Business news

Government not to sell Air India, if bids are below minimum floor price: Official

Civil Aviation Secretary Rajiv Nayan Choubey said that the government had hired asset and enterprise valuers, who have estimated a minimum floor price or net worth of Air India under the current divestment norms.

May 22, 2018

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SGX to launch Indian derivatives despite legal move by NSE

SGX had responded by saying it would launch successor products to its flagship Indian equity derivative products in June. SGX's shares fell 1.8 percent in late morning trade on Tuesday.

May 22, 2018

Top executives at fraud-hit PNB misled RBI, CBI alleges

PNB, which is India's second-largest state-run bank, had said that two jewellery groups headed by Nirav Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion.

May 22, 2018

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Sensex falls for fifth session; financial, pharma stocks drop

The broader NSE Nifty closed 0.75 percent lower at 10,516.70, while the benchmark BSE Sensex fell 0.67 percent to 34,616.13. The BSE closed at its lowest level since April 25.

May 21, 2018

Three directors quit Fortis Healthcare board amid takeover battle

Fortis Healthcare, which operates about 45 healthcare facilities in India, Dubai, Mauritius and Sri Lanka, has been the target of lengthy takeover tussle involving five suitors.

May 21, 2018

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Sensex falls; Karnataka political situation unnerves market

The fall is being linked to the uncertainty in the Indian political landscape following the resignation of BS Yeddyurappa, who was the chief minister of the southern state of Karnataka for two days.

May 21, 2018

Reliance Communications' settlement with Ericsson over dues unlikely for now: Report

Ericsson had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecoms network. The company is now seeking 1.55 billion rupees ($170 million) from RCom and two of its subsidiaries.

May 18, 2018

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Tata Steel completes $5.2 billion purchase of bankrupt Bhushan Steel

The Tata Steel unit will raise a bridge loan of 165 billion rupees to help fund the acquisition, while Tata Steel is investing the remainder in the unit, Bamnipal Steel.

May 18, 2018

Google says India anti-trust ruling could cause 'irreparable' harm: document

The Competition Commission of India (CCI) in February fined Google $20 million for abusing its position in online web search and also slammed the company for preventing its partners from using competing search services.

May 18, 2018

Fraud-hit PNB rapped for not making timely regulatory disclosures

PNB, India's second-largest state-run bank, said in February two jewellery groups had defrauded it of more than $2 billion by raising credit from overseas branches of other Indian banks via illegal guarantees issued by rogue PNB staff over several years.

May 18, 2018

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Asia oil thirst tab $1 trillion a year as crude rises to $80

With the US dollar - in which virtually all oil is traded - also growing stronger, concerns are rising that economies will take a hit, especially in import-reliant Asia. Surging costs could have an inflationary effect that will hurt both consumers and companies.

May 17, 2018

Sensex falls as Karnataka election outcome disappoints

The Bharatiya Janata Party (BJP) won 104 seats, falling short of the 113 seats needed to form a government, while the opposition Congress clinched 78 seats.

May 16, 2018

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Suspected RBI interventions stems rupee's fall

Sharply rising U.S. dollar yields have boosted the dollar on international exchanges, and the rupee was also coming under pressure from firm crude oil prices that will weigh on India's already widening trade deficit.

May 16, 2018

Fraud-hit PNB suffers biggest ever quarterly loss for an Indian bank

The bank's shares ended down 3.8 percent, their lowest close since June 13, 2016, having fallen as much as 6.4 percent after the results. The stock has lost almost half of its value this year making it the worst performer among Indian bank stocks.

May 16, 2018

CBI charges former PNB head, 21 others in bank fraud case

PNB, India's second-largest state-run bank, had revealed earlier this year that two jewellery groups had defrauded it by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff over several years.

May 15, 2018