Mumbai: The stock market regulator Securities and Exchange Board of India (Sebi) has sought details of a large investment made by ICICI Prudential Mutual Fund in the flop IPO of affiliate ICICI Securities Ltd, two people aware of the matter said.

ICICI Securities had to cut its IPO size to Rs3,520 crore from the original target of Rs4,017 crore because of poor investor interest. Of this, a large chunk was bought by ICICI MF.

Shares of Mukesh Ambani-controlled Reliance Industries Ltd surged nearly 4% on Tuesday emerging as the top gainers on BSE Sensex after Reliance Jio Infocomm Ltd outperformed India’s largest telecom company Bharti Airtel Ltd and Idea Cellular Ltd in monthly subscriber addition in the month of February. According to the data released by the telecom regulator TRAI (Telecom Regulatory Authority of India) on Tuesday, Reliance Jio Infocomm added about 87.4 lakh new subscribers in February.

Mahindra & Mahindra (M&M), the country’s biggest tractor maker, has seen its market cap swelling by over Rs 100 billion since the start of the new financial year, giving it a valuation of Rs 1.03 trillion. The stock hit a new high of Rs 839 on Tuesday, showing a cumulative increase of over 12 per cent since the beginning of April.

The only visible trigger for this price increase is the forecast of a normal monsoon by private forecaster Skymet, as well as the India Meteorological Department (IMD).

Washington: The Trump administration is planning to end allowing spouses of H1-B visa holders to work legally in the US, a top federal agency official has told lawmakers, a move that could have a devastating impact on tens of thousands of Indians.

The move to end the Obama-era rule could have an impact on more than 70,000 H-4 visas holders, who have work permits. H-4 is issued to the spouse of H-1B visa holders, a significantly large number of whom are high-skilled professionals from India.

HDFC Bank’s Q4FY18 earnings sustained 20% YoY growth momentum but core operating profit growth was softer—up <25% versus 30% plus over the past couple of quarters. The miss was due to sharp moderation in loan growth (sub-20% YoY); surprising given better market opportunities in corporate segment (PSU fallout). Meanwhile, deposits grew a strong 13% QoQ, which along with capital raising will provide growth runway to the bank.

MUMBAI: Lenders led by State Bank of India (SBI) on Monday agreed to pay Rs 774 crore of deferred spectrum charges for Reliance Communications (RCom) to prevent further litigation in the Anil Ambani-owned company’s debt takeover by Reliance Jio, said two people close to the developments.

Key indices on Tuesday opened in green with the benchmark BSE Sensex opening up 100 points higher and Nifty was trading above 10,500 mark trading positive cues from Asian peers. At 9:48 AM, Sensex was trading 135 points higher at 34,586 points and Nifty was at 10,596.20 points.

The committee of creditors (CoC) for Essar Steel will meet on Tuesday to take a call on the bids after Thursday’s order by the Ahmedabad bench of the National Company Law Tribunal (NCLT). Sources close to the development said, ahead of the CoC meeting, major lenders of Essar Steel met on Monday to thrash out a strategy for the meeting.

As India’s largest software company Tata Consultancy Services (TCS)’s market cap surpassed the $100 billion mark, the Street is seeing value in the company’s organic growth plans. TCS saw its stock price soaring to a record high of Rs 3,557 on Monday on the BSE following better than expected Q4 results posted last week.

Although TCS’ market value on a closing basis slipped to $98.1 billion, it is still more valuable than its US-listed rival Accenture, which, according to Bloomberg, was valued at $98 billion.

On a day when its closest rival Tata Consultancy Services achieved the distinction of becoming the first Indian IT company to cross $100 billion in market cap, top leaders of Infosys led by newly appointed Chief Executive Officer and Managing Director Salil Parekh were busy convincing investors in Mumbai how they are trying to build a company that has put in place all the building blocks to emerge as a leader in the digital space, where most of the client budgets are going today.

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