Tata Motors has signed a long-term wage settlement (LTS) agreement with its employees that will see workmen get a wage rise of Rs 9,000 per month along with other incentives based on performance. Around 6,500 workmen from the Pune plant will benefit from this agreement.

The Tata Motors management and the Tata Motors Employees Union in Pune signed the LTS on Monday. This is the first time that negotiations for the commercial vehicle (CVBU) facility and the passenger vehicle (PVBU) facilities in Pune were conducted jointly. Traditionally, there used to be a six-month lag between the two wage agreements.

In a major setback, the Supreme Court has held Anil Ambani guilty of contempt in Ericsson default case, and also directed RCom to pay balance payment of Rs 450 crore to Ericsson in 4 weeks. Notably, in case of default of payment to Ericsson, Anil Ambani will be sent to jail for 3 months, CNBC Tv18 reported Supreme Court as saying. Anil Ambani wilfully did not pay Rs 550 crore to Ericsson, and he a ‘cavalier’ approach, noted the apex court.

Flipkart co-founder Sachin Bansal has invested Rs 650 crore in ride-haling firm Ola, making it the largest investment by an individual in Ola till date. The investment is part of Ola’s larger Series J funding round, the firm said in a statement on Tuesday.

The funding will provide more power to Ola to compete with rival Uber and also reduce its dependence on another investor, SoftBank, which is the largest shareholder in the firm. Reportedly, SoftBank has offered to invest more in Ola and increase its stake. It is not clear whether Ola founder Bhavish Aggarwal will take more funds from.

A large section of the country's vast hinterland, which makes up for almost 70% of India's population, still lack access to credit. On Tuesday, the World Bank, UN Women, and Small Industries Development Bank of India (Sidbi) came together to launch the Rs 300-crore social impact bond – Women's Livelihood Bonds – to help the rural women to set up or scale up their own businesses.

The government on Tuesday approved new rules for bidding out oil and gas blocks as it reverted back to a two-decade-old system of awarding areas based on exploration work commitment, granted marketing and pricing freedom to yet to be developed discoveries and allowed ONGC to induct private firms in existing fields.

Ashok Leyland, the commercial vehicle (CV) maker from the Hinduja Group, reported a 21.5 per cent decline in net profit at Rs 380.8 crore during the quarter ended December 31, 2018, as compared to Rs 484.9 crore during the same quarter of last year. Total income declined 12.3 per cent to Rs 6,346 crore.

Gopal Mahadevan, chief financial officer, said: “Cumulative growth in TIV (total industry volume) till December was 25 per cent, which is significant.

Rupee on Wednesday opened 5 paise higher at 71.29 against the US dollar amid drop in crude oil prices. The domestic unit weakened by 11 paise to end at 71.34 against the greenback on Monday, amid firming crude oil prices and persistent foreign fund outflows.

Money market was closed on Tuesday on the account of Chhatrapati Shivaji Jayanti.

In the first-ever deal by an Indian company, Indian Oil Corp (IOC) Monday said it has signed an annual deal worth USD 1.5 billion to import 3 million tonnes of crude oil in the fiscal year beginning April 1.

This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude oil from the US.

The country’s largest lender State Bank of India has initiated slew of measures, including waving off outstanding loans of 23 CRPF soldiers martyred in a terrorist attack in Pulwama district of Jammu and Kashmir.

Last week, 40 CRPF personnel were killed and five injured in one of the deadliest terror strikes in J&K.

The BSE benchmark Sensex recovered over 100 points on Tuesday, led by strong buying by domestic institutional investors amid positive global cues.

The 30-share index was trading 124.21 points, or 0.35%, at 35,622.65. Similarly, the 50-share NSE Nifty rose 38.90 points, or 0.37 per cent, to 10,679.85.

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