GE shares fall on cash, business worries though profit beats

By Alwyn Scott

NEW YORK - General Electric Co reported quarterly sales and adjusted earnings results that beat analysts estimates on Friday, but its shares fell on concerns about some of its industrial businesses and its cash outflow.

The maker of jet engines, power plants and other industrial equipment also reported a negative $1.6 billion in cash flow from

ACC first-quarter profit beats estimates on higher cement sales volume

India's ACC Ltd, a unit of the world's largest cement maker, Lafargeholcim Ltd, reported a 9 percent fall in its first-quarter net profit, but beat analysts' expectations, helped by stronger cement sales volume.

Consolidated net profit fell to 2.11 billion rupees ($32.67 million) for the quarter ended March 31, from 2.32 billion rupees a year earlier, the company's thi

L&T signs deal with S.Korea's Hanwha for artillery guns

NEW DELHI - Indian engineering firm Larsen & Toubro signed a deal with South Korea's Hanwha Techwin to supply artillery guns to the Indian army in a deal estimated to be 4.5 billion rupees ($696.38 million), the two firms said on Friday.

Jayant Patil, head of the defence and aerospace wing of L&T, said the two companies will jointly manufacture the self-pr

India plans home delivery of petroleum products

NEW DELHI - India is considering a plan for home delivery of petroleum products to consumers if they make a pre-booking to cut long queues at fuel stations, the oil ministry tweeted on Friday.

About 350 million people come to fuel stations every day, it said. Annually 25 billion rupees ($387.00 million) worth of transactions takes place at fuel stations.


Sensex falls, posts second straight weekly loss

 Indian shares ended lower in a volatile trading session on Friday, ahead of the expiry of futures and options contracts next week, with indexes posting their second straight weekly loss.

The broader Nifty closed down 0.19 percent at 9,119.40, losing 0.34 percent for the week.

The benchmark Sensex ended 0.19 percent lower at 29,365.30, down 0.33 percent for the week.

Tata Power inks pact for electricity distribution in Ajmer

Tata Power said that it has signed an agreement with Ajmer Vidyut Vitran Nigam Ltd (AVVNL) for electricity distribution in Ajmer for 20 years. "Tata Power signed the Distribution Franchise Agreement (DFA) with AVVNL to cater to power requirements of customers in Ajmer for a period of 20 years," Tata Power said in a regulatory filing.

Subsequent to winning the bid for distrib

Narayana Hrudayalaya to buy NewRise Healthcare

Healthcare services provider Narayana Hrudayalaya Ltd said it would buy NewRise Healthcare Private Ltd from Panacea Biotec Ltd for an enterprise value of 1.80 billion rupees ($27.87 million).

The acquisition will help expand its footprint in Gurugram in northern India, Narayana Hrudayalaya said on Friday. 

NewRise Healthcare, the 230-bed multi-speciality hospital,

BPCL seeks diesel cargoes as refinery maintenance extended - sources

SINGAPORE - Bharat Petroleum Corp Ltd (BPCL) is seeking diesel cargoes in a rare move as a planned maintenance shutdown at its Mumbai refinery takes longer than expected to complete, trading and refining sources said.

BPCL is seeking two 50 parts per million (ppm) sulphur diesel cargoes of 40,000 tonnes each for delivery into Mumbai over May 10-12 and May 16-18, accor

HDFC Bank profit rise drives shares to record

By Devidutta Tripathy

MUMBAI - Shares in HDFC Bank, India's second-biggest lender by assets, hit a record high on Friday thanks to higher than expected quarterly profit and a stable bad loans portfolio.

Net profit rose 18.3 percent from a year earlier to 39.9 billion rupees ($617.60 million) for its fiscal fourth-quarter to March 31, HDFC Bank said, slig

India benchmark bond yield at seven-month high; rate hike fears rise

By Suvashree Choudhury

MUMBAI - India's benchmark 10-year bond yield rose to its highest in seven months on Friday after minutes of the central bank's rate-setting committee meeting contained strong warnings on inflation, dimming hopes of a rate cut in the short term and sparking bets for a tightening move instead.

The Reserve Bank of India had opted

Arun Jaitley raises visa issue with U.S.

MUMBAI - Finance Minister Arun Jaitley discussed the issue of an executive order on high-skilled visas that affects the country's $150-billion information technology sector with U.S. Commerce Secretary Wilbur Ross in Washington on Thursday.

Jaitley expressed hope that the Trump administration would take into account the contributions of Indian professionals in the

RIL commissions paraxylene plant at Jamnagar

The Reliance Industries (RIL) on Thursday announced the commissioning of the second phase of its new paraxylene (PX) plant at Jamnagar in Gujarat.

"Reliance is pleased to announce successful and flawless commissioning of the second and final phase of paraxylene (PX) comprising PX crystallizers trains, trans-alkylation and aromatic extraction units at Jamnagar," the Mukesh Am

Sensex rises; Reliance Industries leads gainers

By Darshana Sankararaman

Indian shares rose for a second straight day on Friday and were on track to eke out small weekly gains as investors hunted for bargains after recent falls, with Reliance Industries leading gainers after it commissioned a key hydrocarbon unit.

Small and midcap stocks hit record highs, with the Nifty Smallcap 100 index climbing as much as 1.1 percent a

Wipro `sacks `hundreds of techies for non-performance

Global software major Wipro "sacked" at least 600-700 employees in fiscal 2016-17, ostensibly for non-performance or not rising to its expectations, said a company source on Thursday.

"Attrition takes place every quarter when employees leave voluntarily for various reasons or involuntarily when asked to go for non-performance or not measuring up to the expectations duri

India raises $186 million from NALCO share sale, kicks off FY18 asset sale process

India raised 12 billion rupees ($185.7 million) from a 9.2 percent stake sale in state-run National Aluminium Co (NALCO), the government said on Thursday, kicking off its asset sale programme for the new financial year.

The finance ministry aims to raise a total 725 billion rupees through sale of government stakes in state-run and private sector companies to help lower its deficit.

Goldman to sell up to $123 million worth shares in Max Financial - term sheet

MUMBAI - Goldman Sachs will sell shares worth up to $123 million in India's Max Financial Services Ltd on Friday, according to a deal term sheet seen by Reuters.

Goldman will sell up to 3.74 percent stake in Max Financial in a block trade, the term sheet revealed.

The share sale's floor price has been set at 607 rupees apiece. Max Financial shares cl

Future Retail announces demerger of home retail business

Future Retail Limited (FRL) on Thursday said its board has approved the segregation of its home retail business into Praxis Home Retail (PHRPL) through demerger.

The home retail business of the company was operated through HomeTown stores.

The company informed the BSE that it will further seek the listing of PHRPL. 

"The equity shares of PHRPL to be issue

Mastek Q4 net jumps over 2-fold; scrip hits 52 week high

Mumbai-based software firm Mastek Ltd on Thursday reported a significant jump of over two-fold in its consolidated net profit after taxes (PAT) at Rs 14.45 crore for the fourth quarter ended March 31, 2017, mainly on account of rise in revenue from operations.

“The consolidated PAT of the company stood at Rs 5.86 crore during the same period a year ago,” said Mastek Ltd in

TCS gets Oracle Integrated Cloud Partner of the Year award

Country's largest software exporter Tata Consultancy Services Ltd (TCS) on Thursday said it has been recognized by Oracle as its integrated cloud partner of the year in UK & Ireland.

In a filing to the Bombay Stock Exchange, the company said, “TCS wins Oracle Integrated Cloud Partner of the Year award in UK & Ireland.” Over the last 5 years, TCS has strategical

Mindtree fourth-quarter net profit plunges 27 percent, misses estimates

Information technology company Mindtree Ltd said consolidated net profit fell 27 percent in the fourth quarter hurt by a foreign exchange loss and fewer client additions.

The lower-than-expected profit came in at 972 million rupees ($15.04 million) for the three months ended March 31, marking the fourth consecutive quarterly profit decline.

Analysts on

Hindustan Zinc fourth-quarter profit beats estimates

India's biggest zinc miner Hindustan Zinc Ltd posted a 42 percent jump in fourth-quarter net profit on Thursday, topping street estimates, helped by higher income from zinc production and an increase in metal prices.

Net profit rose to 30.57 billion rupees ($473.2 million) for the January-March quarter from 21.47 billion rupees a year earlier. The profit growth is the biggest in a

Sensex ends higher on bargain hunting

Indian shares ended higher on Thursday as investors picked beaten down counters, including technology stocks that lost ground on disappointing quarterly results from software services exporters Infosys Ltd and Tata Consultancy Services Ltd.

The Nifty closed up 0.36 percent at 9,136.40, posting its first gain in six sessions.

The benchmark Sensex ended 0.29 percent higher at

Adani Logistics commissions multimodal logistics park in Punjab

Adani Ports and Special Economic Zone Limited (APSEZ) said that its arm Adani Logistics Limited has commissioned and commenced commercial operations at its Multimodal Logistics Park at Kilaraipur, Ludhiana in Punjab.

“The state-of-the-art terminal was dedicated to the nation by Mr. Suresh P Prabhu, Hon. Minister for Railways, Government of India,” the company said in a fil

RBI to keep rates steady over the next 18 months: Reuters poll

By Krishna Eluri

The Reserve Bank of India is expected to keep interest rates steady well into next year after it shifted to a neutral monetary policy stance in February, and despite having raised concerns over a potential spike in inflation, a Reuters poll found.

Earlier this month, the Reserve Bank of India raised a secondary rate while holding the key repo rate steady to

Bharti Airtel to partner Amazon for it`s Fire TV Stick

Bharti Airtel (“Airtel”), India’s largest telecommunications services provider has said that it has partnered with Amazon for Amazon’s Fire TV Stick with Voice Remote, which was launched in India.

Customers purchasing Amazon Fire TV will get free 100 GB high speed data via Airtel Broadband/Airtel 4G Home Wi-Fi* to enable them to enjoy online content on their TV