Sensex rises; Tata Steel among top gainers

Indian shares rose on Friday and were headed for a fifth session of gains in six, buoyed by a jump in Tata Steel on strong quarterly production numbers, while investors waited for a meeting of the Goods and Services Tax (GST) Council later in the day.

Analysts expect the council, chaired by Finance Minister Arun Jaitley, to make adjustments to the tax structure for certain payers.

Tech Mahindra hires 100 Americans to ramp up US presence

In a bid to expand its operations in North America, IT major Tech Mahindra on Thursday announced that it has hired more than 100 local, full-time employees at its Alpharetta office in Atlanta.

The hiring initiative is in response to a new contract for a major US company, Tech Mahindra said in a statement.

The addition of new employees has increased the total headcount of the

Wipro arm buys American design firm

 Software major Wipro on Thursday said its digital arm had acquired the US-based design firm Cooper for an unspecified amount to expand its portfolio offerings.

"On acquisition, Cooper will become part of our Designit subsidiary and expand its reach in North America with more capabilities in design education," said the IT major in a statement here.

The San Fra

Aditya Birla Sun Life Balanced 95 Fund: change in investment factsheets for August

Aditya Birla Sun Life Balanced 95 Fund has announced change in investment factsheets and fund flash for the month ended August 31, 2017. As on Aug 31, 2017, the total size of the Fund was Rs 10,821.09 crores, compared with Rs 10,147.76 crores in the last month. The Fund's NAV per unit was Rs 736.85 for Growth, while 52-Week High and Low ranges were Rs 750.95 and Rs 598.38 respectively.

Sensex, Nifty snap four sessions of gains; banks drag

Indian shares ended lower on Thursday, snapping a four-session gaining streak, dragged down by financials such as ICICI Bank Ltd amid a lack of fresh triggers after the central bank maintained rates as expected.

The Nifty closed down 0.26 percent at 9,888.70, while the benchmark Sensex 0.25 percent lower at 31,592.03.

RBI panel pushes new rules so lenders pass on rate cuts more quickly

MUMBAI - A panel created by the Reserve Bank of India (RBI) said lenders are not sticking to rules that determine how much they can charge for loans, and proposed new requirements that could force banks to pass on interest rate moves to customers more quickly.

The panel, set up to look into why commercial banks were not passing on the central bank's rate cuts, sai

Reliance Communications scrapping merger plan with Aircel credit negative: Moody`s

Reliance Communications' aborting the plan to merge with Aircel is credit negative for the Anil Ambani-led firm as it was crucial to pare debt, Moody's Investors Service said today. RCom and Aircel had in September last year signed a binding agreement to merge their mobile businesses.

But, on Sunday, RCom announced that the agreement had lapsed owing to legal and regulatory un

SBI`s new boss puts bad debt under microscope, but also eyes growth

MUMBAI - Tackling bad debts will be the priority for State Bank of India, its newly appointed chairman Rajnish Kumar said on Thursday, but India's largest bank will not shy away from opportunities to grow, including in infrastructure lending.

India's state-run banks have been battered by soured loans, a $140 billion problem which has choked off new credit and

India considering exemptions sought by Apple, says government official

NEW DELHI- The Indian government is considering exemptions sought by Apple Inc for setting up a unit to assemble iPhones, Ramesh Abhishek, the top bureaucrat in the Department of Industrial Policy and Promotion, said on Thursday.

The department is a part of India's commerce and industry ministry.

Apple has asked federal government officials for a range o

Incoming boss of SBI says bad debt numbers "will look better"

MUMBAI - Tackling bad loans will be a priority for India's largest bank, said the newly appointed chairman of State Bank of India, Rajnish Kumar, addressing his first press conference since the appointment was announced late on Wednesday.

SBI, which accounts for more than a fifth of India's banking assets, has seen bad loans rise after it absorbed five subsidi

Siddhi Vinayak Shipping bags order from L&T Heavy Engineering

Siddhi Vinayak Shipping Corporation said that it has bagged an order for Fabrication of Hull Structure of K9 Vazra T Guns from L&T Heavy Engineering. The company foresees that it will be involved in building such structures over the next 4 years with the support of L&T Heavy Engineering, it said in a filing to the Bombay Stock Exchange. It will be sending a team of people to South Korea

ICICI Bank raises Rs 475 cr via bonds

The country’s second largest lender ICICI Bank said that it has allotted Basel III compliant bonds worth Rs 475 crore on private placement basis. “The committee of the executive directors of the bank...today approved allotment of 4,750 Basel III compliant unsecured subordinated perpetual additional tier I bonds aggregating Rs4.75 billion on private placement basis,” the bank s

Leopard enters Suzuki`s Manesar plant, production hit

A young leopard that strayed into the Suzuki Powertrain at Manesar in Haryana early on Thursday remained untraced despite a vigorous hunt for the animal. Production in the plant has been hit.

Four teams of Wildlife and Forest officials that reached the plant in the morning carrying nets and tranquilizer to rescue the big cat failed to trace the animal.

The rescue team placed

India services activity returns to growth in September on stronger demand - PMI

BENGALURU - Activity in India's services companies limped out of contraction in September as demand recovered and pushed firms to increase hiring at the fastest pace in over six years, a business survey showed on Thursday.

The lingering impact of the government's cash ban late last year pushed growth in Asia's third-largest economy to slow unexpectedly to

Indian stock market outlook solid but gains to slow on economic woes: Reuters poll

BENGALURU - Indian stocks are set to rise further over the coming year but will lag predictions from three months ago on worries shares have become too pricey and that the economy is headed for a rough patch, a Reuters poll showed.

The BSE Sensex, already up over 18 percent this year, is forecast to add another 3 percent by end-2017 to 32,500 from Tuesday's close

Mahindra & Mahindra to supply 150 electric vehicles to EESL

 State-run Energy Efficiency Services Limited (EESL) on Wednesday said automobile major Mahindra & Mahindra (M&M) has bagged a contract to supply it 150 electric vehicles.

As per the order, EESL will source 150 electric vehicles from M&M in phase I of its mega tender process to procure 10,000 electric vehicles.

According to the state-run firm, post

Skoda Auto India launches SUV Kodiaq

Automobile manufacturer Škoda Auto India on Wednesday launched SUV Kodiaq priced at Rs 34.49 lakh (ex-showroom all India).

‘India is one of the most promising economies with a dynamically evolving automotive industry. This market will be of significant importance in Škoda's global growth strategy," said Škoda Auto's Board Member for Finance

Exclusive: Brookfield Property Partners explores options for office assets - sources

Brookfield Property Partners LP is considering options for its office properties in the Northeastern United States that include the potential sale of a stake that could value the portfolio at as much as $10 billion, people familiar with the matter said.

Brookfield Property, one of the world's largest commercial real estate companies, has been looking for ways to boost its underper

Key Indian equity market indices open higher

The key Indian equity market indices on Thursday opened higher after the Reserve Bank of India (RBI) maintained its hawkish stand refusing to cut rates in view of the rising inflationary pressure and concerns over fiscal slippage.

The Sensitive Index (Sensex) of the BSE, which had closed at 31,671.71 points on Wednesday, opened higher at 31,725.85 points.

Minutes i

Infosys to provide IT support to elevator firm Kone

Software major Infosys on Wednesday said leading Finnish elevator-cum-escalator firm Kone had selected it for providing IT support services.

"Our strengths in SAP, systems delivery and automation will strengthen Kone's IT capabilities in application development and maintenance," said the company in a statement here.

The IT major is also setting up a design and

RCom says applies to withdraw towers spin-off plan

MUMBAI  - Reliance Communications said on Wednesday it had applied to a tribunal to withdraw a plan to spin-off its towers business, as a first step towards renegotiating the deal after ending plans to merge its wireless business with a rival.

As part of plans to cut its heavy debt load, RCom hadagreed to sell a 51 percent stake in the tower arm to Canada'sBr

Monsanto posts fourth-quarter profit on demand for corn, soybean seeds

 U.S. seeds and agrochemicals company Monsanto Co, which is being acquired by Germany's Bayer AG, reported a quarterly profit, compared with a year-ago loss, helped by higher demand for corn and soybean seeds.

Net profit attributable to Monsanto was $20 million, or 5 cents per share, in the fourth quarter ended Aug. 31, compared with a loss of $191 million, or 44 cents per sh

Urja Global to set-up AIC with NITI Aayog at Delhi

Urja Global is planning to set up Atal Incubation Center (AIC) with NITI Aayog at Delhi for training the unemployed youths for opening of Urja Kendra at Gram Panchayat level. “The company has submitted a proposal for setting up Atal Incubation Center (AIC) with NITI Aayog at Delhi for training the unemployed youths for opening of Urja Kendra at Gram Panchayat level,” it said in a fi

Government appoints Rajnish Kumar as boss of State Bank of India

MUMBAI - The Indian government on Wednesday appointed Rajnish Kumar chairman of State Bank of India for three years, effective Oct. 7.

Kumar, 59, is one of the bank's four managing directors. He replaces Arundhati Bhattacharya who is due to step down on Friday after being at the helm for four years.

The change comes at a time when SBI, which accounts for

India`s August coal shipments fall 14 percent, government says

NEW DELHI  - Coal shipments handled by major Indian ports in August fell over 14 percent from a year earlier to 9.3 million tonnes, government data showed, as demand for overseas coal declined due to higher domestic production.

The share of coal in cargoes handled at major ports fell to about 18 percent in August from 21 percent a year ago, the data showed, follo