrust watchdog on Wednesday imposed a fine of 870 million rupees ($13.6 million) on South Korean automaker Hyundai Motor Co's local unit, accusing the company of anti-competitive behaviour.

The Competition Commission of India in its order alleged that Hyundai Motor India Limited (HMIL) contravened competitive practices by imposing

BPCL eyes Bina refinery expansion to 310,000 bpd in 4-5 years: co exec

MUMBAI/NEW DELHI - State-run Bharat Petroleum Corp aims to expand the capacity of its Bina refinery in central India to about 310,000 barrels per day (bpd) in the next four to five years from the current 120,000 bpd, its head of refineries said on Wednesday.

India aims to expand its refining capacity by 35 percent to 6.2 million bpd to meet the country's risi

Healthy macro-data marginally lifts Indian equities

Indian shares ended higher after a volatile session on Wednesday with Reliance Industries Ltd gaining on strong April subscriber additions, although broader sentiment was muted ahead of the U.S. Federal Reserve meeting.

The benchmark BSE Sensex closed 0.17 percent higher at 31,155.91.

The broader NSE Nifty ended up 0.12 percent at 9,618.15.

Reliance Industries shar

FACTBOX: India's bankruptcy code process for creditors, defaulters

The Reserve Bank of India (RBI) has identified 12 of the country's biggest loan defaulters and said creditors must pursue bankruptcy proceedings against them, as it begins to cut the $150 billion in stressed debt hobbling Asia's No.3 economy.

The move comes about a month after the government gave the Reserve Bank of India (RBI) power to direct lenders to initiate the insolvenc

India's engineering exports to Doha hit by Qatar crisis

NEW DELHI - India's exports of engineering goods to Doha have suffered after Arab powers led by Saudi Arabia severed ties with Qatar accusing it of supporting terrorism, the Engineering Export Promotion Council said in a statement on Wednesday.

"Inputs from our engineering exporters indicate that shipping lines operating between India and Doha are keepin