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Jindal brothers sign $976 million power deal | Reuters

May 04, 2016 at 23:30 | Source: FirstPost

NEW DELHI Billionaire Sajjan Jindal's JSW Energy Ltd has agreed to buy a 1,000 megawatt power plant from his brother's heavily indebted Jindal Steel and Power Ltd in a deal valued at up to $976 million, the companies said on Wednesday.Jindal Steel sa...

India amends mining law in boost to cement mergers and banks| Reuters

May 02, 2016 at 23:45 | Source: FirstPost

NEW DELHI/MUMBAI The Rajya Sabha on Monday approved an amendment to the mining law, allowing the transfer of mines from sellers to buyers in a victory for the State Bank of India (SBI) that had lobbied for the change.Under pressure to cut corporate b...

Special court to try Naveen Jindal over alleged coal scam | Reuters

Apr 29, 2016 at 23:30 | Source: FirstPost

MUMBAI An Indian court on Friday ordered businessman Naveen Jindal to face trial on charges of criminal conspiracy over an alleged scam involving government allocations of coalfields.Naveen Jindal is chairman of Jindal Steel and Power which said in a...

ICICI Bank's dim view of bad loans drives quarterly profit to decade low| Reuters

Apr 29, 2016 at 23:15 | Source: FirstPost

MUMBAI ICICI Bank (ICBK.NS), India's largest private sector lender, expects more loans made to sectors like steel may sour, a belief that forced it to set aside a bigger sum to cover any losses from them and drove its quarterly profit down to a decad...

EPFO, LIC buy one-sixth of India's power debt| Reuters

Apr 29, 2016 at 00:30 | Source: FirstPost

NEW DELHI India's largest state insurer and its pension fund together bought about one-sixth of the bonds issued by regional governments for their power companies last fiscal year, a minister said on Thursday.A bail-out plan launched last year for mo...

Mahindra to build India's first automobile shredding plant| Reuters

Apr 28, 2016 at 23:15 | Source: FirstPost

NEW DELHI A unit of autos-to-technology group Mahindra intends to set up a network of automobile shredding plants, an executive told Reuters on Thursday after announcing plans to build India's first such facility with a state firm.India is considerin...

Bharti Airtel Q4 beats as more customers pay for mobile internet| Reuters

Apr 27, 2016 at 23:15 | Source: FirstPost

MUMBAI Bharti Airtel Ltd, India's largest telecoms network operator, reported a better than expected 2.8 percent rise in its fourth-quarter profits on Wednesday, boosted by a 15 percent rise in subscribers in its home market for mobile broadband serv...

Moody's upbeat on IT sector; sees annual revenue growth at 11-13 percent

Apr 27, 2016 at 15:53 | Source: FirstPost

The resilient Indian IT services sector's revenue growth would stabilize at 11-13 percent annually, with the bottoming out of the slowdown over the past 18 months, said global credit rating agency Moody's on Wednesday."We expect economic stabili...

India to sell $420 million stake in NHPC| Reuters

Apr 27, 2016 at 00:30 | Source: FirstPost

MUMBAI India will sell a 11.36 percent stake in state-controlled hydropower producer NHPC (NHPC.NS) on Wednesday to raise 28 billion rupees ($420 million), the NewsRise news agency reported, kicking off the government's privatisation programme for th...

Axis Bank expects more bad loans in FY17 as Q4 profit falls| Reuters

Apr 26, 2016 at 23:30 | Source: FirstPost

MUMBAI Axis Bank Ltd, India's third-biggest private sector lender by assets, said it expected bad loans to rise in the current financial year and credit costs to be sharply higher, after reporting a fall in fourth-quarter profit.Indian banks' bad loa...

Maruti Suzuki eyes Africa investment after quarterly profit fall| Reuters

Apr 26, 2016 at 23:15 | Source: FirstPost

NEW DELHI India's biggest carmaker Maruti Suzuki India is conducting a feasibility study for a new assembly plant in Africa, a top executive said after the company posted its first fall in quarterly net profit in two years.A push into Africa, where t...

Government revokes passport of missing tycoon Vijay Mallya| Reuters

Apr 24, 2016 at 17:45 | Source: FirstPost

NEW DELHI The government said on Sunday it had revoked the passport of Vijay Mallya, the embattled tycoon and lawmaker who last month fled abroad as lenders pressured him to repay about $1.4 billion owed by his defunct Kingfisher Airlines.Mallya has ...

HDFC Bank seeing growth in corporate lending| Reuters

Apr 22, 2016 at 23:15 | Source: FirstPost

MUMBAI HDFC Bank Ltd said on Friday it was seeing growth in lending to companies as the nation's second-biggest private sector lender by assets reported a 20.2 percent rise in fourth-quarter net profit with lending quality stable.Profit after tax for...

Wipro plans big bets on digital services to double revenue| Reuters

Apr 20, 2016 at 23:15 | Source: FirstPost

BENGALURU The new boss of Indian IT services firm Wipro Ltd is betting on digital and automation services to stem a decline in market share and double revenue over the next four years. Abidali Neemuchwala, who took over the reins at India's third-lar...

India's March trade deficit narrows, annual exports lowest in five years | Reuters

Apr 18, 2016 at 23:30 | Source: FirstPost

NEW DELHI India's trade deficit narrowed for the third straight month in March to $5.07 billion, the lowest in five years, as imports shrank at a faster pace than exports, data showed on Monday.Although exports for the year ending March were the weak...

Court issues arrest warrant against tycoon Vijay Mallya| Reuters

Apr 18, 2016 at 23:15 | Source: FirstPost

MUMBAI A court on Monday issued a warrant for the arrest of tycoon and lawmaker Vijay Mallya, who has left the country with creditors stepping up pressure to recover about $1.4 billion owed by his defunct Kingfisher Airlines.The latest court verdict ...

India says talks on Rafale jet deal in final stage| Reuters

Apr 16, 2016 at 09:45 | Source: FirstPost

NEW DELHI Negotiations for India to buy 36 French Rafale fighter jets are nearing the finish line, the Indian defence ministry said, with sources saying the price will be set at around $9 billion.Both sides had hoped to wrap up the strategic order du...

Petrol price cut by 74 paise, diesel by Rs 1.30 a litre

Apr 15, 2016 at 20:16 | Source: FirstPost

New Delhi: Petrol price was on Thursday cut by Rs 0.74 per litre and diesel by Rs 1.30, reversing the two-month trend of rising rates. Petrol in Delhi will cost Rs 61.13 per litre from midnight tonight as against Rs 61.87 currently, said Indian O...

Reliance, BG to hand some Indian drilling assets to ONGC - sources| Reuters

Apr 13, 2016 at 23:15 | Source: FirstPost

MUMBAI A joint venture led by Reliance Industries and BG Group will hand drilling infrastructure from an abandoned Indian gas field to ONGC Ltd, a boost for ONGC's plans to develop a key gas reserve nearby, two company sources said.Executives from Re...

Assam poll 2016: Tired of playing second fiddle to Bhutan, border town Garageline votes for a better tomorrow

Apr 11, 2016 at 10:58 | Source: FirstPost

Garageline, Baksa, Assam: Small shops on either side of the road, quintessential of any of Assam's nondescript tiny urban centres on a highway makes Garageline no different from the others in its class, except that it is located just 50 metres away f...

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