PMO discusses ways to involve private players in government housing schemes

Prime Minister's Principal Secretary Nripendra Misra on Saturday chaired a meet to discuss ways to involve private real estate developers in the government's ambitious 'Housing-for-all by 2022' scheme.  The meeting also discussed how the benefits of the interest subsidy on affordable housing could reach the prospective home buyers at the earliest, informed sources said. &nb

Mallya's famed 'Kingfisher Villa' sold for Rs 73 cr

A luxurious beach front villa in Goa owned by absconding liquor baron Vijay Mallya has been sold to Bollywood and South Indian film actor Sachiin Joshi, by a group of banks led by State Bank Of India, official sources said here on Saturday.

The property, known as the 'Kingfisher Villa', is situated on the picturesque Candolim Beach, a tourist hotspot.

It had earlier

Demand may lead to an upward price trajectory in tea: ICRA

With anticipated supply side issues in Sri Lanka and Kenya, tea realisations in the current year are expected to remain buoyant following higher demand for tea, ratings agency ICRA said on Friday.

"Initial weather forecasts indicate lower rainfall in Kenya during the first quarter of 2017, which is likely to impact production from the region. Since Kenya is the largest exporter o

Export of unsold BS-III vehicles suitable option: ICRA

Export of unsold BS-III commercial vehicles is the most suitable option for the manufacturers with a sizeable inventory following the Supreme Court ban on sale and registration of these vehicles after April 1, 2017, rating agency ICRA said on Friday.

"CV (commercial vehicle) OEMs (original equipment manufacturers) are now sitting on sizeable stock of unsold inventory, which is wo

Indian energy firms to raise $1 bln through masala bonds in United Kingdom

NEW DELHI  - Indian energy companies including state-run NTPC Ltd and Rural Electrification Corp Ltd will raise about $1 billion through bonds in the United Kingdom this fiscal year ending March 2018, power minister Piyush Goyal said on Friday.

(Reporting by Sudarshan Varadhan; Editing by Sherry Jacob-Phillips)

Softbank-backed Ola ramps up electric vehicles push in India

NEW DELHI  - Indian ride-hailing firm Ola, backed by Japan's Softbank Group, is preparing for a large-scale rollout of electric vehicles by next year even as it runs trials on the viability of the business model, Chief Executive Bhavish Aggarwal said.

Ola will pilot a few thousand electric vehicles in several Indian cities this year and, "after that we w

Essar Oil reports 75% increase in retail sales in 2016-17

Essar Oil, India's second largest private oil refiner, on Friday reported robust growth across its refining and retail functions in 2016-17 with a 75 per cent increase in sales.

"Retail sales went up by 75 per cent to 2.8 million KL (kiloliters) in 2016-17 from 1.6 million KL in 2015-16. The refinery throughput grew by almost 10 per cent to 20.95 million tonnes, compared to 1

Weak global cues subdue Indian equities

 Weak global cues and heavy selling pressure in banking, healthcare and metal stocks pulled the Indian equity markets lower on Friday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) broke the important 9,200 mark and fell by 63.65 points or 0.69 per cent to 9,198.30 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,850

Reliance Capital raises NCD issuance limit by Rs 3,000 Crore

Reliance Capital has increased the limit on issuance of non-convertible debentures (NCDs) to raise funds by Rs 3,000 crore. The board of directors today decided to hike the limit for NCD issues on private placement basis by an amount of Rs 3,000 crore, Reliance Capital said in a regulatory filing.

With this, the overall borrowing limits under NCDs stands increased to up to Rs 18,000 c

Alembic Pharma gets USFDA nod for generic antidepressant drug

Drug maker, Alembic Pharmaceuticals said that it has received approval from US Food and Drug Administration (USFDA) for it ANDA for Fluoxetine Hydrochloride Tablets. The approved ANDA is therapeutically equivalent to the reference listed drug product Prozac Tablets, 10 mg and 20 mg, of Eli Lilly and Company, the company said in a BSE filing. Fluoxetine Hydrochloride Tablets are indicated for th

TRAI advices Reliance Jio to withdraw Summer Surprise offer

Reliance Industries on Thursday said that the Telecom Regulatory Authority of India (TRAI) has advised Reliance Jio to withdraw the 3 months complimentary benefits of Jio Summer Surprise.

On March 31, Jio announced its Jio Summer Surprise offer. Under Jio Summer Surprise, all Jio Prime members making their first recharge payment of Rs 303 (or higher) plans got 3 months complimentary s

Samsung brings Galaxy C7 Pro for Rs 27,990 to India

Targeting millennials who are constantly looking for powerful devices, Samsung India on Friday launched its latest smartphone Galaxy C7 Pro which will be sold exclusively on Amazon India from April 11.

Priced at Rs 27,990, Galaxy C7 Pro features 2.5D Gorilla Glass and sports a 5.7-inch, full-HD Super AMOLED display. 

"Galaxy C7 Pro is a slim and stunning device whi

ONGC sees its gas output hitting 5-year high in fiscal 2018, sources say

By Promit Mukherjee

MUMBAI  - Oil and Natural Gas Corp expects its natural gas production to reach a 5-year high in the current fiscal year following the start-up in coming weeks of a long-delayed project in the Arabian Sea, two senior company executives said.

State-owned ONGC, which accounts for about two-thirds of India's total natural gas product

Indian state-run companies mull daily fuel price change - report

MUMBAI - India's state-run oil marketing companies, which control over 90 percent of the retail fuel market in the country, are mulling a plan that would allow daily changes in the price of automotive fuels, Economic Times reported on Friday.

State-owned and India's biggest oil marketing company Indian Oil Corp Ltd and its two smaller peers Bharat Petroleum an

Airtel sacks VP for code of conduct violation

Telecom service provider Bharti Airtel on Thursday said it has sacked Pallab Mitra, Vice President and Head, Alliances for allegedly violating the code of conduct.

In a letter to the employees, the company said: "All employees are hereby advised that the company has terminated the services of Pallab Mitra, Vice-President and Head -- Alliance, with immediate effect for violation o

Tata Motors bags order for 500 buses from Ivory Coast

Tata Motors on Thursday said it has bagged an order for 500 next-generation low-floor urban city buses from the Ivory Coast.

According to the company, as part of the order, it has delivered 117 buses to the SOTRA - Abidjan transport company. 

"Built on Tata Motors next-generation HCV (heavy commercial vehicle) bus platform, the Tata LPO 1924 RESLF Abidjan's nex

Indian equities trade lower on weak global cues

Weak global cues and heavy selling pressure in healthcare, banking and consumer durables stocks pulled the Indian equity markets lower on Friday.

Even a strong rupee and healthy macro-economic data failed to uplift investors' sentiments and the key indices traded in the red during the mid-afternoon trade session.

Data released after market hours on Thursday showed that I

Jindal Steel declares force majeure on Australian mine

By Manolo Serapio Jr and Neha Dasgupta

MANILA/NEW DELHI - India's Jindal Steel and Power suspended operations at its coking coal mine in Australia last month due to heavy rains caused by Cyclone Debbie, forcing it to declare force majeure, its chief executive said on Thursday.

That makes Jindal Steel, one of India's biggest steelmakers, the sixth min

Tata Power generates 51K MUs of power for first time in FY17

Private player Tata Power today said electricity generation from all its plants collectively crossed 51,000 Million Units (MUs) in 2016-17. It also reported significant increase of 15.2 per cent in output, with its total power generation capacity at 10,577 MW from various fuel sources such as thermal, hydroelectric power, renewable energy (wind and solar PV) and waste heat recovery.


Toyota Kirloskar recalls 23,157 Corolla Altis

Car maker Toyota Kirloskar Motor on Thursday said it is recalling 23,157 units of Corolla Altis over their faulty airbags.

"23,157 units of Corolla Altis manufactured between January 2010 to December 2012 are affected," a company spokesperson told IANS.

The airbag vendor is Tataka Corporation and there is no impact on any other model as of now, the official added.<

Indian equities recover marginally as RBI maintains status quo

 Indian equity markets on Thursday recovered marginally after the Reserve Bank of India (RBI) maintained status quo on interest rates in its first bi-monthly monetary policy review of the 2017-18 fiscal.

Negative global cues and heavy selling pressure in consumer durables, healthcare and FMCG sectors hampered investors' sentiments and the key indices provisionally closed the

JSW Steel lines up $1 billion war chest for acquisitions, mines

By Krishna N. Das

NEW DELHI  - India's biggest steelmaker JSW Steel said it could spend up to $1 billion on capacity expansion or acquisitions this fiscal year, and will bid for iron ore and coking coal mines in upcoming auctions to secure raw material supplies.

Unlike its nearest rivals Steel Authority of India Ltd and Tata Steel Ltd, JSW does not

Airtel doubles mobile sites in two years

Bharti Airtel has doubled its mobile network deployment to 180,000 sites over the past two years in line with its objective of building a future-ready network, a company said on Thursday.

"In the last two years (2015-16 and 2016-17), Airtel has deployed 180,000 mobile sites across India. This is same as the number of towers deployed by the company in the first 20 years of operati

JSPL posts strong production & sales in FY`17

Jindal Steel and Power Limited (JSPL), India’s leading Steel and Power major, has registered highest ever production and sales in financial year 2016-17, despite the challenging times faced by the Global Steel Industry during last year. “JSPL clocked production and sales of over 4.8 million tonnes in FY 2016-17,” said the company in a filing to the Bombay Stock Exchange.

Power Finance Corporation transfers subsidiary to Kalpataru Power

Power Finance Corporation Limited has said that its wholly owned subsidiary, PFC Consulting Limited has transferred Kohima-Mariani Transmission Limited, its wholly owned subsidiary Company established for development of Independent Transmission Project ‘North Eastern Region Strengthening Scheme (NERSS-VI)' to M/s Kalpataru Power Transmission Limited on March 31, 2017. PFC presently ha