RBI tweaks partial credit enhancement rules for issuers

MUMBAI   The Reserve Bank of India said on Thursday that companies must be rated by at least two credit rating agencies to be eligible to issue debt under the country's partial credit enhancement programme.

Partial credit enhancement allows low-rated corporates to obtain a guarantee from lenders when issuing debt, lowering the cost for issuers and attrac

Axis Bank reduces home loan rates by 30 bps

Following other prominent banks, the country's third largest private sector lender Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance.

"Taking forward its commitment towards affordable housing finance, the bank has revised its rates for home loans up to Rs 30 lakh for the salaried segment

Paytm raises $1.4 billion from SoftBank

By Sankalp Phartiyal

MUMBAI   Japan's SoftBank Group has invested $1.4 billion in the parent of Paytm, giving the digital payments start-up a boost as it looks to expand its user base and maintain its market lead in Asia's third-largest economy.

A source familiar with the matter said SoftBank had bought $1 billion of new shares in Paytm par

CESC announces business restructuring scheme

Power utility CESC Ltd announced a business restructuring scheme which is based on demerger of certain existing businesses, group's Chairman Sanjiv Goenka said on Thursday.

"This (the restructuring scheme) will lead to four entities focusing on generation, distribution, organised retail and other ventures," he said.

All four entities will be listed wi

Equity markets slip on weak global cues, auto stocks plunge

After three consecutive days of record highs during the week, the Indian equity markets slipped on Thursday tracking bearish global cues, a weak rupee and heavy selling pressure in automobile, capital goods and consumer durables stocks.

According to market observers, investors were also cautious over the ongoing two-day meet of the Good and Services Tax (GST) Council in Srinagar,

PaySense raises $5.3m in Series A led by Jungle Ventures with participation from Naspers and Nexus Ventures

Mumbai, May 18, 2017:  PaySense, India’s fastest growing digital credit platform, today announced their Series A funding of $5.3 million. The round was led by Jungle Ventures with participation from Naspers Group and Nexus Venture Partners.  The company had raised an earlier round of investment of $2.3 million led by Nexus Venture Partners and pr

IDBI Bank Q4 net loss widens to $495 million as bad loans surge

MUMBAI  Indian state-run IDBI Bank reported fourth-quarter net loss widened to 32 billion rupees ($495.1 million) as bad loans soared, sending its shares down more than 8 percent.

That compared with a net loss of 17.36 billion rupees in the year-ago quarter.

Gross bad loans as a percentage of total loans rose to 21.25 percent as at end-March, from 15.16

Bajaj Auto posts 16 percent drop in March-quarter profit, misses estimates

Bajaj Auto Ltd posted a 16 percent fall in March-quarter net profit, missing estimates, as a rise in input material cost and expenses on transition to BS-IV compliant vehicles hurt margins.

Net profit was 8.02 billion rupees ($124.50 million) in the quarter ended March 31, compared with 9.49 billion rupees a year earlier.

Analysts on average had expected a net profit of 8.55

Apple begins assembling iPhone SE in Bengaluru plant

MUMBAI  Apple Inc has begun assembling its low-priced iPhone SE at its contract manufacturer's plant in the technology hub of Bengaluru, the company said in a statement.

Cupertino, California-based Apple, is keen to boost its market share in one of the world's fastest growing mobile phone markets as sales lag in Asian powerhouse China.

"We

Drug pricing regulator clamps down on drug cocktails

By Zeba Siddiqui

MUMBAI   India's drug pricing regulator has demanded explanations from 65 domestic and global drugmakers for selling new forms of essential diabetes and antibiotic drugs without its approval.

The move could bring penalties for the drugmakers, among them Abbott Laboratories, Sanofi, Novartis and Indian firms such as Sun Pharmace

Sensex, Nifty fall; Apollo Hospitals down as fund looks to exit

Indian shares fell from record highs on Thursday tracking Asian peers, and were on track for their first drop in four sessions as uncertainty mounted over U.S. President Donald Trump's future following reports he tried to interfere with a federal investigation.

The dollar was stuck at six-month lows, while Wall Street posted the biggest intra-day slide since September, as pressure

India's first infrastructure investment trust dips on debut

By Elzio Barreto and Swati Bhat

HONG KONG/MUMBAI   India's first infrastructure investment trust posted a lacklustre trading debut on Thursday, potentially acting as a dampener for similar upcoming listings of high-yield securities that aim to tap investors' appetite for stronger returns.

IRB InvIT Fund traded flat in the afternoon compared

Key Indian equity indices open lower

aking a cue from global markets, the key Indian equity market indices on Thursday opened lower.

The Sensitive Index (Sensex) of the BSE, which had closed at 30,658.77 points on Wednesday, opened lower at 30,466.82 points.

Minutes into trading, it was quoting at 30, 529.70 points, down by 129.07 points, or 0.42 per cent.

At the National Stock Exchange

JSW Steel's Q4 standalone net profit up 173%

Steel major JSW Steel on Wednesday reported an increase of 173 per cent in its standalone net profit for the quarter ended March 31, 2017.

According to the company, its net profit during the quarter under review increased to Rs 1,003.40 crore from Rs 367.09 crore reported in the corresponding period of 2015-16.

JSW Steel's standalone total income during Q4 incr

JK Lakshmi Cement's Q4 standalone net profit down 19%

JK Lakshmi Cement on Wednesday reported a decline of 19.40 per cent in its standalone net profit for the quarter ended March 31, 2017.

According to the company, its net profit during the quarter under review decreased to Rs 20.85 crore from Rs 25.87 crore reported in the corresponding period of 2015-16.

However, the cement manufacturer's total income during Q4

IRB infrastructure trust's shares rise 2.9 percent on debut

MUMBAI  Shares of India's IRB InvIT Fund rose as much as 2.9 percent on their trading debut on Thursday, after the fund raised $782 million in the country's first ever infrastructure investment fund initial public offering.

IRB InvIT shares were trading 2.21 percent higher at 104.25 rupees by 0432 GMT on the National Stock Exchange, having risen to as hig

Apollo Hospitals shares fall; Khazanah arm selling stake

MUMBAI  India's Apollo Hospitals Enterprise Ltd shares fell as much as 2.7 percent on Thursday as an arm of Malaysian sovereign fund Khazanah was looking to exit the healthcare provider by selling its remaining 4.78 percent stake.

Integrated (Mauritius) Healthcare Holdings Ltd, an arm of the Malaysian fund, was looking to sell up to 6.7 million shares in Apol

Mukesh Ambani enters Light Reading's `Hall of Fame 2017`

Riding high on Jio wave, Reliance Industries Limited's (RIL) Chairman Mukesh Ambani has entered the Light Reading's 'Hall of Fame 2017'.

Ray Le Maistre, International Group Editor, 'Light Reading', announced Mukesh Ambani entering the 'Hall of Fame 2017' that recognises individuals for their contribution to the global communications industry.

Paytm Payments Bank to launch on May 23

Fintech company Paytm on Wednesday said it will finally launch the operations of its payments bank on May 23.

"We are in the process of launching Paytm Payments Bank on May 23. We recently received approval from the Reserve Bank of India (RBI) for Renu Satti to be the CEO," Paytm spokesperson told IANS here.

The Paytm Payments Bank launch, getting delayed

Allahabad Bank looks to reduce exposure in corporate lending

Public sector lender Allahabad Bank is looking to reduce its exposure to corporate lending from 65 per cent of its total loan book to 50 percent for risk mitigation, its MD and CEO Usha Ananthasubramanian said on Wednesday.

"There is a shift happening (in loan portfolio). We have a heavy corporate book. We want to re-balance the loan book.

"The loan book

Drinking water supply stopped in Agartala after ONGC waste leaks

Drinking water supply to lakhs of people in Tripura was stopped after ONGC drilling waste spilled over into a key river, officials said here on Wednesday.

"Drilling waste contained with chemical and oils from the ONGC's abandoned drilling site at Mandai (in Baramura Hill Ranges) was spilling over into Howrah river since Tuesday.

"Immediately we have s

India's drugmakers need more time to meet international standards - industry group

By Zeba Siddiqui

MUMBAI   India's big drugmakers will need at least five more years to improve their manufacturing standards and data reliability to a level demanded by international regulators, said a senior industry official.

The lengthy timeline is a concern not only in India but around the world, as India's pharmaceutical firms supply a

USFDA clears Dr Reddy's ovarian cancer generic sale

Dr Reddy's Laboratories (DRL) has received approval from the US health regulator to sell its generic version of Alza Corporation's Doxil injection used for treatment of ovarian cancer.

The approval from the US Food and Drug Administration (USFDA) for doxorubicin hydrochloride liposome intravenous injection is an outcome of extensive collaboration with the company's partner

Bajaj Finance Q4 net jumps 43% at Rs 449 cr

Bajaj Finance on Wednesday reported a growth of 43 per cent in its net profit at Rs 449 crore for the fourth quarter ended March 31, 2017. “The company, a part of Bajaj group, had posted net profit of Rs 315 crore during the corresponding quarter of the previous year,” said Bajaj Finance in a filing to the Bombay Stock Exchange.

The total income of company rose by 38 per c

NIIT Q4 cons net zooms 70% at Rs 30.20 cr

NIIT on Wednesday reported a significant growth of 70 per cent in its consolidated net profit to Rs 30.20 crore in the fourth quarter ended March 31, 2017. “The company, a global leader in skills and talent development, had posted consolidated net profit of Rs 17.80 crore during the corresponding quarter of the previous year,” said NIIT in a filing to the Bombay Stock Exchange.