Union Bank appoints Kewal Handa as Chairman

Union Bank of India said Kewal Handa, former Managing Director of pharma major Pfizer India, has been appointed as its Chairman for three years. Handa has been appointed non-executive chairman and part-time non-official director as per a notification of the finance ministry, the lender said in a BSE filing.

He was MD of Pfizer India from 2005-2012 and prior to that had served as Execu

Jet Airways in talks with airlines, PE players to raise funds

Jet Airways is in discussions with a few foreign airlines and private equity players for raising funds by selling stake, investment banking sources said as per the PTI report. The leading full service airline, where Abu Dhabi-based Etihad Airways already has 24 per cent strategic stake, has been looking to raise funds for expanding operations. The airline has already appointed an investment ban

Sensex edges up on energy stocks; June inflation data awaited

India's benchmark indexes edged higher on Wednesday as shares of energy companies advanced on the back of higher crude prices, though gains were capped as investors turned cautious ahead of consumer inflation data.

Oil prices rose more than 1.5 percent on Wednesday, extending gains from the previous day as the U.S. government cut its crude production outlook for next year and as f

Toyota Kirloskar Motor launches smart phone application

 Automobile major Toyota Kirloskar Motor on Tuesday launched a smart phone application -- Toyota Connect India -- to provide its customers with Toyotas global standards of connected services.

According to the company, the app is a fully integrated cloud based connected service platform supported by a dedicated and specialised call centre, Toyota's dealer networks and ser

Tata Motors extends Ace family of small commercial vehicles

Automobile major Tata Motors on Tuesday extended its Ace vehicles with the introduction of the new XL range of small commercial cargo vehicles.

"Being the market leader in this segment, we understand our customer requirements very well and the new XL range emerges out of this in-depth knowledge and consumer insight," said R.T. Wasan, Head for Sales and Marketing, Commer

Approached lenders for NOC on slump sale of Mundra Power: Adani Power

Adani Power on Tuesday said that it has approached lenders for no-objection certificate (NOC) for a slump sale of its "Mundra Power Project" to its subsidiary company Adani Power (Mundra).

Last month, Adani Power's Board of Directors had approved a proposal for a slump sale of its Mundra Power Project to one of its subsidiary companies.

"Adani Po

Infosys arm offers Finacle on Amazon

Infosys subsidiary EdgeVerge Systems would offer banks the world over its flagship financial software product Finacle on Amazon Web Services (AWS), said the IT major on Tuesday.

"Banks the world over can securely leverage Finacle's solution suite with other enterprise applications hosted on the AWS cloud," said the software firm in a statement here.


Major fire in Nalco power plant in Odisha

 A major fire broke out at Nalco's captive power plant in Odisha's Angul on Tuesday, causing extensive damage but no one was injured, the state-run PSU said.

The fire broke out in the old generator transformer of the plant's Unit-8 due to internal short circuit.

However, there has been no injury to any person and there was no production loss on acc

Exclusive: Police detain man in probe of alleged data leak at Jio

By Rahul Bhatia

MUMBAI - Police in Rajasthan on Tuesday detained a man suspected of involvement in what may be a major leak of user data from India's newest telecoms company Jio, a police official said.

Jio, run by India's richest man Mukesh Ambani and his conglomerate Reliance Industries Ltd, said on Monday it was investigating whether personal data

Tata Steel sells UK pipe mills to Liberty House

LONDON/BENGALURU  - Tata Steel said on Tuesday it had agreed to sell its pipe mills in the north of England to UK-based metals and industrial group Liberty House for an undisclosed sum.

The mills in Hartlepool employ 140 people and have a production capacity of over 250,000 tonnes a year.

Tata Steel, Britain's largest steelmaker, has been selling of

Indias fuel demand rose 0.4 percent in June

NEW DELHI - India's fuel demand rose 0.4 percent in June compared with the same month last year.

Consumption of fuel, a proxy for oil demand, totalled 16.54 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.

Sales of gasoline, or petrol, were 11.9 percent higher from a year earlier at 2.07 million tonnes

NSE operates normally, but questions linger over systems glitch

MUMBAI - The National Stock Exchange (NSE) operated normally on Tuesday, a day after a technical glitch caused a five-hour disruption in trading, but rattled traders demanded the country's biggest exchange quickly take measures to prevent a recurrence.

All trading systems at the NSE, including price quotations for individual stocks, were operating normally, with s

Saudi Aramco to meet customer demand for crude in India, SE Asia in August - sources

NEW DELHI/SINGAPORE  - State oil giant Saudi Aramco will meet customers' full crude oil requirement in India and southeast Asia in August, two sources with knowledge of the matter said on Tuesday.

"There is no (supply) cut" even for heavier grades such as Arab Medium and Heavy crude, one of the sources said.

(Reporting by Nidhi Verma and F

JNPTs container handling rise 5% in Q1

Country's largest container port JNPT said that it has registered a 5.11 per cent growth in cargo handling for the April-June period at 1.20 million standard units. The port, located off the eastern waterfront of the financial capital, handled 1.20 million TEUs or standard container units as against 1.14 million TEUs in the same period last year, it said in a statement. Of the three termina

Tata Steel commissions its 1st 3 MW solar power plant at Noamundi

Tata Steel’s Noamundi mine became the country's first iron-ore mine to have solar plant for reducing carbon footprint. "With due consideration towards Tata Steel’s initiatives towards reducing carbon footprint, a three MW solar photovoltaic(PV) power plant has been commissioned at Noamundi and this is the first solar power plant in any iron-ore mine in the country," Ta

Uber completes 2 mn 'uberMOTO' trips in India

Cab-hailing service Uber's bike-sharing service 'uberMOTO' has completed two million trips in India, with a female rider in Gurugram taking the highest number of rides, accounting for 1,393 trips in one year.

"uberMOTO gives riders the option to book a motorbike ride through the Uber app, a mode of transport that has long been the preferred way to get around citi

IndusInd Bank first-quarter profit rises 27 percent; interest income up

IndusInd Bank Ltd posted a nearly 27 percent increase in quarterly net profit, helped by higher interest income.

Net profit was 8.37 billion rupees ($129.73 million) in its fiscal first quarter ended June 30, compared with 6.61 billion rupees a year earlier, the sixth-largest Indian private sector lender by assets said on Tuesday. 

Interest earned by the company rose ab

As GST kicks in, concerns about core inflation rise

MUMBAI/NEW DELHI  - Indians have started paying more for items ranging from movie tickets to cholesterol tests, thanks to the new goods and services tax, and that raises the prospect the central bank will grow more cautious about cutting interest rates deeply.

Increases in charges for services, if sustained, threaten to push up core inflation, which excludes food

Supreme Court suspends ban on trade in cattle for slaughter

The Supreme Court suspended on Tuesday a government ban on the trade of cattle for slaughter, a boost for the multi-billion dollar beef and leather industries mostly run by members of the Muslim minority.

Prime Minister Narendra Modi's Hindu nationalist government in May decreed that markets could only trade cattle for agricultural purposes, such as ploughing and dairy production,

Dry spell threatens Indian summer crops, could raise farmers woes

MUMBAI - Farmers in India run the risk of planting too much, too fast in the current monsoon season as an unexpected dry spell starts to wilt summer-sown crops, raising fears of lower yields and potentially forcing some farmers to re-sow crops.

Lower yields or crop failure will increase discontent among farmers that has triggered protests in the big agrarian states in

IOC, LanzaTech sign deal to build off gas-to-bioethanol unit

Government-owned Indian Oil Corporation Limited (Indian Oil) and LanzaTech, carbon recycling company, have signed a statement of intent to construct the world's first refinery off gas-to-bioethanol production facility in India at an investment of Rs 350 crore. LanzaTech has developed a gas fermentation process to make fuels and chemicals. Instead of sugars and yeast, the company uses a biol

City Union Bank inaugurates new branch in Tamil Nadu

City Union Bank said that it has inaugurated its 551st branch located at Villapuram, Madurai in state of Tamil Nadu on July 10, 2017. City Union Bank offers a suite of products across deposits, loans, investment solutions, payments and cards and the Bank also offers services, such as internet banking, mobile banking, including online funds transfer and fixed deposit operations. Meanwhile, share

Flipkart to make revised offer for Snapdeal this week

Flipkart is expected to make a revised offer in the next few days for buying Snapdeal, after its first proposal of USD 850 million was rejected by the Board of the smaller rival, reported PTI. The new offer is likely to be closer to USD 1 billion mark, which was the initial asking price for acquisition of beleaguered e-commerce marketplace, sources privy to the development said. They did not wi

OVL to bid for Lebanese offshore blocks

ONGC's overseas arm OVL will bid for blocks in Lebanon's first oil and gas exploration and production licensing round, Oil Minister Dharmendra Pradhan said as per the PTI report. ONGC Videsh Ltd (OVL) was pre-qualified to bid as an operator for five offshore blocks (1,4,8,9 and 10). Pradhan, who is leading a delegation to the World Petroleum Congress in Istanbul, in a Twitter post said

Amazon wins India's approval to invest in domestic food retail

Online retail giant Amazon.com Inc has secured approval to stock and sell food and groceries in India, potentially expanding its business in the fast-growing economy where it is in a pitched battle with home-grown rival Flipkart.

Amazon confirmed winning government approval for its plan to sell food products, but it declined to provide further details.

Separately, a source f