The Reserve Bank of India (RBI) has given an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank, sources said.

The government-owned insurance behemoth had sought the banking regulator’s nod before it had approached the Insurance Regulatory and Development Authority (IRDAI) for seeking regulatory approvals, a senior government official said.

Telecom regulator Trai has notified new rules to check pesky calls and messages, rejecting claims of operators that they have to bear additional costs to set up infrastructure. In fact, the regulator has said that compliance costs will come down drastically as the operators can outsource the work to establish, operate and maintain the infrastructure to digital ledger or blockchain providers.

In a bid to lure more customers and curb the onslaught by Reliance Jio, BSNL has now introduced a new recharge plan for its prepaid customers. The new BSNL STV 19 is suited for the users who make calls more than accessing data services. The BSNL STV 19 worth Rs 19 offers calls at slashed tariffs for a validity of 54 days.

Volvo Cars , whose Chinese parent Geely is considering an IPO of the Swedish carmaker, said it was on track for another sales record despite rising trade tensions, after second-quarter profit rose on strong demand for its SUVs.

Suzuki Motorcycle India is looking to sell 700,000 units in the country in the current financial year, a growth of 40 per cent over the 500,000 units it sold during 2017-18.

The company, which on Thursday launched a new 125-cc scooter, the Burgman Street that is priced at Rs 68,000 (ex-showroom), also plans to expand its sales network by around 200 touch points this financial year as part of its mid-term goal of achieving 1 million unit sales by 2020.

Private lender Kotak Mahindra Bank reported a 17 per cent rise in its first-quarter consolidated net profit, while asset quality improved in the bank.

Profit after tax on a consolidated level rose to Rs 15.74 billion for the quarter ended June 2018, from Rs 13.47 billion in the year-ago period.

Markets regulator Sebi has ordered the attachment of bank and demat accounts as well as mutual fund holdings of Exelon Infrastructure and its three directors to recover dues of over Rs 46 lakh. In four separate but similarly worded orders dated July 12, the regulator said the four entities have not made payment of the dues within the stipulated time and there is sufficient reason to believe that they may dispose of the proceeds and securities in the respective bank and demat accounts.

Planning for its next three Olympic Games, the International Olympic Committee (IOC) has added seven medal events to the 2022 Beijing Winter Games, published a 2020 Tokyo Olympics schedule with no agreement on when to race swimming finals, and set a timetable to add new sports to the 2024 Paris Olympics.

Google received a record €4.3-billion ($5 billion) antitrust fine from the European Union and was ordered to change the way it puts search and web browser apps on Android mobile devices, reports Bloomberg. More significantly, Google was given 90 days to stop what the EU said were “illegal practices” on contracts with handset manufacturers that push Google services in front of users.

Shares of Ashok Leyland on Wednesday slumped nearly 14% as analysts expressed concerns over demand uncertainty and high competition after the government brought in new axle norms for load carrying capacity.

The stock plunged 13.93% to settle at Rs 110.60 on BSE. During the day, it tanked 14.90% to Rs 109.35.

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