NEW DELHI: Sending a positive signal to farm sector and overall economy, the country’s national weather forecaster - India Meteorological Department (IMD) - on Monday predicted ‘normal’ monsoon rains during June-September period.

“Monsoon 2018 is likely to remain normal at 97 per cent (with an error margin of +/-5 per cent) of the long period average (LPA) for the four-month period from June to September”, said IMD director general K J Ramesh.

Mumbai: ONGC Petro Additions Ltd (OPAL) plans to raise Rs492 crore from Tata Mutual Fund and SBI Fund Management Pvt. Ltd through the sale of compulsorily convertible debentures (CCDs), two people aware of the development said.

Tata Mutual Fund will invest Rs292 crore while SBI Fund Management will invest Rs200 crore, the people mentioned above said on condition of anonymity.

Mumbai: The Indian rupee on Monday closed over six month low against the US dollar as nation’s trade deficit widened more than estimated in March.

The home currency closed at 65.49 against US dollar—a level last seen on 3 October 2017, down 0.41% from Friday’s close of 65.22. The rupee opened at 65.34 a dollar and touched a low of 65.51 a dollar.

Telecom regulator Trai today unveiled beta version of a portal that aims to bring on one platform the telecom tariffs offered by different operators and in different service areas. The move is expected to provide more transparency and information on multiple tariff offerings by telcos, helping consumers at large.

Domestic mutual fund houses loaded up on ICICI Bank shares buying 42 million shares in March, after concerns regarding impropriety involving CEO Chanda Kochhar in Videocon loan dragged the shares sharply last month. Notably, the shares had closed at Rs 313.28 on February 28th. At the end of March, the shares had fallen to Rs 278 as on March 28th (the last trading day in March), implying a near 12% fall.

The Mumbai-based Kotak Mahindra Bank led by Asia’s richest banker Uday Kotak became India’s second-largest bank by market capitalisation on Monday surpassing India’s largest bank by asset State Bank of India to grab the spot. Kotak Mahindra Bank is now behind the market capitalisation leader among all the banking scrips HDFC Bank which also features among the exhaustive club of Rs 5 lakh crore market capitalisation.

State Bank of India (SBI), India’s largest state-owned bank, lost its place in the list of the country’s 10 most valued companies in terms of market capitalisation after the stock price of bank declined for the fourth straight trading days on the BSE.

With the m-cap of Rs 2,229 billion (Rs 2.229 trillion), SBI is currently stands at 11th rank, behind of Kotak Mahindra Bank, which has m-cap of Rs 2,231 billion (Rs 2.231 trillion) at 02:18 pm, the BSE data shows.

Shares of Tata Motors fell more than 4 % in morning trade after Jaguar Land Rover said it is planning to cut jobs to scale back production at some of its UK sites.

Tata Motors-owned Jaguar Land Rover (JLR) on April 13 said it is planning to cut jobs as it scales back production at some of its UK sites amid what it termed as “headwinds” impacting the automotive industry.

ICICI Bank, on Monday, confirmed that the Securities and Exchange Board of India (SEBI) had sought clarification based on the news reports and that it had duly responde.

The BSE and NSE had sought a clarification from ICICI Bank on media reports suggesting that the Securities and Exchange Board of India (SEBI) had initiated a probe against the alleged lapses in corporate governance norms while extending loans to the Videocon Group of companies.

Life Insurance Corporation (LIC) had launched a cancer cover six months back. LIC’s flagship programme seems to have received a favourable response. It has sold 88,750 policies across the country, according to The Indian Express report. It has been learnt 58.5 per cent of those 88,750 policies were sold in Maharashtra, Kerala, Tamil Nadu and Gujarat.

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