Flipkart raises $1.4 bn from Tencent, eBay, Microsoft

E-commerce major Flipkart on Monday said it has raised a total of $1.4 billion from Tencent, eBay and Microsoft.

The latest funding round, at a post-transaction valuation of $11.6 billion, is the largest in Flipkart's 10-year history as well as in the Indian internet sector and comes as Flipkart gears up to drive the next phase of e-commerce growth in India, a company statement sa

Glenmark Pharma bags approval for Fenofibrate Capsules

Glenmark Pharmaceuticals has said that its US arm has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Fenofibrate Capsules USP, 67 mg, 134 mg and 200 mg, the generic version of Tricor® Micronized Capsules, 67 mg, 134 mg, and 200 mg of AbbVie, Inc.

According to IMS Health sales data for the 12 month period ending February 2017, the Tri

L&T appoints A. M. Naik as Non-Executive Chairman

Larsen and Toubro Ltd has said that its Board of Directors at its meeting have considered and approved the appointment of Mr. A. M. Naik as the Non-Executive Chairman of the Company with effect from October 1, 2017 for a period of three years, immediately upon his retirement as the Executive Chairman on September 30, 2017.

The Board also approved the appointment of Mr. S. N. Subrahman

Indian equities trade lower on global cues

Indian equity markets were pulled lower during the mid-afternoon session on Monday due to mixed global cues on the back of geo-political tensions, a marginally weak rupee and selling pressure in IT, consumer durables, and capital goods stocks.

Investors were also cautious ahead of the upcoming fourth quarter earning results and major macro-economic data points, which are slated to be

Religare to sell stake in Religare Health Insurance for Rs 1,040 cr

Religare Enterprises Ltd (REL) on Sunday announced it will sell its entire 80 per cent stake in Religare Health Insurance to a consortium of investors led by private equity fund True North Managers for an estimated Rs 1,040 crore.

"The company has entered into definitive agreements with a consortium of investors led by True North Managers, an India based private equity fund (form

Snapdeal founders move to calm employees amid takeover speculation

By Sankalp Phartiyal and Aditya Kalra

MUMBAI  - The founders of India's Snapdeal told employees in an email on Sunday that the e-commerce company will ensure there is no disruption to staff "as the way forward becomes clear," as speculation of a takeover swirls.

The email, seen by Reuters, tacitly acknowledged that a sale of the company co

CII Business Confidence index hits record high in last quarter

 Indian companies are upbeat about prospects for economic activity in the new fiscal, industry lobby CII said on Sunday on the basis of its survey, although majority of the firms surveyed cited low domestic demand, fragile global economic recovery and rise in commodity prices as key concerns.

 "The CII Business Confidence (BCI) which has gone up to an all-time high of 6

96% Indians want amended Motor Vehicle Act passed

Ninety-six per cent of Indians want the Motor Vehicle Act (Amendment) Bill, 2016 to be passed in the ongoing parliamentary session. They also believe the move will help meet the UN mandate to reduce road accidents up to 50 per cent by 2020, said a survey on Sunday.  T

he survey, conducted across 10 states to seek the opinion of the citizens on the pending bill, also found that 97

Q4 results, macro-data to guide equity markets' movements

Upcoming fourth quarter earning results, along with macro-economic data points and global geo-political tensions are expected to determine the trajectory of Indian equities markets during the week starting April 10.  "Markets next week would focus on the upcoming earnings season," Devendra Nevgi, Chief Executive of Zyfin Advisors, told IANS.  "Since markets have moved u

PMO discusses ways to involve private players in government housing schemes

Prime Minister's Principal Secretary Nripendra Misra on Saturday chaired a meet to discuss ways to involve private real estate developers in the government's ambitious 'Housing-for-all by 2022' scheme.  The meeting also discussed how the benefits of the interest subsidy on affordable housing could reach the prospective home buyers at the earliest, informed sources said. &nb

Mallya's famed 'Kingfisher Villa' sold for Rs 73 cr

A luxurious beach front villa in Goa owned by absconding liquor baron Vijay Mallya has been sold to Bollywood and South Indian film actor Sachiin Joshi, by a group of banks led by State Bank Of India, official sources said here on Saturday.

The property, known as the 'Kingfisher Villa', is situated on the picturesque Candolim Beach, a tourist hotspot.

It had earlier

Demand may lead to an upward price trajectory in tea: ICRA

With anticipated supply side issues in Sri Lanka and Kenya, tea realisations in the current year are expected to remain buoyant following higher demand for tea, ratings agency ICRA said on Friday.

"Initial weather forecasts indicate lower rainfall in Kenya during the first quarter of 2017, which is likely to impact production from the region. Since Kenya is the largest exporter o

Export of unsold BS-III vehicles suitable option: ICRA

Export of unsold BS-III commercial vehicles is the most suitable option for the manufacturers with a sizeable inventory following the Supreme Court ban on sale and registration of these vehicles after April 1, 2017, rating agency ICRA said on Friday.

"CV (commercial vehicle) OEMs (original equipment manufacturers) are now sitting on sizeable stock of unsold inventory, which is wo

Indian energy firms to raise $1 bln through masala bonds in United Kingdom

NEW DELHI  - Indian energy companies including state-run NTPC Ltd and Rural Electrification Corp Ltd will raise about $1 billion through bonds in the United Kingdom this fiscal year ending March 2018, power minister Piyush Goyal said on Friday.

(Reporting by Sudarshan Varadhan; Editing by Sherry Jacob-Phillips)

Softbank-backed Ola ramps up electric vehicles push in India

NEW DELHI  - Indian ride-hailing firm Ola, backed by Japan's Softbank Group, is preparing for a large-scale rollout of electric vehicles by next year even as it runs trials on the viability of the business model, Chief Executive Bhavish Aggarwal said.

Ola will pilot a few thousand electric vehicles in several Indian cities this year and, "after that we w

Essar Oil reports 75% increase in retail sales in 2016-17

Essar Oil, India's second largest private oil refiner, on Friday reported robust growth across its refining and retail functions in 2016-17 with a 75 per cent increase in sales.

"Retail sales went up by 75 per cent to 2.8 million KL (kiloliters) in 2016-17 from 1.6 million KL in 2015-16. The refinery throughput grew by almost 10 per cent to 20.95 million tonnes, compared to 1

Weak global cues subdue Indian equities

 Weak global cues and heavy selling pressure in banking, healthcare and metal stocks pulled the Indian equity markets lower on Friday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) broke the important 9,200 mark and fell by 63.65 points or 0.69 per cent to 9,198.30 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,850

Reliance Capital raises NCD issuance limit by Rs 3,000 Crore

Reliance Capital has increased the limit on issuance of non-convertible debentures (NCDs) to raise funds by Rs 3,000 crore. The board of directors today decided to hike the limit for NCD issues on private placement basis by an amount of Rs 3,000 crore, Reliance Capital said in a regulatory filing.

With this, the overall borrowing limits under NCDs stands increased to up to Rs 18,000 c

Alembic Pharma gets USFDA nod for generic antidepressant drug

Drug maker, Alembic Pharmaceuticals said that it has received approval from US Food and Drug Administration (USFDA) for it ANDA for Fluoxetine Hydrochloride Tablets. The approved ANDA is therapeutically equivalent to the reference listed drug product Prozac Tablets, 10 mg and 20 mg, of Eli Lilly and Company, the company said in a BSE filing. Fluoxetine Hydrochloride Tablets are indicated for th

TRAI advices Reliance Jio to withdraw Summer Surprise offer

Reliance Industries on Thursday said that the Telecom Regulatory Authority of India (TRAI) has advised Reliance Jio to withdraw the 3 months complimentary benefits of Jio Summer Surprise.

On March 31, Jio announced its Jio Summer Surprise offer. Under Jio Summer Surprise, all Jio Prime members making their first recharge payment of Rs 303 (or higher) plans got 3 months complimentary s

Samsung brings Galaxy C7 Pro for Rs 27,990 to India

Targeting millennials who are constantly looking for powerful devices, Samsung India on Friday launched its latest smartphone Galaxy C7 Pro which will be sold exclusively on Amazon India from April 11.

Priced at Rs 27,990, Galaxy C7 Pro features 2.5D Gorilla Glass and sports a 5.7-inch, full-HD Super AMOLED display. 

"Galaxy C7 Pro is a slim and stunning device whi

ONGC sees its gas output hitting 5-year high in fiscal 2018, sources say

By Promit Mukherjee

MUMBAI  - Oil and Natural Gas Corp expects its natural gas production to reach a 5-year high in the current fiscal year following the start-up in coming weeks of a long-delayed project in the Arabian Sea, two senior company executives said.

State-owned ONGC, which accounts for about two-thirds of India's total natural gas product

Indian state-run companies mull daily fuel price change - report

MUMBAI - India's state-run oil marketing companies, which control over 90 percent of the retail fuel market in the country, are mulling a plan that would allow daily changes in the price of automotive fuels, Economic Times reported on Friday.

State-owned and India's biggest oil marketing company Indian Oil Corp Ltd and its two smaller peers Bharat Petroleum an

Airtel sacks VP for code of conduct violation

Telecom service provider Bharti Airtel on Thursday said it has sacked Pallab Mitra, Vice President and Head, Alliances for allegedly violating the code of conduct.

In a letter to the employees, the company said: "All employees are hereby advised that the company has terminated the services of Pallab Mitra, Vice-President and Head -- Alliance, with immediate effect for violation o

Tata Motors bags order for 500 buses from Ivory Coast

Tata Motors on Thursday said it has bagged an order for 500 next-generation low-floor urban city buses from the Ivory Coast.

According to the company, as part of the order, it has delivered 117 buses to the SOTRA - Abidjan transport company. 

"Built on Tata Motors next-generation HCV (heavy commercial vehicle) bus platform, the Tata LPO 1924 RESLF Abidjan's nex