Axis Bank second-quarter profit rises about 36 percent

 Axis Bank Ltd, India's third-biggest private sector lender by assets, said on Tuesday second-quarter net profit jumped by about 36 percent, as provisions for bad loans eased from a year earlier.

Net profit rose to 4.32 billion rupees ($66.56 million) for the quarter ended Sept. 30.

Provisions and contingencies fell about 13 percent to 31.40 billion rupees.

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Wipro second-quarter profit rises 6 percent

 Wipro Ltd , India's third-largest software services exporter, posted a six percent rise in second-quarter profit on Tuesday, helped by an uptick in its banking and financial services segment.

Profit rose to 21.92 billion rupees ($337.5 million) in the three months ended Sept. 30, from 20.67 billion rupees in the same period a year earlier, Wipro said.

Analysts on a

MCX launches India`s first gold options to mark Dhanteras festival

Multi Commodity Exchange (MCX) on Tuesday launched the country's first gold options contract in New Delhi to coincide with the gold-buying festival of Dhanteras.

"Gold Option contract, with Gold (1 Kg) futures as underlying, expiring on Nov. 28, 2017, and Jan. 29, 2018, are made available for trading from today," the exchange said in a statement.

India is the w

RBI sets rupee reference rate at 64.9226 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.9226 against the US dollar and 76.4204 for the euro. The corresponding rates were 64.7603 and 76.3912, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.0354 and 57.87 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Jaitley launches options trading in gold futures in MCX

 India'ss largest commodity exchange MCX on Tuesday launched options trading in gold with Finance Minister Arun Jaitley describing it as one of the steps towards formalising gold trade in the country.

"This marks a very important evolution in trading of the yellow metal itself. It hedges all risks by giving traders the option of futures," Jaitley said after launchin

Nifty ends flat after record high; Axis, Wipro fall

The Nifty ended little changed on Tuesday after hitting a third consecutive high earlier in the day, as investors turned cautious ahead of key corporate results including from Wipro Ltd and Axis Bank LTd.

The Nifty closed up 0.04 percent at a record closing high of 10,234.45. The benchmark Sensex snapped a three-day rally to end down 0.08 percent at 32,609.16.

Axis Bank fell

Cement maker ACC`s September-quarter profit more than doubles

Cement maker ACC Ltd's  quarterly profit more than doubled, beating analysts' expectations, helped by strong cement sales volume growth.

Profit rose to 1.82 billion rupees ($28.0 million) in third quarter ended Sept. 30, from 897.1 million rupees a year earlier.

Cement sales volume rose about 18 percent to 5.96 million tonnes in the quarter.

Sales volu

Investment in infra sector government`s top priority: Subhash Chandra Garg

Economic Affairs Secretary has said that getting investment in the infrastructure sector and bankruptcy reforms are the two issues which are on the top of the government's agenda. Commenting on the issue, Economic Affairs Secretary Subhash Chandra Garg told the media, “The reform in this sector would bring in an state-of-the-art kind of system which works on strict and stringent timel

Exclusive: India likely to stick to deficit target, may step up bank reform - Modi adviser

By Rupam Jain and Manoj Kumar

NEW DELHI  - India is likely to stick to its fiscal deficit target of 3.2 percent of GDP, and may accelerate sales of government stakes in lenders and other companies as part of an effort to recapitalise banks, an adviser to the prime minister said on Tuesday.

Many policy makers in New Delhi, including the head of a governm

British inflation at 5-1/2-year high in September, rate hike on track

By Andy Bruce and Alistair Smout

LONDON  - British inflation rose to its highest level in more than five years in September, official data showed on Tuesday, adding to the likelihood that the Bank of England will raise interest rates next month.

Consumer prices last month were 3.0 percent higher than a year ago, the Office for National Statistics said,

Bajaj Auto Q2 profit falls about 1 percent

 Bajaj Auto Ltd, India's fourth biggest automaker by market capitalisation, on Tuesday reported a 1 percent fall in quarterly profit, in line with analysts' expectations.

Net profit for the quarter ended Sept. 30 came in at 11.12 billion rupees ($171.33 million), compared with 11.23 billion rupees last year.

Analysts, on average, had expected a profit of 11.11 b

Goods under 28% GST slab to be reduced: Hasmukh Adhia

The Indian Government has said that the number of goods in the highest 28 per cent GST slab would be brought down and a committee of officers will calculate the revenue impact before going in for further reduction in tax rates. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, "It is required, the fitment of rates which has happened is mainly based on excise and VAT.

Steel PSUs must finalize and implement all SPVS and JV timely: Minister

Steel Minister Birender Singh has urged the CMDs of PSUs under Ministry of Steel to finalize and implement all SPVs and joint ventures in a time-bound manner. Chairing a brainstorming session with key stakeholders in the Steel industry, the Minister said that the ramping up of modernized units also, has to be completed with all seriousness and commitment within stipulated timelines, he added.

Indian economy to bounce back in Sept qtr: Morgan Stanley

A Morgan Stanley report has said that continued strength in import growth is a reflection of healthy underlying demand trend and an indication that growth recovery is expected to have taken hold in the September quarter. According to the global financial services major, global economic growth is expected to stay positive and accordingly exports are likely to remain supportive going ahead.

FICCI pitches for rate cut as WPI inflation eases

FICCI President, Pankaj Patel has said that we see a moderation in the rate of inflation led by easing of prices in case of food articles. Even the retail inflation numbers released earlier showed some softening in case of food prices. Overall, inflation remains within RBI’s indicative trajectory and this is an encouraging sign. “We feel that there is a need for greater balance in o

India to attract $10 billion investment in food processing sector

 India is expected to attract investment of $10 billion in the food processing sector at the World Food India 2017 event next month, Union Food Processing Industries Minister Harsimrat Kaur Badal said on Monday.

"With World Food India, the country is poised to touch an investment target of roughly $10 billion in the food processing sector, which will generate one million job

Key Indian equity indices trade lower during afternoon session

A day after touching record high levels, the key Indian equity indices went into the red on Tuesday afternoon due to profit booking by the investors.

The 30-scrip Sensitive Index (Sensex) was trading 42.57 points or 0.13 per cent lower during afternoon trade.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading 3.65 points or 0.04 per cent lower at

Clear picture of GST revenue after 3-4 months, says Adhia

Acknowledging that compliance of the Goods and Services Tax (GST) is still low, Revenue Secretary Hasmukh Adhia on Monday said a clear picture of revenue under the new indirect tax regime can be drawn only after three-four months.

"Most of the revenue that has come is in the form of Integrated GST. We will have to wait for 3-4 months for a clearer picture. I haven't been able

Abu Dhabi Investment Authority's unit to invest $1 billion in India's infra fund

MUMBAI  - India's National Investment and Infrastructure Fund (NIIF) on Monday said it signed a $1 billion investment deal with a unit of Abu Dhabi Investment Authority (ADIA) - one of the largest sovereign wealth funds in the world.

NIIF, a quasi-sovereign wealth fund, said ADIA will become the first institutional investor in its master fund.

The c

Global stocks stay buoyant as dollar, bond yields rise

By Marc Jones

LONDON  - World equity markets held close to all-time highs on Tuesday, as investors latched on to rising bets on higher borrowing costs in the U.S. and Britain.

Reports that U.S. President Trump might pick Stanford University economist John Taylor to lead the Fed after Janet Yellen’s term ends next year sent two-year Treasury yields

Punjab approves new business development policy

 Faced with the daunting task of reviving economic and industrial activity in the state, the Punjab Cabinet on Monday approved a new business development policy, paving the way for fixing of industrial power tariff at Rs 5 per unit and a one-time settlement of industrial loans.

Under the new 'Industrial and Business Development Policy-2017', the industrial power tariff is

Odisha invites investment in downstream aluminium sector

In order to promote investments in downstream aluminium sector, the Odisha government on Monday held discussions with over 70 Indian companies and invited them to invest in Odisha's downstream ecosystem.

The Industries Department organised the event here in association with the Confederation of Indian Industry and highlighted the advantages of investing in Angul Aluminium Park, a

U.S., Japan fail to bridge gap on trade in economic talks

WASHINGTON  - The United States and Japan agreed to work together against the rising threat from North Korea but failed to bridge differences on thorny issues of trade during economic talks on Monday, with Tokyo skirting U.S. demands to negotiate a two-way trade deal.

In the second round of bilateral economic dialogues held a month before U.S. President Donald Tr

Bharti Airtel opens Online Store, offers iPhone 7 at Rs 7,777 down

 Bharti Airtel on Monday launched its Online Store that will offer a line-up of premium smartphones with affordable down payments, instant credit verification financing and bundled monthly plans.

iPhone lovers can buy iPhone 7 (32 GB variant) at a down payment of Rs 7,777, with 24 monthly installments of Rs 2,499. 

The monthly installments have a built-in postpaid

Northeast emerging as new start-up spot: Minister

Union Minister of State for Development of the North Eastern Region (DoNER) Jitendra Singh claimed that the area was fast emerging as the new start-up destination for youngsters from all over India, an official statement on Monday.

Due to improvement in connectivity and transport facility in the last two years, coupled with concentrated administrative focus, more and more youngsters a