Ashok Leyland bags Karnataka order for over 3,000 buses

 Hinduja Group's flagship company Ashok Leyland on Monday said that it has bagged an order for 3,019 buses worth Rs 650 crore.

According to the company, the order has come from the Karnataka State Road Transport Corporation (KSRTC).

"This order, one of the largest from a state transport undertaking for a single OEM (original equipment manufacturer), w

Ambuja Cements June-quarter consolidated profit rises 12 percent

Ambuja Cements Ltd, part of the world's No.1 cement producer LafargeHolcim Ltd, posted an about 12 percent increase in quarterly consolidated net profit on Monday, boosted by higher cement sales volume.

Consolidated net profit rose to 7.18 billion rupees ($111.59 million) in the quarter ended June 30 from 6.42 billion rupees a year earlier, the cement maker said in a statement.

Parliament gives nod to Footwear Design Institute Bill

 Parliament on Monday passed the Footwear Design and Development Institute Bill that seeks to establish the Footwear Design and Development Institute as an institution of national importance with the Rajya Sabha's nod to the law.

The Bill, introduced by Commerce and Industry Minister Nirmala Sitharaman, was passed after discussion. The Lok Sabha has already passed the Bi

Bharti Infratel first-quarter consolidated profit falls about 12 percent, misses estimates

Telecom tower infrastructure provider Bharti Infratel Ltd on Monday said its consolidated profit fell about 12 percent in the first quarter, hurt by higher tax expenses.

Consolidated profit after tax for the three months ended June 30 came in at 6.64 billion rupees ($103.20 million), while total income grew about 9 percent to 16.07 billion rupees. (


India sets up panel to revive loss-making steelmaker SAIL: minister

NEW DELHI- India has set up a panel to turn around loss-making Steel Authority of India Ltd (SAIL) and help the state-owned company increase production, Minister of State for Steel Vishnu Deo Sai said in the lower house of Parliament on Monday.

Reuters reported in March that an expert panel was set up to revive SAIL after a government review found the company to be fa

IMF keeps India`s growth forecast at 7.2% for 2017-18

India will stay ahead of China in growth sweepstakes in 2017 as well as 2018, said the International Monetary Fund (IMF) while retaining the country's GDP forecast at 7.2 cent for the current fiscal, reported PTI. According to IMF's World Economic Outlook Update, India's growth is projected to accelerate to 7.7 per cent in 2018-19, from 7.2 per cent forecast for 2017-18.


29 mineral blocks put on the block till date: Piyush Goyal

A total of 29 mineral blocks with a combined estimated resources of Rs 1.56 lakh crore have been auctioned so far, the government said as per the PTI report. "As on date, 29 mineral blocks with an estimated total value of resources of Rs 1,56,746 crore have been auctioned in Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Odisha and Rajasthan,"

India, Bangladesh sign MoU for new waterways: Minister

According to a Government Official, Bangladesh and India have signed a Memorandum of Understanding (MoU) to connect the north-east and West Bengal with Bangladesh through new waterways. Commenting on the issue, Union minister Mansukh Mandaviyatold the media, "The new waterways would enable transportation of people and goods by ships.

They would be set up by using the major rivers

Shares end at record close, Nifty nears 10,000

The NSE Nifty ended at a record closing high on Monday, coming within striking distance of breaching the 10,000 mark for the first time ever, as Reliance Industries Ltd and HDFC Bank gained after their recent earnings.

The broader index ended up 0.52 percent at 9,966.40, its highest close ever, while the benchmark BSE Sensex ended 0.68 percent up at an all-time closing high of 32,245.

NITI Aayog approves Rs 18k cr for high speed rail projects

The premiere think-tank of the Government of India, NITI Aayog has approved investments worth Rs 18,000 crore for high-speed rail projects for major routes of Delhi-Mumbai and Delhi-Kolkata, Union Minister for Railways, says Suresh Prabhu at an ASSOCHAM event. “We are working on Gatiman Express which is India’s fastest train at 180 km per hour and trying for Mumbai-Delhi and Delhi-K

Government introduces Banking Regulation Bill

Finance Minister Arun Jaitley on Monday introduced a bill under which the Centre may authorise the Reserve Bank of India to direct banks to initiate recovery proceedings against loan defaulters.

The Banking Regulation (Amendment) Bill will replace an ordinance that earlier enabled this. 

The recovery proceedings would be under the Insolvency and Bankruptcy Cod

JioPhone will force incumbents to protect subscribers: Jefferies

Reliance Jio's newly launched JioPhone aimed at over 50 crore feature phone users will pose a stiff challenge to incumbents to protect their subscriber market share, investment banking firm Jefferies has said.

"The monthly plan compares favorably against the blended ARPU (average revenue per unit) of top three incumbents, but it does provide a cap. Even though the pricin

CCEA approves government stake sale of HPCL to ONGC: Pradhan in LS

The Cabinet Committee on Economic Affairs (CCEA) has given in-principle approval for the sale of the government's 51.11 per cent stake along with the management control of HPCL to the ONGC, Oil Minister Dharmendra Pradhan said today. Hindustan Petroleum Corporation Ltd (HPCL) will continue as a public sector undertaking after Oil and Natural Gas Corporation Ltd (ONGC) acquires its stake, th

Trade deficit with China a matter of concern: Nirmala Sitharaman

India's trade deficit with China is a matter of concern and the government is working for greater access of Indian goods and services into the Chinese market, Lok Sabha was informed today. "Trade deficit with China is a matter of concern. We are discussing the issue with China for greater access for Indian products and services in the Chinese market," Commerce Minister Nirmala Sit

Coal India invites power producers for linkage auction

State-run Coal India Ltd (CIL) has invited applications from independent power producers to take part in the auction of coal linkages under the Scheme for Harnessing and Allocating Koyala Transparently in India (Shakti), a notice said on Monday.

The miner asked "interested entities" to register on the website of auction firm MSTC Ltd "on or before August 7, 2017&qu

HDFC Bank awaits farm loan waiver details after higher first-quarter provisions

HDFC Bank Ltd said it was waiting for details on farm loan waiver plans announced by several states, after recording higher provisions driven by delinquencies in its agriculture loan book over the first quarter.

Four key states including Uttar Pradesh, which has a population around the same size as Brazil's, have recently said they would waive off billions of dollars in farm loans

Biz get time till August 16 to opt for GST composition scheme

The government extended the deadline till August 16 for businesses to opt for composition scheme under the GST regime, reported PTI. "With a view to ease the compliance burden of provisionally migrated small taxpayers opting to pay tax under the composition scheme, it has been decided to extend the time limit for filing intimation for composition levy up to August 16, 2017," the finan

GST a great step towards transparency, says Smriti Irani

The Union Minister for Textiles and Information & Broadcasting Smriti Zubin Irani has said that no one can harass a person who wants to come into formal economy through GST. Addressing a seminar on ‘GST – a Tool for Inclusive Growth’ organised in Ahmedabad, the Minister said past transactions are not to be checked under this system.

There will be no punishment fo

Data has become the new oil: Nandan Nilekani

Describing data as the "new oil", Infosys co-founder Nandan Nilekani said India has a chance to build a completely new paradigm as he made a strong pitch for democratising data so that it is available to everybody and not just a few organisations, reported PTI.

"Data has become the new oil. Just like oil was the basis for transformation of the 20th century, data is the

RBI plans to sell government securities worth Rs 100 bn on August 10

The Reserve Bank on Friday said it will sell government securities under open market operations for an aggregate amount of Rs 100 billion on August 10, 2017 via multi-security auction. “Based on the current assessment of prevailing and evolving liquidity conditions, the Reserve Bank has decided to conduct sale of Government securities under Open Market Operations for an aggregate amount o

Trai to begin consultation on mobile apps seeking user data

Mobile apps seeking blanket access to phone users' information -- even if irrelevant to their functions -- have come under the lens of Trai, which will start consultation on data privacy and security in the telecom sector, according to a top official. "There should be a link between what an application does and information the application is asking for... You will see a consultation pa

IT dept detects Rs 19,000 cr black money in HSBC cases: Finance Minister

The Indian Government has said that the Income Tax department has detected over Rs 19,000 crore in black money following investigations into global leaks including HSBC account holders in Switzerland.

Commenting on the issue, Finance Minister Arun Jaitley told the media, “Investigations into information, put into public domain by the ICIJ, pertaining to about 700 Indian persons

Demonetisation, GST to lead to expansion of tax base: Finance Minister

Finance Minister Arun Jaitley has said that demonetisation and GST will make cash transactions a lot more difficult and lead to greater compliance as well as expansion of tax base. As per reports, the government has come out with laws to contain overseas black money as well as those dealing with domestic black money and cracking down on shell companies.

Commenting on the issue, Financ

Mines should be operational faster after auction: Narendra Modi

Prime Minister Narendra Modi has said that he wants faster operationalisation of mines after their auction. As per reports, Modi was given a presentation on coal mine and mineral block auctions by senior government officials. Commenting on the issue, a Government Official told the media, "The Prime Minister emphasised on a roadmap for faster operationalisation of mines, post-auction."

Job creation India`s biggest challenge: Tharman Shanmugaratnam

India needs to undertake labour reforms on an urgent basis to create employment opportunities so that the country's huge workforce does not turn into a demographic crisis, Singapore Deputy Prime Minister Tharman Shanmugaratnam said as per the PTI report. "India's biggest challenge is jobs.

It is a real challenge going forward because India has lost a lot of time, it has l