NCLT admits SBI`s insolvency application against Electrosteel Steels

The Kolkata bench of the National Company Law Tribunal (NCLT) on Friday issued an interim order admitting State Bank of India's (SBI) insolvency application against the city based Electrosteel Steels Limited for initiating the corporate insolvency resolution process.

"The petition filed by the Financial Creditor (in the case SBI) under section 7 of the Insolvency & Bankru

My data an extension of my personality and resides in Article 21, Centre to SC

The Centre on Friday told the Supreme Court that the data belonging to an individual was intimate to and an extension of one's personality that resides in Article 21 of the Constitution guaranteeing protection of life and personal liberty.

"Data is an extension of my personality, footsteps of my life and intimate to me and resides in Article 21. Data is an extension of my per

India to quiz Philip Morris on marketing of Marlboro

By Aditya Kalra

NEW DELHI  - India plans to seek an explanation from Philip Morris International Inc about its marketing practices after Reuters reported that the tobacco giant used tactics that government officials say flout the country's law, a health ministry official said on Friday.

Philip Morris advertises Marlboro cigarettes, the world’s

Reliance rattles Indian telcos again by unveiling 'free' 4G phone

By Promit Mukherjee and Sankalp Phartiyal

MUMBAI - India's disruptive new mobile entrant Reliance Jio, backed by the country's richest man Mukesh Ambani, unveiled a low-cost 4G-enabled phone on Friday to woo tens of millions of new customers, further destabilising established telecoms players.

Jio has enjoyed a meteoric rise since its launch a year a

Carlyle affiliate to buy 26 percent in State Bank of India credit cards JVs

  An affiliate of buyout firm Carlyle will buy a 26 percent stake in each of two credit card joint ventures of State Bank of India, the top Indian lender said on Friday.

After GE Capital, SBI's partner in the two joint ventures -- SBI Cards & Payment Services Ltd and GE Capital Business Process Managament Services Ltd -- decided to exit the businesses as part of a global

Next GST Council meet may review rates on textiles, hybrid cars: CBEC

Central Board of Excise and Customs Chairperson Vanaja Sarna on Friday said the next Goods and Services Tax (GST) Council meet, scheduled on August 5, is likely to review the tax rates on textiles and hybrid cars.

"August 5 is still a little away. Different issues will be coming to the table. Things that have been brought to our notice, may be on the rules and the implementa

Bajaj Auto exec says alliance around the corner

MUMBAI  - Bajaj Auto  is close to forming an alliance but the name of the other party would be announced once the formalities were completed, Chief Financial Officer Kevin D'sa told analysts at a post-earnings call on Friday.

The comment, initially made at Bajaj Auto's annual meeting late on Thursday, sparked speculation in local media that the India

SNL Bearings standalone Quarterly Result net profit up 20.61% at Rs 1.58 cr

Net sales of the company rose moderately by 18.11 per cent at Rs 8.87 crore for the quarter ended June 30, 2017 as against Rs 7.51 crore in the corresponding period last year. During Apr-Jun quarter, operating expenses increased by 23.84 per cent to Rs 6.70 crore from Rs 5.41 in year ago period. Other Income grew by 0.00 per cent at Rs 0.02 crore versus (Jun'16 Rs 0.02 crore).

Ope

Tinplate standalone Quarterly Result net profit zooms 619.39% at Rs 14.10 cr

Net sales of the company rose substantially by 47.01 per cent at Rs 231.44 crore for the quarter ended June 30, 2017 as against Rs 157.43 crore in the corresponding period last year. During Apr-Jun quarter, operating expenses increased by 41.80 per cent to Rs 203.92 crore from Rs 143.81 in year ago period. Other Income grew by 9.27 per cent at Rs 5.07 crore versus (Jun'16 Rs 4.64 crore).

DHFL standalone Quarterly Result net profit up 29.33% at Rs 260.48 cr

Net sales of the company rose substantially by 22.89 per cent at Rs 2,406.58 crore for the quarter ended June 30, 2017 as against Rs 1,958.28 crore in the corresponding period last year. During Apr-Jun quarter, operating expenses increased by 33.70 per cent to Rs 233.56 crore from Rs 174.69 in year ago period.

Other Income grew by 15.38 per cent at Rs 1.20 crore versus (Jun'16 Rs

Airtel, Idea plunge on RIL`s JioPhone announcement

Stocks of telecom operators Bharti Airtel and Idea Cellular tumbled after industrialist Mukesh Ambani-led Reliance Industries (RIL) on Friday announced the launch of the JioPhone 'intelligent smartphone'.

Around 1.15 p.m., the scrip of telecom major Bharti Airtel fell by 3.22 per cent to Rs 406.25 on the BSE.

Similarly, shares of Idea Cellular dipped by 6.6

Sensex rises; Reliance Industries hits 9-1/2-year high on Jio, results

Key Indian equity market indices opened flat on Friday following global cues.

The 30-scrip Sensitive Index (Sensex) was trading 42.08 points or 0.13 per cent higher during the early session.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 17.45 points or 0.18 per cent higher at 9,890.75 points.

The BSE Sensex, which ope

Ashok Leyland first-quarter profit falls about 62 percent

Ashok Leyland Ltd posted a sharper-than-expected 61.7 percent fall in quarterly profit on Friday as the commercial vehicle manufacturer recorded an exchange loss on swap contracts.

Profit was 1.11 billion rupees ($17.26 million) in its fiscal first quarter ended June 30, compared with 2.91 billion rupees a year earlier, the company said.

Analysts on average had expected a pr

Reliance unveils "zero cost" 4G phone, aims to further disrupt Indian telecoms

MUMBAI - Reliance Industries launched on Friday a keenly anticipated phone with 4G-enabled features that it said will be "zero cost", in a move aimed at further disrupting the country's highly competitive telecoms sector.

Through the new phone, India's most valuable company is attempting to woo tens of millions of low-income users to its upstart tele

Reliance Nippon Life logs 8% premium growth

 Private life insurer Reliance Nippon Life Insurance Company Ltd on Friday said it closed the first quarter with eight per cent growth in its premium income.

In a statement issued here the company said it has earned a total premium (net of reinsurance premium) of Rs 700 crore for the quarter ended June 30.

The company - a subsidiary of Reliance Capital Ltd - h

Crisil reviews Inox Wind`s bank facilities rating

Inox Wind has said that CRISIL Limited (CRISIL) has reviewed its ratings on the bank facilities of the company. “The rating action follows the initiation of insolvency proceedings against the Company in National Company Law Tribunal (NCLT), Chandigarh Bench in the matter of Jeena & Co. V/s Inox Wind Limited.

As already intimated, the Company has filed an appeal against the o

ABB India`s Q2 net profit up 35%

Industrial technology major ABB India on Thursday reported an increase of 34.90 per cent in its net profit for the second quarter (Q2) of 2017.

According to the company, its net profit for Q2 increased to Rs 75.06 crore from Rs 55.64 crore reported for the corresponding period of 2016.

The company revealed that it had received orders worth Rs 2,301 crore during the second qu

The debt threat lurking behind India`s zombie power plants

MUMBAI - In the central Indian village of Raikheda, the construction of a thermal coal power plant once promised jobs and economic progress.

Years after its completion though, the debt-saddled project that promised power supply to hundreds of thousands of homes, sits mostly idle. It is unable to buy coal to power the plant or sell electricity to utilities. Dozens of n

Paytm aims to sell gold worth $200 million this year

By Nivedita Bhattacharjee and Sankalp Phartiyal

BENGALURU/MUMBAI  - Paytm plans to sell 5 tonnes of gold valued around $200 million this year, the digital payments firm said on Friday, as it strives to develop a viable business from its e-wallet platform.

E-wallets like Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wal

RIL Quarterly Result standalone net up 9% at Rs 8,196 cr on petchem gains

Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday posted a healthy 9 per cent rise in its standalone net profit for the first quarter ended June at Rs 8,196 crore on the back of higher margins from its petrochemicals business and a one-time gain.

The company had registered a standalone net profit of Rs 7,548 crore during the April-June quarter a year ago. The standalone figu

Wipro to buy back shares worth Rs 11,000 crore

 Global software major Wipro Ltd on Thursday proposed to buy back nearly 344 million shares of Rs 2 face value for Rs 11,000 crore ($1.7 billion) at Rs 320 ($4.95) per share.

"The board of directors approved a buyback proposal for purchase of 343.75 equity shares of Rs 2 each, representing 7.06 per cent of equity capital, from the company's shareholders on a proport

KPMG India to merge BMR`s M&A and risk consulting businesses

Professional services firm KPMG in India on Thursday said that it will merge the transactions (M&A) and risk consulting businesses of BMR.

According to the company, the merger will combine the strengths of both the organisations across corporate finance, transactions tax, transaction support and risk consulting businesses.

"The combined domain expertise of the two f

SEBI tweaks rules on foreign purchases of rupee corporate debt

MUMBAI - India's market regulator said on Thursday foreign investors would be allowed to buy rupee-denominated corporate debt on tap until they reach 95 percent of the 2.44 trillion rupees ($37.87 billion) allocated to them.

Once that 95 percent limit is reached, however, custodians must halt any foreign investors orders, and the remainder would be sold off under

RIL to invest $25 mn in innovation incubator in Israel

Mukesh Ambani-led Reliance Industries (RIL) on Thursday announced it will invest $25 million in a technology incubator -- the Jerusalem Innovation Incubator (JII) -- which will reinvest in early stage start-ups working in the areas of artificial intelligence (AI), financial technology and Internet of Things (IoT).

"The Board of Directors has approved to set up and invest in a tec

Eurofins Scientific to acquire Tata`s Advinus Therapeutics

Tata Industries on Thursday said that laboratory testing major Eurofins Scientific will acquire its preclinical contract research company Advinus Therapeutics.

"Tata Sons, Tata Industries and Rallis India announced today that they, along with individual shareholders of Advinus Therapeutics (Advinus), have signed a definitive agreement with Eurofins Scientific (Eurofins) for Eurof