Ebix to invest $120 million for stake in digital payment provider ItzCash

By Aditya Kalra

NEW DELHI  - U.S.-based software firm Ebix Inc will pay 8 billion rupees ($120 million) for a majority stake in Indian payment provider ItzCash, the companies said on Wednesday, the latest foreign investment in India's booming digital payments market.

The deal, which values ItzCash at $150 million, comes as digital payments gain traction in India aft

Mahindra & Mahindra to build long-range electric vehicles

By Promit Mukherjee

MUMBAI - Automaker Mahindra & Mahindra  will invest in building long-range electric vehicles, high-power battery packs and power trains in an effort to boost green car sales, senior company executives said on Wednesday.

Mahindra plans to ramp up production of its electric vehicles to 5,000 units a month by mid-2019 from 400 units

ArcelorMittal agrees on concessions to seal delayed $897 million India JV

By Neha Dasgupta and Promit Mukherjee

NEW DELHI  - ArcelorMittal, the world's largest steel producer, said on Wednesday it has agreed to make concessions to Steel Authority of India to seal a delayed $897 million automotive joint venture.

The two companies are close to ironing out key commercial terms to close the deal, including non-compete and exi

Infosys joins new enterprise alliance for using Blockchain

 Software major Infosys Ltd has joined the Enterprise Ethereum Alliance for using Blockchain database across verticals, said the IT firm on Wednesday.

"The alliance connects Fortune 500 enterprises, start-ups, academics and technology vendors with Ethereum, a decentralised platform that runs smart contracts," said the city-based company in a statement here.

Debt concerns pile pressure on shares in Reliance Communications

MUMBAI - Shares in Reliance Communications fell nearly 10 percent on Wednesday after a sell-off in its bonds, sparked by concerns that the debt-laden firm may be unable to repay its lenders amid intense competition in the sector.

The company, controlled by billionaire Anil Ambani, is the most leveraged Indian telecom carrier and local agency ICRA this month downgraded

Sensex falls on border tensions; Tata Motors rallies

REUTERS - The NSE Nifty posted its fourth session of losses in five on Wednesday as investors were unnerved by border tensions with Pakistan and on the expiry of derivatives contracts this week.

The Nifty closed 0.27 percent lower at 9,360.55, while the benchmark BSE Sensex ended down 0.21 percent at 30,301.64.

However, Tata Motors Ltd rose 4.2 percent after posting better-t

Lupin fourth net profit halves

MUMBAI  - Lupin Ltd , India's second-largest drugmaker by sales, reported that its quarterly net profit nearly halved from a year ago, coming in well below analysts' expectations as sales slumped in its largest market the United States.

The Mumbai-based company reported a net profit of 3.80 billion rupees ($58.63 million) for the fourth quarter ended Marc

Sensex rises; Tata Motors rallies

By Krishna V Kurup

Indian shares rose on Wednesday with Tata Motors Ltd <TAMO.NS> leading the gains after the automaker reported a better-than-expected quarterly profit.

However, gains were capped as investor sentiment remained tepid after India on Tuesday said it attacked Pakistani army posts i

Tata Sons names Shuva Mandal as Group General Counsel

Tata Sons on Tuesday announced the appointment of Shuva Mandal as its new Group General Counsel with effect from July.

Mandal replaces Bharat Vasani, the company's legal counsel for the last 17 years, who will continue with the group as Legal Adviser to the Chairman's office, Tata Sons said in a statement here. 

"A graduate of the National Law Sch

Analysis - India's electric vehicles push likely to benefit Chinese car makers

By Aditi Shah

NEW DELHI- India's ambitious plan to push electric vehicles at the expense of other technologies could benefit Chinese car makers seeking to enter the market, but is worrying established automakers in the country who have so far focused on making hybrid models.

India's most influential government think-tank unveiled a policy blueprint t

Constellation Brands offers to buy Jack Daniel's owner - CNBC

Constellation Brands Inc , which makes Corona and Modelo beers, has offered to buy Jack Daniel's owner Brown-Forman Corp , CNBC reported on Tuesday, citing people with knowledge of the matter.

Brown-Forman is not interested in selling, but has informed the board of Constellation Brands' interest, the report said, citing sources. (http://cnb.cx/2qgRZYM)

Shares of

Losses at home outweigh strong JLR sales for Tata Motors

By Sankalp Phartiyal

MUMBAI - India's Tata Motors reported a 17 percent fall in fourth-quarter net profit on Tuesday as losses in its domestic business outweighed strong sales at luxury British arm Jaguar Land Rover (JLR).

Consolidated net profit for the three months to March 31 fell to 43.36 billion rupees ($668.72 million) from 52.11 billion rupees a y

Hinduja Global Q4 cons net up 4.7% at Rs 42.70 cr

Hinduja Global Solutions on Tuesday reported a growth of 4.7 per cent in its consolidated net profit at Rs 42.70 crore for the fourth quarter ended March 31, 2017, driven by higher volumes, especially in healthcare and telecom verticals, demand for nearshore/ offshore services and high capacity utilization.

The company had posted consolidated net profit of Rs 40.80 crore during the co

Pidilite Ind Q4 cons net dips 7% at Rs 157 cr

Pidilite Industries, an India-based adhesives manufacturing company, on Tuesday reported a decline of 7 per cent in its consolidated net profit to Rs 157 crore in the fourth quarter ended March 31, 2017. “The company had posted consolidated net profit of Rs 169 crore during the corresponding quarter of the previous year,” said Pidilite Industries in a filing to the Bombay Stock Exch

Engineers India Q4 net profit dips 15% at Rs 66 cr

Navratna public-sector undertaking Engineers India Ltd has reported a fall of 15.2 per cent in its standalone net profit after taxes (PAT) at Rs 65.98 crore for the fourth quarter ended March 31, 2017. “The standalone net profit of the company stood at Rs 77.79 crore during the same period a year ago,” said Engineers India Ltd in a filing to the Bombay Stock Exchange.


Tata Power's FY2017 results in line with expectations, says Moody’s

The Tata Power Company Limited's (TPC, Ba3 negative) results for the fiscal year ending March 2017 (FY2017), are within Moody's expectations and continues to support its Corporate Family Rating of Ba3. The rating agency said that based on Tata Power's FY2017 results, its credit metrics remain within the tolerance limits for its Ba3 ratings.

For example, FFO interest covera

Aurobindo Pharma hits 52-week low on USFDA alert

Shares of Aurobindo Pharma tumbled over 6 per cent, hitting 52-week low, on the Bombay stock Exchange after US Food and Drug Administration (FDA) issued observation letter to the company’s formulations manufacturing facility at Bachupally in Hyderabad.

Weighed down by the development, shares of drug maker declined as much as 6.45 per cent to hit 52-week low of Rs 539.10 apiece o

Bank of India extends fall on weak Q4

Shares of Bank of India continued losing streak for the second day and tanked nearly 7 per cent on the Bombay stock Exchange amid concerns over rising bad loans and disappointing fourth quarter earnings report. The bank has posted net loss of Rs 1,045.54 crore during the January-March quarter of FY17, compared to net loss of Rs 3,587.11 crore in the corresponding quarter of previous year. Weigh

Sensex ends lower; healthcare stocks drag

Indian shares ended lower on Tuesday, dragged down by healthcare stocks and as investors booked profit in recent outperformers such as ITC Ltd.

The broader NSE Nifty closed 0.55 percent lower at 9,386.15, while the benchmark BSE Sensex was down 0.67 percent at 30,365.25.

(Reporting by Krishna V Kurup in Bengaluru; Editing by Sunil Nair)

Jindal Steel to swing to profit by 2018/19

Jindal Steel and Power plans to increase its total steel capacity by as much as 50 percent this fiscal year and turn profitable by 2018/19, its chief executive said, after the company showed its losses narrowing in the fourth quarter.

The company is commissioning 4 million tonnes of additional steel capacity from its plant in Angul, in the eastern state of Odisha, CEO Ravi Uppal told

Apple in talks to expand India production capacity - minister

By Manoj Kumar

NEW DELHI - India has offered to allow Apple Inc  to import mobile handset components intended for use in local manufacturing tax free, a top government official said on Tuesday.

The tax concessions will be subject to the condition of increasing local value addition over a period of time.

Apple Inc wants to expand its contr

Key Indian equity market indices open in red

By Krishna V Kurup

Indian shares edged lower on Tuesday with Sun Pharmaceutical Industries Ltd leading the fall after its U.S. arm reported weak quarterly results, while investors booked profit in recent outperformers such as ITC Ltd.

The broader NSE Nifty fell 0.6 percent at 9,381.6 as of 0557 GMT, while the benchmark BSE Sensex was down 0.62 percent at 30,381.7.

Godrej Industries faces loss in Q4, standalone income up 33%

Godrej Industries on Monday reported a standalone net loss of Rs 34.14 crore during the fourth quarter (Q4) ended March 31, 2017. However, the standalone total income for Q4 stood at Rs 479.14 crore -- up 32.8 per cent.

The company's standalone total income for Q4 of 2015-16 stood at Rs 360.83 crore.

On a consolidated basis, the company reported a net profit of Rs 95.23

India moving beyond oil as seeks alternatives to OPEC

By Dmitry Zhdannikov, Ernest Scheyder and Nidhi Verma

VIENNA/NEW DELHI  OPEC production cuts and the prospect of more expensive oil are pushing India to consider U.S. and Canadian suppliers, as well as encouraging it to turn to renewable energy, the country's petroleum and natural gas minister said on Monday.

Dharmendra Pradhan made the comments in

Indian automakers say proposed tax could make hybrids unviable

By Aditi Shah

NEW DELHI  - Indian automakers will this week urge the government to lower a proposed sales tax on hybrid vehicles, as they fear the planned rate could make development of the technology unviable, industry sources and executives told Reuters on Monday.

Last week, India said it would tax hybrid vehicles at a rate as high as 43 percent under