India’s Ola is raising $300 million from Hyundai Motor Group, giving the ride-hailing startup more capital to compete for drivers and customers against Uber Technologies Inc. just as the U.S. rival prepares for an initial public offering.

The deal values Ola at about $6 billion, said a person familiar with the matter, asking not to be named because the figures are private. The Bangalore-based company, which had been valued at $4.3 billion according to CB Insights, will continue to raise funds and has term sheets from other investors, the person said.

The M K Stalin-led Dravida Munnetra Kazhagam (DMK) has promised to abolish the National Eligibility cum Entrance Test (NEET), formerly the All India Pre-Medical Test, as part of its poll promise. The party, which has joined hands with the Congress for the upcoming LokSabha election has also promised to bring back the old pricing models for petrol & gas cylinders.

The all-powerful GST Council Tuesday approved a transition plan for the implementation of new tax structure for housing units, Revenue Secretary A B Pandey said.

A reasonable time for transition will be given to developers in consultation with states, he told reporters here.

Domestic equities continued their bull run on Monday with the BSE Sensex rising over 300 points and the Nifty reclaiming the 11,500 mark amid unabated foreign fund inflows and narrowing country’s trade deficit.

Besides, positive cues from other Asian markets too bolstered trading sentiment in Mumbai, traders said.

State Bank of India (SBI) on Monday said its board will consider an extension of the approval accorded by the central board of the bank for raising equity capital of up to Rs 20,000 crore till March 31, 2020.

The bank’s board will meet on March 22, SBI said in a regulatory filing.

A London court has issued an arrest warrant against fugitive diamantaire Nirav Modi, the main accused in the $2-billion Punjab National Bank (PNB) scam case, in response to a request by the Enforcement Directorate (ED) for his extradition in a money laundering case, officials said on Monday.

Engineering major Larsen and Toubro (L&T) on Monday mounted a hostile takeover bid for Bengaluru-headquartered Mindtree, with a multipronged strategy to buy around a 67 per cent controlling stake in the IT company for about Rs 10,733 crore.

As the first step, L&T entered into a deal to purchase the 20.32 per cent stake of Mindtree’s single-largest investor, V G Siddhartha, at Rs 980 per share in an all-cash transaction, which translates into Rs 3,269 crore.

The deal between the two Ambani brothers, Anil and Mukesh, has fallen through as Reliance Communi­cations (RCom) and Reliance Jio agreed to terminate the asset-sale agreement on Monday. RCom has cited delays in approval from the government and lenders as the reason.

With an aim to consider extension of timeline for raising funds, State Bank of India (SBI) on Monday said that the central board will meet later this week to consider extension of approval accorded by it for raising equity capital of up to Rs 20,000 crore from the market till end of FY20.

“A meeting of the central board of the bank is scheduled to be held on March 22, 2019 to consider inter alia the extension of approval accorded by central board for raising equity capital of up to Rs 20,000 crore from the market till March 31, 2020,” SBI said in an exchange filing.

Ericsson has received Rs 462 crore from Indian telecoms firm Reliance Communications Ltd (RCom), the Swedish company said on Monday, potentially saving billionaire Anil Ambani and two RCom directors from a jail term.

Late last month, India's top court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom equipment maker.

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