ABB India's Q2 net profit up 35%

Industrial technology major ABB India on Thursday reported an increase of 34.90 per cent in its net profit for the second quarter (Q2) of 2017.

According to the company, its net profit for Q2 increased to Rs 75.06 crore from Rs 55.64 crore reported for the corresponding period of 2016.

The company revealed that it had received orders worth Rs 2,301 crore during the second qu

The debt threat lurking behind India`s zombie power plants

MUMBAI - In the central Indian village of Raikheda, the construction of a thermal coal power plant once promised jobs and economic progress.

Years after its completion though, the debt-saddled project that promised power supply to hundreds of thousands of homes, sits mostly idle. It is unable to buy coal to power the plant or sell electricity to utilities. Dozens of n

Paytm aims to sell gold worth $200 million this year

By Nivedita Bhattacharjee and Sankalp Phartiyal

BENGALURU/MUMBAI  - Paytm plans to sell 5 tonnes of gold valued around $200 million this year, the digital payments firm said on Friday, as it strives to develop a viable business from its e-wallet platform.

E-wallets like Paytm, Citrus Pay and MobiKwik, which allow users to transfer money into virtual wal

RIL Q1 standalone net up 9% at Rs 8,196 cr on petchem gains

Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday posted a healthy 9 per cent rise in its standalone net profit for the first quarter ended June at Rs 8,196 crore on the back of higher margins from its petrochemicals business and a one-time gain.

The company had registered a standalone net profit of Rs 7,548 crore during the April-June quarter a year ago. The standalone figu

Wipro to buy back shares worth Rs 11,000 crore

 Global software major Wipro Ltd on Thursday proposed to buy back nearly 344 million shares of Rs 2 face value for Rs 11,000 crore ($1.7 billion) at Rs 320 ($4.95) per share.

"The board of directors approved a buyback proposal for purchase of 343.75 equity shares of Rs 2 each, representing 7.06 per cent of equity capital, from the company's shareholders on a proport

KPMG India to merge BMR's M&A and risk consulting businesses

Professional services firm KPMG in India on Thursday said that it will merge the transactions (M&A) and risk consulting businesses of BMR.

According to the company, the merger will combine the strengths of both the organisations across corporate finance, transactions tax, transaction support and risk consulting businesses.

"The combined domain expertise of the two f

SEBI tweaks rules on foreign purchases of rupee corporate debt

MUMBAI - India's market regulator said on Thursday foreign investors would be allowed to buy rupee-denominated corporate debt on tap until they reach 95 percent of the 2.44 trillion rupees ($37.87 billion) allocated to them.

Once that 95 percent limit is reached, however, custodians must halt any foreign investors orders, and the remainder would be sold off under

Eurofins Scientific to acquire Tata`s Advinus Therapeutics

Tata Industries on Thursday said that laboratory testing major Eurofins Scientific will acquire its preclinical contract research company Advinus Therapeutics.

"Tata Sons, Tata Industries and Rallis India announced today that they, along with individual shareholders of Advinus Therapeutics (Advinus), have signed a definitive agreement with Eurofins Scientific (Eurofins) for Eurof

RIL proposes to buy stake in Balaji Telefilms

Industrialist Mukesh Ambani-led Reliance Industries Ltd (RIL) on Thursday said it plans to acquire 24.92 per cent equity stake in media and entertainment industry firm Balaji Telefilms Limited (BTL) for a consideration of Rs 413.28 crore.

"RIL proposes to acquire 2.52 crore equity shares of BTL, constituting 24.92 per cent of the post-issue paid-up capital of BTL... for cash cons

Jio to raise Rs 20,000 cr through rights issue

Reliance Jio on Thursday announced that it will sell optionally convertible preference shares through rights issue to existing shareholders to raise Rs 20,000 crore.

Jio is a wholly-owned subsidiary of RIL.

In a regulatory filing with both the Bombay Stock Exchange and the National Stock Exchange, Reliance Jio Infocomm Ltd said its board of directors at a meeting on Thursday

HPCL sees more scope for foreign buys after ONGC deal

By Nidhi Verma

NEW DELHI - State refiner Hindustan Petroleum Corp Limited (HPCL) sees itself better placed to buy overseas downstream assets once it becomes part of the country's top explorer Oil and Natural Gas Corp (ONGC), its chairman M. K. Surana said.

The Indian cabinet on Wednesday cleared state-run ONGC to acquire the government's 51.1 percent

Bajaj Auto Q1 consolidated net profit down over 19%

Two- and three-wheeler major Bajaj Auto on Thursday reported a decline of more than 19.52 per cent in its net profit for the first quarter (Q1) of 2017-18.

The automobile major's net profit decreased to Rs 836.74 crore for the quarter ended June 30, 2017, from Rs 1,039.70 crore reported in the corresponding period of 2016-17.

According to the company, its total income fo

India urges final solution to WTO food stockpiling issue

Noting how protectionism in some developed nations is impacting the multilateral trading system, India has again urged WTO members to realise a permanent solution to the issue of public stockholding for food security, the Indian Commerce Ministry said on Thursday.

"During her meeting with the Director General WTO, the Commerce and Industry Minister mentioned the kind of outc

NIIT Technologies Consolidated Quarterly Result net surges 79.5% at Rs 51.3 cr

NIIT Technologies today posted 79.5 per cent jump in consolidated net profit to Rs 51.3 crore for the first quarter ended June 30, 2017. NIIT's net profit stood at Rs 28.6 crore in the year-ago period, the company said in a filing to the Bombay Stock Exchange. The company's revenues increased by 5.7 per cent to Rs 708.9 crore in the said quarter from Rs 670.7 crore in the April-June per

NSE files consent application for resolution of co-location issue

The National Stock Exchange of India (NSE) on Thursday said it has filed an application with stock market regulator Sebi for settlement of its co-location issue under the consent process.

"This application has been filed under the settlement regulations of Sebi. Sebi will review the application and get back to NSE on the future course of action," the stock exchange majo

Wipro announces up to $1.7 billion share buyback as second-quarter forecast disappoints

By Tanvi Mehta and Sankalp Phartiyal

BENGALURU/MUMBAI - Wipro Ltd, India's third-largest software services exporter, announced an up to 110 billion rupee ($1.71 billion) share buyback on Thursday, overshadowing a tepid revenue forecast that fell short of market expectations.

Bengaluru-headquartered Wipro said it expects revenue from its core IT services

Sensex ends lower; Infosys biggest drag

Indian shares fell on Thursday, dragged down by IT stocks such as Infosys Ltd , while investors await quarterly results from Wipro Ltd and Reliance Industries Ltd due later in the day.

The broader NSE Nifty closed 0.27 percent lower at 9,873.30, while the benchmark BSE Sensex fell 0.16 percent to 31,904.40.

Wipro shares closed 0.7 percent lower, while Reliance Industries end

Reliance General Insurance posts Rs 44 cr net profit

 Reliance General Insurance on Thursday said it closed the first quarter with its gross written premium going up by 41 per cent year-on-year and 22 per cent growth in its profit after tax.

The company board also approved listing of the shares in the stock exchanges to unlock value for the shareholders.

In a statement issued here, the company said it has booked

iVOOMi launches Me 4 and Me5 budget smartphones in India

Chinese electronic major iVOOMi on Thursday launched two new affordable smartphones -- 'Me 4' and 'Me 5' -- series in India at Rs 3,499 and Rs 4,499, respectively.

'Me 4' features 4.5-inch display while 'Me 5' has 5-inch HD-IPS display along with 2.5D curve glass. Both run Android 7.0 Nougat.

"We are glad to launch the extension

Jet Airways cutting pilot pay to trim costs, sources say

By Aditi Shah

NEW DELHI - Jet Airways, India's second-largest airline by market share, plans to slash pay of dozens of its junior pilots by as much as 50 percent in a cost-cutting move, according to two sources and letters seen by Reuters.

The airline, in letters sent to pilots earlier this month, has proposed they either take 30-50 percent salary and st

Mahindra Comviva partners Saregama for mobile content

Mobile solutions provider Mahindra Comviva on Thursday announced partnership with entertainment services provider Saregama to expand the digital content offerings to its telecom clients.

Saregama will provide Mahindra Comviva with digital content of over 117,000 musical tracks.

"This partnership will prove to be a big game changer in telecom's transformati

Hindustan Zinc quarterly Result profit rises 81 percent

 Hindustan Zinc Ltd , India's biggest zinc miner, posted an 81 percent jump in quarterly profit on Thursday, boosted by higher income from zinc operations and an increase in the metal prices.

Net Profit rose to 18.76 billion rupees ($291.16 million) in its fiscal first quarter ended June 30 from 10.37 billion rupees a year earlier, the company, which is a unit of Vedanta Ltd

Bajaj Auto first-quarter profit falls about 6 percent

Bajaj Auto Ltd posted a 5.6 percent fall in quarterly profit on Thursday as sales were hit by the changeover to BS-IV compliant vehicles and the transition to the new Goods and Services Tax (GST).

Profit was 9.24 billion rupees ($143.48 million) in the first quarter ended June 30, compared with 9.78 billion rupees a year earlier, the country's fourth largest automaker by market ca

Karnataka Bank eyes agri credit of Rs 6,800 cr in FY`18

Karnataka Bank said it is targetting Rs 6,800 crore agri credit in the current financial year, reported PTI. This constitutes 18.09 per cent of adjusted net bank credit as against the minimum regulatory requirement of 18 per cent, the bank said in a statement.

The private sector lender said it achieved the target of 18 per cent agriculture advance target in the fiscal ended March and

Lakshmi Vilas Bank to raise Rs 1,256 cr via various modes

Lakshmi Vilas Bank plans to raise over Rs 1,250 crore through various instruments, reported PTI. The decision was taken at the bank's annual general meeting held on July 18, 2017, the lender said in its annual report for 2016-17. The bank further said that it will tap both domestic and global markets for the funding. The private sector bank said it will issue 5 crore equity shares, which on