Mumbai: ArcelorMittal Netherlands BV’s transfer of Rs7,000 crore to settle the dues of Uttam Galva Steels Ltd and KSS Petron Pvt. Ltd is conditional on Essar Steel Ltd lenders accepting its bid for the company in the ongoing insolvency resolution process, two people aware of the matter said.

Bharatiya Janata Party’s (BJP’s) B.S. Yeddyurappa sworn in as Karnataka chief minister on Thursday, after a four-hour, post-midnight Supreme Court on a Congress-JD(S) petition that sought to quash his candidature.

The Supreme Court made it clear that the swearing-in and the government formation would be subject to its final order on the Congress-JD(S) petition before it. Yeddyurappa still has to prove the BJP’s majority in the assembly.

Buoyed by an impressive 32% growth in volume, TVS Motor has reported a 31% growth in its net profit for the fourth quarter ended March 31, 2018 to Rs 165.61 crore, compared with Rs 126.77 crore reported in the same quarter last fiscal. For the full year, taking advantage of the 18% growth in volume, coupled with better per unit realisation, the profit after tax grew 19% to Rs 662.59 crore as against Rs 558.08 crore in the previous fiscal, a company press release said on Wednesday. PBT during Q4 grew 43.3% to Rs 192.10 crore compared with Rs 134 crore.

Axis Bank has put on sale a 600-megawatt (MW) thermal power plant in Madhya Pradesh set up by the Avantha Group-owned Jhabua Power, according to sources. The plant had availed loans worth Rs 3,018 crore from a consortium led by the private lender in December 2009. Axis Bank’s exposure stood at Rs 325 crore. Emails sent to spokespersons at Axis Bank and the Avantha Group did not elicit responses till the time of going to press. The plant became operational on May 3, 2016.

Abdul Gafur Khatri lives on the fringe of great salt marshes in far western India. He doesn’t own a smartphone. He’s never surfed the web. Still, the 53-year-old thinks the internet may be his last hope of reviving a fading art called Rogan that’s been passed down through eight generations of his family.

BENGALURU: Infosys has created a blockchain-based documenttracking system for trade finance and is implementing the solution with seven private banks in the country —Axis Bank, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, RBL Bank, South Indian Bank and Yes Bank.

NEW DELHI: Regulator Sebi has closed its adjudication proceedings against three group firms of defaulter businessman Vijay Mallya for alleged disclosure lapses in a 17-year-old case citing liquidation of a holding company, but did not rule out any penal action at a later date.

In line with Street estimates, diversified conglomerate ITC Ltd posted a 9.89 per cent rise in its net profit at Rs. 29.33 billion for the quarter ended March 31, 2018, with a total revenue, inclusive of other income, at Rs. 113.30 billion. The net profit during the corresponding quarter of the 2016-17 fiscal year stood at Rs. 26.69 billion, backed by a revenue of Rs. 154.11 billion.

WASHINGTON: NASA's first mini satellites to travel into deep space have beamed back an image of the Earth and the Moon, which appear as a 'pale blue dot' and a tiny white speck floating in space.

NASA set a new distance record for CubeSats on May 8 when a pair of CubeSats - tiny satellites - called Mars Cube One (MarCO) reached one million kilometre from Earth.

HYDERABAD: To implement insurance coverage to the farmers in the state, Telangana chief minister K Chandrasekhar Rao has directed officials to finalize the modalities of the scheme and fix the insurance premium for the famers by holding discussions with life insurance corporation officers.

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