Nepalis, saddled with banned Indian rupee notes, risk losing savings

KATHMANDU - Nepalis stand to lose millions of dollars held in high-value Indian bank notes that India banned last year and has yet to exchange, a Nepali central bank official said on Tuesday.

Indian Prime Minister Narendra Modi in November banned 500 rupee ($7.77) and 1,000 rupee bank notes as part of a drive against unaccounted wealth in India that has also hit Nepal

One Hundred and Eighty Seventh SME Company to get listed on BSE SME Platform

Mumbai, July 18, 2017: SEBI came out with detailed guidelines on 18th May, 2010 for launching of SME Exchange/Platform. BSE became the first stock exchange to get the approval from SEBI and launch its SME platform on 13th March, 2012.  

7NR Retail Ltd became 187th company respectively to get listed on the BSE SME Platform on July 18, 2017. 7NR Retail Ltd came out

Governments demand for additional tax premature, Reliance Industries says

NEW DELHI  - The government's demand for additional share in the profits and royalty from the contractors of Panna Mukta and Tapti oil and gas fields is "premature", Reliance Industries said in a statement on Tuesday.

Reliance and Royal Dutch Shell own 30 percent interest each in the fields, off India's west coast, while Oil and Natural Gas Corp

Trade-To-Trade Scrips - Inclusions in "T","XT" or "ST" Group

Mumbai: July 18, 2017: As a part of Surveillance measures and based on the extant SEBI framework, the Exchanges transfer various securities for settlement on a Trade-to-Trade basis. The criteria for shifting securities to/from for settlement on trade to trade basis is decided in consultation with SEBI and applied uniformly across the stock exchanges and reviewed periodically.

Power grid integration to quicken renewables makeover

When the sun shines brightly, it's manna from heaven for a solar producer. But for an electricity distributor, the surge in the power lines can be a nightmare. This unpredictability of solar and wind energy has long been a technical challenge that requires adroit balancing of the power grid.

India is now on the threshold of attaining this balance. The new Greening the Grid report,

Reliance Commercial Finance posts Rs 65 cr net profit

Reliance Commercial Finance Ltd on Tuesday said it closed the first quarter of the current fiscal with a net profit of Rs 65 crore logging a growth of 44 per cent.

In a statement issued here, the company, a subsidiary of Reliance Capital Ltd, said it had earned a total income of Rs 490 crore and a net profit of Rs 65 crore for the quarter ended June 30.

Reliance Commercial F

nubia commits $100 mn investment for manufacturing in India

Best known for its camera-centric smartphones, Chinese manufacturer nubia, which entered India last year, has earmarked $100 million investment in the country over the next few years, a top executive has said.

Since last October, the company has introduced seven smartphones in India that received rave reviews and a decent response from customers.

"We have established ou

Sensex posts biggest fall this year as ITC slumps

The BSE Sensex fell 1.1 percent, posting its biggest daily percentage drop this year and retreating from a record high in the previous session, as ITC Ltd slumped after the government raised a special duty on cigarettes.

The Sensex fell 1.1 percent to 31,710.99, its biggest daily percentage fall since Dec. 2. Meanwhile, the broader NSE Nifty dropped 0.9 percent to 9,827.15, its bigges

Hindustan Unilever quarterly profit rises 9 percent

Consumer goods company Hindustan Unilever Ltd reported a 9 percent rise in quarterly profit, helped by higher sales from its personal care segment.

Profit rose to 12.83 billion rupees ($199.45 million) in its first quarter ended June 30, from 11.74 billion rupees a year earlier, the maker of products ranging from the Lakmé cosmetics to Lipton tea said on Tuesday.


Exclusive: Ahead of privatisation, Air India eyes bumper staff buyout

By Rupam Jain

NEW DELHI - Air India is drawing up a proposal to offer voluntary buyouts to just over a third of its 40,000 employees, two government officials said, in what would be one of the largest such offers in India's state sector, as the airline slashes costs ahead of a 2018 sale.

The state-owned airline has also put fleet expansion on hold, scra

UltraTech Cement June-quarter consolidated profit up 15 percent

UltraTech Cement Ltd reported a 15 percent rise in June-quarter consolidated net profit on Tuesday.

Consolidated net profit rose to 8.98 billion rupees ($139.6 million) in the quarter ended June 30, from 7.80 billion rupees a year earlier, India's largest cement maker by market-capitalisation said in a statement. (

The results include those of cemen

Delhi hosts 'SME Connect' event on Optimizing IT Infrastructure by Schneider Electric IT Division

New Delhi: July 17, 2017: After Ahmedabad, Mumbai and Chennai, the “5 City SME Connect” event on optimising IT Infrastructure by Schneider Electric was organised in Delhi. Targeted at SME organisations, the highlight of the event was to interpret the SMEs’ technology challenges and mitigate those challenges with a systematic approach.  

The SMEs

Flipkart lifts bid for rival Snapdeal to up to $950 million

MUMBAI - Indian e-commerce player Flipkart has sweetened its buyout offer for smaller rival Snapdeal to between $900 million and $950 million, two people familiar with the negotiations said, adding that the new proposal is being evaluated by the company's board.

Reuters previously reported that Snapdeal had earlier this month rejected Flipkart's initial bid of

Negative global cues subdue equity markets

 Negative global cues along with profit booking dragged the Indian equity markets lower during the early morning trade session on Tuesday.

According to market analysts, both the key indices BSE Sensex and NSE Nifty opened on a negative note as stocks of bluechip firm ITC fell by around 13 per cent.

However, losses were contained due to positive quarterly resul

Tata Motors to launch SUV Nexon during festive season

 Automobile major Tata Motors on Monday said that it will launch SUV Nexon during the upcoming festive season with two new engine options.

According to the company, it has added two new engines - the 1.2L turbocharged petrol and the 1.5L diesel -- to its powertrain portfolio. These engines will debut in the new SUV.

"Both these engines have been designed

India`s HDFC Life revives IPO plan as Max Life deal struggles

MUMBAI - India's HDFC Standard Life Insurance Co Ltd said on Monday it had revived a planned initial public offering, as it struggles to get regulatory approval to buy smaller rival Max Life.

Indian mortgage lender Housing Development Finance Corp Ltd and its joint venture partner Britain's Standard Life Plc plan to sale a combined maximum of 20 percent i

Investments in India will continue to grow: Limaye to NSE employees

The National Stock Exchange of India's (NSE) new Managing Director and Chief Executive Officer Vikram Limaye who took charge on Monday told the company's employees that investments in India will continue to grow and have a positive effect on the Indian markets.

"The economy is on a growth path and given political and macro-economic stability, investments in India wil

India raises tax on cigarettes

NEW DELHI - India has raised the total tax on cigarettes resulting in an increase of as much as 792 rupees ($12.31) for every 1,000 cigarettes, adding about 50 billion rupees ($777 million) in revenues for the government, finance minister Arun Jaitley said.

The higher rate will be effective from July 18, Jaitley told reporters in New Delhi on Monday.

The new

Resolving regulatory probe of NSE is top priority: CEO

By Abhirup Roy

MUMBAI - The new chief executive of India's embattled National Stock Exchange (NSE) said on Monday his immediate priority was to resolve a regulatory investigation facing the country's largest bourse and improve relations with stakeholders.

Vikram Limaye took over the NSE on Monday, with the exchange facing a probe from market regulato

Gruh Finance Q1 net jumps 20% at Rs 72.24 cr

Gruh Finance said that it has reported 20 per cent growth in its standalone net profit at Rs 72.24 crore for the first quarter ended June 30, 2017 (Q1FY18). The company had posted net profit of Rs Rs 60.18 crore in the similar period of the previous year, it said in a filing to the Bombay Stock Exchange. Total income from operations stood at Rs 398.12 crore, which was up by 14.95 per cent year-

Shriram Transport raises Rs 300 cr via NCDs

Shriram Transport Finance on Monday said that the company has raised Rs 300 crore through allotted of Secured Redeemable Rated Listed Non-Convertible Debenture on private placement basis.

“The Allotment Committee - NCDs of the company in its meeting held today, approved and allotted 3000 Secured Redeemable Rated Listed Non-Convertible Debenture of face value of Rs 10 lakh each,

Gulshan Homz to invest Rs 400 cr on two projects in Delhi-NCR

Gulshan Homz said it will invest Rs 400 crore over next three years to develop two housing projects in Noida and Greater Noida, reported PTI. The company will build nearly 1,900 housing units in the two projects. Noida-based Gulshan Homz has launched 768 units in a 5.3 acre housing project 'Gulshan Botnia' on Noida Expressway for about Rs 48 lakh per unit.

In another project n

Jubilant Food Works Q1 net jumps 26% at Rs 23.84 cr

Jubilant FoodWorks, which holds the master franchise for Domino's Pizza and Dunkin' Donuts in India, on Monday reported a 26 per cent year-on-year growth in its standalone net profit after tax (PAT) at Rs 23.84 crore for the first quarter ended June 30, 2017, driven by robust Same Store Sales growth. PAT also reflects the adverse impact of Rs 9 crore on account of restaurants closure.

Reliance Industrie Ltd. crosses Rs 5 lakh crore m-cap mark for first time

The market capitalisation (m-cap) of industrialist Mukesh Ambani-led Reliance Industries (RIL) crossed the Rs 500,000 crore-mark for the first time on Monday.

According to market observers, RIL became only the second company after Tata Group's multinational IT firm Tata Consultancy Services (TCS) to cross the Rs 5 lakh crore mark in terms of m-cap.

On Monday, RIL's m