Merger to result in reducing cost of running operations: SBI

The State Bank of India (SBI), which has opened as one bank from April 1 after the merger with five associate banks and Bharatiya Mahila Bank, said that it would be better placed with rationalisation and reduction in the cost of running operations.

"The centralised processing centres will be rationalised, which will lead to cost savings for the group as a whole. Each bank had cle

Indian markets closed on Tuesday for market holiday

MUMBAI - Indian stock, bonds and currency markets will be closed on Tuesday for a market holiday. Trading will resume on Wednesday.

On Monday, the broader NSE Nifty gained 0.70 percent to end at 9,237.85 after earlier hitting a record high of 9,245.35.

The benchmark BSE Sensex closed up 0.98 percent at a record closing high of 29,910.22.

The rupee

Bajaj Auto's sales decline 11% in March

Two- and three-wheeler maker Bajaj Auto on Monday reported a decline of 11 per cent in its total sales, including exports, for March 2017.

According to the company, its total sales during the month under review fell to 272,197 units from 305,800 units reported during the corresponding month of 2016.

Besides, its total domestic sales in March stood at 169,279 units -- down 17

RIL earnings to grow at 10.5%, Jio to break-even by 2022: IIFL

Reliance Industries Limited's (RIL) standalone earnings are expected to grow at 10.5 per cent per annum through financial year 2016-17 to 2018-19, a report by financial service company IIFL said here on Monday.

The report stated that "opportunistic capacity additions" by the company and completion of key projects would improve cost competitiveness and firm outlook for gr

SBI cuts base rate by 15 bps, with effect from April 1

(IANS) Bringing cheer to customers who have raised loans prior to April 1, 2016, the largest public lender State Bank of India (SBI) cut its base rate by 15 basis points (bps) to 9.10 per cent with effect from April 1, 2017.

Earlier, the base rate stood at 9.25 per cent.

The marginal cost-based lending rate (MCLR) of the SBI, however, remains unchanged. The six-month MCLR ra

Adani Transmission gets letter of intent for 3 projects in Rajasthan

Adani Transmission said that it has received Letter of Intents (LoIs) for three transmission projects in Rajasthan. The company has received the three LOIs from RVPN (Rajasthan Rajya Vidyut Prasaran Nigam) to construct, own, operate and maintain three transmission projects in the state of Rajasthan.

The projects namely Hadoti Transmission Company (PPP-8), Barmer Transmission Company (

Nifty ends at record closing high

The Nifty ended at a record closing high on Monday, while the rupee strengthened to its highest in nearly 1-1/2 years as sentiment was lifted by a surge in foreign investments last month betting on government reforms and an improving economy.

The broader Nifty gained 0.70 percent to end at a record closing high of 9,237.85. The index hit an intraday high of 9,245.35 earlier, surpassin

Ford India sales up by 17.14% at 24,832 units in March

Ford India has reported a 17.14 per cent increase in total sales at 24,832 units in March this year. The company had sold 21,198 vehicles in the corresponding month last year, Ford India said in a statement. Domestic sales grew by 15 per cent to 8,700 units last month as against 7,560 units in the same period a year ago, it added.

Exports during the month under review increased by 18.

Bajaj Auto sales down 11% in March

Bajaj Auto today reported a 10.98 per cent decline in total sales to 2,72,197 units in March compared to 3,05,800 units during the same month a year ago. Domestic sales stood at 1,69,279 units as against 2,04,281 units in the corresponding period last year, down 17.13 per cent, the company said in a statement. Total motorcycle sales during the month was down by 7.57 per cent to 2,44,235 units f

Escorts Agri Machinery div’s tractor sales climb 31% in Mar

Engineering conglomerate Escorts Ltd on Monday reported a surge of 31 per cent in sales of its Agri Machinery segment (EAM) at 7,079 tractors in March 2017, as compared to 5,403 tractors during the same period last year. In a filing to the Bombay Stock Exchange, the company said, “Escorts Ltd Agri Machinery Segment (EAM) in March 2017 sold 7,079 tractors growth of 31 percent against 5,403

Atul Auto March sales slip 3.91% at 3,174 units

Auto maker Atul Auto Ltd on Monday reported its sales plunged by 3.91 per cent at 3,174 units in March 2017, against 3,303 units during the same period last year. The company’s total sales from April to March, too, fell by 11.61 per cent to 3,8795 units in FY17, as compared to 43,893 units in FY16, Atul Auto Ltd said in a filing to the Bombay Stock Exchange on March 03, 2017.

At

SBI enters into travel card distribution alliance with Cox & Kings

Cox & Kings, a leading tour operator in India, on Monday said that it has entered into distribution alliance with country’s largest commercial bank, State Bank of India, for sale of travel prepaid cards in India. “This partnership will help marketing of travel prepaid card available in eight currencies (US dollar, GBP, Euro, Singapore Dollars, Jap Yen, Canadian Dollars, Australi

Yes Bank's capital increase strengthen's its buffer: Moody's

Global credit rating agency Moody's Investors Service on Monday said Yes Bank raising around Rs 49 billion last week strengthens its capitalisation and loss absorbing buffer as well as supports credit growth.

"The capital increase is credit positive because it strengthens the bank's capitalisation and loss-absorbing buffers and supports the bank's credit growth,"

3/04/2017 9:45:56 AM | Posted in Special Event Reports read full news
Moody's assigns Baa2 ratings to OIL's proposed USD bonds

Moody's Investors Service, a global rating agency, has assigned a Baa2 rating to Oil India Limited's (OIL) proposed foreign currency senior unsecured bonds to be issued by Oil India International Pte. Ltd, a wholly-owned subsidiary of OIL. “The ratings outlook is stable,” says Moody’s in a report. According to Moody’s, the net proceeds from the bond issuance will

Essar Global exits BPO business Aegis with sale of ESM Holdings

Essar Global Ltd said it would sell Aegis Ltd to Singapore-based private equity firm Capital Square Partners, marking its exit from the BPO business and helping to retire its debt.

AGC Holdings Ltd (AGC) Mauritius, a portfolio company of Essar Global, will sell its entire stake for an undisclosed amount, in ESM Holdings Ltd Mauritius, the holding company of Aegis, Essar said on Monday

Post-merger, SBI opens with 500 million customers

 Post-merger of five associate banks and the Bharatiya Mahila Bank, top public sector lender State Bank of India (SBI) began operations on Monday with 500 million customers, SBI Chairperson Arundhati Bhattacharya announced here.

The associate banks which merged with the SBI are State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank Of Hyderabad, State Bank of Mysore

Yamaha Motor sales up 27% at 76,144 units in March

India Yamaha Motor has reported a 27 per cent increase in domestic sales at 76,144 units in March. The company had sold 60,032 units in March 2016, India Yamaha Motor said in a statement. "March 2017 was challenging as automobile sector in India had to offload BS III inventory which was re-affirmed by Supreme Court's decision towards the closing.

Yamaha however, has managed i

Honda Cars India sales grow 8.7% in March

Honda Cars India Ltd (HCIL) has reported an 8.7 per cent increase in domestic sales at 18,950 units in March. The company had sold 17,430 units in the same month last year, HCIL said in a statement. Last month, the company sold 540 units of small car Brio, 3,527 units of premium hatchback Jazz, 3,296 units of compact sedan Amaze and 6,271 units of mid-sized sedan City.

The company als

Volkswagen India sales up 34% in March

German auto major Volkswagen, has reported a 34 per cent increase in sales in India at 4,792 units in March. The company had sold 3,570 units in the same month last year.

"This growth is a testimony to the trust and confidence our customers place in key Volkswagen attributes of meticulously engineered vehicles that ensure best-in-class safety, strong build quality and enhanced dr

M&M sells 56,031 vehicles in March 2017

Mahindra & Mahindra Ltd. (M&M Ltd.), India’s leading SUV manufacturer, has said that it has sold 56,031 vehicles compared to 52,718 vehicles during March 2016, representing a growth of 6 per cent. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 25,352 vehicles in March 2017 as against 26,885 vehicles during March 2016.

The company’s domestic

Toyota March sales jump 81%; closes FY17 with 12% growth

Toyota Kirloskar Motor Pvt Ltd (TKM) has reported a fantastic 81 per cent surge in its domestic sales in March 2017 at 13,796 units driven by its Innova Crysta and new Fortuner models, as per the media reports. The company had sold 7,637 units in the domestic market during the same month last year. For the FY 2016-17, it had posted a growth of 12 per cent in sales when compared to sales in FY 2

Idea offers 1GB 4G data per day plan for post-paid users

In a move to compete with new rival Jio, Idea Cellular Ltd has launched a new plan offering 1GB of 4G data per day for its post-paid customers at Rs 300 per month, said the media reports. Country’s third largest mobile operator said it will offer ‘1GB data per day, for a month, on 4G handsets’. Idea said in a statement, quoted PTI that, “The new Idea pack can be availed

Petrol price trim by Rs 3.77 a litre, diesel by Rs 2.91

For the first time in two-and-a-half months, the rate of petrol and diesel prices have been changed. The petrol price is slashed by Rs 3.77 a litre and that of diesel by Rs 2.91 per litre, as per the media reports. Petrol price will be cut by Rs 3.77 per litre, excluding state levies, said Indian Oil Corporation Ltd (IOCL). Actual decrease will be larger after taking into account the local levi

Full text of Infosys founder Narayana Murthy's letter to the media

MUMBAI  - Text of Narayana Murthy's letter to the media about COO Pravin Rao's compensation.

Dear Folks,

 If you use the contents of this mail, please quote me verbatim and in full. Please do not paraphrase.

 I have lots of affection for Pravin. Let me state you the facts. 

 I recruited Pravin in 1985 and

Equities soar on domestic cues, key indices touch new high

Positive domestic cues, coupled with a strong rupee and healthy buying in capital goods and consumer durables sectors, gave a fillip to the Indian equity markets during the mid-afternoon trade session on Monday.

Both the key Indian indices touched new 52-week high levels during the intra-day trade. 

The NSE Nifty made a record high opening at 9,220.60 points and touched