Suryoday Small Finance Bank raises Rs 158 cr

Suryoday Small Finance Bank today said it has raised Rs 158 crore, taking its net-worth to Rs 512 crore. The bank completed Rs 100 crore of rights issuance and subsequently raised Rs 58 crore through private placement last month, it said in a statement.

"The capital raised would be used to make investments in technology and expand the distribution network having commenced operati

Snapdeal joins Truecaller to enhance customer experience

Online marketplace Snapdeal on Thursday announced its partnership with leading communication app Truecaller to enhance user experience by integrating 'Truecaller Priority' in the company's Interactive Voice Response (IVR) and order confirmation numbers.

Customers with Truecaller app installed on their mobiles will be able to easily identify and filter IVR or delivery verif

Coal India achieves 96% production target in Feb

State-owned Coal India Ltd (CIL) has achieved 96 per cent of its production target by producing 54.3 million tonnes (MT) of coal in February month of the current fiscal as compared to a target of 56.81 MT. The maharatna company also achieved 94 per cent of its sales target by selling 47.73 million tonne of coal in February this year, against a target of 50.61 MT, the company said in a filing to

Moody's assigns B1 rating to SBI’s $10 bn MTN programme

Moody's Investors Service, a global rating agency, on Wednesday said that on September 6, 2016, it assigned a (P)B1 rating to the perpetual capital securities component of the existing USD10 billion Medium Term Note (MTN) program of State Bank of India.

“Prior to September 2016, Moody's had assigned a (P)Baa3 rating to the senior unsecured component, a (P)Ba1 rating to t

Moody's assigns Baa3 rating to ICICI Bank's US Dollar note drawdown

Moody's Investors Service, a global rating agency, has assigned a Baa3 rating to ICICI Bank, Dubai Branch's proposed RegS USD denominated senior unsecured notes, issued under its USD 7.5 billion Global Medium-Term Note (GMTN) program. The outlook on the ratings is positive, said Moody's.

The bonds will have a maturity of 5.5 years and will be listed on the Singapore Stock

Apollo Group official resigns

Amid the present glare on private hospitals for alleged medical negligence and inflated bills, Apollo Hospitals on Thursday announced that the group's president of eastern region Rupali Basu has resigned.

The Chennai-based hospital management said in an internal communication that there would be a new leadership with Rana Dasgupta taking over as Chief Executive Officer of the Apol

Hero MotoCorp sales dip 4.8% in February

Country's largest two-wheeler maker Hero MotoCorp Ltd has reported a fall of 4.8 per cent in its sales at 5,24,766 units in February this year. It has sold 5,50,992 units in the same month last year, the company said in a filing to the Bombay Stock Exchange.

The company further said that, majority of Hero two-wheelers had already been made BS IV compliant quite sometime back and t

Westbridge sells 1.56% stake in Dr Lal PathLabs for Rs 123cr

Westbridge Crossover has sold 1.56 per cent stake in diagnostic chain Dr Lal PathLabs for nearly 123 crore through an open market transaction. According to bulk deal data available with BSE, Westbridge Crossover Fund LLC offloaded a total of 12,91,920 shares, amounting to 1.56 per cent stake of Dr Lal PathLabs. The scrips were sold at an average price of Rs 950.27 apiece, valuing the transactio

M&M eyes 50% revenue from abroad by Fy19

As part of its strategy to net 50 per cent of automotive revenues from overseas by fiscal 2019, homegrown auto player Mahindra & Mahindra (M&M) is planning to set up a second base for itself outside the country, reported PTI.

The focus on setting up a base on a foreign shore emanates from the fact that M&M is aspiring to be a global player backed by Rs 4,200-crore investme

RBI allows 100% FII investment in Sita Shree Food Products

Foreign investors can raise up to 100 per cent stake in Indore-based Sita Shree Food Products, the Reserve Bank said. Foreign institutional investors/ foreign portfolio investors were allowed to buy up to 24 per cent in the company.

Sita Shree Food Products has passed resolutions at board level and a special resolution to enhance the limit from 24 per cent to 100 per cent of the paid

Tata Steel launches 2 apps

Private steel major Tata Steel said that it has launched 2 Apps in connection with Founder's Day Celebrations to be held on March 3. The apps, available in Android and Apple versions, were launched by Sunil Bhaskaran, Vice President Corporate Services, Tata Steel, a company release said. The first app concerns TSL Events and the second App is ActionBound for treasure hunt.

Tata St

JSW Steel makes offer to buy controlling stake in Monnet Ispat

Sajjan Jindal-led JSW Steel has made an offer to buy the controlling stake in Monnet Ispat & Energy through the strategic debt restructuring (SDR) route, said the media report. The company is undergoing strategic debt restructuring (SDR) and lenders, who own 51 per cent stake, are exploring the option of handing over its control and management to outside investors.

According to th

TVS sales decline by 3.6% in February

TVS Motor Company has posted a decline of 3.6 per cent in sales at 211,470 units in the month of February 2017 as against 219,467 units in the same month last year. The company has transitioned completely to the production of BS-IV vehicles, as part of its plans to gear up for the BS-IV norms. Two-wheeler sales were down 2.3 per cent to 206,247 units in February this year as against 211,148 uni

Nissan Motor`s domestic sales rise 24.9% in February

Nissan Motor India has reported 24.86 per cent increase in domestic sales in February at 4,807 units compared to 3,850 units sold in the same month last year. "The strong sales performance in February is attributable to the ongoing increase in sales of Nissan and Datsun brand vehicles in India, such as Nissan Micra and Datsun redi-GO," the company said in a statement. "Our growth

Glenmark Pharma’s arm to partner Evestra for Generic NuvaRing

Glenmark Pharmaceuticals has said that its US arm and Evestra, Inc. have completed a strategic development, license and commercialization agreement to develop and market a generic version of Merck’s & Co.’s NuvaRing® product – etonogestrel/ethinyl estradiol vaginal ring – designed to allow women access to a more affordable birth control option. Development on the

Trigyn Technologies arm bags IT contract from Maryland

Trigyn Technologies Limited has said that its wholly-owned subsidiary Trigyn Technologies, Inc. has been awarded a twelve year Indefinite Quantity Fixed Price & Time & Materials, Consulting & Technical Services IT Contract by the State of Maryland’s Department of Information Technology.

The contract award covers Functional Areas, which include, Enterprise Service Pro

Bank of India to raise Rs 1000 cr to comply Basel III norms

Bank of India will raise up to Rs 1,000 crore on a private placement basis by issuing additional tier-I bonds that are compliant with globally accepted Basel III standards, reported PTI. "The bank is in process of raising Basel-III compliant additional tier-1, perpetual bonds -Series 4, for an amount of Rs 500 crore with a green shoe option of Rs 500 crore, aggregating Rs 1,000 crore by pr

PNB plans sale of Rs 1,800 cr bad loans to ARC this month

Stepping up efforts to recover bad loans, state-owned Punjab National Bank has identified assets worth Rs 1,800 crore to be sold to ARCs by month end, reported PTI. "Certain accounts are in the pipeline, may be assets around Rs 1800 crore, and these will be put on the block during the current fiscal," PNB Managing Director Usha Ananthasubramanian told PTI.

The bank had made

IDBI Bank acquires 32.30 cr shares in JPVL

IDBI Bank has acquired its 32.30 crore shares of JVPL under the strategic debt restructuring scheme by its lenders, said Jaiprakash Power Ventures as per the PTI reports IDBI Bank has acquired 32,30,00,000 shares from Jaiprakash Power Ventures in consideration of conversion of debt into equity under strategic debt restructuring, the company said in a BSE filing. According to the statement, taki

Equities trade flat, supported by positive global cues

 Indian equities markets traded on a flat-to-positive note during the mid-afternoon trade session on Thursday as positive Asian indices and healthy buying witnessed in automobile, metal and capital goods stocks kept investors' sentiments buoyed.

Besides, positive domestic macro-economic data released on Wednesday supported the upward movement of the key indices.

The

Singapore's GIC in talks to take stake in Indian property firm owned by DLF

MUMBAI/NEW DELHI  - Singapore sovereign wealth fund GIC is in talks to buy a 40 percent stake in a property rental company owned by India's biggest listed real estate developer DLF Ltd , DLF said on Wednesday.

DLF announced back in October 2015 that three shareholders in DLF Cyber City Developers would look to sell their combined 40 percent stake to reduce co

Gail India awards tender for April LNG shipment - trade sources

MILAN - Gail India has awarded a tender for a liquefied natural gas (LNG) shipment delivering in April at a price of around $6 per million British thermal units (mmBtu), traders said.

Estimates of the transaction price by traders ranged from slightly below to slightly above that level.

The supplier could not be immediately identified.

(Reporti

Indian Oil Corp launches tender for early May LNG cargo - trade sources

MILAN  - Indian Oil Corp has launched a tender to buy a liquefied natural gas (LNG) cargo for delivery on May 4, traders said.

Bids for the tender, launched on Tuesday, are due by March 6 and the award is scheduled for March 10, they said.

(Reporting by Oleg Vukmanovic; Editing by Mark Potter)

TCS says founders to participate in share buyback

MUMBAI - Tata Consultancy Services Ltd (TCS), which plans to buy back shares worth up to 160 billion rupees ($2.39 billion), said on Wednesday the founder group of the company intended to participate in the proposed buyback.

TCS, the country's top software services exporter, is part of the salt-to-software Tata conglomerate, whose holding company is Tata Sons Ltd.

Ford India sales zoom 38.83% at 24,026 units in February

Ford India on Wednesday reported a 38.83 per cent increase in total sales at 24,026 units in February this year. The company had sold 17,306 vehicles in the corresponding month last year, Ford India said in a statement. Domestic sales rose by 52 per cent to 8,338 units last month as against 5,483 units in the same period a year ago, it added Exports during the month under review grew by 32.69 p