India to use regional-based model to consolidate public-sector banks - official

HONG KONG  - India plans to adopt a regional-based model for consolidating its bloated public-sector banks, the chairman of its Banks Board Bureau said on Tuesday.

"We have to plan a model for consolidation which will be region-based so that we have a few strong banks in the west, north, south and east," Vinod Rai said. "That will also avoid branch

Cairn India-Vedanta merger: All approval in place barring RBI

Vedanta Ltd said it has received all approvals for its merger with Cairn India barring the RBI nod for issuing redeemable preference shares to the non-resident shareholders of the oil producer, reported PTI. "The company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Ltd and Cairn India Ltd, and their respective shareholders and credito

India beat Australia to win series

India defeated Australia by eight wickets in the fourth and final Test at the Himachal Pradesh Cricket Association (HPCA) Stadium here on Tuesday.

India have thus clinched the series 2-1 to regain the Border-Gavaskar Trophy.

Lokesh Rahul hit a half-century and guided the hosts to victory along with stand-in captain Ajinkya Rahane after the early departure of Murali Vijay and

India, Vietnam to strengthen bilateral relations via cinema

Collaboration in the field of films, broadcasting and information dissemination would strengthen the ties between India and Vietnam, said M Venkaiah Naidu, Minister for Information & Broadcasting. During meeting with Vietnamese delegation led by Minister of Information and Communications, Government of Vietnam Truong Minh Tuan, Naidu said that, “Cooperation in the field of institution

India imposes 10 percent import duty on wheat - TV

NEW DELHI  - India has imposed 10 percent import duty on wheat, CNBC-TV18 news channel reported on Tuesday without citing sources, reinstating the tariff after a gap of nearly four month following big purchases from overseas in recent months.

India, the world's second-biggest wheat producer, lowered the import tax on the grain to 10 percent from 25 percent la

New India Assurance looking for merchant bankers to manage IPO

New India Assurance Company is looking for merchant bankers to manage its disinvestment through an initial public offer (IPO), according to the PTI report. Within a week of PSU reinsurer General Insurance Corporation (GIC Re) floating an RFP for merchant bankers, the New India Assurance (NIA) has asked bankers to submit their bids by April 19. "The size of IPO offer and structure shall be

Government to tweak norms to deal with unruly fliers: Reports

The Indian Government has said that it is planning to tweak the norms to deal with unruly fliers as it looks to provide more clarity on regulatory powers amid debate on airlines barring an MP from flying for assaulting an Air India staff. As per reports, while aviation regulator DGCA has guidelines in place to deal with unruly passengers, there is no specific mention about the possibility of ba

Indian debt, FX markets closed on Tuesday for bank holiday

MUMBAI - India's debt and currency markets are closed on Tuesday for a public holiday. Trading will resume on Wednesday. Stock market, however, is open.

On Monday, the rupee strengthened to 65.0350/0450 per dollar from its previous close of 65.4050/4150, after earlier strengthening to as much as 65.01, the strongest since October 2015.

The benchmark 10-y

Vedanta's Agawal says happy with his 13 percent of Anglo American

NEW DELHI - Indian billionaire Anil Agarwal said on Monday he was happy with his personal 13 percent stake in mining company Anglo American and was just planning to keep it as an investment for now.

"I got the opportunity to take 13 percent share of that company because I also believe that India and Africa go hand in hand," Agarwal told a business summit.

26 companies want to collaborate with India Post Payments Bank

Communications Minister Manoj Sinha on Monday said 26 banking and non-banking companies have shown interest to collaborate with India Post Payments Bank.

"The Department is in various stages of discussions with them. A decision on formal partnerships will be taken after carefully evaluating the entire value proposition they propose for the common man," Sinha said in a reply

Rupee strengthens by 33 paise against dollar

The Indian Rupee were trading higher with substantial gain against the greenback on Monday amid sustained selling of dollar by banks and exporters, while fresh fund inflows amid hopes of aggressive policy reforms following BJP’s strong win in the recently-concluded State elections also boosted rupee’s rally.

At the Interbank Foreign Exchange Market, the local currency was

Arun Jaitley paves way for landmark tax reforms

By Manoj Kumar

NEW DELHI  - India's finance minister Arun Jaitley paved the way for landmark tax reforms on Monday, introducing four bills on the goods and services tax (GST) in the lower house of parliament.

The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform the government has un

India take 32-run lead vs Australia at lunch on Day Three

India were bowled out for 332 at lunch, taking a crucial 32- run lead in their first innings on the third day of the fourth and final cricket Test against Australia here on Monday.

Resuming the day at 248/6, overnight batsmen Ravindra Jadeja (63) and Wriddhiman Saha (31) added 69-runs before the former was dismissed by pacer Pat Cummins in 113th over.

Cummins bowled a wide l

India's Motherson Sumi buys Finland's PKC Group for $619 million

Indian auto parts maker Motherson Sumi Systems Ltd (MSSL) said on Monday it had completed the buyout of Finland's PKC Group for 571 million euros ($619.4 million).

Motherson is now the controlling shareholder of PKC Group, holding 93.75 percent of PKC's outstanding shares and stock options. (

"There is a great synergy between MSSL & PKC

'India's media industry got Rs 19k cr in FDI in 15 years'

India's media industry received about Rs 19,197.30 crore in FDI from April 2000 to February 2015, amounting to about 10 per cent of the industry's size, according to a new book called "India's Changing Media Landscape", reported PTI. The book analyses the emerging trends of the media industry in the country after it was opened up for foreign investment and the economic lib

Indian equities subdued on negative global cues

Negative global cues subdued the Indian equity markets during the mid-afternoon trade session on Monday.

The global markets were spooked as US President Donald Trump's failure to overturn his predecessor's healthcare reforms increased concerns over his ability to implement economic policies.

Following this, the US futures markets and the dollar, as well as the Asian

Awareness about digital transactions must for cashless economy

Financial literacy and awareness about digital transactions is paramount in rural India to make the cashless economy a reality, executives of mobile wallet-provider services said here at a panel discussion.

In the on-going three-day tech festival at IIT Roorkee, the panel discussed the effects of demonetisation, use of mobile wallets and digital transactions in rural India.

EU recommends suspending hundreds of drugs tested by Indian firm

LONDON - Europe's medicines regulator has recommended the suspension of more than 300 generic drug approvals and drug applications due to "unreliable" tests conducted by Indian contract research firm Micro Therapeutic Research Labs.

The decision, announced by the European Medicines Agency (EMA) on its website, is the latest blow for India's drug-test

SBI to initiate IPO offer of its life insurance arm

India's largest lender, the State Bank of India on Friday said it would initiate the process for selling 10 percent of its shares in its life insurance arm through an initial public offering (IPO).

According to a regulatory filing, the executive committee of the SBI's central board has accorded in-principle approval to "initiate process for offer for sale of 10 perce

'Indian chemical industry to surge to $226 bn in three years'

The Indian chemical industry is expected to surge to $226 billion by 2020, up by nearly 35 percent from $147 billion in 2015, Commerce Minister Nirmala Sitharaman said here on Friday.

Though exports have declined to 7.8 percent from $12.66 billion in 2014-2015 to $11.67 billion in 2015-2016 in value terms, in terms of volumes, they notched a remarkable growth of 7.51 percent from 52.9

Bharat Forge divests 23% stake in Alstom

Indian multinational Bharat Forge on Friday announced divesting 23 per cent of its equity stake in the power equipment joint venture (JV) with French multinational Alstom.

"The company has divested 23 per cent of its shareholding in power equipment JV with GE (erstwhile Alstom)-Alstom Bharat Forge Power Ltd (ABFPL)," said the city-based manufacturing behemoth in a regulatory

EXCLUSIVE: Short of track, Indian Railways eyes private suppliers in blow to state steel firm

By Neha Dasgupta and Tommy Wilkes

NEW DELHI - Indian Railways is considering ending state-owned Steel Authority of India Ltd's (SAIL) virtual monopoly on supplying steel for standard rail tracks, opening up annual purchases worth up to $700 million to the private sector, people close to the matter told Reuters.

The vast state rail operator is undergoing

India's market regulator accuses Reliance of wrongful share trading

By Rafael Nam and Devidutta Tripathy

MUMBAI  - India's market regulator accused Reliance Industries  on Friday of having committed a "fraud" in taking a short trading position at the time of selling a stake in a subsidiary in 2007, ordering it to surrender 4.5 billion rupees ($69 million) plus interest in "unlawful gains".


India could join Asian nations in procuring LNG - oil minister

NEW DELHI  - India does not rule out the possibility of joining China, Japan and Korea to jointly buy liquefied natural gas (LNG) as part of efforts to extract better deals, Oil Minister Dharmendra Pradhan said on Friday.

Pradhan said the market was gradually becoming more consumer-centric.

The world's biggest liquefied natural gas (LNG) buyers, all

Rupee gains 09 paise against US dollar

The Indian Rupee extended gain against the greenback on Friday amid sustained selling of dollar by banks and exporters, while fresh fund inflows amid hopes of aggressive policy reforms following BJP’s strong win in the recently-concluded State elections also boosted rupee’s rally. Further, bullish trade across equity market also boosted home currency’s movement.