Sensex rises as lenders rally; RCom gains on debt reprieve

By Tanvi Mehta

 Indian shares hit fresh record highs on Monday as lenders continued their rally, but gains were capped ahead of a central bank policy meeting this week.

The Reserve Bank of India is likely to keep interest rates unchanged at its policy review on Wednesday, but with inflation well

Qatar's dispute with Arab states puts LNG market on edge

By Henning Gloystein and Oleg Vukmanovic

SINGAPORE/LONDON  - Saudi Arabia and key allies on Monday cut ties with Qatar, the world's top seller of liquefied natural gas (LNG), stoking concern over any supply disruptions to neighbouring countries spilling over into global gas markets.

Saudi Arabia, along with the United Arab Emirates and Egypt - both

Reliance Communications shares rise after debt deal with lenders

MUMBAI - Shares in India's Reliance Communications rose as much as 4.6 percent in early trade on Monday after the debt-laden mobile carrier said it won a seven month reprieve from its lenders.

The company, controlled by billionaire Anil Ambani, said on Friday it will receive a "standstill" on debt servicing obligations until December as it works on two d

SpiceJet's Q4 net profit plunges 61%

Budget passenger carrier SpiceJet on Saturday reported a decline of 61.40 per cent in its standalone net profit for the fourth quarter (Q4) of 2016-17, due to demonetisation and increase in fuel cost.

According to the airline, its Q4 net profit declined to Rs 41.63 crore from Rs 107.87 crore during the like period of 2015-16.

The total income from operations during the perio

Russia`s VTB head says all creditors have approved Rosneft-Essar deal

ST PETERSBURG, Russia - All creditors of India's Essar Oil have given their consent for the company's takeover by Russian oil major Rosneft, the head of Russia's VTB bank said on Saturday.

Andrei Kostin, whose bank is acting as advisor on the $12.9 billion acquisition, also said the deal would be closed this month, echoing comments made by the head of

Angul plant will produce steel plates for defence purposes: Jindal

Jindal Steel and Power's (JSPL) Angul factory, the biggest integrated steel plant in Odisha, will produce various types of steel plates and billets which can be can be used for ship building, tank making and other defence purposes, said JSPL chairman Naveen Jindal on Friday.

The 6 million tonne per annum (MTPA) steel-making facility in Angul was made operational on May 27.

Tata Motors` May sales down 4%

Automobile major Tata Motors on Thursday reported that its total sales for last month fell by four per cent to 38,361 units from 40,123 units sold in May 2016.

According to the automobile major, its domestic passenger vehicles decreased by three per cent to 34,461 units from 35,695 units sold in May 2016.

The company's exports last month declined by 12 per cent

Odisha approves JSW Steel`s $7.8 billion steel plant

BHUBANESHWAR, India - Odisha said on Friday it had approved a plan by JSW Steel to set up a 10 million tonnes a year steel plant costing about 500 billion rupees ($7.8 billion).

JSW, which is India's biggest steelmaker by capacity and produces 18 million tonnes a year, has sought 4,500 acres of land which were earlier allotted to South Korea's Posco, Odisha st

GMR infrastructure`s scrip rises 14%, as gross debt falls

 The scrip of global infrastructure conglomerate GMR Infrastructure on Friday surged by 13.71 per cent to Rs 17 on the BSE, after the company reported that its gross debt had fallen to Rs 19,856 crore from Rs 37,480 crore.

On a fiscal 2016-17 consolidated basis, the company reported a net profit (before minority and share of associates) of Rs 8.78 cr

GVK Power to sell 10 percent stake in Bengaluru airport to Fairfax India

Airport operator GVK Power and Infrastructure  on Friday said it will sell 10 percent of its residual stake in Bangalore International Airport Limited (BIAL) in southern India to Fairfax  India Holdings Corp for 12.90 billion rupees ($200.23 million).

GVK would sell its stake, held by its unit Bangalore Airport Infrastructure Developers Private Limited, and the proceeds woul

Sensex, Nifty post record closing high; clock fourth weekly gain

 Indian shares climbed on Friday to post record closing highs and a fourth consecutive weekly gain, with Hero MotoCorp Ltd leading the rise on strong monthly sales data.

The broader NSE Nifty closed up 0.39 percent at 9,653.50, while the benchmark BSE Sensex ended 0.44 percent higher at 31,273.29.

The NSE and BSE indexes gained 0.61 percent and 0.79 percent, respectivel

NSE vice chairman Narain resigns from board - source

MUMBAI  - The former chief executive of the National Stock Exchange (NSE), Ravi Narain, has resigned from its board, an NSE source said on Friday, as regulators examine whether the exchange had provided unfair advantages to some brokers.

Narain's resignation as vice chairman of the board of India's largest exchange is meant to clear any potential obstacle

Air India privatisation very difficult without debt write-off, Panagariya says

NEW DELHI - Privatising state-owned airline Air India will be "very difficult" unless the government writes off at least part of its debts, a senior government economic adviser said on Friday after a top policy panel recommended selling off the carrier.

Loss-making Air India, bailed out in 2012 with $5.8 billion of federal funding, has troubled the governmen

Reliance Communications gets reprieve on its debts until end 2017

By Sankalp Phartiyal and Devidutta Tripathy

MUMBAI - Anil Ambani, chairman of India's Reliance Communications, said on Friday its lenders had agreed to a plan which gives the company a reprieve on its loans until the end of the year, providing a much-needed breathing space.

Once t

Ford India sales up 36% to 23,503 units in May

Ford India has reported 36 per cent jump in total sales to 23,503 units in May this year. The company had sold 17,279 units in the same month of last year, Ford India said in a statement. Domestic sales were up 16.64 per cent to 6,742 units last month as against 5,780 units in May last year, it said.

Exports during the month grew by 45.76 per cent to 16,761 units as compared to 11,499

HMSI sales up 23% in May at 5,37,035 units

Honda Motorcycle and Scooter India (HMSI) has reported 23 per cent increase in total sales at 5,37,035 units in May. It had sold 4,36,328 units in the same month last year.

In the domestic market, sales grew 23 per cent to 5,10,381 units last month as against 4,15,860 units in May 2016, the company said in a statement. Exports grew 30 per cent to 26,654 units in May as against 20,468

Honda Cars India posts 13% increase in domestic sales in May

Honda Cars India Ltd (HCIL) has reported a 13.3 per cent increase in domestic sales at 11,278 units in May. The company had sold 9,954 units in the same month of last year, HCIL said in a statement.

Last month, the company sold 378 units of small car Brio, 1,818 units of premium hatchback Jazz, 1,323 units of compact sedan Amaze and 4,046 units of mid-sized sedan City. The company als

Bharti Airtel receives approval from SEBI for merger with Telenor

Bharti Airtel, India's largest telecommunications services provider, has said that it has received the approval of the Securities Exchange Board of India (SEBI), Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for the proposed scheme of merger between Airtel and Telenor Communications.

“Further, Telenor and Airtel have filed the joint company application before

Hero MotoCorp reports 8.7% growth in sales in May 2017

India's largest two-wheeler maker Hero MotoCorp has said that it has reported 8.7 per cent increase in sales at 6,33,884 units in May. The company had sold 5,83,117 units in May 2016.

“With the arrival of monsoon at some parts of the country and forecast of normal rains this year, the industry is expecting a boost in demand and consumption in the rural markets,” the co

TVS Motor posts sales growth of 16% in May 2017

TVS Motor Company has said that it has posted a sales growth of 16 per cent during the month of May 2017, with total sales increasing from 243,783 units recorded in the month of May 2016 to 282,007 units in the month of May 2017.

The total two-wheeler sales increased by 15.6 per cent from 238,320 units recorded in May 2016 to 275,426 units in May 2017. Domestic two-wheeler sales grew

Syndicate Bank to raise Rs 3,500 cr by selling equity

Syndicate Bank plans to raise Rs 3,500 crore via equity dilution including follow on public offer or rights issue, reported PTI.

The bank will seek permission of shareholders at the annual general meeting to be held later this month.

It has to obtain "approval of the shareholders for the capital issue of the bank for an aggregate amount not exceeding Rs 3,500 crore by w

Auto companies post mixed sales figures for May

Automobile companies on Thursday came out with mixed sales figures for last month.

According to Angel Broking, the May sales figures have given mixed signals, while tractors' off-take remained a bright area. However commercial vehicle sales numbers remained subdued due to transition to the BS IV standards. 

On a company specific basis, automobile major Mar

Sensex scales new peaks; Bharti Airtel leads

By Krishna V Kurup

 Indian shares climbed to fresh highs on Friday, heading for a fourth consecutive week of gains tracking upbeat Asian markets, with automakers such as TVS Motor Co Ltd  riding high on robust monthly sales data.

Asian markets rose to their best levels in more than two years

FINRA suspends ex-Morgan Stanley trader for Venezuelan bond deals

The Financial Industry Regulatory Authority (FINRA) said on Thursday it barred John Batista Bocchino, a former Morgan Stanley representative, for concealing around $190 million in Venezuelan bond trades from the firm, which had restricted such trading.

Morgan Stanley had restricted trading in Venezuelan bonds due to regulatory and anti-money laundering concerns as well as risks to its

Chennai Petroleum shuts diesel unit at 210,000-bpd refinery - sources

NEW DELHI - Chennai Petroleum Corp Ltd has shut a 1.8-million-tonne-per-year diesel hydro desulphurisation (DHDS) unit at its 210,000-barrel-per-day refinery at Manali in Tamil Nadu for revamp, people familiar with the plan said on Thursday.

The company has shut the unit to enhance its capacity to 2.3 million tonnes a year and boost production of Euro IV-compliant fue