Government flags growth risks, pushes for monetary easing

NEW DELHI - India called on Friday for more monetary easing as it flagged risks to economic growth and budget targets, citing a series of disinflationary impulses weighing on Asia's third-largest economy.

In its mid-year economic survey, the finance ministry said "tighter" monetary policy meant real interest rates in India were substantially higher than

Tribunal approves demerger of home finance from Reliance Capital

Financial services major Reliance Capital Ltd on Friday said the National Company Law Tribunal (NCLT) has approved the demerger of its home finance business.

In a statement issued here, Reliance Capital said NCLT approved the demerger and the vesting of the demerged undertaking from the company to Reliance Home Finance Ltd.

The NCLT approval facilitates independent

MyJio app crosses 100 million download mark

Mobile application suite MyJio app, of Reliance Jio, has become the second most downloaded Indian application on the Android platform by registering over 100 million downloads, as per a company official, reported PTI. "MyJio has crossed 100 million downloads on Google Play. It is the second Indian mobile application to cross 100 million download mark and first self-care mobile application

BSNL to allow special plan benefit on roaming from Aug 15

Come August 15, mobile customers of state-owned BSNL will be able to use services at discounted rate availed through special recharges in their home circle even on roaming, reported PTI. "... It is now decided to allow the benefit of voice or SMS special tariff voucher (STV) and combo vouchers on national roaming on the occasion of 71st Independence Day on a pan-India basis with effect fro

IOB`s net loss falls by 65.6% in Quarterly result

 State-run Indian Overseas Bank (IOB) on Thursday reported a fall in net loss by 65.6 per cent at Rs 49,909 lakh in the first quarter ended June 30, compared with a loss of Rs 1,45,050 lakh in the year-ago period.

The lender's provision for non-performing assets (NPAs) in the quarter under review stood at Rs 1,60,788 lakh, down by 24.7 per cent from Rs 2,13,781 lakh in t

GIFT IFSC`s stock exchanges exempted from certain LES requirements

Market regulator Securities and Exchange Board of India (Sebi) on Thursday said it has exempted stock exchanges of Gujarat International Finance Tec-City International Financial Service Centre (GIFT City IFSC) from complying with certain Liquidity Enhancement Schemes (LES) requirements.

According to Sebi, the exemption has been made as the stock exchanges at GIFT IFSC are in a na

Power Finance Corp net dips 17% in Quarterly result

 Power Finance Corp Ltd (PFCL) on Thursday reported a standalone net profit of Rs 1,429 crore for the first quarter (Q1) of fiscal 2017-18, registering a 17 per cent annual decline from Rs 1,713 crore in the same period year ago.

In a regulatory filing to the BSE, the state-run company said the annual standalone revenue from operations for Q1 was 4 per cent lower at Rs 6,780 cror

Canara Bank unveils two new digital services

State-run Canara Bank on Thursday unveiled two new digital services for online payments.

"Bharat QR (Quick Response) is for payment settlement at merchant locations and Bharat Bill Payment System (BBPS) is an integrated bill payment system for net banking customers," the bank said in a statement.

The first service is a mobile application, which enables a

IOC buys more U.S. crude; first to purchase Eagle Ford shale oil

NEW DEHLI  - Indian state-refiner IOC bought 1.9 million barrels of U.S. crude in its second import tender seeking oil from the Americas, making it the first Indian refiner to purchase Eagle Ford shale oil, a senior official said on Friday.

IOC bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude for end-October

Sensex, Nifty tumble as North Korea tensions weigh

Indian shares fell over 1 percent on Friday and were headed for their first weekly loss in six, tracking global markets as escalating tensions between the United States and North Korea continued to drive investors away from risk assets.

Asian equity markets slid further and Wall Street closed sharply lower after U.S. President Donald Trump warned Pyongyang against attacking Guam or U.

Tata Motors-Skoda Auto call off talks on potential partnership

Automobile major Tata Motors on Thursday called off talks on a potential partnership with Skoda Auto for joint development of products.

In March, Tata Motors had entered into a memorandum of understanding (MoU) for a long-term partnership with the Volkswagen Group to explore strategic alliance opportunity for joint development of products.

As per the MoU, Tata Motors and Sko

Union Bank of India first-quarter profit dives, bad loans rise

State-run Union Bank of India reported nearly 30 percent fall in first-quarter net profit as provisions for bad loans remained high.

Net profit fell to 1.17 billion rupees ($18.27 million), for the three months ended June 30, from 1.66 billion rupees a year ago, the Mumbai-based bank said on Thursday.

Analysts on an average had expected the bank to report a net profit of 1.9

Zydus Cadila`s Q1 consolidated net profit up 15%

Pharma major Zydus Cadila on Thursday reported a rise of 14.7 per cent in its consolidated net profit to Rs 25.27 crore during the first quarter ended June 30.

On a consolidated basis, the company's total income from operations was reported at Rs 115.54 crore during the quarter under review.

"During the quarter, offtake of the company's pillar brands -- Sugar Fr

Jet Airways to offer 20-30% discounted fares

Full service carrier Jet Airways on Thursday said it will offer 30 per cent discount on economy fares and 20 per cent on premiere fares in a six-day celebratory fare sale starting on August 11.

"Tickets purchased as part of the sale for domestic flights will be valid for travel from September 5," the airline said in a statement.

The airline said the promotional tic

RBI dividend to government halves to $4.78 billion

MUMBAI  - The Reserve Bank of India (RBI) will pay 306.59 billion rupees ($4.78 billion) as a dividend to the government for the year ended June 2017, less than half the previous year's levels as a ban on higher currency bills raised the central bank's expenses.

The decline could make it harder for the government to meet its fiscal deficit target of 3.2 p

SoftBank bolsters Flipkart`s firepower to challenge Amazon in India

MUMBAI - India's Flipkart has secured nearly $2.5 billion in funding from Japan's SoftBank Group, giving the online retailer more firepower to compete with Amazon in the country's burgeoning e-commerce market.

SoftBank's Vision Fund, the world's largest private equity fund, will invest close to $2.5 billion in Flipkart via primary and secondary sha

Sweden emerging as potential market for Indian IT firms

 Sweden is set to emerge as a potential market for the Indian IT-BPM sector, a new report said on Thursday.

The report by the National Association of Software and Services Companies (Nasscom), along with Business Sweden, a partly government-owned company, and research firm Radar Ecosystem, underlines key driving areas that make Sweden a potential IT hub that could be of spec

GAIL India first-quarter profit falls, beats estimates

State-run gas utility GAIL (India) Ltd posted a 23 percent fall in first-quarter profit on Thursday, but beat analysts' expectations.

Profit came in at 10.26 billion rupees ($160.06 million) for the three months ended June 30, compared with 13.35 billion rupees a year earlier, the company said.

Analysts on average had expected GAIL to post a quarterly profit of 10.18 bil

SpiceJet quarter-one profit up about 18 percent

Budget passenger carrier SpiceJet on Thursday reported a growth of 18 per cent in its net profit for the first quarter (Q1) of 2017-18.

According to the airline, its Q1 net profit increased to Rs 175 crore from Rs 149 crore during the like period of 2016-17.

The company said its operating revenues were up 22.87 per cent to Rs 1,869 crore for the said quarter as against Rs 1,

Amplus, Honda Motorcycles inks power purchase pact

Amplus Energy Solutions said it has inked a Power Purchase Agreement (PPA) deal with Honda Motorcycle and Scooter India to provide 30MW solar energy, reported PTI. The solar power will be provided to Honda's Narsapura, Karnataka plant. Amplus will supply power from its solar park in Chitradurga, which is a 42 MW plant, Amplus Energy Solutions said in a statement.

According to the

Bharat Heavy Electricals Limited net profit up 3.9% in Quarterly result

State-run Bharat Heavy Electricals Limited (BHEL) on Thursday reported a 3.9 per cent rise in its net profit to Rs 80.82 crore in the quarter ended June 30, 2017, as compared to Rs 77.77 crore in the corresponding period last year.

Its total revenue from operations during the quarter stood at Rs 5,732.05 crore -- down by 1.5 per cent from Rs 5,820.89 crore in the year-ago period.

Nissan offers NissanConnect on Sunny, Terrano, Micra

Getting into the connected car segment, Nissan Motor India Private Ltd on Thursday launched NissanConnect -- an integrated information and communication platform -- on three of its models and may offer it on other models later, said a top company official.

He said NissanConnect keeps connected the car owner's family and also has several alert and other features.

Sensex posts fourth consecutive session of falls

Indian shares fell for a fourth straight session on Thursday, as Tata Motors dragged indexes down after its results failed to meet expectations, while sentiment was also hurt by worries about simmering U.S.-North Korea tensions.

The benchmark BSE Sensex closed down 0.84 percent at 31,531.33, its lowest close in over a month.

The broader NSE Nifty ended 0.89 percent lower at

Maruti Suzuki to revamp its true value operations

Maruti Suzuki, leader in passenger vehicles has said that it has completely revamped its True Value operations, designed to make pre-owned cars more attractive and transparent for its valued customers. “As a part of Maruti Suzuki’s transformation, a network of independent True Value outlets will be set up across the country, with a larger display area for a variety of pre-owned cars

SoftBank`s Vision Fund invests $2.5 billion in Flipkart: sources

MUMBAI  - A tech fund backed by Japan's SoftBank has invested close to $2.5 billion in leading Indian online marketplace Flipkart through primary and secondary share purchases, two sources familiar with the matter said on Thursday.

The investment by the SoftBank Vision Fund gives India's largest homegrown e-commerce player additional firepower to compete