Nomura to set up $92 mn fund to assist start-ups

Investment bank Nomura has decided to set up a $92 million fund to assist start-ups, a senior official said.

In a statement issued here on Wednesday the firm also said that it has commenced the 'Voyager - Nomura FinTech Partnership' in India aimed at harnessing emerging technologies to help transform its businesses and services.

"We also plan to create a new 10

NTPC JV to cut power supply to 3 states over pending dues

A joint venture of state-run NTPC has decided to snap power supply to three states of Tamil Nadu, Karnataka and Telangana from its Vallure thermal station over non-payment of dues of Rs 1,388 crore.

The NTPC Tamil Nadu Energy Company Ltd (NTECL) has issued a notice for regulation of power supply to Tamil Nadu, Telangana and Karnataka to the extent of 1,229 MW from its Vallur Thermal P

RBI cautions banks on bad loan risk in telecom sector

The Reserve Bank of India (RBI) on Tuesday cautioned about loans given to companies in sectors in difficulty such as telecom and may witness rising bad loans.

Banks were asked to put in place a board-approved policy for making provisions for standard assets at rates higher than the regulatory minimum, based on evaluation of risk and stress in various sectors.

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Sensex edges down; investors focus on bank earnings

By Darshana Sankararaman

Indian shares edged lower on Wednesday as investors turned cautious ahead of a slew of corporate results, particularly banks, although a forecast for an average monsoon gave a leg-up to market sentiment.

The focus is now on the financial sector this week - with Yes Bank Ltd and HDFC Bank Ltd due to report results - after mixed fortunes at IT blue chi

BigBasket in talks for possible merger with Grofers India - report

India's online grocery delivery service BigBasket and smaller rival Grofers India Pvt. Ltd. have begun talks on a possible merger, Indian newspaper Mint reported on Wednesday, citing sources.

If the merger goes through, SoftBank Group, which is an existing investor in Grofers', will participate in a $60 million to $100 million funding round in the merged company, the report ad

Dues and recoveries in Vijay Mallya case

Liquor baron Vijay Mallya defaulted on Rs 8,191 crore he had borrowed from a consortium of 17 public sector banks, which have so far recovered Rs 155 crore through auction of his seized properties.

The 61-year-old business tycoon fled to Britain in March 2016 after being pursued in courts by the Indian banks, led by the State Bank of India, seeking to recover the loans owed by hi

SPML Infra completes irrigation project in Gujarat

SPML Infra has said that it has substantially completed an important Irrigation Project in Gujarat called Saurashtra Narmada Avtran Irrigation (SAUNI Yojana). Hon’ble Prime Minister, Shri Narendra Modi ji along with Shri Vijay Rupani, Hon’ble Chief minister of Gujarat inaugurated the completion of Phase-I of SAUNI project in Botad, Gujarat by formally releasing Narmada water in Krus

Coal Controller downgrades around 41% of CIL's sidings

Coal India Ltd (CIL) on Tuesday said the coal quality watchdog Coal Controller Organisation has downgraded 40.76 per cent of 871 sidings at 386 mines in 2017-18.

During 2017-18, the Coal Controller announced new methodology for declaration of grade as per directives from the government. Under revised methodology, sampling and analysis of different seams or loading points was carr

IndusInd Bank to raise Rs 1,000 cr via bonds

IndusInd Bank said its board has approved raising of Rs 1,000 crore by issuing bonds on private placement basis, reported PTI. The approval has been given by the finance committee of the board, the bank said in a regulatory filing.

The board, it said, has approved the allotment of 10,000 rated, listed, non-convertible, perpetual, subordinated and unsecured Basel III-compliant bonds in

M&M's auto division consolidates sales, marketing functions

Leading SUV manufacturer Mahindra & Mahindra (M&M) on Tuesday said it has consolidated the sales and marketing functions of its automotive division.

The company pointed out that it has consolidated the two functions under Veejay Ram Nakra. 

"The company has, thus, re-designated Veejay as Senior Vice President - Sales and Marketing, Automotive Divi

Tata Housing to expand its global footprint, forays into Africa

After launches in Sri Lanka and the Maldives, Tata Housing on Tuesday said it has planned expansion in the African region with investments of more than Rs 1,000 crore over the next 3-4 years.

The company signed an MoU with the National Housing Corporation (NHC) and a private real estate firm to develop more than 4.5 million sq. ft. of mixed-use township across Kenya and Tanzania.

Lower Infosys guidance nips early recovery hopes: Jefferies

The lower revenue guidance of Infosys spikes the hopes of early recovery by the global software major, said the American investment bank Jefferies LLC on Tuesday.

"Guidance implies recovery is still a while away. It is lower than the expected growth and a downward reset of the margin brand," said the US-based securities firm in a statement from New York.

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TCS posts higher profit, confident of demand growth

By Sankalp Phartiyal

MUMBAI - Tata Consultancy Services Ltd, India's biggest software services exporter, reported a slightly smaller than expected rise in fourth-quarter earnings on Tuesday, but was confident of demand growth in some of its major focus areas.

TCS, part of the Tata Group - India's largest conglomerate, expects a robust pipeline of pro

Weak global cues pull Indian equities lower

Bearish global cues, coupled with a marginally weak rupee and heavy selling pressure in metal, automobile and healthcare stocks, pulled the Indian equity markets lower on Tuesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) fell by 34.15 points or 0.37 per cent to 9,105.15 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 2

RBL Bank launches contest to create innovative solutions

Private sector RBL Bank has announced the launch of a contest aimed at fostering the creation of new solutions in banking and financial services. The contest, 'RBL Hackathon', is targeted at engineering students, IT professionals, tech enthusiastic, start-ups and app developers, the bank said in a statement.

The competition is supported by IBM, StartupBootcamp, Pricewaterhouse

BEML bags Hindustan PSU Award

BEML, a defence public sector, has said in a filing to the Bombay Stock Exchange that it has received the Hindustan PSU Award under the category ‘Fastest Growing Organisation – Miniratna’. Umesh Chandra, Executive Director, received the award on behalf of the company.

The award was presented by Nitin Gadkari, Union Minister of State for Road Transport, along with Piy

APL Apollo Tubes launches Apollo Coastguard

APL Apollo Tubes, the pioneer in Steel pipes and Sections, has said that it has launched its new brand Apollo Coastguard, a revolutionary change in the world of galvanized steel pipes. These pipes are made of special galvanized steel to provide excellent corrosion resistance against wind, water and road salts which means that these galvanized steel pipes are 100 per cent rust proof pipes to las

Tata Steel plans to raise funds

Tata Steel on Monday said its Board of Directors in its meeting this week would consider a proposal for raising funds.

"...a meeting of the Board of Directors of the company will be held on Thursday, April 20, 2017, inter-alia to consider a proposal for fund raising," it said in a filing to BSE.

The company which is the world's second-most geographica

Sensex rises; banks rally as healthy earnings expected

By Darshana Sankararaman

Indian shares rose on Tuesday after three straight sessions of falls as the corporate results season kicked in with banks rallying on expectations of stronger earnings.

The earnings season got off to a weak start with IT major Infosys Ltd issuing a lower-than-expected revenue guidance last week, but analysts still see signs of positive results this q

Over 99 per cent TCS investors approve share buyback

Over 99 per cent of investors of Tata Consultancy Services Ltd (TCS) voted in favour of its special resolution on buyback of 5.61 crore equity shares of Re 1 face value for Rs 16,000 crore, said the software major on Monday.

"In all, 7,341 members voted in favour of the resolution and 577 against it through electronic voting system and physical ballot form between March 17 a

NCLT dismisses Mistry's waiver plea

An apex corporate tribunal on Monday dismissed a plea filed by Cyrus Mistry's investment companies to waive off a regulatory bar on them, so that they can continue their legal suit against the Tata Sons.

Besides, the main petition which was filed against Tata Sons was also rejected.

The National Company Law Tribunal (NCLT) here dismissed the plea filed by Mistry's in

BHEL commissions 2 thermal units in Maharashtra

State-run Bharat Heavy Electricals Ltd (BHEL) on Monday said it has successfully commissioned 2 units of 270 MW at RattanIndia Nasik Power Ltd’s 5x270 MW thermal power project in Maharashtra. “BHEL has successfully commissioned two units of 270 MW at RattanIndia Nasik Power Limited’s 5x270 MW thermal power project, located at Sinnar in Nasik district of Maharashtra,” the

Bhushan Steel promoter settles case with Sebi

Bhushan Steel promoter Neeraj Singal has settled a case related to alleged violation of insider trading norms with markets regulator Sebi after payment of over Rs 4 lakh as a settlement charges. "The adjudication proceedings proposed to be initiated against the applicant (Singal) for the alleged violation... are settled," Sebi said in a settlement order, adding that it would not initi

HCL renews IT services engagement with Singapore Exchange

HCL Technologies said that its IT services engagement with Singapore Exchange has been renewed for an additional five years. No financial details of the deal were disclosed. The new contract expands the scope from the earlier year 2010 engagement covering IT infrastructure, data centre services and IT management, HCL said in a statement. The new contract, in a managed services construct, spans