Larsen and Toubro Ltd on Tuesday formalized its stake purchase in Mindtree Ltd from Café Coffee Day (CCD) founder V.G. Siddhartha and two CCD affiliate firms for ₹3,218.32 crore and is now looking to buy at least 6% more from the open market within a week.

A 26% stake in Mindtree will entitle L&T to get a dividend income of ₹102 crore.

Reliance Industrial Investments Holdings Ltd (RIIHL), the investment arm of India’s most valuable company, plans to raise ₹13,900 crore through a rights issue of non-cumulative optionally convertible preference shares.

The funds will be used for acquisitions and to meet the group’s other funding requirements, two people aware of the development said, requesting anonymity.

Maruti Suzuki will add more petrol, hybrid and CNG models to its portfolio to compensate for the absence of diesel variants, chairman RC Bhargava said on Tuesday.

India’s biggest carmaker announced last week that it would discontinue production of diesel vehicles from April 1, 2020. Maruti believes that the relatively less expensive petrol, hybrid and CNG models will drive demand.

Kotak Mahindra Bank on Tuesday reported a 25% year-on-year (y-o-y) rise in its standalone net profit at `1,407 crore in Q4FY19 on account of a higher net interest income (NII) and a fall in its provisions. The bank reported a net profit of `1,290 crore in Q4FY18.

The private-sector lender’s total income rose by 18.5% to `7,672 crore on account of a 18% rise in its NII to `3,048 crore. NII is the difference between interest earned and interest paid by a bank. Provisions fell by 44.2% y-o-y to `171.3 crore. The bank has no exposure to IL&FS and Jet Airways, said the management.

SBI Life reported higher than expected Q4 PAT at `4.6 bn (up 20.1% y-o-y), primarily on account of higher income from investments (`41.5 bn – up 476.1% y-o-y).

Value of new business (VNB) grew strong 23.7% y-o-y aided by 150 bps y-o-y increase in VNB margin to 17.7% (up 20 bps q-o-q) on rising share of protection business. Share of high-margin protection NBP (individual and group) has been consistently increasing from 5.2% in Q3FY18 to 13.4% of NBP in Q4 (up 136 bps q-o-q).

Air India pilot Arvind Kathpalia, whose flying licence was suspended in November 2018 after he failed pre-flight alcohol tests, has been appointed Regional Director (Northern Region) in the airline, said an official document Tuesday.

"Consequent to the retirement of Mr. Pankaj Kumar, Regional Director (Northern Region) after the close of the working hours of 30th April, 2019, Capt.

The National Company Law Appellate Tribunal (NCLAT) on Tuesday allowed insolvency proceedings against Reliance Communication (RCom) after the debt-laden firm withdrew its petition challenging a decision of National Company Law Tribunal (NCLT) to initiate such proceedings.

The Securities and Exchange Board of India (Sebi), which probed alleged lapses in the high-frequency trading offered through National Stock Exchange (NSE)'s co-location facility, has directed the bourse to pay Rs 625 crore along with the interest. Sebi estimated that NSE had earned a profit of Rs 624.89 crore during 2010-11 to 2013-14 from its co-location operation.

Dewan Housing Finance Company (DHFL) has paid interest and principal amount, aggregating Rs 832 crore, to investors on debentures on Tuesday.

These non-convertible debentures were issued on a private placement basis, DHFL said in a statement.

YouTube, a Google arm, which counts India as one of its fastest-growing markets, has now entered a new league with over 15 million downloads of its music app in just a month. During the company’s post-earnings call on Tuesday, Google CEO Sunder Pichai gave out the number, that caught the imagination of millions of netizens.

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