Indian renewable firms plan $2.5 billion in offshore dollar bond issues

By Promit Mukherjee and Krishna Merchant

MUMBAI - Four Indian renewable power producers are planning to raise up to $2.5 billion via dollar bonds offshore because of caution among domestic lenders, banking sources said.

In addition to the four solar and wind power firms, a fifth company that invests in renewable projects, Adani Group, has raised $250 millio

Tata Sons hits back at Cyrus Mistry's allegations on AirAsia

 The Tata Sons on Wednesday strongly refuted a statement by its ousted Chairman Cyrus P. Mistry which sought to insinuate wrongdoing in the affairs of AirAsia India by Tata Trusts' Managing Trustee R. Venkataramanan.

On the contrary, AirAsia India - with the support of Tata Sons - has taken definitive steps both in civil and criminal courts which have cleared the air in

Exclusive: India considers private cars for ridesharing to cut traffic

By Aditi Shah

NEW DELHI - India is examining the use of private vehicles as shared taxis in an effort to reduce car ownership and curb growing traffic congestion in major cities, sources familiar with the matter told Reuters.

Niti Aayog, which is chaired by Prime Minister Narendra Modi, has partnered with companies including ride-sharing firm Uber Technologi

Nifty edges higher; Reliance Industries gains for third session

Indian shares ended higher on Wednesday, as Reliance Industries extended recent gains on the back of lower oil prices, while auto makers gained on hopes they would benefit from a unified goods and services tax.

The benchmark BSE Sensex closed up 0.12 percent at 31,246.74. The broader NSE Nifty ended 0.25 percent higher at 9,637.6.

Reliance Industries gained 4.5 percent so fa

Israel`s Aero-T ink MOU to explore mutual co-operation for manufacturing advanced Aerostats for Indian Defence

Mumbai, July 5,2017: Garware-Wall Ropes Ltd. (GWRL), a leading manufacturer of technical textiles for the Indian and global markets, announced the signing of a Memorandum of Understanding (MOU) with Israel’s Aero-T showing intention to combine their capability for manufacturing and supply of advanced aerostats for Indian Defence.  

 India’s vast

Indian equity markets close with marginal gains

Indian equity markets provisionally closed on a flat note on Wednesday, as investors traded with caution over geo-political concerns.

Market observers opined that investors booked profits in IT, FMCG and Teck (technology, media and entertainment) sectors.

However, healthy buying in automobile, banking and metal stocks trimmed some losses and the key indices closed

JSW Steel crude steel output rise 1% in Q1 FY18

JSW Steel said that it has registered 1 per cent growth in crude steel production at 3.91 MT in Q1FY18, compared to quarter a year ago. The company had reported crude steel production of 3.87MT in FY 17, the company said in a filing to the Bombay Stock Exchange.

The production of rolled products (flat) increased to 2.76 million tonnes (MT) compared to 2.74 MT in Q1FY17, representing a

NSE to auction investment limits for over Rs 20K-cr government bonds

National Stock Exchange (NSE) will auction investment limits for overseas investors to purchase government debt securities worth a staggering over Rs 20,000 crore, reported PTI. The auction will be conducted on NSE's e-bid platform from 1530 hours to 1730 hours after the close of market hours today, the exchange said in a circular. The debt auction quota gives overseas investors the right t

Bank of Baroda reviews MCLR rates

Bank of Baroda said that it has reviewed the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from July 07, 2017 at existing rates. The overnight MCLR has been maintained at 8.10 per cent, one month MCLR has been set at 8.15 per cent, while 3 month MCLR has been set at 8.20 per cent, the Bank said in a filing to the Bombay Stock Exchange.

One year MCLR has been kept at 8.3

Lupin launches bacterial conjunctivitis drug

Pharma major Lupin Ltd said that it has launched its Moxifloxacin Hydrochloride Ophthalmic solution USP, 0.5% (base) having received an approval from the United States Food and Drug Administration (USFDA) earlier. Moxifloxacin Hydrochloride Ophthalmic solution USP, 0.5% (base), is an AT1 rated generic equivalent of Novartis Pharms Corp.’s Vigamox Ophthalmic solution, the company said in a

Tata Motors slashes passenger vehicles prices by up to 12%

Tata Motors on Wednesday announced that it has slashed the prices of its passenger vehicles up to 12 per cent, following the roll-out of the Goods and Services Tax (GST).

"We are offering a price reduction of upto 12 per cent ranging between Rs 3,300 and Rs 2,17,000 depending on the model and variant," the car maker's President (Passenger Vehicles Business Unit) May

HPCL-Mittal Energy delays full start of Bathinda oil refinery to end-July: sources

SINGAPORE/NEW DELHI  - India's HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, has delayed the full-scale start-up of its Bathinda oil refinery in northern Punjab state to the end of July, four sources familiar with the matter said.

The refinery was shut on April 30 for about 45 days to raise capacity by about 28 percent to 230,000 barre

M&M Financial Services Limited announces Public Issue of NCDs opens on July 10, 2017

Mumbai, July 05, 2017: Mahindra & Mahindra Financial Services Limited (“Company” or “Mahindra Finance”), one of the leading non-banking finance companies with customers primarily in the rural and semi-urban markets of India, plans to raise NCDs via public issue which is opening on July 10, 2017.  

 The NCDs proposed to be issued u

McNally Bharat bags order worth Rs 43.49 cr from DMRC

McNally Bharat Engineering said that it has received a construction order worth Rs 43.49 crore from Delhi Metro Rail Corporation. “The company has received an order for construction of entry/exit structure of Elamkulam station and balance works in the main station building at Elamkulam from Delhi Metro Rail Corporation for a value of Rs. 43.49 crore,” the company said in a filing to

TCS bags award at Asian Banker Technology Awards 2017

Tata Consultancy Services (TCS), a leading global IT services organization has said that IDFC Bank, India, and KBZSC, Myanmar, won the Best Core Banking Implementation and Best Securities Trading Implementation awards at the just concluded Asian Banker Technology Innovation Awards 2017 in Singapore. “TCS also secured a Silver Award and was named among the three winners in the Best Vendor

Mahindra cuts prices of utility vehicle, SUV by up to 6.9%

Mahindra & Mahindra announced reduction in prices of its utility vehicles and SUVs by up to 6.9 per cent on an average to pass on the GST benefit to customers, reported PTI. The prices of vehicles for end customers on large UVs and SUVs have been reduced by an average of 6.9 per cent, while those that come under small car segment have been reduced by an average of 1.4 per cent, Mahindra sai

Essar Steel moves HC against insolvency proceedings

Essar Steel has moved the Gujarat High Court against insolvency proceedings initiated by the banks on the direction of the Reserve Bank (RBI), reported PTI. The high court issued notice to the RBI and leader of the banking consortium SBI and posted the matter for Friday, media reports said. When contacted, a company spokesperson said: "Essar Steel has moved the Gujarat High Court, which ha

India June services activity hits eight-month high on solid new orders

 Activity in India's dominant service sector expanded at its fastest pace in eight months in June as new business orders surged, a private survey showed on Wednesday.

The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 53.1 in June from the previous month's 52.2. June was the fifth consecutive month the index has been above the 50 mark that separates

Snapdeal rejects $700-$800 million Flipkart bid: report

MUMBAI - The board of Indian online marketplace Snapdeal has rejected a bid worth $700-$800 million from Flipkart after due diligence by its bigger rival, Mint newspaper reported on Tuesday.

Japan's SoftBank Group Corp, Snapdeal's biggest investor, is looking to sell the firm to Flipkart to secure a stake in India's largest e-commerce player.


Markets open on a higher note on Wednesday

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a higher note during the morning session of the trade.

The Sensex of the BSE after opening at 31,272.72 points, touched a high of 31,284.64 points and a low of 31,193.08 points.

On Tuesday the Sensex closed at 31,209.79 points.

The Sensex is trading at 31,230.28 points up by 13.02 points or

Exclusive: NTPC bets $10 billion on coal power despite surplus, green concerns

NEW DELHI- NTPC plans to invest $10 billion in new coal-fired power stations over the next five years despite the electricity regulator's assessment that thermal plants now under construction will be able to meet demand until 2027.

In the first phase, India's biggest power producer, NTPC, plans to build three new plants with a combined capacity of more than 5

Honda Cars' India sales in June up 12 per cent

Passenger cars manufacturer Honda Cars India (HCIL) on Tuesday reported that its domestic sales grew by 12.2 per cent in June.

According to the company, its monthly domestic sales increased to 12,804 units during the month under review from 11,407 units sold in corresponding month last year.

"HCIL conducted a price protection in June to those customers who purchase cars

Arvind Ltd focusing on multipronged strategy for growth

Textile major Arvind Limited is focusing on a multipronged strategy for its growth and intends to become a strategic partner with its customers, a top company official said on Tuesday.

"Our strategy will be built on four planks -- sustainability, innovation, verticalisation and multi-fibre," company's Chairman and Managing Director Sanjay Lalbhai told BTVi in an intervie

Cyrus Mistry, others face criminal defamation charges

A court here has initiated process against industrialists Cyrus P. Mistry, Shapoor Mistry and others in a criminal defamation complaint lodged last month by Tata Trusts' Managing Trustee R. Venkataramanan, an official said on Tuesday.

The process was issued by Metropolitan Magistrate K.G. Paldewar and accordingly, Mistry, the ousted former Chairman of Tata Sons, and other director

L&T gets 17 month extension to complete Hyderabad metro

 The Telangana government on Tuesday extended till November 2018 the time for construction major Larsen & Toubro (L&T) to complete Hyderabad Metro Rail project.

The original construction period for the 71.16 km elevated metro ended on Tuesday but the project could not be completed due to court cases in acquisition of some critical properties.

After detailed tech