SSWL bags exports order for supply of 40,000 steel wheels

Steel Strips Wheels Limited (SSWL) said that it has bagged yet another Exports order for supply of Steel wheels for EU Caravan market. This order covers supplies of approx 40,000 steel wheels. Wheels will be shipped from SSWL's Chennai plant from next month onwards, the company said in a filing to the Bombay Stock Exchange.

This repeat order strengthens SSWL's position as a st

RBI imposes penalty of Rs 20 lakh on Religare Finvest

The Reserve Bank said that it has imposed a penalty of Rs 20 lakh on SME lender Religare Finvest for its failure to comply with regulatory directions. Giving details, the central bank said an inspection of the company was conducted during September-October 2015. “During the inspection, it was observed that the company has failed to comply with various directions/orders issued by RBI inter

IDBI Bank employees to strike work on Oct 24-25

Employees of the IDBI Bank will strike work for two consecutive days (October 24 and 25) demanding long pending wage revision, said All India Bank Employees' Association (AIBEA).

Wage revision for employees and officers of IDBI Bank is due for the period from 1-11-2012 to 31-10-2017 on the lines of the settlement in all other banks.

In the case of all other Banks, not on

IBHFL`s stake in OakNorth Bank rises 3.8 times

Indiabulls Housing Finance (IBHFL) has said that OakNorth Bank has secured investment of £154 Mn (USD 203 Mn) from 3 investors - Clermont Group, Toscafund & Coltrane-for a 16 per cent stake valuing it at £962 Mn (USD 1,270 Mn). The company's approx. 30% stake is now valued at USD 380 Mn, against the original investment of USD 100 Mn.

Thus, in under 2 yrs IBHFL'

Shriram EPC bags multiple orders worth Rs 349 cr

Engineering company Shriram EPC has said that it has won multiple orders of around Rs 349 crore. The first order amounting to Rs 311 crore is from the Bihar Urban Infrastructure Development Corporation Ltd for improvement of water supply system in Gaya Municipal Corporation. The Asian Development Bank (ADB)-funded project is to be executed over a period of 42 months, with operations and mainten

Reliance Industrial Infrastructure`s Q2 net down 20%

Reliance Industrial Infrastructure Ltd (RIIL) on Thursday reported a decline of over 20 per cent in its net profit for the second quarter of 2017-18 ended September, as compared to the same quarter a year ago.

The company's net profit stood at Rs 2.69 crore for the quarter in question, down from Rs 3.38 crore in the corresponding quarter of last fiscal.

According to the

Bharti Airtel stock surges on Tata mobile unit deal

MUMBAI - Bharti Airtel Ltd saw its share price surge as much as 8 percent in early Friday trade as investors cheered its purchase of Tata Group's mobile arm, in a deal that secures 40 million new clients and spectrum at little cost.

The deal with Tata Teleservices Ltd "is a sweet one for Bharti," local brokerage Kotak said in research note, raising its r

Nifty50 hits record intra-day high, Sensex up over 300 points

Surpassing its previous record, the wider Nifty50 of the National Stock Exchange (NSE) hit a fresh intra-day high of 10,179.15 points on Friday.

Previously, the Nifty50 scaled a high of 10,178.95 points on an intra-day basis on September 19.

At 1.50 p.m., the index traded at 10,167.10 points -- up 70.70 points or 0.70 per cent.

Around the same time, the 30-scrip Se

RInfra completes sale of WRSSS transmission undertakings

Reliance Infrastructure (RInfra) on Thursday announced the completion of the sale of its Western Region System Strengthening Scheme (WRSSS) transmission undertakings to its two subsidiaries.

On Monday, RInfra executed a business transfer agreement for its WRSSS transmission undertakings. The company said "WRSSS B & C" undertakings are being transferred to its two subsidi

Governors should lead by example in cleanliness: Narendra Modi

Prime Minister Narendra Modi on Thursday said that Governors can become catalytic agents of change in society and urged them to lead by example in the cause of cleanliness.

Addressing the opening session of the 'Conference of Governors' at Rashtrapati Bhawan here, Modi said the target of "New India" by 2022 can be achieved only by making it a people's movement.

Reliance Securities posts Rs 83 crore income

Reliance Securities on Thursday said it closed the quarter ended September 30, 2017 with a total income of Rs 83 crore, a year-on-year increase of 5 per cent.

Reliance Securities is the broking and distribution arm of Reliance Capital Ltd.

"Our consistency in quarter over quarter performance is mainly driven by the increase in the volume of cash market segment

Motilal Oswal, MMTC-PAMP launch digital gold service

MUMBAI - A subsidiary of brokerage Motilal Oswal Financial Services Ltd (MOFS) and MMTC-PAMP India, the biggest refiner in the country, launched a service on Thursday allowing customers to buy gold on the brokerage's digital platform.

India is the world's second-biggest consumer of the precious metal, although most of the retail purchases are made offline.

JPMorgan`s profit rises, bond trading slumps

 JPMorgan Chase & Co the largest U.S. bank by assets, reported a 7.1 percent rise in quarterly profit on Thursday as gains from loan growth and higher interest rates more than offset a slump in trading revenue.

Financial market trading was again a dark spot for the company with revenue from bond trading diving 27 percent compared with a year earlier, when it was boosted by hi

Tata Consultancy Services reports slip in second-quarter profit

 India's biggest software services exporter, Tata Consultancy Services Ltd (TCS), reported a two percent decline in second-quarter profit on Thursday, held back by sluggish growth in the banking and retail sector.

All segments of the business, except the banking, financial services and insurance (BFSI) and retail sectors, grew revenue above 9.5 percent, the company said in a

Sensex rises ahead of key corporate results

Indian shares extended gains on Thursday with the NSE index clocking its biggest percentage gain since May 25 as excitement builds up ahead of some key quarterly results including that from Tata Consultancy Services.

The broader NSE Nifty ended up 1.12 percent at 10,096.40 while the benchmark BSE Sensex closed 1.09 percent higher at 32,182.22. Both indexes ended at their highest since

Bharti Airtel acquires Tatas` telecom business on cash-free basis

 Bharti Airtel and Tata on Thursday announced that they have entered into an understanding to merge Consumer Mobile Businesses (CMB) of Tata Teleservices Limited (TTSL) and Tata Teleservices Maharashtra Limited (TTML) into Bharti Airtel.

The acquisition is subject to requisite regulatory approvals, the statement said without revealing the acquisition amount.

The merger

SBI`s SME Assist to provide short-term loans to MSME clients

The State Bank of India today said it has launched a new product to provide a short-term working capital demand loan to its MSME clients. The new initiative, called SME Assist, would offer loans to MSME customers on the basis of their input credit claims under Goods and Services Tax (GST). The loans will be offered at a concessional rate of interest, the bank said in a statement.


Zydus Cadila gets USFDA approval for anti-depression drug

Drug firm Zydus Cadila on Thursday said it has received the final approval from the US health regulator to market desvenlafaxine extended-release tablets, used to treat depression. The approval from the United States Food and Drug Administration (US FDA) is to market desvenlafaxine extended release in the strengths of 50 mg and 100 mg, Zydus Cadila said in a BSE filing. The drug will be manufac

Microsoft Azure Cloud to power Wipro`s IT infrastructure

 Wipro has migrated its IT infrastructure to Microsoft Cloud and is hosting a majority of its business-critical enterprise applications on Azure, Microsoft announced on Thursday.

Microsoft worked closely with Wipro to ensure the streamlining of key aspects such as access, performance, availability and latency from the Cloud data centres to provide a seamless experience to users,

IndusInd Bank second-quarter profit rises 25 percent

IndusInd Bank Ltd posted a 25 percent rise in its second-quarter net profit, helped by higher interest income.

Net profit rose to 8.80 billion rupees ($12.3 million) for the quarter ended Sept. 30, the sixth largest Indian private sector lender by assets said on Thursday.

Gross bad loans as a percentage of total loans stood at 1.08 percent in the September quarter, compared

LT Foods ties up with Japanese snack maker Kameda Seika

LT Foods has entered into a 51:49 joint venture with Japanese rice based snack maker -- Kameda Seika -- to manufacture and market rice based snacks in India, a company statement said here.

According to the company, it will be leveraging its own strong distribution network and supply chain to market the "Kari Kari" products -- branded snacks to be available in four flavors, S

L&T to sell subsidiary to ESAB Holdings for Rs 522 cr

Larsen & Toubro said that it has entered into a definitive agreement with ESAB Holdings Ltd for selling its entire stake in wholly-owned arm EWAS Alloys Ltd for Rs 522 crore. The engineering giant in a filing to BSE said that it has "entered into a definitive agreement with ESAB Holdings Ltd, a company registered in the United Kingdom, on October 11, 2017 for the divestment of its enti

Tata Steel terminates pact to acquire pellet maker BRPL

Tata Steel said that it has terminated an agreement to acquire Odisha-based iron ore pellet manufacturer Brahmani River Pellets Limited for Rs 900 crore. "The transaction has not been completed within the long stop date, due to non-fulfilment of certain conditions precedent by the sellers, obtaining the necessary regulatory approvals from the Reserve Bank of India, settlement of proceeding

ICICI Bank to raise $150 mn from offshore market this fiscal

The country's second-largest lender ICICI Bank said that it is planning to raise USD 150 million in offshore borrowing this fiscal. The bank said that the committee of executive directors, in a meeting approved the offshore borrowing plan for 2017-18. "The bank, under its GMTN (global medium-term note) programme, acting through its DIFC (Dubai) branch, tapped its existing 3.25 percent

HDFC to raise Rs 2,500 cr via bonds

The country's largest mortgage lender HDFC Ltd will raise Rs 2,500 crore by issuing bonds on private placement basis to augment its housing finance business. The security '7.40 percent HDFC, 17 November 2020' are secured redeemable non-convertible debentures. "The object of the issue is to augment the long-term resources of the Corporation.

The proceeds of the present