Tata Steel agrees to offer £550 mn for UK pension deal

Tata Steel has taken a leap forward for securing the future of its UK operations – including the Port Talbot works in south Wales –by agreeing to pay £550 million to close long pending pension deal, which will also clear the road for merger of Tata Steel’s British and European steel assets with those of Germany-based ThyssenKrupp.

Tata Steel said that it would

Andhra Bank Q4 net nosedives 32%; bad loans hit

Medium-sized public sector undertaking Andhra Bank has reported a drop of 31.9 per cent in its standalone net profit at Rs 35.13 crore for the fourth quarter ended March 31, 2017, hit by rise in bad loans. It had posted a standalone net profit of Rs 51.60 crore in the corresponding quarter of previous fiscal, said Andhra Bank in a filing to the BSE.

However, total income of the bank i

Dhanlaxmi Bank back in black in Q4; posts Rs 8.81 cr profit

Private sector lender Dhanlaxmi Bank Ltd swung to profit in Q4 and had posted its standalone net profit at Rs 8.81 crore for the January-March quarter of FY 17, as bad loans eased.

The bank had posted a standalone net loss of Rs 131.60 crore in corresponding quarter of previous fiscal, said Dhanlaxmi Bank in a filing to the BSE. Total income of the bank, however, fell by 8.5 per cent

JSW Steel Q4 profit triples on higher prices

MUMBAI  JSW Steel Ltd, India's biggest steelmaker by capacity, said its fourth-quarter profit more than tripled, helped by higher steel prices and output and government support for local mills.

The results are another sign of a marked pickup in India's steel sector, which had been hit by a global slowdown amid excess capacity.

JSW said its outlo

Hindustan Unilever profit up 6.2 pct, beats estimates

Hindustan Unilever Ltd, maker of products ranging from Lakmé cosmetics to BRU coffee, reported a 6.2 percent rise in quarterly profit, helped by strong sales of its Pears and Dove products.

Net profit rose to 11.83 billion rupees ($184.57 million) in the quarter ended March 31, compared with 11.14 billion rupees a year earlier, the company said on Wednesday. (http://bit.ly/2rpZ

Sensex, Nifty hit fresh highs, metal stocks surge

 The key Indian indices again surged to new highs on Wednesday as a strong rupee and healthy buying in metal and automobile stocks buoyed investors' sentiments.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) provisionally closed at a new high of 9,518.35 points -- up 6.10 points or 0.06 per cent.

The 30-scrip Sensiti

Airtel to offer 100% more data for home broadband users

Bharti Airtel on Wednesday announced new plans for its home broadband users, offering up to 100 per cent more high-speed data benefits within the same monthly rentals.

"Our new plans are aimed at putting India onto the digital super highway and complement our superfast broadband offerings like ‘V-Fiber'," said Hemanth Kumar Guruswamy, CEO - Homes, Bharti Airte

Jio puts Mukesh Ambani on top of Forbes' Global Game Changers

 Forbes magazine has named Reliance Industries (RIL) Chairman Mukesh Ambani as the topmost among its "Global Game Changers" who are transforming their industries and changing the lives of billions around the world.


Ambani features at the top of the Forbes' second annual Global Game Changers' list of 25 "intrepid business leaders unsatisfied with the

Fitch India affiliate sees banks adding $41 billion of soured loans by 2018/19

MUMBAI   Indian banks could potentially add as much as 2.6 trillion rupees ($40.58 billion) worth of soured loans by March 2019 to their existing pile, India Ratings and Research said on Wednesday.

The rating agency, an affiliate of Fitch, said it estimated Indian banks were sitting on unrecognised stressed loans worth 7.7 trillion rupees.

"Wh

PNB's Q4 standalone net profit at Rs 262 crore

State-owned Punjab National Bank (PNB) on Tuesday reported a standalone net profit for the fourth quarter (Q4) of 2016-17.

According to the bank, its standalone net profit during the quarter under review stood at Rs 261.90 crore from a loss of Rs 5,367.14 crore reported for the corresponding period of 2015-16.

The lender's total income during the quarter under review ros

Sensex, Nifty edge lower after hitting record highs

Indian shares edged lower after hitting fresh highs earlier on Wednesday, as political turmoil in Washington spooked global investors, sending Asian markets lower.

U.S. share futures and the dollar tumbled on reports that President Donald Trump had asked then-FBI Director James Comey to end a probe into Trump's former national security adviser, raising questions over whether obstr

Small businesses suffer as India's bruised banks sit on deposits

By Rajesh Kumar Singh and Suvashree Choudhury

NEW DELHI/MUMBAI  Businessman Vineet Pandey has 500 housekeepers, security guards, electricians and plumbers on his books, servicing offices in India's booming financial metropolis Mumbai. He would love to hire more to keep up with demand, but cannot get a bank loan.

GRAPHIC: India's

Government to lose Rs 217 crore revenue with Airtel's Tikona acquisition: Jio

The government will lose Rs 217 crore in revenue if it allows the proposed acquisition of 4G business of Tikona Digital Networks by Bharti Airtel, Reliance Jio has said in a letter to the Department of Telecom (DoT).

Bharti Airtel, however, denied the allegation.

"We bring to your attention that the scheme of merger, as announced by Airtel to its shareholders

Non-bank finance firms cash in on Indian lenders' bad loan pain

By Rajesh Kumar Singh

NEW DELHI  Indian banks' struggles with bad loans over the past three years have opened an opportunity to ramp up lending for so-called non-banking financial companies (NBFCs), which are not as strictly regulated as banks.

With their share of total credit rising, new players and new investors have piled into the NBFC marke

Only 17% of total 85,000 visas go to Indian companies per year: Official

A large chunk of US firms ride on the back of the services provided by Indian companies, Information Technology Secretary Aruna Sundararajan said on Tuesday adding that only 17 per cent of the total 85,000 visas issued every year by the US go to Indian companies.

"I'm sure that as and when the US government does the meeting for review of the H1-B visa regime, they will t

Southwest Monsoon's onset over Kerala on May 30, forecasts IMD

The onset of Southwest Monsoon 2017 over Kerala is likely to be on May 30, with a model error of 4 days, the India Meteorological Department (IMD) said on Tuesday

The statement, issued by the IMD office here, said that the onset of Southwest Monsoon over Kerala signals the arrival of monsoon over the Indian subcontinent and beginning of rainy season over the region.

Future Group joins Khimji Ramdas LLC

Future Group on Tuesday said it has joined hands with Oman business conglomerate Khimji Ramdas LLC (KR) as part of a broader plan of expanding its food and FMCG brands to the international market.

According to the statement, the memorandum of understanding (MoU) signed proposes an equal partnership with Future Group and KR to open exclusive ‘fbb' stores in the Middle Ea

Government to lose Rs 217 crore revenue with Airtel's Tikona acquisition: Jio

The government will lose Rs 217 crore in revenue if it allows the proposed acquisition of 4G business of Tikona Digital Networks by Bharti Airtel, Reliance Jio has said in a letter to the Department of Telecom (DoT).

Bharti Airtel, however, denied the allegation.

"We bring to your attention that the scheme of merger, as announced by Airtel to its shareholders

Tata Steel reports fourth-quarter loss on one-off charges

By Promit Mukherjee

MUMBAI  - Tata Steel Ltd on Tuesday reported an unexpected fourth-quarter loss due to one-off exceptional items, including charges relating to a deal involving the pension scheme at its businesses in Britain.

The fate of Tata's British businesses, including the country's largest steelworks at Port Talbot, has been in the air

Minda Industries Q4 cons net up 36% at Rs 142.58 cr

Minda Industries, a supplier of automotive solutions to original equipment manufacturers, on Tuesday reported a growth of 35.79 per cent in its consolidated net profit at Rs 142.58 crore in the fourth quarter ended March 31, 2017. “The Ashok Minda Group company had posted consolidated net profit of Rs 42.55 crore during the corresponding quarter of the previous year,” said Minda Ind

Shree Cement March-quarter net dips 54% at Rs 304.51 crore

Cement manufacturer Shree Cement Ltd on Tuesday reported a decline of 54.1 per cent in its standalone net profit after tax (PAT) at Rs 304.51 crore for the January-March quarter ended of FY 17. “The standalone net profit of the company stood at Rs 663.03 crore during the same period a year ago,” said Shree Cement in a filing to the BSE on May 16, 2017.

However, the standal

Maruti Suzuki launches new Dzire sedan

 Automobile major Maruti Suzuki on Tuesday launched the new Dzire sedan.

According to the company, the petrol-powered variant is priced between Rs 5.45 lakh and Rs 8.41 lakh. The price of the diesel-fuelled version is between Rs 6.45 lakh and Rs 9.41 lakh.

"Dzire was specially created for India, and has been one of the most popular brands ever in the Indi

Sensex, Nifty at record highs, auto stocks rise

Positive global cues, along with healthy macro-economic data and expectation of a normal monsoon, lifted the Indian equity markets to record closing as well as intra-day highs on Tuesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE), which crossed the 9,500-mark for the first time during the mid-afternoon trade session, provisionally closed at a new high of 9,512

India's Future Group ties up with UAE firm for Gulf foray

MUMBAI   India's Future Group on Tuesday said it had tied up with UAE's Khimji Ramdas Group to sell garments in Oman, and eventually across the Gulf region, in its first international foray.

The Indian consumer goods firm, which sells everything from electronic goods and groceries to fashion apparel, plans to initially open 4 to 5 stores in Oman, and

Bata India net surges 27% to Rs 36 cr in January -March quarter

Leading footwear major Bata India Ltd has reported a growth of 27.3 per cent in its standalone net profit after taxes (PAT) at Rs 35.93 crore for the fourth quarter ended March 31, 2017. “The standalone PAT of the company stood at Rs 28.22 crore during the same period a year ago,” said Bata India Ltd in a filing to the Bombay Stock Exchange. Further, the standalone total income of t