Wipro promoters not envisaging sale: Azim Premji

Wipro Chairman Azim Premji on Monday said that company's promoters are not envisaging sale of their holdings.

"The news article about promoters of Wipro evaluating sale of their holding in the company is baseless and malicious. There is no truth to these unsubstantiated rumours," Premji said in a letter to the company's employees.

"I continue to be inc

Tata Motors appoints Satish Borwankar as COO

Automobile major Tata Motors on Monday announced it has appointed Satish Borwankar as its Chief Operating Officer with immediate effect.

"Tata Motors Board has decided to extend Satish Borwankar's tenure as the Executive Director, for a period of two years and has appointed him as the Chief Operating Officer with immediate effect," the automobile major said in a statemen

Nifty slips after breaching 9,700 level for first time

By Tanvi Mehta

The NSE Nifty edged down on Tuesday after earlier surpassing the 9,700-point level for the first time, as markets took a breather from a record-hitting spree a day before the central bank's policy meeting.

The Reserve Bank of India (RBI) is likely to keep interest rates unchanged at 6.25 percent at its review on Wednesday, but likely to sound less hawkish

Jet Airways in talks to buy 75 aircraft, sources say

By Tim Hepher and Aditi Shah

CANCUN, Mexico/NEW DELHI - Jet Airways Ltd, India's biggest full service carrier by market share, is in talks to buy 75 single aisle aircraft with an option to purchase another 75, two people familiar with the plan said on Monday.

Jet Airways, part owned by Abu Dhabi's Etihad Airways

Sensex at record closing highs; financials lead gains

 Indian shares ended at their record highs on Monday, in a session driven by lenders, although gains were subdued ahead of a central bank policy meeting this week.

The benchmark BSE Sensex closed up 0.12 percent at 31,309.49, having risen as much as 0.26 percent to a record high.

The broader NSE Nifty ended 0.22 percent higher at 9,675.10, after hitting a high of 9,687.

Gulf rift pushes oil price

The price of oil gained over 1 per cent while stock prices in the Gulf retreated across the board after Saudi Arabia, the UAE, Bahrain, Egypt and Yemen cut diplomatic ties with Qatar on Monday.

Markets reacted to the escalation of the diplomatic row in the Gulf region and sent the price of oil 1.04 per cent higher to $50.47 per barrel, Xinhua news agency reported.

Birla Sun Life Mutual Fund bets on RBI overestimating inflation threat

By Abhirup Roy and Suvashree Choudhury

MUMBAI  - One of India's largest bond investors, Birla Sun Life Mutual Fund, has stacked up holdings of longer-dated paper in a bold, contrarian bet that central bank policy makers are wrong to expect an acceleration in inflation.

Valued at around 13 trillion rupee ($201.68 billion), Birla's "dynamic d

NALCO puts Iran project on hold - chairman

By Jatindra Dash

NEW DELHI  - India's National Aluminium Company Ltd (NALCO) has put all its overseas projects on hold, including one in Iran, in order to focus on expanding domestic capacity, its chairman said on Monday.

NALCO last year signed an agreement with Iran's mining development body to explore the possibility of building an aluminium s

NTPC commissions 117 MW of Mandsaur Solar Power Project

NTPC has said that 117 MW out of 250 MW of Mandsaur Solar Power Project of the company has been commissioned. “With this, the installed capacity of NTPC's solar power projects has become 737 MW.

The total installed capacity of NTPC on standalone basis has become 44311 MW and that of NTPC group has become 51527 MW,” the company said in a filing to the Bombay Stock Excha

GMR Infrastructure loss widens to Rs 2,478.78 cr in March-quarter

Infrastructure holding company GMR Infrastructure Ltd on Friday reported its standalone net loss widened to Rs 2,478.78 crore for the January-March quarter of FY 17.

“The standalone net loss of the company stood at Rs 1,787.09 crore during the same period a year ago,” GMR Infrastructure Ltd said in a filing to the Bombay Stock Exchange on June 02, 2017.


Sensex rises as lenders rally; RCom gains on debt reprieve

By Tanvi Mehta

 Indian shares hit fresh record highs on Monday as lenders continued their rally, but gains were capped ahead of a central bank policy meeting this week.

The Reserve Bank of India is likely to keep interest rates unchanged at its policy review on Wednesday, but with inflation well

Qatar's dispute with Arab states puts LNG market on edge

By Henning Gloystein and Oleg Vukmanovic

SINGAPORE/LONDON  - Saudi Arabia and key allies on Monday cut ties with Qatar, the world's top seller of liquefied natural gas (LNG), stoking concern over any supply disruptions to neighbouring countries spilling over into global gas markets.

Saudi Arabia, along with the United Arab Emirates and Egypt - both

Reliance Communications shares rise after debt deal with lenders

MUMBAI - Shares in India's Reliance Communications rose as much as 4.6 percent in early trade on Monday after the debt-laden mobile carrier said it won a seven month reprieve from its lenders.

The company, controlled by billionaire Anil Ambani, said on Friday it will receive a "standstill" on debt servicing obligations until December as it works on two d

SpiceJet's Q4 net profit plunges 61%

Budget passenger carrier SpiceJet on Saturday reported a decline of 61.40 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17, due to demonetisation and increase in fuel cost.

According to the airline, its Q4 net profit declined to Rs 41.63 crore from Rs 107.87 crore during the like period of 2015-16.

The total income from operations during the perio

Russia`s VTB head says all creditors have approved Rosneft-Essar deal

ST PETERSBURG, Russia - All creditors of India's Essar Oil have given their consent for the company's takeover by Russian oil major Rosneft, the head of Russia's VTB bank said on Saturday.

Andrei Kostin, whose bank is acting as advisor on the $12.9 billion acquisition, also said the deal would be closed this month, echoing comments made by the head of

Angul plant will produce steel plates for defence purposes: Jindal

Jindal Steel and Power's (JSPL) Angul factory, the biggest integrated steel plant in Odisha, will produce various types of steel plates and billets which can be can be used for ship building, tank making and other defence purposes, said JSPL chairman Naveen Jindal on Friday.

The 6 million tonne per annum (MTPA) steel-making facility in Angul was made operational on May 27.

Tata Motors` May sales down 4%

Automobile major Tata Motors on Thursday reported that its total sales for last month fell by four per cent to 38,361 units from 40,123 units sold in May 2016.

According to the automobile major, its domestic passenger vehicles decreased by three per cent to 34,461 units from 35,695 units sold in May 2016.

The company's exports last month declined by 12 per cent

Odisha approves JSW Steel`s $7.8 billion steel plant

BHUBANESHWAR, India - Odisha said on Friday it had approved a plan by JSW Steel to set up a 10 million tonnes a year steel plant costing about 500 billion rupees ($7.8 billion).

JSW, which is India's biggest steelmaker by capacity and produces 18 million tonnes a year, has sought 4,500 acres of land which were earlier allotted to South Korea's Posco, Odisha st

GMR infrastructure`s scrip rises 14%, as gross debt falls

 The scrip of global infrastructure conglomerate GMR Infrastructure on Friday surged by 13.71 per cent to Rs 17 on the BSE, after the company reported that its gross debt had fallen to Rs 19,856 crore from Rs 37,480 crore.

On a fiscal 2016-17 consolidated basis, the company reported a net profit (before minority and share of associates) of Rs 8.78 cr

GVK Power to sell 10 percent stake in Bengaluru airport to Fairfax India

Airport operator GVK Power and Infrastructure  on Friday said it will sell 10 percent of its residual stake in Bangalore International Airport Limited (BIAL) in southern India to Fairfax  India Holdings Corp for 12.90 billion rupees ($200.23 million).

GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds woul

Sensex, Nifty post record closing high; clock fourth weekly gain

 Indian shares climbed on Friday to post record closing highs and a fourth consecutive weekly gain, with Hero MotoCorp Ltd leading the rise on strong monthly sales data.

The broader NSE Nifty closed up 0.39 percent at 9,653.50, while the benchmark BSE Sensex ended 0.44 percent higher at 31,273.29.

The NSE and BSE indexes gained 0.61 percent and 0.79 percent, respectivel

NSE vice chairman Narain resigns from board - source

MUMBAI  - The former chief executive of the National Stock Exchange (NSE), Ravi Narain, has resigned from its board, an NSE source said on Friday, as regulators examine whether the exchange had provided unfair advantages to some brokers.

Narain's resignation as vice chairman of the board of India's largest exchange is meant to clear any potential obstacle

Air India privatisation very difficult without debt write-off, Panagariya says

NEW DELHI - Privatising state-owned airline Air India will be "very difficult" unless the government writes off at least part of its debts, a senior government economic adviser said on Friday after a top policy panel recommended selling off the carrier.

Loss-making Air India, bailed out in 2012 with $5.8 billion of federal funding, has troubled the governmen

Reliance Communications gets reprieve on its debts until end 2017

By Sankalp Phartiyal and Devidutta Tripathy

MUMBAI - Anil Ambani, chairman of India's Reliance Communications, said on Friday its lenders had agreed to a plan which gives the company a reprieve on its loans until the end of the year, providing a much-needed breathing space.

Once t

Ford India sales up 36% to 23,503 units in May

Ford India has reported 36 per cent jump in total sales to 23,503 units in May this year. The company had sold 17,279 units in the same month of last year, Ford India said in a statement. Domestic sales were up 16.64 per cent to 6,742 units last month as against 5,780 units in May last year, it said.

Exports during the month grew by 45.76 per cent to 16,761 units as compared to 11,499