MUMBAI: In addition to their commercial leasing business engagement, Singapore sovereign wealth fund GIC and realty developer DLF are working on a high-rise residential project with saleable area of 7 million sq ft near central Delhi.

The project will be located in Moti Nagar area where DLF had bought two separate land parcels from DCM Shriram Consolidated and Lohia Group in 2007. The developer had paid Rs 1,582 crore for the 38-acre property known as Swatantra Bharat Mills and DCM Silk Mills.

Microsoft has committed $500 million for a new programme to help nurture start-ups, offering resources such as Azure credits and sales support. “Microsoft for Startups” will deliver access to technology, go-to-market and community benefits to help startups grow their customer and revenue base.

The rupee gained another 14 paise to trade at a two-week high of 63.95 against the US dollar in opening trade on Thursday on dollar selling by exporters and banks amid firm equities.

The dollar's weakness against other currencies overseas also supported the rupee sentiment, a currency dealer said.

A 19-year-old gunman opened fire on Wednesday at a Florida high school he had previously been expelled from, killing 17 people before he was arrested by police, authorities said.

The violence erupted shortly before dismissal at Marjory Stoneman Douglas High School in Parkland, about 45 miles (72 km) north of Miami. Live television footage showed students streaming out of the building as dozens of police and emergency services personnel swarmed the area.

In a step towards effective digitization, Indian Oil Corporation Limited in association with Ratnakar Bank Limited (RBL) on Wednesday launched a co-branded pre-paid card facility for its customers at Bhopal.

The card was launched by DK Sharma, Executive Director (Retail Sales), IndianOil, Mr. Vigyan Kumar, Chief General Manager, IndianOil Madhya Pradesh State Office, Shrinath Bolloju, Chief Operating Officer, RBL Bank and Sujata Mohan, Head (Digital Banking), RBL Bank.

New Delhi: Truck makers are preparing to boost production, encouraged by the government’s proposal to raise allocation for infrastructure by more than Rs1 trillion for the year starting 1 April, two people aware of the matter said.

India’s top three truck makers—Tata Motors Ltd, Ashok Leyland Ltd and Volvo Eicher Commercial Vehicles Ltd—have asked their suppliers to ramp up capacity, anticipating an increase in demand for trucks and tippers which are used for road construction, transportation and mining.

Hyundai has just dropped a teaser of its Kona electric SUV that is set to make debut on 27th February. The company had introduced the Kona compact SUV concept last year. Media reports on the internet suggest that the powertrain on the upcoming Hyundai Kona electric SUV has been developed by LG chemicals in collaboration with Hyundai. The new Hyundai Kona will be launched in the United States in the second quarter of 2018. The electric SUV will come with two powertrain choices that will offer a total range of 470 to 500 km per single full charge.

Benchmark Sensex succumbed to fag- end profit-booking to end 144 points lower today after banking stocks tumbled on RBI's new norms for recognising stressedassets.

Punjab National Bank (PNB) plunged 9.81% after the state-owned lender said it has detected fraudulent transactions worth USD 1.77 billion (about Rs 11,335 crore). In a bid to hasten the resolution of bad loans, the RBI has tightened rules to make banks identify and tackle any non-payment of loans rapidly.

The biggest real estate developer in the country, DLF, is planning to get rid of its entire debt in 2018-19 (FY19), after a stellar performance in the October-December (Q3) quarter of this financial year (FY18).

In Q3FY18, DLF’s profit jumped nearly 42 times to Rs 40.91 billion, after it sold a stake in its rental arm to GIC. In the same period of FY17, its profit was Rs 980 million.

Punjab National Bank (PNB) has dipped 9% to Rs 133 in early morning trade on Thursday, extending its previous day’s 10% decline on BSE, after the state-owned bank said on Wednesday it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies they own.

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