India facing higher monsoon rains than forecast - IMD chief

NEW DELHI  India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, the chief of the weather office said on Tuesday, raising prospects of higher farm and economic growth.

The state-run India Meteorological Department on April 18 forecast this year's monsoon rains at 96 percent of t

UCO Bank plans to raise Rs 75 cr capital

 State-run UCO Bank on Tuesday said it is planning to issue 75 crore equity shares during the current financial year in one or more tranches.

The bank's board in its meeting scheduled for Friday will consider the proposal of raising equity capital.

"The Board of Directors of our bank at its meeting scheduled to be held on May 12, 2017, will, inter alia, conside

RBI begins 'corrective action' for IDBI Bank over bad loans

MUMBAI   The Reserve Bank of India (RBI) has initiated "prompt corrective action" for state-run IDBI Bank over its high bad loans and negative return on assets, the lender said on Tuesday.

IDBI, in a filing to the stock exchanges, said the action "will not have any material impact" on its performance and expected it to help improve its interna

Godrej Consumer's Q4 consolidated net profit zooms 212%

The Godrej Consumer Products on Tuesday said its consolidated net profit for the fourth quarter (Q4) ended March 31, 2017 shot up by 212.33 per cent to Rs 389.91 crore.

According to the company, its net profit for the period stood at Rs 389.91 crore from Rs 124.84 crore reported during the corresponding period of last financial year.

The total income from operations of the c

Bharti Airtel posts smallest quarterly profit in four years on competition

By Sankalp Phartiyal

MUMBAI   Bharti Airtel, India's largest mobile telecoms network operator, reported its smallest quarterly profit in more than four years on Tuesday, as free services offered by upstart rival Jio sparked a price war which has eroded sales and margins.

The results highlight the turmoil in the world's second-biggest cellphone m

Vijaya Bank net Q4 profit zooms in FY 2016-17

State-run Vijaya Bank on Tuesday reported a net profit of Rs 204 crore for the fourth quarter of the financial year 2016-17, registering a whopping 187 per cent year-on-year (YoY) jump from Rs 71 crore in the like period a year ago.

In a regulatory filing in the BSE, the city-based bank said net profit for the fiscal 2016-17 shot up 97 per cent YoY to Rs 751 crore from Rs 382 crore in

IndiGo to fly to smaller cities in strategy shift

By Aditi Shah

MUMBAI   Indian airline IndiGo said it plans to start flying smaller planes to second-tier towns and cities later this year, in a shift in strategy for the carrier that has prided itself on the simplicity of running only one type of jet.

IndiGo, which has a fleet of 131 Airbus A320 aircraft, said on Tuesday it has placed a provisional

India to produce record food grains in 2016/17

NEW DELHI   India is likely to produce a record 273.38 million tonnes of food grains 2016/17, slightly higher than the previous estimate of 271.98 million tonnes, farm ministry said in a statement, as ample monsoon rains boosted crop yields.

The south Asian nation is likely to produce a record 97.44 million tonnes of wheat, higher than a previous forecast of

Indian equities close on flat note

Indian equity markets closed on a flat note on Tuesday on the back of mixed global cues and a weak rupee.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched up by 2.80 points or 0.03 per cent to provisionally close at 9,316.85 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 29,977.50 points, provisionally closed at 29,933

India plans land 'swaps' to attract steel investors - official

NEW DELHI   India is drafting a land-for-assets policy among a raft of measures aimed at attracting foreign investment into the world's third largest steel producing market, the steel secretary said on Tuesday.

Asia's third-largest economy is notorious for making it difficult for foreign companies such as POSCO to buy land, losing out on billions of

India asks state miner NMDC to review iron ore prices once in three months

NEW DELHI    India has asked state miner NMDC Ltd to consider reviewing iron ore prices only once in three months instead of regular revisions, and help steel companies handle raw material purchases better, the steel secretary told Reuters.

The government is also working on a policy to help steel companies transfer excess land with them to foreign companies

India's record jet fuel exports set to fall as air travel soars

By Jessica Jaganathan and Nidhi Verma

SINGAPORE/NEW DELHI   India's record jet fuel exports may fall this year as an expanding middle class and cheaper air travel boost local consumption, refinery executives and analysts told Reuters, potentially raising ailing profit margins for the fuel.

Prime Minister Narendra Modi last month launched the fi

Sensex flat on profit-booking, banks fall

By Samantha Kareen Nair

Indian shares were flat on Tuesday as investors booked profits in recent outperformers such as Ambuja Cements Ltd and ACC Ltd while banks erased gains from the previous session's rally.

Caution also prevailed ahead of a late spell of quarterly earnings, with Bharti Airtel slated to announce results later in the day.

Asian shares were als

ABB India`s Q1 net profit up 3%

Industrial technology major ABB India on Monday reported an increase of 3.18 per cent in its net profit for the first quarter (Q1) of 2017.

According to the company, its net profit for Q1 increased to Rs 88.17 crore from Rs 85.45 crore reported for the corresponding period of 2016.

Besides, the firm's total income edged-up by 9.29 per cent during the quarter un

Union Bank of India Q4 profit rises 13 percent, misses estimates

Union Bank of India Ltd on Monday posted a 13 percent rise in its fourth-quarter net profit as the gross bad-loan ratio eased sequentially, but fell short of analysts' expectations.

The country's sixth-biggest public sector lender by assets said net profit for the March quarter stood at 1.08 billion rupees ($16.79 million).

Analysts on average had expected a fourth-q

Eros International ties up with Zee for television syndication

Eros International, a film distribution company, announced television syndication deal with Zee, reported PTI.

The multi-film deal with Zee gives the channel syndication rights for three films, including Ram Gopal Varma's Sarkar 3 starring Amitabh Bachchan.

"Bollywood films are critical to the television programming mix and we attempt to tailor packages to suit audi

Bharti Infratel Q4 profit falls 17 percent, misses estimates

Indian telecom tower company Bharti Infratel Ltd posted a 17 percent drop in its fourth-quarter consolidated net profit, missing analysts' estimate, hurt by higher expenses.

Consolidated net profit came in at 5.97 billion rupees ($92.83 million) in the quarter ended March 31, compared with 7.18 billion rupees a year earlier, the company said in a statement on Monday.

Ana

Bank of India slashes benchmark lending rate by 0.1%

Bank of India (BoI) has cut benchmark lending rate by 0.1 per cent, said the PTI report. The bank has reduced its marginal cost of funds based lending rate (MCLR) by 10 basis points to 8.40 per cent, from 8.50 per cent, effective May 7.

The MCLR regime came into effect from April 1, 2016, replacing the old base rate regime to improve transmission of policy rates and transparency in fi

Natco Pharma launches generic hepatitis C drug

Natco Pharma on Monday said it has launched a generic version of sofosbuvir 400 mg/velpatasvir 100 mg tablets in India, which is used for treatment of chronic hepatitis C virus (HCV) infection.

The pharmaceutical company said in a regulatory filing to the BSE that it will market the sofosbuvir 400 mg/velpatasvir 100 mg fixed dose combination in India under the brand name 'Velpanat

Tata Global Beverages to launch ready-to-drink tea

 Tata Global Beverages on Monday said it proposes to launch a ready-to-drink tea-based beverage.

Tata Tea Fruski is expected to be launched on May 10, the company said in a regulatory filing to the BSE.

It added that the product will cater to the domestic market only.

Pfizer net profit dips 22% at Rs 68.04 cr in Mar-qtr

Drug maker Pfizer Ltd reported a decline of 22 per cent in its standalone net profit after tax (PAT) at Rs 68.04 crore for the Jan-Mar quarter of FY17.

“The standalone net profit of the company stood at Rs 87.21 crore during the same period a year ago,” Pfizer Ltd said in a filing to the Bombay Stock Exchange. Further, the standalone total income of the company fell by 14.

Lakshmi Vilas Bank lowers base rate by 0.25%

Private sector lender Lakshmi Vilas Bank on Monday lowered the base rate by 25 basis points to 10.15 per cent per annum from 10.4 per cent earlier, with effective from May 08, 2017.

“The bank has revised the base rate from 10.40% p.a. to 10.15% p.a., with effective from May 08, 2017,” said Lakshmi Vilas Bank in a filing to the Bombay Stock Exchange.

Base rate is

JK Lakshmi Cement board to consider fund raising proposal next week

JK Lakshmi Cement, a leading cement manufacturer in India, on Monday said it is planning to raise funds by issue of securities, convertible or non-convertible by public or private offerings or any combination thereof.

The company’s board meeting will be held On May 17, 2017, to consider and approve the audited Financial Results for the quarter and financial year ended 31st March

Tata Metaliks Q4 net up 5% at Rs 40.36 cr

Tata Metaliks, a leading manufacturer & supplier of pig iron in India, on Monday reported a growth of 5.07 per cent in its net profit of Rs 40.36 crore in the fourth quarter ended March 31, 2017. “The Tata group company had posted net profit of Rs 38.41 crore during the same period last year,” said Tata Metaliks in a filing to the Bombay Stock Exchange.

The total incom

Canara Bank posts fourth-quarter profit on lower bad loan provisions

REUTERS - Indian public sector lender Canara Bank reported a profit for the fourth quarter, compared with a year-ago loss, on the back of lower provisions for bad loans.

Net profit was 2.14 billion rupees ($33.32 million) in the three months ended March 31, compared with a loss of 39.05 billion rupees a year earlier. (http://bit.ly/2qgNrGg)

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