N.R. Agarwal plans temporary shutdown for its Gujarat plant

N.R. Agarwal Industries said that it will temporarily shut down its Unit - II at Valsad, Gujarat from 20th June for technical upgradation. The operations of the Company's Unit - II located at Plot No.1, Phase I, GIDC, Vapi –396 195, Dist. Valsad, Gujarat shall be temporarily shut down for a period of 20 days with effect from 20.06.2017 for the purpose of technological upgradation. Mea

ICICI Bank increases authorised capital to Rs 2,500 cr

ICICI Bank increased its authorised capital by Rs 775 crore to Rs 2,500 crore. "The authorised capital of the company shall be Rs 2,500 crore divided in to 1000 crore equity shares of Rs 2 each, Rs 150,00,000 shares of Rs 100 each and 350 shares of Rs 100,00,000 crore each with rights privileges and conditions attached thereto...," the company said in a regulatory filing.

Th

JSW Energy nominates Prashant Jain as Joint MD and CEO

JSW Energy said that it has appointed Prashant Jain as its Joint Managing Director and Chief Executive Officer from June 16, 2017. "Jain will be based in Mumbai and report to the Chairman and Managing Director Sajjan Jindal," JSW Energy said in a filing to the Bombay Stock Exchange. Commenting on the appointment, JSW Group Chairman Sajjan Jindal said," He brings with him vast exp

India's wholesale prices rise 2.17 percent in May

NEW DELHI  - India's wholesale prices rose 2.17 percent year-on-year in May, government data showed on Wednesday.

The rise compares with a 3.11 percent annual gain forecast by economists in a Reuters poll. In April, prices rose a provisional 3.85 percent.

Wholesale food inflation was 0.15 percent in May, lower than 2.90 percent a month ago, the data

HMEL delays start of Bathinda refinery to end June, source says

NEW DELHI   - HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, has delayed the start-up of its Bathinda refinery in Punjab state by a fortnight to the end of this month, an industry source said.

The refiner shut the refinery on April 30 for about 45 days to raise capacity by about 28 percent to 230,000 bpd. State-refiner Hindustan Petrol

RBI puts Central Bank of India under 'corrective action' as bad loans surge

The Reserve Bank of India has initiated "prompt corrective action" (PCA) for state-run Central Bank of India  over high bad loans and negative return on assets, the lender said in a stock exchange filing on Wednesday.

It did not give details of the corrective action but said, "We believe corrective measures arising out of the PCA will help in improving overall perf

Infosys terms media coverage, activist investors as risk factors

Terming negative media coverage and actions of activist shareholders as risk factors, global softare major Infosys on Tuesday informed the market regulators that such activities could adversely affect its stock prices and execution of strategies.

"Negative media coverage and public scrutiny may affect the prices of our equity shares and ADSs (American Depository Shares), while ac

Indian equities flat, investors cautious ahead of US Fed's outcome

The Indian equity markets on Wednesday traded on a flat note during the mid-afternoon session as investors were cautious ahead of the outcome of two-day US Federal Reserve's rate-setting meet later in the evening.

According to market observers, investors remained cautious on the prospect of a US rate hike as it can potentially lead foreign portfolio investors (FPI) from emerging m

Banks shares edge higher on RBI action on defaulters

MUMBAI  - Indian bank shares edged higher on Wednesday after the central bank said it had identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them, without disclosing any account names.

Top lender State Bank of India  was trading up 0.2 percent by 0356 GMT, having risen as much as 0.7 percent, while Pun

RBI to direct banks to start bankruptcy proceedings against 12 defaulters

MUMBAI-  The Reserve Bank of India (RBI) said on Tuesday it has identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them to start unclogging the $150 billion in bad debt plaguing Asia's third-largest economy.

The move comes about a month after the government gave the RBI greater power to deal with bad lo

Sensex pares early gains, end flat

 Indian shares ended flat on Tuesday, erasing earlier gains as markets ran out of steam even as lower-than-expected inflation data raised hopes of a central bank rate cut in August.

The BSE Sensex rose 0.03 percent to 31,103.49.

The broader NSE Nifty fell 0.1 percent to 9,606.90.

The Nifty had gained for five consecutive weeks in a record-setting run, leaving

Coal India to supply domestic fuel to non-power consumers

Coal India will continue to offer domestic coal to non-power sectors in lieu of 50 per cent of the import component in the ongoing fiscal, reported PTI. The development assumes significance as the government is working to eliminate coal imports.

The world's largest coal miner "offer of domestic coal 'as is where is basis' to non-power FSA (fuel supply agreement) consu

Suven Life Sciences gets product patent in Australia, USA

Drug maker Suven Life Sciences Ltd on Tuesday said it has secured product patent for its New Chemical Entities (NCEs) from two countries i.e. Australia and USA for the treatment of disorders associated with Neurodegenerative diseases. “Suven Life Sciences announces that the grant of one (1) product patent from Australia and one (1) product patent from USA corresponding to the New Chemical

Equity markets rise on global cues, macro-data

Shrugging off the previous day's losses, the Indian equity markets on Tuesday traded in the green on the back of firm global cues, broadly positive domestic macro-economic data and healthy buying in capital goods, banking and consumer durables stocks.

According to the data released by the Central Statistics Office (CSO) after market hours on Monday, India's annual retail

Wipro says date for ADR bonus issue not decided

 Software exporter Wipor Ltd  said on Monday the payable date for its American Depository Receipts (ADR) bonus issue is yet to be determined.

The clarification from India's third-largest software services company came after its U.S.-listed shares slumped nearly 49 percent to $5.35 in premarket trading.

The trading of the shares, which was halted for a while, ar

India`s industrial output up 3.1 percent in April

NEW DELHI  - India's industrial output grew 3.1 percent in April from a year earlier, government data showed on Monday.

Economists surveyed by Reuters had forecast 3.0 percent growth in output compared with a revised 3.8 percent year-on-year increase in March.

 

(Reporting by Rajesh Kumar Singh; Editing by Douglas Busvine)

Reliance Capital non-life insurance unit plans listing in FY18

MUMBAI  - Reliance General Insurance Co. Ltd, a unit of Reliance Capital Ltd, plans to list on the stock exchanges this financial year, the company said on Monday.

The insurer's board approved a proposal for the listing, Reliance General Insurance said in a statement, without giving further details on the plan.

Billionaire Anil Ambani's Reliance

Indian shares fall ahead of inflation, output data

 Indian shares ended lower on Monday as recent outperformers including lenders such as ICICI Bank fell amid caution ahead of inflation and industrial output data, due later in the day.

The BSE Sensex fell 0.53 percent to 31,095.70, while the broader NSE Nifty dropped 0.54 percent to 9,616.40.

(Reporting by Vishal Sridhar in Bengaluru; Editing by Sunil Nair)

Coal India to close down 37 mines this fiscal

Coal India (CIL) will shut down 37 unviable mines in the current fiscal and redeploy surplus manpower from the sites proposed to be shut in nearby mine areas, reported PTI. In a clarification to stock exchanges, CIL said the company and its subsidiaries undertake an exercise every year to assess profit- and loss-making operating mines for a comparative study of performance to list out unviable

Piramal Enterprises plans to raise up to Rs 600 cr via NCDs

Piramal Enterprises said it is looking to raise up to Rs 600 crore through issue of NCDs on private placement basis, reported PTI. The company however did not provide any details regarding what it intended to do with the amount.

A meeting of the Administrative Committee of the board will be held on June 14, 2017, "to consider and approve the issue on private placement basis of se

QIP credit positive for SBI, removes dependence on government: Moody's

The Rs 15,000 crore fund-raising by the country's largest lender SBI is credit positive for the bank and will eliminate its dependence on capital infusion from the government, Moody's said today. In a report, the US-based agency said any capital infusion from the government will further strengthen the bank's capitalisation.

Last week, State Bank of India raised Rs 15,000 c

Biocon surges over 2% on presenting clinical data

Shares of Biocon Ltd surged over 2 per cent on the Bombay stock Exchange after the company said that it has partnered Mylan to present new data from the insulin glargine clinical program, including the INSTRIDE studies at the American Diabetes Association's 77th Scientific Sessions in San Diego.

“The studies confirmed the efficacy, safety and immunogenicity of MYL-1501D, ins

India`s fuel demand rose 5.4 percent in May

 India's fuel demand rose 5.4 percent in May, compared with the same period last year.

Consumption of fuel, a proxy for oil demand, totalled 17.79 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 15.3 percent higher from a year earlier at 2.40 million tonnes.

Cooking ga

Oil firms set up system for smooth daily fuel price change

State-run oil marketing companies (OMCs) have set up a system for the smooth rollout of the daily revision of transport fuel prices across the country, the biggest OMC Indian Oil Corp (IOC) said on Sunday, even as a petrol pump dealers' body threatened to go on strike against dynamic fuel pricing.

Petrol and diesel prices will be revised daily from June 16 onwards by the thre

Sensex falls ahead of inflation data, Fed meet

By Vishal Sridhar

 Indian shares fell on Monday as investors booked profits in recent outperformers including lenders ahead of inflation data due later in the day, while sentiment was cautious ahead of the U.S. Federal Reserve policy meeting this week.

Inflation in India is expected to have coole