Saudi Aramco to meet customer demand for crude in India, SE Asia in August - sources

NEW DELHI/SINGAPORE  - State oil giant Saudi Aramco will meet customers' full crude oil requirement in India and southeast Asia in August, two sources with knowledge of the matter said on Tuesday.

"There is no (supply) cut" even for heavier grades such as Arab Medium and Heavy crude, one of the sources said.

(Reporting by Nidhi Verma and F

JNPTs container handling rise 5% in Q1

Country's largest container port JNPT said that it has registered a 5.11 per cent growth in cargo handling for the April-June period at 1.20 million standard units. The port, located off the eastern waterfront of the financial capital, handled 1.20 million TEUs or standard container units as against 1.14 million TEUs in the same period last year, it said in a statement. Of the three termina

Tata Steel commissions its 1st 3 MW solar power plant at Noamundi

Tata Steel’s Noamundi mine became the country's first iron-ore mine to have solar plant for reducing carbon footprint. "With due consideration towards Tata Steel’s initiatives towards reducing carbon footprint, a three MW solar photovoltaic(PV) power plant has been commissioned at Noamundi and this is the first solar power plant in any iron-ore mine in the country," Ta

Uber completes 2 mn 'uberMOTO' trips in India

Cab-hailing service Uber's bike-sharing service 'uberMOTO' has completed two million trips in India, with a female rider in Gurugram taking the highest number of rides, accounting for 1,393 trips in one year.

"uberMOTO gives riders the option to book a motorbike ride through the Uber app, a mode of transport that has long been the preferred way to get around citi

IndusInd Bank first-quarter profit rises 27 percent; interest income up

IndusInd Bank Ltd posted a nearly 27 percent increase in quarterly net profit, helped by higher interest income.

Net profit was 8.37 billion rupees ($129.73 million) in its fiscal first quarter ended June 30, compared with 6.61 billion rupees a year earlier, the sixth-largest Indian private sector lender by assets said on Tuesday. 

Interest earned by the company rose ab

As GST kicks in, concerns about core inflation rise

MUMBAI/NEW DELHI  - Indians have started paying more for items ranging from movie tickets to cholesterol tests, thanks to the new goods and services tax, and that raises the prospect the central bank will grow more cautious about cutting interest rates deeply.

Increases in charges for services, if sustained, threaten to push up core inflation, which excludes food

Supreme Court suspends ban on trade in cattle for slaughter

The Supreme Court suspended on Tuesday a government ban on the trade of cattle for slaughter, a boost for the multi-billion dollar beef and leather industries mostly run by members of the Muslim minority.

Prime Minister Narendra Modi's Hindu nationalist government in May decreed that markets could only trade cattle for agricultural purposes, such as ploughing and dairy production,

Dry spell threatens Indian summer crops, could raise farmers woes

MUMBAI - Farmers in India run the risk of planting too much, too fast in the current monsoon season as an unexpected dry spell starts to wilt summer-sown crops, raising fears of lower yields and potentially forcing some farmers to re-sow crops.

Lower yields or crop failure will increase discontent among farmers that has triggered protests in the big agrarian states in

IOC, LanzaTech sign deal to build off gas-to-bioethanol unit

Government-owned Indian Oil Corporation Limited (Indian Oil) and LanzaTech, carbon recycling company, have signed a statement of intent to construct the world's first refinery off gas-to-bioethanol production facility in India at an investment of Rs 350 crore. LanzaTech has developed a gas fermentation process to make fuels and chemicals. Instead of sugars and yeast, the company uses a biol

City Union Bank inaugurates new branch in Tamil Nadu

City Union Bank said that it has inaugurated its 551st branch located at Villapuram, Madurai in state of Tamil Nadu on July 10, 2017. City Union Bank offers a suite of products across deposits, loans, investment solutions, payments and cards and the Bank also offers services, such as internet banking, mobile banking, including online funds transfer and fixed deposit operations. Meanwhile, share

Flipkart to make revised offer for Snapdeal this week

Flipkart is expected to make a revised offer in the next few days for buying Snapdeal, after its first proposal of USD 850 million was rejected by the Board of the smaller rival, reported PTI. The new offer is likely to be closer to USD 1 billion mark, which was the initial asking price for acquisition of beleaguered e-commerce marketplace, sources privy to the development said. They did not wi

OVL to bid for Lebanese offshore blocks

ONGC's overseas arm OVL will bid for blocks in Lebanon's first oil and gas exploration and production licensing round, Oil Minister Dharmendra Pradhan said as per the PTI report. ONGC Videsh Ltd (OVL) was pre-qualified to bid as an operator for five offshore blocks (1,4,8,9 and 10). Pradhan, who is leading a delegation to the World Petroleum Congress in Istanbul, in a Twitter post said

Amazon wins India's approval to invest in domestic food retail

Online retail giant Amazon.com Inc has secured approval to stock and sell food and groceries in India, potentially expanding its business in the fast-growing economy where it is in a pitched battle with home-grown rival Flipkart.

Amazon confirmed winning government approval for its plan to sell food products, but it declined to provide further details.

Separately, a source f

India inflation to cool in June to record-low, could prompt rate cut: Reuters poll

India's consumer inflation is expected to have slowed to a record-low in June, pressured by a sharp drop in food and oil prices, a Reuters poll showed, a result that could intensify calls for an interest rate cut.

Consumer price inflation is predicted to cool to 1.70 percent in June, easing further from May's 2.18 percent, according to the poll of more than 30 economists taken

SpiceJet launches two flights under RCS-Udan scheme

Budget passenger carrier SpiceJet on Monday launched two daily direct flights under the air regional connectivity -- RCS-Udan -- scheme.

The budget carrier launched the Mumbai-Porbander-Mumbai and Mumbai-Kandla-Mumbai flights, the airline said. 

SpiceJet was awarded six proposals and eleven routes under the first phase of the RCS. 

Out of t

Sensex hits record high; Nifty breaches 9,800
 Indian shares hit a record high for a second consecutive session on Tuesday tracking gains in global markets, with the NSE Nifty breaching 9,800 points for the first time as trading turned normal a day after a major technical disruption.
 
Volumes recovered on the NSE, with traders reporting no issues with placing trades or quotations. A technical glitch
Airtel plans to launch VoLTE later this year: Gopal Vittal

 Airtel is undergoing trial for voice over LTE (VoLTE) services in five cities and the services will be launched in the later part of the year, Gopal Vittal, Managing Director and CEO (India and South Asia) of the company, said here on Monday.

"We are in the midst of trials. We are already doing trials in five cities. Towards the later part of the year we should be able to l

'Real estate reeling under teething issues of RERA implementation'

Over an year has passed since the real estate law came into force, but not all states seem ready for it as they still have to set up regulatory authorities, experts said on Monday.

"In places where states are ready, developers are not ready. For a large number of developers, RERA (the Real Estate (Regulation and Development) Act, 2016) meant filling up of forms, which are lengthy

Emulate NITI Aayog to promote competition among districts, states urged

 Commending the NITI Aayog's initiative of promoting competition among states, Cabinet Secretary P.K. Sinha said on Monday that a similar strategy could be used by states to promote competition between different districts.

"Competition between states being promoted by the NITI Aayog is very useful. (It) can be used by the states to promote competition between distri

SEBI approves ICEXs request to restart live trading

Indian Commodity Exchange Ltd (ICEX), a screen based on-line derivatives exchange for commodities, on Monday said it has received approval from Securities and Exchange Board of India (Sebi) to re-commence live trading operations.

In a statement issued here, ICEX said it has successfully complied with all Sebi mandated norms prescribed for the commodity exchanges, and implemented

India raises import tax on sugar to 50 pct: government statement

NEW DELHI  - India has raised the import tax on sugar to 50 percent from 40 percent, a government statement said on Monday, as part of efforts to curb cheaper imports.

On Friday, Reuters reported that India, the world's biggest sugar consumer, was likely to raise the import tax on the sweetener to 50 percent.

(Reporting by Mayank Bhardwaj; Editing b

National Stock Exchange grapples with system fault ahead of IPO
A technical glitch shut down the National Stock Exchange (NSE) for five hours on Monday, dealing the country's biggest stock market an embarrassing blow ahead of its plans to list and leading to a surge in volumes on a rival bourse.
 
Trading resumed fully later on Monday, with quotes for individual stocks finally restored with just over an hour of trade l
Monsoon rains have covered most of India, rainfall within expectations: IMD

NEW DELHI  - The seasonal monsoon rains have covered most of India and the amount of precipitation so far is within expectations, the head of India Meteorological Department (IMD) said, raising hopes for higher farm output after increased sowing of rice and soybean crops.

Cumulative monsoon rains have been 2 percent below average since the beginning of the rainy

Allahabad Bank revises MCLR rates

State-owned Allahabad Bank said that it has kept unchanged the existing MCLR rates upto 1 year and decided to introduce new MCLR benchmark for more than 1 year tenors. The rates will be effective from today, the Bank said in a filing to the Bombay Stock Exchange. Two-year lending rate will attract an MCLR of 8.70 per cent, While, three year MCLR is set at 8.75 per cent. Banks revise MCLR every

KEC International bags orders worth Rs 1,845 cr

KEC International Ltd, an RPG group company, has said that it has secured new orders of Rs 1,845 crore. “In Transmission and Distribution business, the company has secured orders of Rs 1,684 crore which includes an EPC order for construction of 765kV and 400kV transmission lines from a TBCB developer in Western and Southern India,” the company said in a filing to the Bombay Stock Ex