Earnings misses, rising debts: Indian Railways turnaround hits buffers

GHAZIABAD, India  - India's mammoth state railways, much of them stuck in colonial times, have missed earnings targets for the third straight year and debts have shot up, documents seen by Reuters show, raising doubts about an ambitious modernisation drive.

The previously unreported figures will make uncomfortable reading for Prime Minister Narendra Modi, the

Microsoft Surface sales sink, shares dip

Microsoft Corp slightly missed Wall Street's average revenue estimate for the latest quarter on Thursday, as sales of its Surface tablets and laptops slumped in the face of revamped competition in the personal computer market.

Shares of the world's largest software company fell 0.6 percent to $67.85 in trading after the bell.

Under Chief Executive Satya Nadella, who

Intel's revenue misses estimates as data centre growth slows

Intel Corp reported lower-than-expected quarterly revenue due to an unexpected slowdown in growth at its data centre business, on which the world's largest chipmaker is banking to reduce its reliance on the personal computer market.

The company's shares fell nearly 4 percent to $35.97 in trading after the bell on Thursday.

Revenue from Intel's higher-margin data

Rs 30,000 cr to be spent to revive 4 sick fertiliser units

State-run units in the energy sector will jointly invest close to Rs 30,000 crore to revive four sick fertiliser plants by 2020-21 in order to make India self-sufficient in urea production and reduce imports, the government said on Thursday.

Petroleum Minister Dharmendra Pradhan, briefing reporters following an inter-ministerial meeting here, said while Rs 20,000 crore would be invest

CCI orders antitrust probe into Roche cancer drug

India's antitrust regulator has ordered a probe into Swiss drugmaker Roche for allegedly using anti-competitive practices to restrict cheaper copies of a blockbuster cancer drug from reaching patients.

Trastuzumab has been a mainstay of Roche's profit for years and brought in global sales of about $6.7 billion in 2016, but it has been challenged in the last three years by bios

Markets scale new highs, but fail to sustain

The Indian equity markets on Thursday made fresh record highs but selling pressure, triggered by profit bookings, dragged them to close in the red.

The wider 51-scrip NSE Nifty touched a new record high level of 9,367.15 points during the intra-day trade. Similarly, the BSE Sensex registered a new record high of 30,184.22 points (intra-day).

On closing basis, the NSE Nifty i

Paytm eyes 4.5 bn transactions this year

Alibaba-backed Paytm expects its platform to facilitate 4 billion transactions this fiscal, enthused by the strong uptake of digital payments in the country, reported PTI.

The Noida-based company, which runs a mobile wallet and e-commerce portal, had registered 1.5 billion transactions on its platform last year. "We have seen significant growth and this year too, we expect to see

Shriram Transport Finance Q4 net up 4% at Rs 149.63 cr

Shriram Transport Finance, a commercial vehicle finance company, on Thursday reported a 3.96 per cent growth in its standalone net profit at Rs 149.63 crore for the fourth quarter ended March 31, 2017. The company had posted standalone net profit of Rs 143.92 crore during the same quarter last year,” said Shriram Transport Finance in a filing to Bombay Stock Exchange.

The total

Dr Reddy's Lab launches Vytorin generic drug in US market

Drug major Dr Reddys Laboratories Ltd on Thursday said it has launched US health regulator approved Ezetimibe and Simvastatin tablets in the US market. “Dr Reddy's Laboratories has launched Ezetimibe and Simvastatin tablets, 10 mg/10 mg, 10 mg/20 mg, 10 mg/40 mg and 10 mg/80 mg, a therapeutic equivalent generic version of Vytorin (Ezetimibe and Simvastatin) tablets, in the United Stat

Reliance General Insurance logs Rs 4,007 cr premium in FY17

Private non-life insurer Reliance General Insurance Company Ltd closed last fiscal with a total gross written premium of Rs 4,007 crore, the company said on Thursday.

In a statement issued here Reliance General, a subsidiary of Reliance Capital Ltd said the company closed the year 2016-17 with a total gross written premium of Rs 4,007 crore logging a growth of 40 per cent over previou

TVS Motor fourth quarter profit falls about 7 percent, but beats estimates

India's TVS Motor Co Ltd said on Thursday net profit fell nearly 7 percent in the fourth quarter hurt by lower motorcycle sales at home, but beat analysts' estimates.

The company said net profit came in at 1.27 billion rupees ($19.80 million) in the March quarter, while total income climbed 1.6 percent to 31.39 billion rupees. (http://bit.ly/2p6IPjW)

The company also

Maruti Suzuki's fourth quarter profit up 16 percent on higher sales of premium models

NEW DELHI - Maruti Suzuki India Ltd , the country's top-selling car maker, posted a 15.8 percent rise in fourth-quarter profit on Thursday, helped by increases in sales of premium models such as the Brezza SUV and Baleno hatchback.

Net profit for the three months ended March 31 rose to 17.09 billion rupees ($266.64 million) from 14.76 billion rupees in the year-ag

Kotak Mahindra sees bad loans falling, credit picking up

India's Kotak Mahindra Bank Ltd forecast a decline in bad loans and provisioning costs and a pick up in credit growth this financial year after reporting a better-than-expected 40 percent rise in fourth-quarter profit on Thursday.

Kotak Mahindra -- the fourth-biggest private sector lender in the country by assets but the third most-valuable with a market capitalisation of more tha

Infosys launches next generation AI platform

Infosys, a global leader in consulting, technology, outsourcing and next-generation services, has said that it has launched Infosys Nia, the next-generation Artificial Intelligence Platform building on the success of the Company’s first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. “Together, both these products have amassed 50+

GIC Housing Fin Q4 net jumps 24% at Rs 47 cr

GIC Housing Finance has reported a 24.4 per cent increase in net profit at Rs 46.61 crore for the fourth quarter ended March 31, 2017. The company had reported net profit of Rs 35.87 crore for the same period of 2015-16, the company said in a regulatory filing.

Total income during the quarter rose to Rs 266.63 crore as against Rs 233.48 crore in the same quarter of preceding fiscal 20

Sensex, Nifty pause after hitting record highs

Indian shares were little changed on Thursday after hitting record highs the previous day as investors took a breather and booked profits in recent outperformers such as ITC Ltd, while Axis Bank fell on a drop in quarterly profit.

Asian shares also eased as a long-awaited U.S. tax cut plan unveiled by Donald Trump on Wednesday failed to inspire investors.

Indian investors we

Tata Motors to use two technologies for BS IV norms

Automobile major Tata Motors Ltd. on Wednesday said it is ready with Selective Catalytic Reduction (SCR) and Exhaust Gas Recirculation (EGR) technologies for BS IV compliant engines for its commercial vehicles.

In a statement issued here, Tata Motors said EGR technology adopted by Tata Motors in 2010 will continue to power small-to-medium category of commercial vehicles with engine po

RIL partners with Resysta to bring wood alternative in India

Reliance Industries Ltd (RIL) on Wednesday said it has entered into a licence agreement with Germany based Resysta International GmbH, which gives RIL the exclusive rights of production and marketing of a natural fibre polymer composite (NFPC) in India.

"Through this strategic partnership with Resysta, RIL is looking forward to produce the RelWood compound exclusively in order to

Axis Bank`s Q4 net profit down 43%

Lending major Axis Bank on Wednesday reported a decline of 43.13 per cent in its net profit for the fourth quarter (Q4) of Fiscal 2016-17.

The company's net profit decreased to Rs 1,225.10 crore from Rs 2,154.28 crore reported in the fourth quarter of 2015-16.

"The Bank's net interest income (NII) grew 4 per cent YOY to Rs 4,729 crore during Q4FY17 from Rs 4,553

Reliance GCX-Alibaba arm to offer cloud solutions

Reliance Communications' subsidiary Global Cloud Xchange (GCX) and Alibaba Cloud will jointly offer cloud solutions to enterprises through the latter's Cloud Express Connect via GCX's Cloud X Fusion in Singapore, said GCX on Wednesday.

The GCX and Alibaba Cloud -- the cloud computing arm of Alibaba Group -- signed an agreement at the Alibaba's Cloud Computing Conferenc

Niti Aayog backs local GM crop policy

NEW DELHI  - India could prevent foreign firms monopolising the market for genetically modified (GM) seeds by allowing the sale of only locally developed varieties, a government think-tank has said, in a boost for transgenic mustard produced by a Delhi group.

The Policy Commission said in recommendations this week to the government, and seen by Reuters, that adop

NSE's listing may 'take some time' - regulator

MUMBAI  - The initial public offering of exchange operator NSE Ltd will "take some time" after the company disclosed potential instances of unfair access by some brokers to its servers, the new chairman of India's capital markets regulator said on Wednesday.

Ajay Tyagi, who took over as chairman of the Securities and Exchange Board of India on March

India's antitrust watchdog orders probe into Roche cancer drug

MUMBAI  - India's antitrust regulator has ordered a probe into Swiss drugmaker Roche for allegedly using anti-competitive practices to restrict cheaper copies of a blockbuster cancer drug from reaching patients.

Trastuzumab has been a mainstay of Roche's profit for years and brought in global sales of about $6.7 billion in 2016, but it has been challenged

Sensex, Nifty end at record closing highs

Indian shares ended at a record closing highs on Wednesday, buoyed by solid company results and higher global markets.

The benchmark BSE Sensex closed up 0.63 percent at a record closing high of 30,133.35. The index hit an all-time high of 30,167.09 earlier in the session, surpassing a record last hit in March 2015.

The broader NSE Nifty gained 0.49 percent to end at a recor

Sensex, Nifty hit record; rupee at 20-month high

MUMBAI  - The Sensex and Nifty rose to record highs on Wednesday, buoyed by solid company earnings reports and global market gains, while the rupee hit a 20-month high against the dollar.

The benchmark Sensex rose 0.6 percent to a high of 30,134.69 points, surpassing its last record in March 2015, while the broader Nifty saw similar gains, hitting an all-time hig