Tata Consultancy upbeat on client spending after first-quarter profit dip

By Sankalp Phartiyal and Tanvi Mehta

MUMBAI/BENGALURU - Top Indian software services exporter Tata Consultancy Services (TCS) said on Thursday it was optimistic about client spending on technology even as a cautious global environment and a stronger rupee dented first-quarter profit.

TCS, part of the salt-to-software Tata Sons conglomerate, reported consolid

Sensex, Nifty hit record close for fourth straight day

India's main stock indexes closed at record highs for a fourth straight session, with the BSE index ending above 32,000 for the first time, as consumer inflation rate eased to its lowest in five years, cementing hopes for a rate cut.

The benchmark BSE Sensex rose 0.73 percent to end at 32,037.38.

The broader NSE Nifty ended 0.77 percent higher at 9,891.70, having cleared

SBI reduces NEFT, RTGS charges upto 75%

After lowering the Immediate Payment Service (IMPS) charges, the State Bank of India (SBI) on Thursday reduced charges for National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions upto 75 per cent effective July 15.

The reduced charges will be applicable on the transactions done through internet banking and mobile banking services offered by th

Reliance Securities Quarterly result1 total income up 51%

Reliance Securities, the broking and distribution arm of Reliance Capital, on Thursday reported that its total income for the quarter ended June 30 increased by 51 per cent.

According to the company, the first quarter (Q1) total income increased to Rs 82 crore ($13 million).

Similarly, the company's profit before tax rose edged up to Rs 7 crore ($1 million) in

UBI get nod to raise Rs 500 cr through Basel III bonds

Public lender United Bank of India looks to raise up to Rs 500 crore through issuance of Basel III compliant bonds on private placement basis. "The board of directors of the bank... Approved issuance and allotment of unsecured Basel III compliant, listed, tier-2 bonds in the form of promissory note... With or without greenshoe option, aggregating up to Rs 500 crore on a private placement b

Cyient Q1 cons net jumps 18.7% at Rs 88 cr

Cyient, an Indian company focused on engineering, networks and operations, has reported a 18.7 per cent year-on-year growth in its consolidated net profit after taxes (PAT) at Rs 87.80 crore for the first quarter ended June 30, 2017. “The consolidated net profit of the firm stood at Rs 74 crore during the same period a year ago,” said Cyient in a filing to the Bombay Stock Exchange

Paytm acquires majority stake in Insider.In

Paytm has acquired a majority stake in ticketing platform Insider.In, for events and properties, including NH7 Weekender, EDC and The Grub Fest, for an undisclosed amount, reported PTI. This will enable all Paytm customers discover a wide selection of events and book instantly, a company statement said. The country's organised events industry is currently at Rs 4,000 crore, with organised s

BEML signs MoU with NLSIU for capacity enhancement

Defence Public Sector unit BEML Limited has said that it has signed a Memorandum of Understanding (MoU) with National Law School of India University (NLSIU) for capacity enhancement. BEML Chairman and Managing Director Deepak Kumar Hota and NLSIU Vice Chancellor Prof (Dr) R Venkata Rao have signed the MoU on behalf of respective Organisations, the company said in a filing to the Bombay Stock Ex

Essar Steel not singled out for insolvency process: RBI to HC

The RBI told the Gujarat High Court that Essar Steel was not singled out for insolvency proceedings and all big defaulters with over Rs 5,000 crore of outstanding loans are being subjected to the process with an aim of resolving the bad loan problem plaguing the Indian banking system, reported PTI.

Arguing before Justice S G Shah, the central bank's counsel Darius Khambatta also s

Patel steps down as Cadila Healthcares MD

Cadila Healthcare on Wednesday said that its Chairman and Managing Director Pankaj R. Patel has stepped down from the latter post.

According to a regulatory filing to the BSE, Patel's son Sharvil P.Patel will take over as the company's new Managing Director.

He was currently the Joint MD.

Sebi calls for stakeholders' views on derivatives market

Stock markets regulator Sebi on Wednesday called for stakeholders' views on various issues related to derivatives trading, so as to further strengthen the framework in line with global best practices.

The regulator floated a discussion paper to evaluate whether there is a need to further strengthen the regulatory framework for derivatives in India. 

As per

Volvo Auto India launches V90 Cross Country

Volvo Auto India on Wednesday launched the V90 Cross Country priced at Rs 60 lakh (ex-showroom, India).

"The car is equipped with features that is unparalleled in the segment and, as part of the product strategy to provide feature-rich standard equipment, we expect V90 Cross Country to bring a healthy contribution to our portfolio," said Tom von Bonsdorff, Managing Dire

Haldia Petrochem seeks more land for upstream refiner

 Haldia Petrochemicals Limited (HPL) is seeking "more land" from the West Bengal government for setting up an upstream refinery plant in order to reduce the imports of primary feedstock naphtha.

"We want to set up an upstream refinery plant here and we are getting ready for that. We seek more land for the project," the company's Executive Vice President an

Sensex, Nifty hit record high; bonds gain on inflation data

Indian shares surged to a record high on Thursday, with the benchmark BSE index rising above 32,000 for the first time after the consumer inflation rate eased to its lowest in five years, cementing hopes for a cut in interest rates in August.

Meanwhile, the most liquid 10-year bond yield fell as much as 4 basis points to 6.42 percent, the lowest since June 22, after data late on Wedne

SEBI asks for feedback to grow equity derivatives market

MUMBAI - India's market regulator Securities and Exchange Board of India (SEBI) on Wednesday solicited feedback from market participants on how to grow and develop equity derivative markets in the country.

SEBI said it would seek discussion in a wide range of topics related to derivatives, including whether to introduce derivatives on stock indices, as well as set

Tata Motors Group's June global wholesales down 2%

Automobile giant Tata Motors Group on Wednesday reported a decline of two per cent in its global wholesales, including Jaguar Land Rover (JLR), during June 2017.

According to the group, its global wholesales declined to 90,966 units over June 2016.

"Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in June 2017 were at 30,241 nos., lowe

NBCC (India) incorporates wholly-owned subsidiary

NBCC (India) said that it has incorporated a wholly-owned subsidiary (WOS) company namely ‘NBCC Environment Engineering’ to carry out the business in the field of Environment and Sustainability. Earlier, the company had incorporated a WOS company namely ‘NBCC International’ to carry out the construction, real estate and project management consultancy business in overseas

Tata Steel offloads its 50% holding in Tata Elastron

Tata Steel has divested its entire 50 per cent stake in Tata Elastron SA to joint venture partner for euro 0.368 million (nearly Rs 2.7 crore), reported PTI. "Tata Steel's entire equity stake in 50 per cent joint venture viz. Tata Elastron SA has been divested to Elastron SA," the company said in a regulatory filing today. Tata Steel said the total consideration from sale is euro

Tata Powers Club Enerji saves 82000 units of energy in Pune

Tata Power on Wednesday said that its nationwide resource and energy conservation movement, Club Enerji, saved 82,116 units of energy in Pune in 2016-17 through primary contact programme. Club Enerji has been constantly spreading awareness about resource conservation across the country, with a strategic focus on national building.

“Continuing with this momentum, in 2016-17, Club

Sensex ends at record close; energy stocks gain

India's main stock indexes closed at their highest ever levels for a third day running on Wednesday, as shares of energy companies such as Reliance Industries Ltd advanced on the back of higher crude prices.

The benchmark BSE Sensex closed up 0.18 percent at 31,804.82 while the broader NSE Nifty ended 0.31 percent higher at 9,816.1.

(Reporting by Arnab Paul; Editing by G

Reliance Jio acknowledges systems breach in police complaint

MUMBAI-

India's Reliance Jio Infocomm Ltd, which is looking into reports of a major leak of user data, has filed a police complaint alleging "unlawful access to its systems," a police officer involved in the investigation said on Wednesday.

The complaint is the telecom company's first official acknowledgement of a s

NCDEX to launch chickpea futures from Friday: sources

India's National Commodity and Derivatives Exchange (NCDEX) will start trading in chickpea futures from Friday, two sources with direct knowledge of the matter told Reuters on Wednesday.

The exchange will initially launch three contracts of chickpea, known locally as chana, said a source, who declined to be named.

Market regulator Securities and Exchange Board of India h

L&T, PTC unveil 'Industry 4.0 Centre of Excellence in India

In a bid to boost Industrial Internet of Things (IoT) in the country, Larsen and Toubro subsidiary L&T Technology Services Limited (LTTS) and US-based computer software company PTC on Wednesday unveiled a Centre of Excellence (CoE) in Bengaluru.

The centre, popularly termed as 'Industry 4.0', will demonstrate digital transformations for companies globally.

Aksh Optifibre bags Jaipur Smart City Project

The shareholders of South Indian Bank approved raising Rs 500 crore debt on private placement basis, reported PTI. At the 89th Annual General Meeting of shareholders, the bank placed resolution "to approve the borrowing/raising funds in Indian/foreign currency by issue of debt securities up to Rs 500 crore on private placement basis." In a regulatory filing, the bank said, "All t

South Indian Bank shareholders approve raising Rs 500 cr

The shareholders of South Indian Bank approved raising Rs 500 crore debt on private placement basis, reported PTI. At the 89th Annual General Meeting of shareholders, the bank placed resolution "to approve the borrowing/raising funds in Indian/foreign currency by issue of debt securities up to Rs 500 crore on private placement basis."

In a regulatory filing, the bank said, &