Profit booking drags equity markets lower

Profit booking along with a weak rupee dragged the key Indian equity indices lower on Friday.

According to market observers, selling pressure was witnessed in the metal, auto, oil and gas stocks.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) declined by 84.25 points or 0.90 per cent to provisionally close the day's trade at 9,275.65 points.


IndusInd Bank inaugurates new branch in Jaipur

Private-sector lender, IndusInd Bank said that it has inaugurated its 18th branch in Jaipur, the ‘Pink City of India’. The new branch is located at Ground floor, Shop no 1 & 2, Residency Royale, Sardar Patel Marg, C-Scheme, Jaipur, the Bank said in a filing to the Bombay Stock Exchange. With the inauguration of this branch, the bank now has 94 branches in the state of Rajasthan,

Trident issues commercial paper for Rs 500 mn

Trident, an exporter of Home Textile products said that it has issued Commercial Paper for an aggregate amount of Rs 500 million on May 5, 2017. The commercial paper having a tenure of 90 days will mature on August 3, 2017, the company said in a filing to the Bombay Stock Exchange.

The CP have been rated ‘A1+’ by the leading rating agency, India Ratings & Research, it

India tweaks rules to help resolve banks' $150 billion bad debt problem

By Rajesh Kumar Singh and Devidutta Tripathy

NEW DELHI/MUMBAI  - India on Friday tweaked its laws to help tackle a record $150 billion in troubled bank debts, giving the Reserve Bank of India (RBI) greater power to identify and enforce resolution on specific soured loans.

In an executive order that alters a Banking Regulation Act, the government authori

India plans no-fly list of unruly passengers - aviation secretary

NEW DELHI  - India is looking at creating a national no-fly list of unruly passengers, the top bureaucrat at the civil aviation ministry said on Friday, weeks after a lawmaker admitted assaulting an official from state-owned carrier Air India.

The list will be maintained by the country's civil aviation regulator, Civil Aviation Secretary R.N. Choubey said.

President gives nod to ordinance on banks' non-performing assets - reports

MUMBAI  - President Pranab Mukherjee has given his nod to the ordinance dealing with the banking sector's non-performing loans and the amendment to the Banking Act, television channels reported on Friday.

Spokesman for the President and the country's finance minister Arun Jaitley declined to comment on the ordinance.

Finance Minister Arun Jaitle

Key Indian equity indices trade lower during early session

Key Indian equity market indices opened in the red on Friday following global cues.

The 30-scrip Sensitive Index (Sensex) was trading 100.46 points or 0.33 per cent lower during the early session.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 24.90 points or 0.27 per cent lower at 9,335 points.

The BSE Sensex, which opened at 30,142

PTC India signs agreements with state discoms for wind power

PTC India Limited, a power trading company, on Thursday signed Memorandums of Agreement (MoAs) with discoms of six states for the sale of 1,000 megawatt wind power under the Ministry of New and Renewable Energys (MNRE) first wind auction scheme.

The agreements with discoms of Uttar Pradesh, Bihar, Jharkhand, Delhi, Odisha and Assam were signed during a two-day conference of ministers

Exide Industries net profit down close to 6% in Q4

Battery major Exide Industries on Thursday reported close to 6 per cent year-on-year (y-o-y) fall in its net profit to Rs 164.78 crore for the quarter ended March 31, from Rs 175.21 crore for the corresponding period a year ago.

During the quarter under review, its gross sales, however, increased over 11 per cent y-o-y at Rs 2,213.32 crore, as compared to Rs 1,991.67 crore, the compan

Coal India considering listing on London Stock Exchange

By Neha Dasgupta and Sudarshan Varadhan

NEW DELHI  - Coal India Ltd, the world's largest coal miner, is considering a listing on the LSE and has had early discussions with the LSE, three sources with direct knowledge of the matter said on Thursday.

A listing by the state-controlled miner would be a boost for the LSE as it looks to attract companies

Infosys plays down cost concerns from U.S. hiring plan

By Sankalp Phartiyal and Euan Rocha

MUMBAI  - Infosys played down concerns about cost pressures from a plan to hire 10,000 U.S. workers and boost its on-the-ground U.S. presence, saying it will enable faster deployment of staff in newer, more profitable projects in areas like big data and cloud.

The India-based IT services firm this week said it plans t

Tata Capital invests $4 mn in Brinton Pharma

Leading drug-maker Brinton Pharmaceuticals Ltd on Thursday said Tata Capital Healthcare fund has invested four million dollars (Rs 25.7 crore) for a minority equity stake in the company.

"The investment will support our entry into newer areas such as pediatric and gynaecology segments and expand international operations to 32 countries from eight presently," said the company

Idea Cellular partners with Adobe to enhance customer experience

Global software major Adobe and Aditya Birla Group-promoted Idea Cellular announced on Thursday a partnership under which Adobe Experience Cloud will empower the telecom giant to deliver personalised customer experiences to its subscribers.

Announcing the alliance at Symposium 2017 -- conference for customer experience and business transformation -- here, Adobe said the partnership en

Godrej Prop scripts Q4 turnaround; posts Rs 63 cr net profit

Godrej Properties, real estate development arm of the Godrej Group, on Thursday reported consolidated net profit of Rs 63 crore in the fourth quarter ended March 31, 2017, a significant turnaround from net loss of Rs 12 crore in the same period last year. The consolidated total income of company rose by 21 per cent to Rs 475 crore in Q4 FY17 from Rs 392 crore in Q4 FY16.

Adjusted EBIT

Banking rules revamp to make bad loan resolution more effective - finance secretary

NEW DELHI  - India's revamp of its banking regulations will make the mechanism to deal with bad loans more effective, Finance Secretary Ashok Lavasa said on Thursday, although he declined to share details of the amendments.

Finance Minister Arun Jaitley said late on Wednesday that the federal cabinet had taken some significant decisions related to the banking

India's service sector growth nearly stalls in April, prices rise - PMI

 Growth in India's dominant services industry came close to stalling in April as new orders slowed to a trickle, forcing companies to spend more on aggressive advertising campaigns as they fought for business, a private survey showed on Thursday.

The Nikkei/IHS Markit Services Purchasing Managers' Index slumped to a three-month low of 50.2 in April from March's 51.5,

India's cabinet takes decision on banking sector -Arun Jaitley

NEW DELHI  - India's cabinet has taken significant decisions on the country's banking sector, Finance Minister Arun Jaitley said, declining to give further details, saying it needed a Presidential accord.

"Some significant decision has been taken on the banking sector in the cabinet, but propriety demands that the government should announce this only

Key Indian equity market indices open higher

Cheering the decisions of Cabinet Committee on Economic Affairs, the key Indian equity market indices on Thursday opened higher.

The Sensitive Index (Sensex) of the BSE, which had closed at 29,894.80 points on Wednesday, opened higher at 30,069.72 points. Minutes into trading, it was quoting at 30,041.39 points, up by 146.59 points, or 0.49 per cent.

At the National Stock Ex

Ordinary Indians rush into stocks, spurring a rally as well as risks

By Rafael Nam and Abhirup Roy

MUMBAI  - With red-and-white headphones draped around her neck, 22-year-old Indian IT security consultant Abdhija Sharma looks like she would be more at home discussing the latest music or Bollywood movies than compound returns on equity investments.

But at an office in a Mumbai suburb one recent Saturday, surrounded by ban

ICICI Bank`s stand-alone Q4 net profit up 189%

Private sector lending major ICICI Bank on Wednesday reported an exponential rise of 189 per cent in its stand-alone net profit for the fourth quarter (Q4) of Fiscal 2016-17.

The bank's net profit rose to Rs 2,025 crore from Rs 702 crore reported in the fourth quarter of FY 2015-16.

The net interest income increased by 10 per cent on a year-on-year (YoY) basis to Rs 5,96

Cabinet makes local steel mandatory in govt projects

By Neha Dasgupta

NEW DELHI - India's cabinet on Wednesday approved a proposal to make the use of local steel mandatory for government's infrastructure projects, Finance Minister Arun Jaitley said, aimed at boosting the sales of local companies.

The ministry's flagship National Steel Policy, which seeks to outline a roadmap to increase the country

ICICI Bank sees bad loan additions falling significantly

MUMBAI - India's ICICI Bank Ltd expects additions to its bad loans to be "significantly lower" this financial year, its chief executive said on Wednesday, as the lender reported a smaller than expected rise in quarterly profit.

India's third-biggest lender by assets said its standalone net profit nearly tripled to 20.25 billion rupees ($315.7 million

Alembic Pharma Q4 net up 2.4% at Rs 93.04 cr

Vadodara-based drug maker Alembic Pharmaceuticals Ltd on Wednesday reported a rise of 2.4 per cent in its consolidated net profit after taxes (PAT) at Rs 93.04 crore for the fourth quarter ended March 31, 2017, hurt by higher expenses. “The consolidated net profit of the drug maker stood at Rs 90.83 crore during the same period a year ago,” Alembic Pharmaceuticals Ltd said in a fili

Ajanta Pharma Q4 net up 4.64% at Rs 114 cr

Drug firm Ajanta Pharma today reported a 4.64 per cent rise in its consolidated net profit at Rs 114.02 crore for the fourth quarter ended March 31, mainly on account of robust sales. The company had posted a net profit of Rs 108.96 crore for the corresponding period of the previous fiscal, Ajanta Pharma said in a filing to BSE. Its consolidated total income rose to Rs 479.20 crore for the quar

Shanthi Gears Q4 net up 10% at Rs 6.16 cr

Shanthi Gears, a Murugappa Group company, on Wednesday reported a 10 per cent growth in its net profit at Rs 6.16 crore for the fourth quarter ended March 31, 2017. “The company had posted net profit of Rs 5.60 crore during the same quarter last year,” said Shanthi Gears in a filing to Bombay Stock Exchange. The total income from operations rose by 21.03 per cent to Rs 58.15 crore d