SBI announces penalty for non-maintenance of minimum balance from April 1

Making it compulsory for account-holders to maintain a minimum balance, the State Bank of India (SBI) said on Thursday said it will be charging defaulters a penalty from April 1 onwards.

Making maintenance of Rs 5,000 mandatory for accounts in metropolitan areas, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas, the SBI listed out the charges to be eff

Airtel and Millicom to combine operations in Ghana

Telecom major Bharti Airtel on Friday said it has entered into an agreement with Millicom International Cellular to combine the operations of their respective subsidiaries in Ghana.

As per the agreement, Tigo Ghana and Airtel Ghana will combine their operations in the African country. Airtel and Millicom would have equal ownership and governance rights in the combined entity.

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Boeing sounds out SpiceJet and Jet Airways on 737 MAX-10 aircraft

Boeing Co has approached India's SpiceJet Ltd and Jet Airways Ltd as it gauges airlines' interest in its 737 MAX-10 aircraft, the stretched version of the yet-to-be-delivered 737 MAX narrow-body jetliner, a senior executive said.

Indian carriers are rapidly expanding to meet demand in the world's fastest-growing aviation market, with most of the growth involving flights in

Indian banks` loans rose 4.8 percent in two weeks to February 17 - RBI

Indian banks' loans rose 4.8 percent in the two weeks to Feb. 17 from a year earlier, while deposits rose 12.8 percent, the Reserve Bank of India's weekly statistical supplement showed on Friday.

Outstanding loans rose 62.60 billion rupees ($936.63 million) to 74.85 trillion rupees in the two weeks to Feb. 17. Non-food credit rose 80.70 billion rupees to 73.80 trillion rupees,

Coal India to diversify into 'coal to chemical' business

Coal India intends to diversify into a new "coal to chemical" business domain by converting the high calorific value, low ash thermal coal into chemical, the miner said in a document on Friday.

The miner invited Expression of Interest for pre qualification of Licensors of coal gasification technology for proposed coal based methanol plant.

"In pursuit of imple

Alembic Pharma’s partner launches depression treating drug

Vadodara-based drug maker Alembic Pharmaceuticals Ltd on Friday said that its partner Breckenridge Pharma has launched desvenlafaxine succinate extended release tablets used in the treatment of major depressive disorder. In a filing to the Bombay Stock Exchange, the company said, “Alembic Pharmaceuticals Limited announces launch of desvenlafaxine succinate extended release tablets 50 mg a

Standard Chartered redeems 15 lakh IDRs during February 2017

Standard Chartered PLC, a British multinational banking and financial services company, on Friday said the company has provided the option of redemption of all outstanding IDRs into ordinary shares on a continuous basis from March 01, 2016.

“Based on the valid withdrawal orders received from the IDR holders and in accordance with the process liad down in the updated operating gu

Paytm E-Commerce raises $200 million from Alibaba, SAIF Partners

MUMBAI - Paytm E-Commerce Pvt Ltd has raised $200 million from China's Alibaba Group Holding and venture capital fund SAIF Partners to expand its online retail business in a market dominated by homegrown Flipkart and U.S. tech giant Amazon.

Alibaba.com Singapore E-Commerce Pvt Ltd picked up a 36.31 percent stake in Paytm E-Commerce for investing $177 million, acco

Equities provisionally close flat on global cues

Indian equities markets on Friday provisionally closed on a flat note -- marginally in the red -- as negative global cues and heavy selling pressure witnessed in banking, automobile, and fast moving consumer goods (FMCG) stocks subdued investors' sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) closed a tad lower by 2.20 points or 0.02 per cent, to 8,897.5

ABB India's wind generators cross 4.5-gw mark

ABB India today said that it has delivered wind power generators of 2,000 units to cross the 4.5 GW-mark in generation capacity. The generators for wind turbines are manufactured in a factory in Gujarat's Vadodara city, which is the fourth such facility in the group.

"We are among the largest manufacturers of wind generators in the country and are privileged to partner the gr

Yamaha sales up 20% to 68,095 units in February

India Yamaha Motor has reported a 20 per cent increase in domestic sales at 68,095 units in February 2017. The company had sold 56,960 units in February 2016, India Yamaha Motor said in a statement. "Yamaha continues to grow with a surge in February 2017 sales while concurrently ensuring Government of India guidelines to introduce BS IV compliant models for all products," Yamaha Motor

Volkswagen India sales jump 58% in February

German auto major Volkswagen has reported 58 per cent increase in sales in India at 3,965 units in February. The company had sold 2,510 units in the same month last year, Volkswagen said in a statement. "The recently launched Volkswagen Ameo is attracting a new set of buyers," Volkswagen Passenger Cars India Director Michael Mayer said in a statement.

With exciting new launc

Tata-DoCoMo truce may leave Japanese firm with $790 million to invest in India - source

By Aditi Shah

NEW DELHI - Tata Sons will split a dispute settlement payment of $1.18 billion owed to NTT DoCoMo over the Japanese firm's exit from a telecoms joint venture, leaving it with about two-thirds of the amount to invest in India, a source said.

Both companies are likely to approach India's central bank within 15 days with a plan that will o

India's GAIL signs 1st time-swap deal for U.S. LNG with Gunvor

By Nidhi Verma

NEW DELHI - State-run gas company GAIL (India) Ltd has signed a time-swap deal with Swiss trader Gunvor to sell some of its U.S. liquefied natural gas (LNG), sources said, as the Indian firm tries to ease the burden of its costly foreign LNG supplies.

It is the first time-swap agreement by GAIL, which is trying to juggle its LNG portfolio to c

Indian equities pulled lower by negative global cues

Broadly negative global cues, coupled with a weak rupee and heavy selling pressure witnessed in automobile, banking and capital goods stocks, pulled the Indian equities markets lower in the mid-afternoon trade session on Friday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched lower by 29 points or 0.33 per cent, to 8,870.75 points.

The barometer 30-scrip

L&T’s construction arm bags orders worth Rs 2170 cr

L&T has said that its construction arm has won orders worth Rs 2170 crores across its various business segments. The Power Transmission & Distribution Business has secured orders worth Rs 1169 crores. The business has secured an order from Oman Electricity Transmission Company SAOC for turnkey construction of the 400/132 kV Qabel Grid Station and associated works.

On the domes

UTI plans to augment Rs 1,000-cr from Private Debt Fund

UTI Asset Management Company (UTI AMC) is looking at mopping up Rs 1,000 crore from the just launched Private Debt Fund within the first year itself, reported PTI. The fund house is looking at financing corporates who need short term capital, with the newly floated fund.

"We are looking at mopping up around Rs 1,000 crore within the first year of Private Debt Fund," UTI AMC

AirAsia India plans to begin international operations from next year

Budget passenger carrier AirAsia India on Thursday said that it plans to operate international flights from next year.

According to the airline's Chief Executive Officer Amar Abrol, the company has constituted a special project team which has been mandated to get its operations ready for international flights either from summer 2018 or autumn next year.

Besides, the budg

Airtel rated as India's 'Fastest Mobile Network for 2016'

Indias largest telecommunications services provider Bharti Airtel has been rated the 'Fastest Mobile Network for 2016', leading broadband testing and network diagnostic application Ookla said on Thursday.

The findings were based on analysis of millions of internet speed tests logged on ‘modern devices' by mobile customers across the country using Ookla's popular

NDMC to auction Taj Mansingh, cancels Le Meridien Hotel licence

The New Delhi Municipal Council (NDMC) on Thursday announced that it will hold an auction of Tata group-owned Taj Mansingh Hotel here and that it has cancelled the licence of Le Meridien Hotel due to non-payment of fees.

"Important decisions in today's NDMC meeting -- Open auction of Taj Mansingh, cancel Le Meridian Hotel license.." Delhi Chief Minister Arvind Kejriwal t

TCS to support skill development in ICT sector

Tata Consultancy Services (TCS) will help ICT Academy develop skills in the information and communications technologies (ICT) sector, the software major said on Thursday.

"The academy will use our iON digital hub platform to make its skill, vocational and competency-oriented courses made available to students and teachers across its institutes," said TCS in a statement here.

Lupin unveils generic anti-depressant drug in US

Drug major Lupin has launched generic version of Wyeth's Pristiq tablets, an anti-depressant drug, in the American market. Lupin's Desvenlafaxine Succinate extended-release tablets are generic version of Wyeth Pharmaceuticals' Pristiq tablets used in the treatment of major depressive disorder (MDD).

According to IMS MAT December 2016 data, Pristiq tablets had annual US sal

Cadila gets 3 observations from USFDA for Baddi plant

Cadila Healthcare said that it has got three observations from USFDA under form 483 for its formulation manufacturing facility at Baddi, Himachal Pradesh. The USFDA inspected the plant from February 20 to March 1st, 2017, the company said in a filing.

"All these three observations are related to pre-approval inspection (PAI) for a specific product filed," the company said. &

Bajaj Auto's sales inch up in February

 Two- and three-wheeler major Bajaj Auto on Thursday reported a marginal increase in its total sales, including exports, for February this year.

According to the company, its total sales during the month under review rose to 273,513 units from 272,719 units during the corresponding month of 2016.

However, the two- and three-wheeler major's total domestic sales in Fe

Heavy selling pressure subdues equity indices

Indian equities markets were subdued on Thursday as heavy selling pressure was witnessed in banking, healthcare and oil and gas stocks.

The key indices provisionally closed with losses of around half a per cent each.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) slipped by 46.05 points or 0.51 per cent to 8,899.75 points.

The barometer 30-scrip sens