Equity markets close flat; banks, FMCG stocks gain

Sensex edged up on Friday after touching a record high, its fourth peak in five sessions, as profit-booking pared overall gains led by consumer stocks that rallied after rates for goods and services under a new tax were finalised.

The benchmark BSE Sensex closed up 0.10 percent at 30,464.92 after rising as much as 0.91 percent earlier in the session to its highest ever, while the broa

Reliance Jio gets TM Forum's 'Digital Service Innovator of the Year Award'

Reliance Jio has received TM Forum's 'Digital Service Innovator of the Year Award' 2017.

TM Forum is the industry association driving digital business transformation of the communications industry.

Reliance Jio got this award by acquiring 90 million customers in four months.

Digital Service Innovator of the Year Award is given to the company or organisa

Tata Power posts surprise Q4 loss on charge

Tata Power Co Ltd on Friday reported a fourth-quarter adjusted profit that missed analysts' estimates, as lower recovery on the cost of fuel at one of its major power plants and higher fuel costs hurt margins.

On an adjusted basis, excluding a one-time charge, the company posted an increase in consolidated net profit to 3.89 billion rupees for the quarter ended March 2017.

Auto sector likely to contribute 12% to GDP over next decade: Anant Geete

The central government on Thursday said the Indian automobile sector is likely to contribute 12 per cent to the country's GDP (gross domestic product) over the next decade.

This was stated by Union Heavy Industries and Public Enterprises Minister Anant G. Geete, who inaugurated the test track facility develop by global automotive research centre (GARC) at Oragadam, Chennai.&n

TCS begins buyback of 5.61 cr shares

Tata Consultancy Services Ltd (TCS) on Thursday commenced the buyback of its 5.6 crore shares for Rs 16,000 crore at Rs 2,850 per equity share of Re 1 face value, the global software major said on Thursday.

"The buyback period, which began on Thursday, will close on May 31. The letter of offer for the buyback of shares, being 2.85 per cent of the total paid-up equity share c

HUDCO shares surge 29 percent on trading debut

By Swati Bhat and Samantha Kareen Nair

MUMBAI/BENGALURU    Shares in India's Housing and Urban Development Corp Ltd (HUDCO) surged nearly 30 percent at their market debut on Friday as investors sought to buy into the property sector of a country where housing demand is among the highest in the world.

HUDCO is the first state-ru

Key Indian equity indices trade higher

By Arnab Paul

The benchmark BSE index rose as much as 0.9 percent to a record high on Friday, scaling an all-time peak for the fourth time in five sessions, as consumer goods makers surged after the government finalised rates for its upcoming goods and services tax (GST).

India set GST rates for more than 1,200 items on Thursday, and analysts said the outcome had largely ben

Bank of Baroda makes modest profit in March quarter

MUMBAI   Indian state-run Bank of Baroda on Thursday reported a fourth-quarter net profit of 1.55 billion rupees ($23.89 million).

The Mumbai-based bank, the fifth-biggest in the country by assets, had reported a net loss of 32.3 billion rupees in the year-ago quarter.

Analysts, on average, had expected the bank to report a net profit of 5.16 billi

RBI tweaks partial credit enhancement rules for issuers

MUMBAI   The Reserve Bank of India said on Thursday that companies must be rated by at least two credit rating agencies to be eligible to issue debt under the country's partial credit enhancement programme.

Partial credit enhancement allows low-rated corporates to obtain a guarantee from lenders when issuing debt, lowering the cost for issuers and attrac

Axis Bank reduces home loan rates by 30 bps

Following other prominent banks, the country's third largest private sector lender Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance.

"Taking forward its commitment towards affordable housing finance, the bank has revised its rates for home loans up to Rs 30 lakh for the salaried segment

Paytm raises $1.4 billion from SoftBank

By Sankalp Phartiyal

MUMBAI   Japan's SoftBank Group has invested $1.4 billion in the parent of Paytm, giving the digital payments start-up a boost as it looks to expand its user base and maintain its market lead in Asia's third-largest economy.

A source familiar with the matter said SoftBank had bought $1 billion of new shares in Paytm par

CESC announces business restructuring scheme

Power utility CESC Ltd announced a business restructuring scheme which is based on demerger of certain existing businesses, group's Chairman Sanjiv Goenka said on Thursday.

"This (the restructuring scheme) will lead to four entities focusing on generation, distribution, organised retail and other ventures," he said.

All four entities will be listed wi

Equity markets slip on weak global cues, auto stocks plunge

After three consecutive days of record highs during the week, the Indian equity markets slipped on Thursday tracking bearish global cues, a weak rupee and heavy selling pressure in automobile, capital goods and consumer durables stocks.

According to market observers, investors were also cautious over the ongoing two-day meet of the Good and Services Tax (GST) Council in Srinagar,

PaySense raises $5.3m in Series A led by Jungle Ventures with participation from Naspers and Nexus Ventures

Mumbai, May 18, 2017:  PaySense, India’s fastest growing digital credit platform, today announced their Series A funding of $5.3 million. The round was led by Jungle Ventures with participation from Naspers Group and Nexus Venture Partners.  The company had raised an earlier round of investment of $2.3 million led by Nexus Venture Partners and pr

IDBI Bank Q4 net loss widens to $495 million as bad loans surge

MUMBAI  Indian state-run IDBI Bank reported fourth-quarter net loss widened to 32 billion rupees ($495.1 million) as bad loans soared, sending its shares down more than 8 percent.

That compared with a net loss of 17.36 billion rupees in the year-ago quarter.

Gross bad loans as a percentage of total loans rose to 21.25 percent as at end-March, from 15.16

Bajaj Auto posts 16 percent drop in March-quarter profit, misses estimates

Bajaj Auto Ltd posted a 16 percent fall in March-quarter net profit, missing estimates, as a rise in input material cost and expenses on transition to BS-IV compliant vehicles hurt margins.

Net profit was 8.02 billion rupees ($124.50 million) in the quarter ended March 31, compared with 9.49 billion rupees a year earlier.

Analysts on average had expected a net profit of 8.55

Apple begins assembling iPhone SE in Bengaluru plant

MUMBAI  Apple Inc has begun assembling its low-priced iPhone SE at its contract manufacturer's plant in the technology hub of Bengaluru, the company said in a statement.

Cupertino, California-based Apple, is keen to boost its market share in one of the world's fastest growing mobile phone markets as sales lag in Asian powerhouse China.

"We

Drug pricing regulator clamps down on drug cocktails

By Zeba Siddiqui

MUMBAI   India's drug pricing regulator has demanded explanations from 65 domestic and global drugmakers for selling new forms of essential diabetes and antibiotic drugs without its approval.

The move could bring penalties for the drugmakers, among them Abbott Laboratories, Sanofi, Novartis and Indian firms such as Sun Pharmace

Sensex, Nifty fall; Apollo Hospitals down as fund looks to exit

Indian shares fell from record highs on Thursday tracking Asian peers, and were on track for their first drop in four sessions as uncertainty mounted over U.S. President Donald Trump's future following reports he tried to interfere with a federal investigation.

The dollar was stuck at six-month lows, while Wall Street posted the biggest intra-day slide since September, as pressure

India's first infrastructure investment trust dips on debut

By Elzio Barreto and Swati Bhat

HONG KONG/MUMBAI   India's first infrastructure investment trust posted a lacklustre trading debut on Thursday, potentially acting as a dampener for similar upcoming listings of high-yield securities that aim to tap investors' appetite for stronger returns.

IRB InvIT Fund traded flat in the afternoon compared

Key Indian equity indices open lower

aking a cue from global markets, the key Indian equity market indices on Thursday opened lower.

The Sensitive Index (Sensex) of the BSE, which had closed at 30,658.77 points on Wednesday, opened lower at 30,466.82 points.

Minutes into trading, it was quoting at 30, 529.70 points, down by 129.07 points, or 0.42 per cent.

At the National Stock Exchange

JSW Steel's Q4 standalone net profit up 173%

Steel major JSW Steel on Wednesday reported an increase of 173 per cent in its standalone net profit for the quarter ended March 31, 2017.

According to the company, its net profit during the quarter under review increased to Rs 1,003.40 crore from Rs 367.09 crore reported in the corresponding period of 2015-16.

JSW Steel's standalone total income during Q4 incr

JK Lakshmi Cement's Q4 standalone net profit down 19%

JK Lakshmi Cement on Wednesday reported a decline of 19.40 per cent in its standalone net profit for the quarter ended March 31, 2017.

According to the company, its net profit during the quarter under review decreased to Rs 20.85 crore from Rs 25.87 crore reported in the corresponding period of 2015-16.

However, the cement manufacturer's total income during Q4

IRB infrastructure trust's shares rise 2.9 percent on debut

MUMBAI  Shares of India's IRB InvIT Fund rose as much as 2.9 percent on their trading debut on Thursday, after the fund raised $782 million in the country's first ever infrastructure investment fund initial public offering.

IRB InvIT shares were trading 2.21 percent higher at 104.25 rupees by 0432 GMT on the National Stock Exchange, having risen to as hig

Apollo Hospitals shares fall; Khazanah arm selling stake

MUMBAI  India's Apollo Hospitals Enterprise Ltd shares fell as much as 2.7 percent on Thursday as an arm of Malaysian sovereign fund Khazanah was looking to exit the healthcare provider by selling its remaining 4.78 percent stake.

Integrated (Mauritius) Healthcare Holdings Ltd, an arm of the Malaysian fund, was looking to sell up to 6.7 million shares in Apol