Religare Securities says suffers cyber attack

MUMBAI - Religare Securities has suffered a "virus attack of medium severity" but its systems, operations and sensitive client information "remain secure and unaffected", it said in a statement on Monday.

Religare added the attack had been "proactively handled" and noted "necessary damage control steps" had been initiated.

(Reporting b

ACC`s April-June quarter consolidated net profit up 33%

Cement and ready mixed concrete producer ACC on Monday reported an increase of 32.6 per cent in its consolidated net profit for the second quarter (Q2) of 2017.

The net profit rose to Rs 326 crore from Rs 246 crore reported for the second quarter of last year.

Besides, the company's consolidated sales turnover (net of excise duty) rose 17.8 per cent to Rs 3,329

Court dismisses Essar Steel appeal against bankruptcy proceedings

MUMBAI - The Gujarat High Court on Monday dismissed Essar Steel India Ltd's appeal against a central bank order that asked creditor banks to start insolvency proceedings against the steelmaker, lawyers on the case said.

The ruling is a boost to the government, which in May tweaked Indian banking laws to empower the Reserve Bank of India (RBI) to tackle the country

GST Council may go for more rate revisions

The Goods and Services Tax (GST) Council on Monday evening will hold a meeting through video-conferencing to discuss some rate revisions "which need urgent attention".

The meeting, called at a short notice, would be chaired by Finance Minister Arun Jaitley through video-conferencing as state Finance Ministers were not in the national capital.

Jaitley had

Sensex, Nifty post record closing highs; banks advance

Indian shares posted their highest ever closing levels on Monday, tracking gains in global markets, with financial firms such as ICICI Bank Ltd leading the way.

The broader NSE Nifty closed 0.3 percent higher at 9,915.95, while the benchmark BSE Sensex rose 0.17 percent at 32,074.78.

(Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)

Intex launches 'Aqua Selfie' at Rs 6,649

Domestic smartphone maker Intex Technologies on Monday unveiled its camera smartphone 'Aqua Selfie' for selfie lovers at Rs 6,649.

The 4G/VoLTE smartphone, available on offline channels from July 17, comes with a front and back LED flash-powered 5MP front and 8MP rear camera.

"For today's selfie-struck generation, we have brought the 'Aqua Self

Twitter rated best platform for B2B marketing

Twitter has been rated the best platform when it comes to B2B marketing, a new report said on Monday, adding that people prefer Facebook-owned Instagram as their favourite channel for sharing image-based content.

According to the report by digital communications and technology agency Pulp Strategy, Twitter leads the charts when it comes to B2B marketing, garnering 47 per cent mar

Tata Sponge Odisha plant gets nod to raise capacity to 425,000 tonnes

Tata Sponge Iron has received environment clearance to raise the capacity of its Keonjhar facility in Odisha to 425,000 tonnes per annum. "In May 2017, the company has received an approval from the Ministry of Environment, Forest and Climate Change, Government of India, for enhancement of DRI production by 35,000 tonne (i.E. From 3,90,000 TPA to 4,25,000 TPA) in the existing facility locat

Panasonic unveils `P55 Max` with massive 5,000mAh battery

Panasonic India on Monday launched 'P55 Max' smartphone that features a massive 5,000mAh battery and 13MP camera with Quad LED flash for excellent low-light photography for Rs 8,499.

'P55Max' has 5MP front camera and will be available on Flipkart from July 17. 

"The long lasting 5,000mAh battery ensures the seamless functioning without int

MOIL, Steel Ministry ink pact to meet 12.50 LT production target

The country's top manganese ore producer MOIL said it has signed an MoU with the steel ministry to meet production target of 12.50 lakh tonnes and a capex of Rs 205.8 crore in the current fiscal, reported PTI. "The company has recently signed the MoU with the ministry for the FY 2017-18. The said MoU, includes targets for achievement of various performance parameters which inter alia,

BSNL launches Rs 330-cr optical transport network

Union minister Manoj Sinha launched state-run telecom major BSNL's Rs 330-crore 100G Optical Transport Network (NG-OTN, reported PTI. NG OTN is aimed at providing a 99.99 per cent uptime and will be covering 100 cities across the country, an official statement said. Network Operating Centre (NOC) has been made operational at Bengaluru for round the clock support. The project has already cov

Bank of India reports losses, expects to return to black in Quarterly Result

Bank of India (BoI), which had been reporting losses for last two consecutive financial years, expects to return to black in the second quarter of the current financial year. "Our operating profit is very robust and net interest income is strong. But we had been making losses as were making higher provisioning for NPAs. We hope to make net profits in the second quarter of current fiscal&qu

Karnataka Bank Quarterly Result net jumps 10% at Rs 134 cr

Private sector lender, Karnataka Bank has posted a 10.13 per cent rise in net profit at Rs 133.85 crore for the first quarter of the current fiscal. The bank had reported a net profit of Rs 121.54 crore in the April-June quarter of 2016-17, it said in a filing to the Bombay Stock Exchange. During the quarter under review, the total income of the bank increased to Rs 1,547.93 crore as against Rs

Life Insurance Corporation Of India trims 2% of its stake in Mahindra & Mahindra

Mahindra & Mahindra today said Life Insurance Corporation Of India (LIC) has divested 2 per cent stake in the company. Post the stake sale of the 2.001 per cent shares, LIC now has 9.958 per cent stake in the company, M&M said in a filing to BSE. LIC earlier had 11.959 per cent stake in the company, the company added.

The insurance firm has sold over 1.2 crore shares through m

Sensex hits fresh highs; IT stocks lead

REUTERS - Indian shares touched record high levels on Monday with IT stocks such as Infosys and Wipro Ltd leading the gains, while firm Asian markets on strong economic growth in China boosted investor sentiment.

Asian shares set a fresh two-year high, boosted by stronger-than-expected economic growth in China and bets that lacklustre U.S. data will keep the Federal Reserve cautious a

Q1 results, global cues to affect equities movement

Upcoming quarterly results and Parliament's monsoon session, as also the direction of foreign funds flow will set the course for the equity indices in the coming week, market observers opine.

With markets already at dizzying heights, potential triggers like news on monsoon's progress and global trends like monetary policy review by major international central banks could unlea

BPCL makes its first U.S. oil purchase, buys Mars, Poseidon

By Nidhi Verma

NEW DELHI  - Bharat Petroleum Corp has made its first purchase of U.S. oil, buying high sulphur crudes Mars and Poseidon in a tender, its head of refineries R. Ramachandran said.

BPCL is the second Indian refiner to buy U.S. Gulf crude after Prime Minister Narendra Modi's visit to Washington last month when President Donald Trump said

LIC sells 2% stake in Mahindra & Mahindra

 The Mahindra & Mahindra on Saturday said the Life Insurance Corporation of India (LIC) has brought down its stake to less than 10 per cent in the company by divesting around two per cent of its holding in the firm.

After the stake sale, the life insurer now has 9.958 per cent stake in the company, it said in a regulatory filing.

The LIC earlier had 11.95

Bank of India expects to be profitable by September-end

 State-run lender Bank of India, which incurred losses for two consecutive financial years, is hopeful of turning profitable by the end of the second quarter ending September of the current fiscal, an official said on Saturday.

The lender narrowed down the net losses from Rs 6,089.21 crore in 2015-16 to Rs 1,558.34 crore by end of 2016-17. 

"We are hopeful tha

Indian equity markets at new peak on rate cut hopes by RBI

 A plethora of events, such as hopes of a rate cut by the Reserve Bank of India (RBI), fresh inflows of foreign funds and the onset of the quarterly earnings season, pushed the Indian equity markets to a record high during the week ended Friday.

On July 13, the 30-scrip Sensitive Index (Sensex) of the BSE breached the 32,000 points-mark for the first time and registered a record

Tata Steel signs LTTC with Indian Railways

Tata Steel on Friday entered into a long term tariff contract (LTTC) with Indian Railways.

Railways Minister Suresh Prabhu, senior officials of the Railway Board and the company's Vice President, Steel Manufacturing, Sudhansu Pathak among others were present at the contract signing ceremony held at the Rail Bhawan here.

The steel maker which is the first steel company to

BSE to add 48 more companies to Group 'A' from July 17

Stock exchange BSE on Friday said it will move the scrips of 48 companies to Group "A" category with effect from July 17.

The group "A" category comprises of firm whose stocks are the most actively traded and are known to have maintained high standards of compliance and corporate governance.

According to the BSE, securities of companies such as InterGlobe

YES Bank joins OPIC, Wells Fargo to support SMEs, women entrepreneurs

 YES Bank has partnered with the Overseas Private Investment Corporation (OPIC), the U.S. Governments Development Finance Institution and Wells Fargo on an agreement to increase lending to small and medium enterprises (SMEs) in India.

Under the agreement, OPIC will provide $75 million in financing and up to $75 million in syndicated financing jointly arranged by Wells Fargo Bank

Uber shareholders discuss stock sale to SoftBank, others - Bloomberg

 Uber Technologies Inc's  shareholders and its board, led by venture capital firm Benchmark, have discussed selling some of their stock to Masayoshi Son's SoftBank Group Corp  and other potential investors, Bloomberg reported on Friday, citing people familiar with the matter.

The deal could include investment of new money into the startup, Bloomberg reported, ad

JPMorgan posts higher profit; shares dip on net interest income view

By David Henry and Sweta Singh

JPMorgan Chase & Co reported a better-than-expected quarterly profit on Friday due to strong loan growth and higher interest rates, but said net interest income for the year would be lower than expected, sending its shares down about 2 percent.

The bank's borrowing business increased across residential mortgages, business loans, credit