Sun Pharma says FDA to lift ban on Mohali drug plant

MUMBAI - India's largest drugmaker Sun Pharmaceutical Industries said U.S. regulators plan to lift a ban on its Mohali plant in northern India, paving the way for a resumption of exports to the company's biggest market after four years.

The move would come as a boost to Sun, whose U.S. growth has been hit over the past year as five of its plants face supply re

Loyal Equipments bags order worth Rs 82.68 lakh from Essar Oil

Loyal Equipments said that it has received an order from ESSAR OIL of worth Rs. 82.68 lakhs. “The Company has received an order from ESSAR OIL LIMITED of worth Rs. 82.68 lakhs for Supply of Tube Bundle for its Vadinar Plant in Gujarat, India,” the company said in a filing to the Bombay Stock Exchange. Meanwhile, shares of the company were trading at Rs 49.00 apiece, up 4.26 per cent

SBI creates wholly-owned subsidiary to manage real estate

The country's largest lender State Bank of India has incorporated a specialised firm -- SBI Infra Management Solutions Pvt Ltd (SBIIMS) -- that will manage its premises and real estate property across the country. The move is seen as public sector banks' efforts to exit non-core activities to improve balance sheet as they have piled up huge bad assets over the past few years.

India's wholesale prices up 6.55 percent in February

NEW DELHI - India's wholesale prices rose a more-than-expected 6.55 percent year-on-year in February, compared with a 0.85 percent fall a year ago, driven by fuel and food prices, government data showed on Tuesday.

The data compares with a 5.90 percent annual rise forecast by economists in a Reuters poll. In January, prices rose a provisional 5.25 percent, the fas

IL&FS Transportation sells stake in APEL for Rs 140 cr

IL&FS Transportation said it has sold its entire stake in Andhra Pradesh Expressway (APEL) to Cube Highways & Infrastructure, Singapore for Rs 140 crore, reported PTI. The company had earlier entered into a share purchase pact with Cube Highways & Infrastructure for sale of equity in APEL. "...The execution of share purchase agreement with Cube Highways & Infrastructure, Si

Tata Elxsi ties up with DiSTI to make e-Cockpit Demonstrator

DiSTI Corporation has announced a strategic partnership with Tata Elxsi to deliver DiSTI's GL Studio UI products with Tata Elxsi software services, reported PTI. The DiSTI Corporation is a leading provider of graphical user interface software and customised 3D virtual maintenance training solutions. "Tata Elxsi developed their e-Cockpit demonstrator using DiSTI's GL Studio UI Desig

Welspun Steel gets green nod for Rs 14,690-cr Gujarat project

Welspun Steel Ltd (WSL) has received environmental clearance for setting up an integrated steel plant with production capacity of 3 million tonnes per annum in Gujarat at an estimated cost of Rs 14,690 crore. The proposed steel plant, to be set up in Anjar tehsil in Kutch district, aims to provide steady supply of slabs to group company Welspun Corp Ltd (WCL) which makes heavy plates and hot ro

Mphasis gets shareholder nod to buy back 1.73 crore shares

IT services provider Mphasis on Monday said that its shareholders have approved the proposal to buyback 1.73 crore equity shares worth about Rs 1,103 crore. The proposal to buy back 1,73,70,078 equity shares at a price not exceeding Rs 635 per share has been approved by shareholders, the company stated in the voting results on the proposal, in a BSE filing on Monday.

According to the

Mahindra & Mahindra divests 7.5% stake in Mahindra Holidays

Auto major Mahindra & Mahindra Ltd (M&M) on Friday said it had divested its 7.5 per cent share holding in its subsidiary, Mahindra Holidays & Resorts India Ltd (MHRIL). In a filing to the Bombay Stock Exchange, M&M said, “Pursuant to approval of the board of directors, the company has today sold 66,58,565 equity shares representing 7.5 per cent of the share capital of Mahi

Election results lift equity markets

Indian equity markets surged during the mid-afternoon trade session on Tuesday following crucial state election results declared on March 11.

Besides, investors' sentiments were lifted by a strong rupee, broadly positive global cues and healthy buying witnessed in banking, capital goods and automobile stocks.

The key indices witnessed a gap up opening and traded with gai

ICICI Bank, SBI saw most frauds in first 3 quarters

 Private sector ICICI Bank suffered the most number of frauds during the first nine months of the current fiscal, while state-run State Bank of India took second place in this regard, Reserve Bank of India (RBI) has revealed.

Data pertaining to the April-December period of 2016 provided to the Finance Ministry by the apex bank earlier this week, showed as many as 455 fraud cases

Narendra Modi's BJP sees bigger mandate in 2019 after Uttar Pradesh landslide

NEW DELHI  - Prime Minister Narendra Modi's party expects national elections in 2019 to deliver an even bigger mandate than in 2014, its leaders said on Sunday, buoyed by a thumping victory in Uttar Pradesh.

As well as winning in the country's most politically important state with the biggest majority for any party since 1977, Modi's Bharatiya Janata

Markets head for positive opening on Tuesday following elections' outcome

Following the outcome of elections to five state assemblies, market analysts have predicted a positive opening for the Indian equity markets on Tuesday.

With the BJP set to return to power in Uttar Pradesh (UP) after 15 years and the Congress gaining the lead in Punjab, market observers were of the view that the victory of the BJP in UP has great political importance and would infuse

Coal India subsidiary CCL shelves Rs 1,002 cr buyback proposal

Coal India on Saturday said its wholly-owned subsidiary Central Coalfields Limited (CCL), which had approved a Rs 1,001.88 crore buyback proposal, has decided "not to proceed" with the plan.

"..the Board of Directors of CCL at its meeting held on March 10, 2017 has, after reviewing the limited reviewed unaudited financials of the company ended December 31, 2016 based on

Equities resume bull run on foreign funds' inflow, strong rupee

Indian equity markets resumed their bull run during the just concluded weekly trade session, as hefty inflow of foreign funds, a strong rupee and positive global cues enhanced the risk-taking appetite of investors.

Besides, investors factored in a BJP victory in Uttar Pradesh, which helped to sustain positivity in the equity markets.

However, caution ahead of a possible inte

Markets head for positive opening on Tuesday following elections' outcome

Following the outcome of elections to five state assemblies, market analysts have predicted a positive opening for the Indian equity markets on Tuesday.

With the BJP set to return to power in Uttar Pradesh (UP) after 15 years and the Congress gaining the lead in Punjab, market observers were of the view that the victory of the BJP in UP is of most political importance and would infuse

Reliance Infra to consider issue of securities via QIP

 Reliance Infrastructure on Friday announced that its board will meet on March 16 to consider the issue of securities through qualified institutional placement (QIP) to qualified institutional buyers (QIB).

As per the regulator Securities and Exchange Board of India's (SEBI) rules, the trading window for dealing in company securities, consequently, "will remain closed fo

Reliance Energy braces to combat hot summer in Mumbai

With the IMD forecast of an exceptionally hot summer this year, Reliance Energy expects the summer peak demand to cross 1,700 MW power requirement between April-June this year in the city, an official said here on Friday.

The company is prepared to tackle the summer heat and has made full arrangements to cater to the additional power supply requirements of its 2.4 million-plus consume

Volkswagen, Tata Motors plan to cooperate in India

By Aditi Shah and Georgina Prodhan

NEW DELHI/FRANKFURT - German carmaker Volkswagen said on Friday it had signed a memorandum of understanding to explore a partnership with Tata Motors to jointly develop auto components and vehicles for the Indian subcontinent and beyond.

The announcement, which confirms a Reuters story from Thursday, comes as both automaker

NIIT Imperia partners IIM Lucknow for EPBM

NIIT has said that its centre for Advanced Learning Institute, Imperia along with IIM Lucknow has announced the sixth batch for Executive Program in Business Management (EPBM). This one-year part-time certificate program covers all critical functions of Management and is specially designed for professionals who seek to groom their corporate careers for higher levels of responsibilities.

Canara Bank sells 13.45 percent stake in Can Fin Homes

 Indian state-run lender Canara Bank Ltd has sold a 13.45 percent stake in Housing finance arm Can Fin Homes Ltd to Singapore-based Caladium Investment Pvt Ltd for 7.54 billion rupees ($113.12 million), it said on Friday.

The divestment is seen as a part of the monetization process of non-core assets of Canara Bank, the company said in a statement to the exchanges.


State-owned carrier Air India understated losses - CAG

By Aditi Shah

NEW DELHI  - India's state-owned airline Air India understated its operating losses by nearly $1 billion over three fiscal years to March 2015, the federal auditor said in a report, highlighting the carrier's financial distress.

Repeated calls to an Air India spokesman and an email seeking comment went unanswered.

Air Ind

Sensex, Nifty edge up as exit polls show win for Narendra Modi's party

By Darshana Sankararaman

BENGALURU - Indian shares rose on Friday and were set to post small weekly gains after exit polls showed Prime Minister Narendra Modi's ruling party ahead of rivals in an election in the country's most populous state.

Victory for Modi's Bharatiya Janata Party (BJP) in Uttar Pradesh, which is home to 220 million people, wo

DCB Bank extends gain on fund raising plans

Shares of DCB Bank gained nearly 2 per cent on the Bombay Stock Exchange after the private sector lender said its board approved fund raising plan by up to Rs 400 crore through qualified institutional placement (QIP). “In the meeting held on Tuesday, March 07, 2017, has approved raising of capital by way of issue of equity shares to qualified institutional buyers to the extent of Rs 400 c

RBI hikes FII limit in Kotak Mahindra Bank to 42%

The Reserve Bank of India (RBI) has notified that Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) can now invest from 40% to 42% of the paid up capital of Kotak Mahindra Bank, under the Portfolio Investment Scheme (PIS). Kotak Mahindra Bank has passed resolutions at its Board of Directors’ level and a special resolution by general body agreeing for enhancing the