Punjab National Bank first-quarter profit rises, but misses estimates

Punjab National Bank , India's fourth-biggest lender by assets, reported a 12 percent rise in quarterly profit, as provisions for bad loans fell, although the profit increase was smaller than expected.

Net profit rose to 3.43 billion rupees ($53.51 million) for its fiscal first quarter ended June 30, from 3.06 billion rupees a year earlier, the New Delhi-based bank said on Wednesd

SPML Infra bags CIA World Builders & Infra Award 2017

SPML Infra Limited has said that it has received CIA World Builders & Infra Award 2017 as Best Water Management Company of the Year at an award ceremony held in Mumbai. The award was organized by EPIC Media Group and was presented by Ms. Trupti Prakash Sawant, MLA, Vandre East Vidhan Sabha constituency of Mumbai. “The award was given to the outstanding builders and best infra companie

Mastek`s arm to move corporate office to Texas

Mastek has said that Digility Inc., a wholly owned subsidiary of the company is planning to move its corporate office to Addison, Texas. This move is a significant milestone in the history of the company and demonstrates Digility's commitment to future investment and growth in North America.

“Digility has considered the move from Bridgewater, New Jersey to Texas since the ac

Wipro launches new Silicon Valley Innovation Center

Wipro Limited, a leading global information technology, consulting, and business process services company has said that it has launched a multi-million dollar Silicon Valley Innovation Center in Mountain View, California. This state-of-the-art R&D and incubation hub is designed to develop and showcase next-generation technologies and solutions for enterprises.

“Wipro has bee

Robust response to our Udan flights: SpiceJet

Budget passenger carrier SpiceJet on Tuesday said that it has received a robust response for its flights being operated under the Udan regional air connectivity scheme.

According to airline Chairman and Managing Director Ajay Singh, 90 per cent overall capacity utilisation has been witnessed on the airline's flights being operated under the scheme.

He was speak

Coal India`s production declines marginally, sales grow in July

Coal India on Tuesday reported that its production during July declined marginally to 36.64 million tonnes (mt) as compared to 36.74 mt produced in the same month last year.

According to the state miner's provisional data, it produced 155.48 mt of coal during the first four months of the current financial year, down by 4.3 per cent from 162.38 million tonnes produced during t

Piramal Enterprises` net up 60% in Quarterly result

Piramal Enterprises Ltd on Tuesday reported a consolidated net profit of Rs 350 crore for the first quarter of 2017-18, registering a 60 per cent annual growth from Rs 219 crore over the same period a year ago.

In a regulatory filing on the BSE, the Piramal group's flagship company said revenue from operations for the quarter under review grew 27 per cent annually to Rs 2,254

EIH Ltd reports Rs 9.48 cr net profit in Quarterly result

Hospitality major EIH Ltd on Tuesday reported a net profit of Rs 9.48 crore in the quarter ended June 30, compared with a net loss of Rs 12.96 crore in the corresponding period last year.

Its total revenue during the quarter under review was Rs 303.26 crore, up by 8.66 per cent from Rs 279.09 crore in the corresponding period last year.

The Oberoi, New Delhi, was s

Marico`s Quarterly result consolidated net profit down 12%

FMCG major Marico on Tuesday reported a decline of 12 per cent in its consolidated net profit to Rs 235.94 crore for the first quarter (Q1) ended June 30.

According to the company, its India business during the quarter under review witnessed volume decline of 9 per cent against the backdrop of destocking by trade in June due to transition to the Goods and Services Tax (GST) regim

Power Grid Quarterly result net profit rises 14%

 State-owned Power Grid Corporation of India on Tuesday announced a 13.91 per cent increase in its standalone net profit for the first quarter ended June 30 at Rs 2,052.41 crore, compared with Rs 1,801.77 crore in the same period of 2016-17.

Standalone total income during the said quarter increased 18.06 per cent to Rs 7,389.83 crore, from Rs 6,259.30 crore in the correspond

May save Rs 2,000 cr on rate cut: SBI

The SBI on Tuesday said its 50 basis points (bps) rate cut on savings accounts can lead to savings of Rs 2,000 crore over one year in case status quo is maintained and that there won't be huge outflows due to rate cut.

"If everything remains the same, if there are no further changes and conditions remain the same as today, over a 12-month period it can result in Rs 2,000

Honda two-wheelers`sales up 20%

Two-wheeler maker Honda Motorcycle and Scooter India on Tuesday reported a surge of 20 per cent in its monthly sales for July.

According to the company, it sold a total of 544,508 units during the month under review compared with 453,884 units sold in July 2016.

During the month, the company's domestic two-wheeler sales (scooter and motorcycle) rose by 19 per c

Equity markets trade flat ahead of monetary policy review

Indian equity markets traded on a flat note with marginal losses during the mid-afternoon session on Wednesday.

Caution ahead of announcement of the monetary policy review by the Reserve Bank of India (RBI), coupled with selling pressure witnessed in metal, capital goods and FMCG stocks, kept investors' sentiments subdued.

Around 2.10 p.m., the wider Nifty50 of

SEBI sets up panel to curb insider trading

MUMBAI  - Market regulator Securities and Exchange Board of India (SEBI) said on Tuesday it set up a committee to suggest measures to improve market surveillance and help prevent insider trading and market manipulation.

The move comes at a time when the regulator is probing instances of unfair trade practices, including one at National Stock Exchange.

T

Tech Mahindra re-appoints Gurnani as MD & CEO

C. P Gurnani was Tuesday re-appointed as the Managing Director & CEO of Tech Mahindra for a period of five years.

The company informed the Bombay Stock Exchange and the National Stock Exchange that the board meeting held on Tuesday approved re-appointment of Gurnani as Managing Director & CEO with effect from August 10, 2017.

Appointed as Managing Director of Tech Ma

Bata India appoints Sandeep Kataria as country manager

 European footwear major Bata's Indian subsidiary Bata India on Tuesday said it has appointed Sandeep Kataria as the country manager for the India subcontinent.

Kataria, who was Chief Commercial Officer at Vodafone India before joining the shoe maker, will be reporting to Rajeev Gopalakrishnan, who has been elevated as President, Asia South, based in Singapore, with a broader

BSE appoints Swarup as new Chairman

The Bombay Stock Exchange (BSE) on Tuesday appointed Dhirendra Swarup as its new Chairman.

According to a regulatory filing made by the BSE, Swarup was appointed after his name was approved by the securities markets regulator Sebi. 

"BSE Limited has informed the exchange (NSE) that Sebi vide its letter has approved the appointment of Dhirendra Swarup, Public Intere

Apple seeks tax breaks for suppliers to make iPhones in India: sources

NEW DELHI - Apple Inc has asked the Indian government to extend tax breaks to its suppliers if India seeks to become a manufacturing hub for iPhones and its components.

Government officials say meeting this request would require a new policy that applies fairly to other device makers, too.

The U.S. tech giant has been in talks with Indian officials since May

Tata Steel UK completes sale of pipe mills to Liberty

Tata Steel UK on Tuesday said it has completed the sale of its 42- and 84-inch pipe mills in Hartlepool to Liberty House Group.

The sale covers the 42-inch and 84-inch pipe mills, also known as the Submerged Arc Weld (Saw) mills, where about 140 employees manufacture pipeline for gas and oil projects around the world.

"As a responsible seller it was important

Thomson Reuters second-quarter profit tops estimates

August 1 - Thomson Reuters Corp on Tuesday reported higher-than-expected second-quarter earnings, helped by demand for market data, and increased its full-year forecast for margins and adjusted

earnings per share.

The Toronto-based information services provider is seeing its business grow at a time when many financial services companies have been cutting hea

Paytm plans to launch messaging service to rival WhatsApp

By Sankalp Phartiyal

MUMBAI - India's leading digital payments firm Paytm plans to launch a messaging service to rival Facebook Inc's WhatsApp by the end of this month, a source familiar with the matter said on Tuesday.

SoftBank and Alibaba-backed Paytm is seeking to attract people in India to use the new messaging service embedded in its app, which

Hero MotoCorp`s July sales rises over 17%

Two-wheeler major Hero MotoCorp on Tuesday reported a sales growth of 17.1 per cent in July.

According to the company, its sales increased to 623,269 units from 532,113 units sold in July 2016.

"This is the third consecutive month of six-lakh plus sales for the market leader in this fiscal, having clocked 624,185 units in June and 633,884 units in May," t

TVS Motor logs 9% sales growth

Two- and three-wheeler maker TVS Motor Company on Tuesday said it logged nine per cent growth last month in sales volume.

In a statement, the company said it sold 271,171 units (two-wheelers 263,336 units, three-wheelers 7,835 units) last month -- up from 248,002 units (two-wheelers 240,042, three-wheelers 7,960 units) sold in July 2016.

The company's total exp

Some India coal utilities may miss emission goals, risk shutdowns: CEA

NEW DELHI  - About 7 percent of India's coal-fired power plants may never be able to comply with new environmental norms because they lack the space to install emission-cutting equipment, the Central Electricity Authority (CEA) said, potentially leading to their shutdown.

Coal-fired plants make up 60 percent of India's 330 gigawatt (GW) of installed power

Mahindra & Mahindra overall July sales up 6%

Leading SUV manufacturer Mahindra & Mahindra (M&M) on Tuesday reported an increase of six per cent in its overall sales for July.

According to M&M, its total sales for the month under review increased to 41,747 units from 39,458 units sold during July 2016.

The company's domestic sales were higher by 13 per cent to 39,762 vehicles during last month