New Delhi: Kotak Mahindra Bank will raise up to 500 crore by issuing preference shares on a private placement basis.

The non-convertible preference shares (NCPS) issuance committee of the board of directors of the bank on Wednesday resolved to approved the issue of perpetual non-cumulative preference shares on a private placement basis aggregating to an issue size of up to 500 crore, Kotak Mahindra Bank said in a regulatory filing.

Sales of passenger vehicles in July by the country’s top two manufacturers Maruti Suzuki India and Hyundai Motor skidded with the former seeing a decline of 0.6% compared with the same month last year and the latter seeing an incremental growth of 1.1%. However, the automakers said this was due to the recalibration done last year in the run-up to the implementation of the goods and services tax (GST) and had nothing to do with the underlying sentiments in the market and would normalise from August.

Mahindra electric KUV100 (eKUV 100) SUV will be the first ever all-electric SUV to be launched in India with its launch scheduled in May/June 2019. Earlier in 2017, Dr Pawan Goenka had confirmed KUV100 going all-electric and the SUV was also showcased at the Auto Expo 2018. Mahindra Electric is currently the only automaker in India to commercially sell electric cars in India with the sale of Mahindra E20 Plus and Mahindra e-Verito.

NEW DELHI: ONGC stock advanced 1 per cent on Thursday ahead of its first quarter results later in the day.

Oil subsidy expectations, management guidance on oil and gas production over FY19 and FY20 and earnings and production outlook of OVL, ONGC's subsidiary, for FY19 will be keenly watched.

Indian women's hockey team would now be aiming to secure its first World Cup semifinal spot in 44 years by extracting revenge from giant-killers Ireland in the last-eight stage on the ongoing World Cup on Thursday.

The Indian women will also look to avenge the group stage loss they suffered on July 26.

Benchmark Sensex snapped its seven-session record setting spree to end 85 points lower today after the RBI hiked the policy rate on inflation concerns.

The Reserve Bank's Monetary Policy Committee raised the benchmark lending rate by 0.25 per cent for the second time in two months.

Indian Railways will soon launch over 200 new lines across the country. Presently, the lines are in diffrent stage of execution. The information about the number of railway lines in each state was given by Minister of State of Railways, Rajen Gohain, in a written reply to a question in Lok Sabha on Thursday.

After struggling for a few years in India, the world's largest consumer goods company Procter & Gamble (P&G) appears to be getting its mojo back in a market it considers key. On Wednesday, P&G's Global Chief Executive Officer David Taylor said India was among two markets, the other being Turkey, that grew in double-digits for the year ended June 30. P&G follows a July-June accounting year.

The ministry of petroleum and natural gas has sought legal opinion on an arbitration ruling that went in favour of Mukesh Ambani’s Reliance Industries (RIL) in the gas migration dispute.

The government is likely to appeal against the 198-page final award in the Delhi High Court within the next 90 days.

Signalling a quantum leap in mobile technology, the Telecom Regulatory Authority of India (Trai) on Wednesday gave its recommendations for the auction of eight bands, including the fifth generation (5G) ultra high speed telephony. 5G auction, a first for India, is expected to be a catalyst for internet of things (IoT) innovations that would speed up machine learning and artificial intelligence. Airwaves worth around Rs 5.06 trillion will be on offer for telecom operators in the next round of auction.

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