Mukesh Ambani enters Light Reading's `Hall of Fame 2017`

Riding high on Jio wave, Reliance Industries Limited's (RIL) Chairman Mukesh Ambani has entered the Light Reading's 'Hall of Fame 2017'.

Ray Le Maistre, International Group Editor, 'Light Reading', announced Mukesh Ambani entering the 'Hall of Fame 2017' that recognises individuals for their contribution to the global communications industry.

Paytm Payments Bank to launch on May 23

Fintech company Paytm on Wednesday said it will finally launch the operations of its payments bank on May 23.

"We are in the process of launching Paytm Payments Bank on May 23. We recently received approval from the Reserve Bank of India (RBI) for Renu Satti to be the CEO," Paytm spokesperson told IANS here.

The Paytm Payments Bank launch, getting delayed

Allahabad Bank looks to reduce exposure in corporate lending

Public sector lender Allahabad Bank is looking to reduce its exposure to corporate lending from 65 per cent of its total loan book to 50 percent for risk mitigation, its MD and CEO Usha Ananthasubramanian said on Wednesday.

"There is a shift happening (in loan portfolio). We have a heavy corporate book. We want to re-balance the loan book.

"The loan book

Drinking water supply stopped in Agartala after ONGC waste leaks

Drinking water supply to lakhs of people in Tripura was stopped after ONGC drilling waste spilled over into a key river, officials said here on Wednesday.

"Drilling waste contained with chemical and oils from the ONGC's abandoned drilling site at Mandai (in Baramura Hill Ranges) was spilling over into Howrah river since Tuesday.

"Immediately we have s

India's drugmakers need more time to meet international standards - industry group

By Zeba Siddiqui

MUMBAI   India's big drugmakers will need at least five more years to improve their manufacturing standards and data reliability to a level demanded by international regulators, said a senior industry official.

The lengthy timeline is a concern not only in India but around the world, as India's pharmaceutical firms supply a

USFDA clears Dr Reddy's ovarian cancer generic sale

Dr Reddy's Laboratories (DRL) has received approval from the US health regulator to sell its generic version of Alza Corporation's Doxil injection used for treatment of ovarian cancer.

The approval from the US Food and Drug Administration (USFDA) for doxorubicin hydrochloride liposome intravenous injection is an outcome of extensive collaboration with the company's partner

Bajaj Finance Q4 net jumps 43% at Rs 449 cr

Bajaj Finance on Wednesday reported a growth of 43 per cent in its net profit at Rs 449 crore for the fourth quarter ended March 31, 2017. “The company, a part of Bajaj group, had posted net profit of Rs 315 crore during the corresponding quarter of the previous year,” said Bajaj Finance in a filing to the Bombay Stock Exchange.

The total income of company rose by 38 per c

NIIT Q4 cons net zooms 70% at Rs 30.20 cr

NIIT on Wednesday reported a significant growth of 70 per cent in its consolidated net profit to Rs 30.20 crore in the fourth quarter ended March 31, 2017. “The company, a global leader in skills and talent development, had posted consolidated net profit of Rs 17.80 crore during the corresponding quarter of the previous year,” said NIIT in a filing to the Bombay Stock Exchange.

Tata Steel agrees to offer £550 mn for UK pension deal

Tata Steel has taken a leap forward for securing the future of its UK operations – including the Port Talbot works in south Wales –by agreeing to pay £550 million to close long pending pension deal, which will also clear the road for merger of Tata Steel’s British and European steel assets with those of Germany-based ThyssenKrupp.

Tata Steel said that it would

Andhra Bank Q4 net nosedives 32%; bad loans hit

Medium-sized public sector undertaking Andhra Bank has reported a drop of 31.9 per cent in its standalone net profit at Rs 35.13 crore for the fourth quarter ended March 31, 2017, hit by rise in bad loans. It had posted a standalone net profit of Rs 51.60 crore in the corresponding quarter of previous fiscal, said Andhra Bank in a filing to the BSE.

However, total income of the bank i

Dhanlaxmi Bank back in black in Q4; posts Rs 8.81 cr profit

Private sector lender Dhanlaxmi Bank Ltd swung to profit in Q4 and had posted its standalone net profit at Rs 8.81 crore for the January-March quarter of FY 17, as bad loans eased.

The bank had posted a standalone net loss of Rs 131.60 crore in corresponding quarter of previous fiscal, said Dhanlaxmi Bank in a filing to the BSE. Total income of the bank, however, fell by 8.5 per cent

JSW Steel Q4 profit triples on higher prices

MUMBAI  JSW Steel Ltd, India's biggest steelmaker by capacity, said its fourth-quarter profit more than tripled, helped by higher steel prices and output and government support for local mills.

The results are another sign of a marked pickup in India's steel sector, which had been hit by a global slowdown amid excess capacity.

JSW said its outlo

Hindustan Unilever profit up 6.2 pct, beats estimates

Hindustan Unilever Ltd, maker of products ranging from Lakmé cosmetics to BRU coffee, reported a 6.2 percent rise in quarterly profit, helped by strong sales of its Pears and Dove products.

Net profit rose to 11.83 billion rupees ($184.57 million) in the quarter ended March 31, compared with 11.14 billion rupees a year earlier, the company said on Wednesday. (

Sensex, Nifty hit fresh highs, metal stocks surge

 The key Indian indices again surged to new highs on Wednesday as a strong rupee and healthy buying in metal and automobile stocks buoyed investors' sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) provisionally closed at a new high of 9,518.35 points -- up 6.10 points or 0.06 per cent.

The 30-scrip Sensiti

Airtel to offer 100% more data for home broadband users

Bharti Airtel on Wednesday announced new plans for its home broadband users, offering up to 100 per cent more high-speed data benefits within the same monthly rentals.

"Our new plans are aimed at putting India onto the digital super highway and complement our superfast broadband offerings like ‘V-Fiber'," said Hemanth Kumar Guruswamy, CEO - Homes, Bharti Airte

Jio puts Mukesh Ambani on top of Forbes' Global Game Changers

 Forbes magazine has named Reliance Industries (RIL) Chairman Mukesh Ambani as the topmost among its "Global Game Changers" who are transforming their industries and changing the lives of billions around the world.

Ambani features at the top of the Forbes' second annual Global Game Changers' list of 25 "intrepid business leaders unsatisfied with the

Fitch India affiliate sees banks adding $41 billion of soured loans by 2018/19

MUMBAI   Indian banks could potentially add as much as 2.6 trillion rupees ($40.58 billion) worth of soured loans by March 2019 to their existing pile, India Ratings and Research said on Wednesday.

The rating agency, an affiliate of Fitch, said it estimated Indian banks were sitting on unrecognised stressed loans worth 7.7 trillion rupees.


PNB's Q4 standalone net profit at Rs 262 crore

State-owned Punjab National Bank (PNB) on Tuesday reported a standalone net profit for the fourth quarter (Q4) of 2016-17.

According to the bank, its standalone net profit during the quarter under review stood at Rs 261.90 crore from a loss of Rs 5,367.14 crore reported for the corresponding period of 2015-16.

The lender's total income during the quarter under review ros

Sensex, Nifty edge lower after hitting record highs

Indian shares edged lower after hitting fresh highs earlier on Wednesday, as political turmoil in Washington spooked global investors, sending Asian markets lower.

U.S. share futures and the dollar tumbled on reports that President Donald Trump had asked then-FBI Director James Comey to end a probe into Trump's former national security adviser, raising questions over whether obstr

Small businesses suffer as India's bruised banks sit on deposits

By Rajesh Kumar Singh and Suvashree Choudhury

NEW DELHI/MUMBAI  Businessman Vineet Pandey has 500 housekeepers, security guards, electricians and plumbers on his books, servicing offices in India's booming financial metropolis Mumbai. He would love to hire more to keep up with demand, but cannot get a bank loan.

GRAPHIC: India's

Government to lose Rs 217 crore revenue with Airtel's Tikona acquisition: Jio

The government will lose Rs 217 crore in revenue if it allows the proposed acquisition of 4G business of Tikona Digital Networks by Bharti Airtel, Reliance Jio has said in a letter to the Department of Telecom (DoT).

Bharti Airtel, however, denied the allegation.

"We bring to your attention that the scheme of merger, as announced by Airtel to its shareholders

Non-bank finance firms cash in on Indian lenders' bad loan pain

By Rajesh Kumar Singh

NEW DELHI  Indian banks' struggles with bad loans over the past three years have opened an opportunity to ramp up lending for so-called non-banking financial companies (NBFCs), which are not as strictly regulated as banks.

With their share of total credit rising, new players and new investors have piled into the NBFC marke

Only 17% of total 85,000 visas go to Indian companies per year: Official

A large chunk of US firms ride on the back of the services provided by Indian companies, Information Technology Secretary Aruna Sundararajan said on Tuesday adding that only 17 per cent of the total 85,000 visas issued every year by the US go to Indian companies.

"I'm sure that as and when the US government does the meeting for review of the H1-B visa regime, they will t

Southwest Monsoon's onset over Kerala on May 30, forecasts IMD

The onset of Southwest Monsoon 2017 over Kerala is likely to be on May 30, with a model error of 4 days, the India Meteorological Department (IMD) said on Tuesday

The statement, issued by the IMD office here, said that the onset of Southwest Monsoon over Kerala signals the arrival of monsoon over the Indian subcontinent and beginning of rainy season over the region.

Future Group joins Khimji Ramdas LLC

Future Group on Tuesday said it has joined hands with Oman business conglomerate Khimji Ramdas LLC (KR) as part of a broader plan of expanding its food and FMCG brands to the international market.

According to the statement, the memorandum of understanding (MoU) signed proposes an equal partnership with Future Group and KR to open exclusive ‘fbb' stores in the Middle Ea