Five years since Mahindra and Mahindra and CIE Automotive stitched a deal to create a large auto component firm with a global footprint, the strategy has paid off for both the companies in terms of operational and financial performance and market capitalisation. Having successfully integrated the businesses across the geographies, Mahindra CIE is now scouting for acquisition of auto component firms in India in a bid to plug some gaps in its product and customer portfolio said Hemant Luthra, non-executive chairman, Mahindra CIE.

Mumbai, Jun 13 () The BSE Sensex rallied about 185 points to 35,877.41 in early session today, buoyed by robust industrial output data amid mixed Asian cues.

Industrial output expanded by 4.9 per cent in April this year, spurred by higher growth in manufacturing and mining sectors, as per official data released after market hours yesterday.

MUMBAI: Shareholders of Yes Bank on Tuesday approved the reappointment of Rana Kapoor as MD & CEO of the bank for a further period of three years effective September 1, 2018.

The reappointment was one of the thirteen resolutions approved by the shareholders and is subject to final approval by the RBI.

MUMBAI: Markets regulator Sebi on Tuesday set up a committee to suggest ways for Indian companies to directly list on foreign bourses, instead of the currently available American and global depository receipt (ADR/GDR) routes. The panel will also look at options for foreign companies to list on Indian bourses other than the current Indian depository receipt (IDR) route.

BENGALURU: Early-stage VC financier Axilor Ventures has launched a Rs 200-crore seed fund. Called Axilor Technology Fund, it will invest in fledgling startups looking for pre-seed or seed money in areas that include enterprise, deep tech, artificial intelligence (AI), consumer, fintech and healthcare.

Incessant monsoon rains weredisrupting operations of the Oil and Natural Gas Commission (ONGC) in Tripura. Rain triggered floods submerged its drilling sites especially in northern part of the State.

Tripura Asset of the ONGC on Tuesday confirmed that its operational activities were severely affected due to rains.

The department of telecommunications (DoT) is considering a proposal made by BSNL to infuse equity into it so that the state-run telecom operator can be allocated spectrum in the 2100 MHz band for launching 4G services to shore up its revenues. “We are considering it,” telecom minister Manoj Sinha told reporters at the sidelines of an event on the ministry’s achievement in the last four years.

Hinduja group flagship Ashok Leyland has decided to merge its light commercial vehicle subsidiaries such as Ashok Leyland Vehicles, Ashley Powertrain and Ashok Leyland Technologies, with itself, subject to necessary regulatory and other approvals, including from the National Company Law Tribunal’s (NCLT) Chennai branch.

Continuing with its large deal winning streak, Tata Consultancy Services (TCS), India’s largest IT services company on Tuesday said that its contract with M&G Prudential, the UK and European savings and investments business of Prudential plc, has been expanded to make it a $1.2 billion deal.

The 10-year partnership, which was first announced in January this year, aimed at digitally transforming M&G Prudential’s business and delivering an enhanced service for its UK savings and retirement customers. The contract size at that time as pegged at $690 million.

The government is considering revising the terms of sale for Air India, including offering a 100 per cent stake, after its latest attempt to sell 76 per cent of the debt-ridden airline failed to draw even a single bid.

Transaction advisor EY has cited the clause of the government holding a minority stake in the state carrier as the biggest reason for the failed disinvestment bid.

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