Repco Home Finance raises Rs 100 cr via NCDs

Repco Home Finance (RHF) said that it has raised Rs 100 crore by issuing secured, redeemable non-convertible debentures (NCDs) of face value of Rs 10 lakh on private placement basis. “The Board vide Resolution passed by circulation today i.e. June 15,2017, has inter alia approved the allotment of 1000 Secured, Redeemable, Non-Convertible, Non-Cumulative Debentures (SRNCD) of face value of

Piramal Enterprises to raise up to Rs 600 cr via NCDs

Piramal Enterprises said that it has received approval to raise up to Rs 600 crore through issue of Non-Convertible Debentures (NCD) on private placement basis. “The Committee approved issue of secured Non-Convertible Debentures (NCDs) aggregating up to Rs 400 crore with a Greenshoe option of Rs 200 crore, not exceeding total issue size of Rs 600 crore on private placement basis,” t

Ratnamani Metals bags two orders worth Rs 328 cr

Ratnamani Metals & Tubes said that it has bagged two new orders worth Rs 328 crores for supply of HSAW and ERW pipes. The orders entail supply of HSAW pipes of Rs 116 crores and supply of ERW pipes of Rs.212 crores for Oil and Gas Pipe lines to be completed by Dec 2017/Jan 2018, the company said in a filing to the Bombay Stock Exchange. Meanwhile, shares of the company were trading at Rs 77

Mahindra Finance raises Rs 200 cr via bonds

Mahindra & Mahindra Financial Services (Mahindra Finance), a non-banking financial company, said that it has raised funds by allotment of secured redeemable non-convertible debentures aggregating to Rs 200 crore.

“A Meeting of the duly authorised Committee was held today, i.e. on 14th June, 2017 from 5.30 p.m. to 6.00 p.m. approving the allotment of Secured Redeemable Non-Co

OMCs formalise plans for West Coast Refinery Project

Three state-run oil marketing companies (OMCs) on Wednesday formalised plans to set up one of the world's largest refinery-cum-petrochemicals complex -- West Coast Refinery Project -- located in the Ratnagiri district of Maharashtra.

The three state-owned OMCs -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- entered into a joint venture agreement

Bajaj Auto reduces bike prices

Two- and three-wheeler major Bajaj Auto on Wednesday said that it has reduced the prices of its bikes by up to Rs 4,500 with immediate effect, in order to pass on the expected GST price advantage to its customers.

"The savings will range up to Rs 4,500 depending on the model and the state in which the motorcycle is purchased," the company said in a statement.


Banks will need higher haircuts to resolve NPAs: UCO Bank

Taking higher haircuts is the way forward for resolving the bad loans of banks, UCO Bank MD and CEO R.K. Takkar said on Wednesday.

"We may have to take some haircuts. The banks will be prepared for that and moving forward. I think that's the way things have to move. Most of these (non-performing assets) accounts will be having 40 per cent provisions, so the only issue that co

Competition Commission of India imposes $13.6 million fine on Hyundai Motor's local unit

NEW DELHI - India's antitrust watchdog on Wednesday imposed a fine of 870 million rupees ($13.6 million) on South Korean automaker Hyundai Motor Co's local unit, accusing the company of anti-competitive behaviour.

The Competition Commission of India in its order alleged that Hyundai Motor India Limited (HMIL) contravened competitive practices by imposing

BPCL eyes Bina refinery expansion to 310,000 bpd in 4-5 years: co exec

MUMBAI/NEW DELHI - State-run Bharat Petroleum Corp aims to expand the capacity of its Bina refinery in central India to about 310,000 barrels per day (bpd) in the next four to five years from the current 120,000 bpd, its head of refineries said on Wednesday.

India aims to expand its refining capacity by 35 percent to 6.2 million bpd to meet the country's risi

Healthy macro-data marginally lifts Indian equities

Indian shares ended higher after a volatile session on Wednesday with Reliance Industries Ltd gaining on strong April subscriber additions, although broader sentiment was muted ahead of the U.S. Federal Reserve meeting.

The benchmark BSE Sensex closed 0.17 percent higher at 31,155.91.

The broader NSE Nifty ended up 0.12 percent at 9,618.15.

Reliance Industries shar

FACTBOX: India's bankruptcy code process for creditors, defaulters

The Reserve Bank of India (RBI) has identified 12 of the country's biggest loan defaulters and said creditors must pursue bankruptcy proceedings against them, as it begins to cut the $150 billion in stressed debt hobbling Asia's No.3 economy.

The move comes about a month after the government gave the Reserve Bank of India (RBI) power to direct lenders to initiate the insolvenc

India's engineering exports to Doha hit by Qatar crisis

NEW DELHI - India's exports of engineering goods to Doha have suffered after Arab powers led by Saudi Arabia severed ties with Qatar accusing it of supporting terrorism, the Engineering Export Promotion Council said in a statement on Wednesday.

"Inputs from our engineering exporters indicate that shipping lines operating between India and Doha are keepin

N.R. Agarwal plans temporary shutdown for its Gujarat plant

N.R. Agarwal Industries said that it will temporarily shut down its Unit - II at Valsad, Gujarat from 20th June for technical upgradation. The operations of the Company's Unit - II located at Plot No.1, Phase I, GIDC, Vapi –396 195, Dist. Valsad, Gujarat shall be temporarily shut down for a period of 20 days with effect from 20.06.2017 for the purpose of technological upgradation. Mea

ICICI Bank increases authorised capital to Rs 2,500 cr

ICICI Bank increased its authorised capital by Rs 775 crore to Rs 2,500 crore. "The authorised capital of the company shall be Rs 2,500 crore divided in to 1000 crore equity shares of Rs 2 each, Rs 150,00,000 shares of Rs 100 each and 350 shares of Rs 100,00,000 crore each with rights privileges and conditions attached thereto...," the company said in a regulatory filing.


JSW Energy nominates Prashant Jain as Joint MD and CEO

JSW Energy said that it has appointed Prashant Jain as its Joint Managing Director and Chief Executive Officer from June 16, 2017. "Jain will be based in Mumbai and report to the Chairman and Managing Director Sajjan Jindal," JSW Energy said in a filing to the Bombay Stock Exchange. Commenting on the appointment, JSW Group Chairman Sajjan Jindal said," He brings with him vast exp

India's wholesale prices rise 2.17 percent in May

NEW DELHI  - India's wholesale prices rose 2.17 percent year-on-year in May, government data showed on Wednesday.

The rise compares with a 3.11 percent annual gain forecast by economists in a Reuters poll. In April, prices rose a provisional 3.85 percent.

Wholesale food inflation was 0.15 percent in May, lower than 2.90 percent a month ago, the data

HMEL delays start of Bathinda refinery to end June, source says

NEW DELHI   - HPCL-Mittal Energy Ltd (HMEL), part-owned by steel tycoon L N Mittal, has delayed the start-up of its Bathinda refinery in Punjab state by a fortnight to the end of this month, an industry source said.

The refiner shut the refinery on April 30 for about 45 days to raise capacity by about 28 percent to 230,000 bpd. State-refiner Hindustan Petrol

RBI puts Central Bank of India under 'corrective action' as bad loans surge

The Reserve Bank of India has initiated "prompt corrective action" (PCA) for state-run Central Bank of India  over high bad loans and negative return on assets, the lender said in a stock exchange filing on Wednesday.

It did not give details of the corrective action but said, "We believe corrective measures arising out of the PCA will help in improving overall perf

Infosys terms media coverage, activist investors as risk factors

Terming negative media coverage and actions of activist shareholders as risk factors, global softare major Infosys on Tuesday informed the market regulators that such activities could adversely affect its stock prices and execution of strategies.

"Negative media coverage and public scrutiny may affect the prices of our equity shares and ADSs (American Depository Shares), while ac

Indian equities flat, investors cautious ahead of US Fed's outcome

The Indian equity markets on Wednesday traded on a flat note during the mid-afternoon session as investors were cautious ahead of the outcome of two-day US Federal Reserve's rate-setting meet later in the evening.

According to market observers, investors remained cautious on the prospect of a US rate hike as it can potentially lead foreign portfolio investors (FPI) from emerging m

Banks shares edge higher on RBI action on defaulters

MUMBAI  - Indian bank shares edged higher on Wednesday after the central bank said it had identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them, without disclosing any account names.

Top lender State Bank of India  was trading up 0.2 percent by 0356 GMT, having risen as much as 0.7 percent, while Pun

RBI to direct banks to start bankruptcy proceedings against 12 defaulters

MUMBAI-  The Reserve Bank of India (RBI) said on Tuesday it has identified 12 of the largest loan defaulters and will order lenders to start bankruptcy proceedings against them to start unclogging the $150 billion in bad debt plaguing Asia's third-largest economy.

The move comes about a month after the government gave the RBI greater power to deal with bad lo

Sensex pares early gains, end flat

 Indian shares ended flat on Tuesday, erasing earlier gains as markets ran out of steam even as lower-than-expected inflation data raised hopes of a central bank rate cut in August.

The BSE Sensex rose 0.03 percent to 31,103.49.

The broader NSE Nifty fell 0.1 percent to 9,606.90.

The Nifty had gained for five consecutive weeks in a record-setting run, leaving

Coal India to supply domestic fuel to non-power consumers

Coal India will continue to offer domestic coal to non-power sectors in lieu of 50 per cent of the import component in the ongoing fiscal, reported PTI. The development assumes significance as the government is working to eliminate coal imports.

The world's largest coal miner "offer of domestic coal 'as is where is basis' to non-power FSA (fuel supply agreement) consu

Suven Life Sciences gets product patent in Australia, USA

Drug maker Suven Life Sciences Ltd on Tuesday said it has secured product patent for its New Chemical Entities (NCEs) from two countries i.e. Australia and USA for the treatment of disorders associated with Neurodegenerative diseases. “Suven Life Sciences announces that the grant of one (1) product patent from Australia and one (1) product patent from USA corresponding to the New Chemical