Sensex edges higher; banks, IT lead gains

Indian shares edged up on Friday, heading for a third straight weekly gain, as lenders rebounded from disappointment over the central bank's decision to hold rates while sentiment also got a boost after Asian shares hit an 18-month peak.

MSCI's broadest index of Asia-Pacific shares outside Japan rose to its highest since July 2015, on upbeat Chinese trade data and U.S. Preside

Cairn India third quarter net jumps 15-fold to Rs 604 crore

 Hydrocarbons major Cairn India on Thursday posted a 15-fold jump in consolidated net profit for the third quarter ending December at Rs 604 crore, as compared to the Rs 40.90 crore in the same period a year back, on the back of lower depreciation.

The company's net revenue in the quarter in consideration at Rs 2,149 crore rose five per cent over the same quarter a year ago a

United Breweries directs Mallya to step down from board

India's largest beer maker United Breweries has directed tycoon Vijya Mallya to step down from its board as non-executive Chairman, the company said on Thursday.

"We are compelled to request you to step down from the Board of United Breweries Ltd with immediate effect," said Company Secretary and Vice President-Legal Govind Iyengar in an email to Mallya on late Wednesday

Tata Steel UK to sell its speciality steel business to Liberty

Tata Steel UK on Thursday said it signed a definitive sale agreement to sell its speciality steels business to Liberty House Group for a total consideration of 100 million pounds.

"This is a good news for speciality steels and for Tata steel's core business in the UK. For speciality steels, which is largely independent of our European strip products supply chain, this is an i

Reduction in MCLR not possible without bank deposit rates cut: SBI

Further reduction in Marginal Cost of Funds-based Lending Rate (MCLR) is not possible if the banks are unable to cut down their deposit rates, said State Bank of India's Managing Director Rajnish Kumar.

"MCLR is depended mostly on the deposits, and we have always maintained that most of the banks in India are depended on retail deposits -- and not on the wholesale front,"

Lupin's Q3 net up by 21 per cent

Pharmaceutical major Lupin's consolidated net profit for the third quarter of 2016-17 went up by 20.7 per cent, a regulatory filing by the company said here on Thursday.

The company posted a net profit of Rs 633.11 crore during the October-December period compared with Rs 524.56 crore posted during the corresponding period in 2015-16.

"This has been a particularly s

Twitter advertising revenue falls, shares drop more than 10 percent

Twitter Inc  posted the slowest revenue growth since it went public four years ago, sending shares down more than 10 percent on Thursday on fears that rivals Snapchat and Facebook Inc were winning the war for advertising.

Revenue from advertising fell from a year ago and a 4.0 percent year-on-year rise in users to 319 million fell short of Wall Street forecasts as well.

Infosys board keen to avoid Tata-style row - source

MUMBAI - The Infosys Ltd board does not want a war of words with the Indian software services company's former leadership to descend into the kind of damaging row seen at Tata, an Infosys boardroom source said on Friday.

India's second biggest IT services company, based in the southern tech hub of Bengaluru, has been in an escalating public dispute with its fo

Coca-Cola forecasts drop in 2017 profit amid refranchising

Coca-Cola Co forecast a surprise drop in full-year profit as costs related to refranchising its U.S. bottling operations are expected to be higher than previously anticipated.

The world's largest beverage maker's shares fell 3.1 percent to $40.73 in morning trading on Thursday.

Coca-Cola has been offloading much of its low-margin bottling business to cope with fallin

Tata Steel, Thyssenkrupp merger talks face extensive delays

LONDON  - Investors expecting a deal this year in Tata Steel's talks to merge its European assets with Germany's Thyssenkrupp risk disappointment, given complications associated with the Indian-owned firm's British pension scheme.

Tata and Thyssenkrupp shares have firmed on hopes a merger would trigger European steel capacity cuts. Tata Steel UK, Brit

India applies to extradite Kingfisher tycoon Mallya from UK

NEW DELHI  - India said on Thursday it had applied to Britain to extradite Vijay Mallya to face trial after the liquor and aviation tycoon was charged with conspiracy and fraud over a loan to his defunct Kingfisher Airlines.

Mallya moved to Britain last March after banks sued to recover about $1.4 billion the Indian authorities say is owed by Kingfisher. He has d

Indian Oil says Chennai Petroleum arm to benefit if merged with parent

NEW DELHI - State-owned Indian Oil Corp would like to merge its subsidiary Chennai Petroleum Corp with itself as part of a government plan to integrate state oil firms to create a national oil behemoth, its chairman said on Thursday.

"Chennai Petroleum will benefit by integrating with IOC. Certainly given an opportunity we will like to merge," B. Ashok told

TV Today Network Q3 profit down 28.5% to Rs 26.32 cr

TV Today Network today reported a decline of 28.49 per cent in standalone net profit at Rs 26.32 crore for the quarter ended on December 31, 2016. The company had posted a net profit of Rs 36.81 crore in the October-December quarter a year ago, TV Today Network informed BSE. Its total income from operations during the quarter under review was down 6.40 per cent to Rs 140.88 crore as against Rs

Edelweiss Financial October-December net up 47% at Rs 155 cr

Diversified finance firm Edelweiss Financial Services today reported a rise of 47 per cent in net profit at Rs 155 crore for the third quarter of 2016-17. The company had a profit of Rs 106 crore in the corresponding October-December quarter of previous fiscal 2015-16. Total income of the company also witnessed an increase of 18 per cent to Rs 1,609 crore in December quarter of 2016-17, against

ABB India net up 13.5% at Rs 147 cr; to pay 200% div

ABB India today posted a 13.5 per cent jump in its standalone net profit at Rs 146.79 crore in the quarter ended December 31, 2016. The company had posted a net profit of Rs 129.4 crore for the corresponding quarter a year ago, ABB India said in a BSE filing today.

According to the statement, total income increased from Rs 2,435.89 crore for the quarter under review to Rs 2,501.07 cro

USFDA inspects Ajanta Pharma’s Paithan plant

Drug maker Ajanta Pharma Ltd on Thursday said that its Paithan plant was recently inspected by the US health regulator and the company has issued one procedural related 483.

In a filing to the Bombay Stock Exchange, Ajanta Pharma said, “The company's Paithan facility was recently inspected by US FDA and the company has issued one procedural related 483.” The company fu

Religare Enterprises posts net loss of Rs 43 cr in Q3

Religare Enterprises, the holding company for one of India's leading diversified financial services groups, has reported a net loss of Rs 43.28 crore for the for the October-December quarter of 2016.

The New-Delhi headquartered financial services company had posted the net profit of Rs 127.67 crore in the corresponding quarter of previous fiscal, said Religare Enterprises in a fil

United Breweries Q3 net plunges 32% at Rs 48.49 cr

Beer producer United Breweries Ltd has reported a drop of 31.9 per cent in its standalone net profit after taxes (PAT) at Rs 48.49 crore for the third quarter ended December 31, 2016, hit by demonetisation and lower income. “The standalone PAT of the company stood at Rs 71.25 crore during the same period a year ago,” United Breweries Ltd said in a filing to the Bombay Stock Exchange

Tata Motors gears up to launch new compact sedan Tigor

Continuing with its efforts to reclaim lost ground in the Indian passenger vehicles market, Tata Motors will soon launch compact sedan Tigor, reported PTI. The company announced that the Kite 5 concept, which was showcased at Auto Expo 2016, will be christened Tata Tigor.

"The Tata Tigor is the next offering of the IMPACT design language and is targeted at young, talented and con

ONGC halts naphtha exports from Hazira

SINGAPORE/NEW DELHI  - India's Oil and Natural Corp (ONGC) will not export naphtha from Hazira in western India as it supplies the fuel to a cracker operated by ONGC Petro additions Ltd (OPaL), four sources with knowledge of the matter said on Thursday.

OPaL, promoted by ONGC and co-promoted by Gujarat State Petroleum Corp (GSPC) and gas company GAIL (India)

United Breweries asks Vijay Mallya to step down from board

 United Breweries, India's top brewer which is part-owned by global giant Heineken NV, has asked liquor tycoon Vijay Mallya, its non-executive chairman, to step down from the board, the company said.

Mallya, mired in a growing series of legal battles following the collapse of his Kingfisher airline, was last month charged with conspiracy and fraud by India's Central Burea

Bank of India sees further improvement in bad loans in Q4

MUMBAI  - Bank of India Ltd does not expect any additional bad loans in the current quarter on a net basis, its chief said on Thursday, as India's sixth-biggest lender by assets reported its second consecutive quarter of profit after a stretch of losses.

The state-run lender booked a net profit of 1.02 billion rupees ($15 million) for the three months to Dec.

EXCLUSIVE: Lockheed says U.S. may take 'fresh look' at its India F-16 plan

NEW DELHI/WASHINGTON - U.S. defence firm Lockheed Martin wants to push ahead with plans to move production of its F-16 combat jets to India, but understands President Donald Trump's administration may want to take a "fresh look" at the proposal.

With no more orders for the F-16 from the Pentagon, Lockheed plans to use its Fort Worth, Texas plant instead

Nifty, Sensex end higher; IT stocks rise

Indian shares reversed early losses to end higher on Thursday, with IT stocks such as Tech Mahindra Ltd and Tata Consultancy Services Ltd contributing to majority of the gains.

The Nifty closed 0.1 percent higher at 8,778.40, while the Sensex also gained 0.1 percent to close at 28,329.70.

Both indexes had fallen as much as 0.5 percent earlier in the session.

The Ni

HTC 10 evo launched in India at Rs 48,990

Taiwan-based HTC Corporation on Thursday launched a new water, splash- and dust-resistant smartphone "HTC 10 evo" in India at Rs 48,990.

The smartphone features 5.5-inch display covered by scratch-resistant "Corning Gorilla Glass 5" and comes with "HTC BoomSound Adaptive" audio. 

"Inspired by light, this big screen entertainer will kee