Uttar Pradesh Power Corporation (UPPCL) has cancelled Anil Dhirubhai Ambani’s Reliance Power’s Chitrangi power project in Singhrauli and seized its bank guarantee of Rs 74 crore, as it allegedly did not fulfil its commitment of setting up the project on time. UPPCL had issued a letter of intent (LoI) to Reliance Power for the supply of 2,456 MW of power from the 3960 mw Chitrangi power project near Sasan in Madhya Pradesh, after it had emerged as the lowest bidders in a competitive bid for purchase of power by the UP government in 2011.

A year after Prime Minister Narendra Modi laid the foundation stone for the proposed 210-metre tall statue of Maratha warrior king Shivaji Bhonsle off the Mumbai coast, the construction work for the project has been awarded to Mumbai-based Larsen & Toubro (L&T). According to sources, L&T, which had bid for the project, revised its bid downward from Rs 3,826 crore to Rs 2,500 crore.

India’s third largest IT services exporter Wipro has announced an investment of $8.8 million to pick up 33.3% stake in Denim Group, a US based application security firm. Through this investment, Wipro now plans to jointly leverage along with Denim Group to address the cybersecurity market.

Former telecom regulator Rahul Khullar has waded into the raging controversy over new rules on predatory pricing, saying they are one-sided and not fair.

The watchdog should have also stayed away from the sector’s competitive aspects, which are mostly in the domain of the Competition Commission of India, said Khullar, who was chairman of the Telecom Regulatory Authority of India from 2012 to 2015.

Members of the Public Accounts Committee (PAC) today zeroed in on former Finance Minister P Chidambaram under whose tenure the government's 80:20 gold import scheme was launched, alleging it was misused by jewellers including fugitive Mehul Choksi for money laundering, sources said.

State Bank of India (SBI), the country’s largest lender, on Thursday raised its benchmark lending rates by up to 25 basis points for the first time since the marginal cost-based lending rate (MCLR) regime was introduced in April 2016. One basis point is 0.01 per cent.

The rate hike, effective immediately, comes a day after the bank raised its deposit rates by as much as 50 basis points (bps) across various maturities.

Indian equity, forex, money and commodity markets will remain closed on Friday on account of Holi.

The Sensex edged down on Thursday, as subdued global market sentiment offset better-than-expected growth data at home, with bank stocks such as ICICI Bank and State Bank of India among the big losers.

The Central Bureau of Investigation (CBI) on Thursday arrested another senior executive of the Punjab National Bank and claimed to have recovered documents related to Letter of Undertaking from 'chawl' as it continued its searches in connection with the $2 billion fraud.

Internal Chief Auditor (retd) Bishnubrata Mishra, who was responsible for concurrent audit for the period 2011-2015 at PNB Brady House branch, was arrested on Thursday, the agency said.

Bank of Baroda objected to the freezing of some of its funds in South Africa after it was alleged to have helped transfer money meant for the development of a government-backed dairy farm to the politically connected Gupta family and their associates.

The 30 million-rand ($2.5 million) preservation order is wrong because the money due to clients had already been withdrawn and the attachment of an equal amount of the lender’s own funds is “unsustainable,” Luke Spiller, a legal representative for the Bank of Baroda, said in the Free State province’s High Court in Bloemfontein on Thursday.

Shares of Ashok Leyland hit a fresh high of Rs 142, up 3% on the BSE in intra-day trade in otherwise weak market ahead of February sales figures. The commercial vehicles (CV) maker will announce its monthly sales volumes data on Thursday, March 1, 2018.

The stock has outperformed the market by surging 13% thus far in February, after the company reported good sales numbers for the month of January and more-than-doubled net profit in October-December (Q3FY18) quarter.

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