Business News

Mumbai, 30 May 2018/--/The board of India's largest private sector lender ICICI Bank has ordered an independent probe into allegations of 'conflict of interest' and 'quid pro quo' in bank's MD and CEO Chanda Kochhar's dealing with certain borrowers. There are allegations of involvement of Kochhar...

NEW DELHI, 30 May 2018/--/No bids have been received so far for stake in Air India, the Union government said on Wednesday even as it hoped of getting a good response on the last day of the formal bidding process on Thursday. "We expect good response before bid closes tomorrow," Civil Aviation...

Beijing, 30 May 2018/--/China today said the Trump adminstration is hurting its own credibility by every "flip-flop and U-turn" on trade tariffs, and warned that it does not want a trade war but will take forceful measures to defend its legitimate interests. Hitting back at the Trump administration...

Washington, 30 May 2018/--/The Trump administration's move to impose a hefty 25 per cent tariff on the USD 50 billion worth of Chinese goods and tighten its noose against China's alleged theft of US' intellectual property rights will have an adverse impact on American consumers, industry leaders...

NEW DELHI, 30 May 2018/--/The Enforcement Directorate has attached a Rs 52.80 crore wind farm owned by Nirav Modi's family in Rajasthan's Jaisalmer in connection with its money laundering investigation into the over USD 2 billion PNB fraud case, the probe agency said today. The agency said it has...

Jakarta, 30 May 2018/--/India and Indonesia have agreed to double their efforts to boost bilateral trade to USD 50 billion by 2025, Prime Minister Narendra Modi said on Wednesday after holding comprehensive talks with President Joko Widodo. Prime Minister Modi, who arrived here last night on his...

NEW DELHI, 30 May 2018/--/IT company HCL Infosystems on Tuesday reported widening of consolidated net loss to Rs 241 crore in the quarter ended March 2018. The company had posted a net loss of Rs 124.11 crore in the same period a year ago. "Gross margin dropped in the fourth quarter of financial...

Mumbai, 30 May 2018/--/Maharashtra Chief Minister Devendra Fadnavis on Wednesday directed insurance companies to expedite the process of settling farmers' claims and deposit the crop cover amount into their bank accounts by June 7. He gave the direction during a meeting called to review the impact...

NEW DELHI, 30 May 2018/--/Justice R K Agrawal, who retired as Supreme Court judge earlier this month, was appointed the president of the National Consumer Disputes Redressal Commission (NCDRC) recently. He will succeed Justice D K Jain, who completes his term on May 31. The Appointments Committee...

NEW DELHI, 30 May 2018/--/Markets regulator Sebi has sought information from Jet Airways following a complaint of alleged fraudulent practices. In a filing to the stock exchanges Wednesday, the airline said last month the regulator sought views of the statutory auditors and the audit committee on...

New Delhi/Mumbai, 30 May 2018/--/The Enforcement Directorate on Wednesday conducted fresh searches in five states in connection with the NSEL money laundering probe case, officials said. They said the raids, under the Prevention of Money Laundering Act (PMLA), are being conducted in Delhi,...

Kuala Lampur, 30 May 2018/--/Shares of budget carrier AirAsia fell to a six-month low on Wednesday after Indian authorities raided the airline's local offices and accused its boss Tony Fernandes of illegally obtaining operating licences.-* The Central Bureau of Investigation (CBI) said yesterday...

KOLKATA/NEW DELHI, 19 May 2018/--/Steel Authority of India Ltd. (SAIL)partnering consistently in every major infrastructure project of national importance and relevance has supplied more than 50% steel for the Kishanganga Hydroelectric power project, inaugurated today by Hon’ble Prime Minister Shri...

KOLKATA/NEW DELHI, 19 May 2018/--/Morepen Laboratories Ltd. has reported a 25 per cent rise in its consolidated net profit at Rs. 29.59 crore for the financial year 2017-18. The net profit in the previous financial year i.e. FY 2016-17 stood at Rs. 23.63 crore. The consolidated net sales revenue...

Kolkata, 19 May 2018/--/Okinawa Scooters India’s fastest growing electric two-wheeler manufacturing company, recently showcased three of its top offerings at the 6th edition of the eco-friendly expo on electric vehicles, the EVEXPO EAST 2018. Organised by Altius Auto Solutions, with the support of...

Kolkata, 19 May 2018/--/Runs, a block chain-based e-commerce platform offering unique experiences has closed an equity round of US 1 Million from US investors. The round is backed by Panamax Capital, Beast Capital and Columbia Angels. Runs is led by Giri Devanur who is an EY Entrepreneur of the...

Bhubaneswar, 19 May 2018/--/The Odisha Chief Minister Naveen Patnaik Saturday urged the prime minister to set up a dedicated defence industry corridor and an aeronautical university in the state. In a letter to the Prime Minister Narendra Modi, he said Odisha had a comprehensive ecosystem and...

Kolkata, 19 May 2018/--/The state-owned Bank of India (BoI) would be able to realise around Rs 1993 crore from the first successful NCLT resolution concerning Tata Steel and Bhushan Steel, an official said. The amount would not include hair-cuts, BoI managing director and chief executive officer D...

Mumbai, 19 May 2018/--/The Bombay High Court has directed the Mumbai Police to constitute a "special team" of officials, who are experienced in dealing with cyber crimes, to probe into allegations of defamatory emails received by a subsidiary company of the Tata Motors. A vacation bench, presided...

Lucknow, 19 May 2018/--/A high-level delegation of the UP government, led by state health minister Sidhartha Nath Singh, was on a visit to the US, where it had detailed discussions with top American industrialists about the investment opportunities in the state. The delegation visited the country...

NEW DELHI, 19 May 2018/--/In a cost-cutting measure, the Railway Board has decided to stop the supply of Rail Neer bottled water at its Rail Bhavan headquarters and asked officials to either bring water from home or drink the water of the recently-installed RO plants. In a circular issued on May...

Bhubaneswar, 19 May 2018/--/An organisation of stake holders in the Aluminium industry on Friday said it has plans to set up a museum on aluminium at Bhubaneswar soon. Aluminium Association of India (AAI) president T K Chanda said this while addressing the International Museum Day celebration at...

NEW DELHI, 19 May 2018/--/Allaying fiscal concerns, the Finance Ministry Friday said macro-economic parameters continue to be "very sound" and it may even reduce its borrowing target for the second half of 2018-19. The government will be borrowing a total of Rs 2.88 lakh crore in the April-...

Mumbai, 19 May 2018/--/Capital markets regulator Sebi on Friday said it is "disappointed" with company secretaries for lack of disclosures regarding actions taken by stock exchanges in secretarial audits of companies. "I was rather disappointed to see that many of the secretarial audit reports did...

Mumbai, 19 May 2018/--/The embattled rupee witnessed a virtual free fall - plummeting sharply by a staggering 67 paise to end at a fresh 16-month low of 68 against the US currency on heavy dollar demand amid global macro challenges. The Indian rupee hit news headlines during the week after...