Infosys to provide IT support to elevator firm Kone

Software major Infosys on Wednesday said leading Finnish elevator-cum-escalator firm Kone had selected it for providing IT support services.

"Our strengths in SAP, systems delivery and automation will strengthen Kone's IT capabilities in application development and maintenance," said the company in a statement here.

The IT major is also setting up a design and

RCom says applies to withdraw towers spin-off plan

MUMBAI  - Reliance Communications said on Wednesday it had applied to a tribunal to withdraw a plan to spin-off its towers business, as a first step towards renegotiating the deal after ending plans to merge its wireless business with a rival.

As part of plans to cut its heavy debt load, RCom hadagreed to sell a 51 percent stake in the tower arm to Canada'sBr

Monsanto posts fourth-quarter profit on demand for corn, soybean seeds

 U.S. seeds and agrochemicals company Monsanto Co, which is being acquired by Germany's Bayer AG, reported a quarterly profit, compared with a year-ago loss, helped by higher demand for corn and soybean seeds.

Net profit attributable to Monsanto was $20 million, or 5 cents per share, in the fourth quarter ended Aug. 31, compared with a loss of $191 million, or 44 cents per sh

Urja Global to set-up AIC with NITI Aayog at Delhi

Urja Global is planning to set up Atal Incubation Center (AIC) with NITI Aayog at Delhi for training the unemployed youths for opening of Urja Kendra at Gram Panchayat level. “The company has submitted a proposal for setting up Atal Incubation Center (AIC) with NITI Aayog at Delhi for training the unemployed youths for opening of Urja Kendra at Gram Panchayat level,” it said in a fi

Government appoints Rajnish Kumar as boss of State Bank of India

MUMBAI - The Indian government on Wednesday appointed Rajnish Kumar chairman of State Bank of India for three years, effective Oct. 7.

Kumar, 59, is one of the bank's four managing directors. He replaces Arundhati Bhattacharya who is due to step down on Friday after being at the helm for four years.

The change comes at a time when SBI, which accounts for

India`s August coal shipments fall 14 percent, government says

NEW DELHI  - Coal shipments handled by major Indian ports in August fell over 14 percent from a year earlier to 9.3 million tonnes, government data showed, as demand for overseas coal declined due to higher domestic production.

The share of coal in cargoes handled at major ports fell to about 18 percent in August from 21 percent a year ago, the data showed, follo

Sensex rises for fourth session; RBI keeps rates steady

Indian shares ended higher for a fourth straight session on Wednesday after the central bank maintained its policy rate but took steps to release more liquidity into the financial system, and as oil refiners rose due to a tax cut on petrol and diesel.

The broader NSE Nifty closed up 0.56 percent at 9,914.90, while the benchmark BSE Sensex ended 0.55 percent higher at 31,671.71.

Gas rescued power plants hit by coal shortage: GAIL

Natural gas - a clean fuel vastly underutilised in India - came to the rescue of power plants recently faced with shortage of coal supplies, an industry leader said on Wednesday.

"Around three weeks back some power plants were suddenly affected by the lack of availability of coal supplies and natural gas could fortunately come to their rescue," state-run gas transmissio

Natco Pharma zooms 20% as partner`s injection gets USFDA nod

Shares of Natco Pharma jumped 20 per cent on the Bombay Stock Exchange after the US Food and Drug Administration granted approval to the drug major's marketing partner Mylan's injection used for treatment of relapsing forms of multiple sclerosis (MS). The approval is granted to Glatiramer Acetate in strengths of 40 mg/ml and 20 mg/ml and the product is substitutable generic version of T

Ambuja Cements secures limestone resource in Rajasthan

Ambuja Cements said that it has secured 200 million tonnes of limestone resource in Rajasthan. The company in a filing to the Bombay Stock Exchange said that it participated in the e-auction tender of 3D1, Harima Pithasar limestone block in Tehsil and District Nagaur in Rajasthan The company has secured an estimated limestone resource of 200 million tonnes at a final bid price of 41.6 per cent

Yes Bank raises Rs 1,500 crore via private placement

Private sector lender Yes Bank said that it has successfully raised Rs 1500 crore of Basel III compliant Tier-II bonds through private placement basis. The date of maturity of bonds is 1 October 2027, the Bank said in a filing to the Bombay Stock Exchange.

Interest offered is 7.8 per cent per annum, it added. Yes Bank's net profit rose 31.9% to Rs 965.52 crore on 21.5% growth in t

U.S. pressing India to avoid capping medical device prices, allow withdrawals

NEW DELHI- The United States is pressing India not to extend price caps on medical devices and wants New Delhi to allow firms to withdraw products from the market if they do not wish to sell at government determined rates, a U.S. trade official told Reuters.

Prime Minister Narendra Modi's government has in recent months slashed prices of medical devices such as kn

Chinese smartphones maker Oppo cleared to open own stores in India

MUMBAI - India has approved smartphones maker Oppo's request to open single-brand retail stores in the country, paving the way for the Chinese firm to sell directly to consumers and add to its existing wholesale business.

The move would help Oppo expand its reach in the world's third-largest smartphones market, where global giants such as Apple Inc have been t

AU Small Finance Bank partners Aditya Birla Health Insurance

AU Small Finance Bank Limited has said that it has entered into an agreement with Aditya Birla Health Insurance Company for Health Insurance Products as Corporate Agent. The Bank has been issued certificate of registration CA0515 under Registration of Corporate Agents - Regulations, 2015 by Insurance Regulatory and Development Authority Of India (IRDAI) and Bank has entered into agreement with

Infosys bags 3 Oracle Excellence Awards

Infosys, a global leader in consulting, technology, outsourcing and next-generation services has said that it has been awarded three Oracle Excellence Awards for expertly delivering solutions based on Oracle technology. Infosys has been awarded the 2017 Oracle Excellence Award for Specialized Partner of the Year under CX Cloud category both globally and in North America.

Infosys earne

Auto companies report robust September sales

Several automobile majors, including Hero MotoCorp, Honda Motorcycle and Scooter India and Mahindra and Mahindra (M&M), on Tuesday reported healthy sales growth for September.

Two-wheeler manufacturer Hero MotoCorp's sales during September surpassed the "seven-lakh-sales-mark" which is the highest for any month. It despatched 720,739 units last month from 674,96

India`s bonds slump after RBI cuts SLR by 50 bps

MUMBAI - India's bonds slumped on Wednesday, sending yield sharply higher, after the Reserve Bank of India (RBI) cut the statutory liquidity ratio, or the amount of bonds banks must set aside with the central bank, by 50 bps to 19.50 percent from mid-October.

The decision, announced at the same time the RBI kept the repo rate unchanged at 6.00 percent, is meant to

India`s Apollo Tyres launches share sale to raise up to $229 million

MUMBAI - India's Apollo Tyres Ltd has launched a share sale to institutions to raise up to 15 billion rupees ($229 million), according to a filing on Tuesday.

The company is selling shares at 238 rupees apiece, a 2.5 percent discount to the closing share market price on Tuesday of 244.15 rupees, according to a separate deal termsheet seen by Reuters.

The

India`s coffee output seen rising 12.3 percent on higher acreage: Board

MUMBAI  - India's coffee output is likely to rise 12.3 percent from a year ago to 350,400 tonnes in 2017/18 due to an expansion in the area under cultivation, the state-run Coffee Board said on Tuesday.

The South Asian country, which is famous as a tea producer, is also the world's No.6 coffee grower, mainly churning out the robusta beans used to make ins

Gatelab becomes approved vendor for BSE

 Financial software company Gatelab -- part of London Stock Exchange Group -- has become an approved provider of risk gateway services for third party clients accessing the Bombay Stock Exchange, the premier bourse said on Tuesday.

The solution enables users to send orders to the Bombay Stock Exchange currency derivatives segment in ultra low latency, if all the pre-trade risk ch

India seeks to raise up to $1.7 billion from state-run reinsurer GIC Re`s IPO

MUMBAI  - State-run reinsurer General Insurance Corp of India's (GIC Re) initial public offering of shares next week seeks to raise as much 113.7 billion rupees ($1.7 billion) in what will be India's second-biggest IPO.

GIC Re set a price range of 855-912 rupees a share for its IPO that will run from Oct. 11-13, according to a public notice on Wednesday.

Power Grid gets shareholder nod to raise up to Rs 20k cr

State-run Power Grid Corp has got shareholders' approval to raise up to Rs 20,000 crore through issuance of non-convertible bonds on private placement basis in the next fiscal. PowerGrid informed BSE that in the AGM of September 19, a special resolution was passed to raise raise funds up to Rs 20,000 crore from domestic market through issuance of secured/ unsecured, non-convertible, noncumu

Coal India`s half-yearly production grows 0.8%, off-take up 8%

Coal India on Tuesday reported that its half-yearly production during the April-September period for the current fiscal grew marginally by 0.8 per cent to 231.87 million tonnes (mt) as compared to about 230.06 mt produced in the year-ago period.

According to the miner's provisional data, it produced 38.77 mt in September only, exceeding the production target of 38.32 mt for the mo

Sensex rises for third session; Tata Motors surges

 Indian shares closed higher for a third straight session on Tuesday as automakers such as Tata Motors Ltd gained on strong monthly sales, while investors shifted their focus to the Reserve Bank of India's policy meeting on Wednesday.

The BSE Sensex rose 0.68 percent to 31,497.38, while the broader NSE Nifty ended 0.72 percent higher at 9,859.50.

Tata Motors shares

Mercedes launches Edition C priced at Rs 42.54 lakh

German luxury carmaker Mercedes- Benz expanded its C-class portfolio with the launch of Edition C sedan, with price starting at Rs 42.54 lakh (ex- showroom), reported PTI. The C 200 Avantgarde Edition C is priced at Rs 42.54 lakh, C 220 d Avantgarde at Rs 43.54 lakh and C 250 d Avantgarde Edition C at Rs 46.87 lakh.

"The C-Class had been a spectacular success story in the Indian