Calcutta: ArcelorMittal plans to scale up Essar Steel's capacity to 8.5 million tonnes in the medium term if it manages to win the bid, the company informed shareholders while declaring a robust first-quarter result that saw a net income of $1.19 billion, backed by the highest steel margin in nearly six years.

The Luxembourg-based company did not give any indication on how aggressive it was going to be for Essar but said the asset provided a compelling opportunity to enter a high growth market like India.

After a night of heavy rains, Bengaluru woke up to a cool morning on Saturday. Several voters from across the City reached their polling booths early in the morning to cast their votes in the 2018 Assembly elections.

Voters will be exercising their franchise to elect their representatives for 26 Assembly segments in the city.

Shares of incumbent operators Bharti Airtel and Idea Cellular tumbled on Friday following Reliance Jio Infocomm’s announcement of a new postpaid plan on Thursday evening after market hours, which has brought the tariff war in a segment (post-paid) that was so far untouched by its disruptive pricing. While shares of Idea Cellular on the BSE fell 11.83% to end at Rs 51.45 each, Bharti Airtel saw a drop of 6.44% to close at Rs 385.70.

In order to achieve the goals set at the 2017 Paris Climate Accord, The International Energy Agency (IEA) says there need to be about 100 million electric cars on road globally by 2030. It believes that one-fifth of all vehicles in the world (including two-wheelers, buses, trucks and cars) should run on batteries. France has already hinted on banning cars with a combustion engine in Paris by 2030. European Union (EU) plans to have 30% of all new vehicles to either be all-electric or hybrid to reduce emissions.

Lok Ranjan, a senior bureaucrat, will continue to be the government’s nominee on the ICICI Bank’s board despite his transfer from the department of financial services (DFS) to the department of personnel and training (DoPT), financial services secretary Rajeev Kumar said on Friday. “Ranjan will continue to be our nominee even though he is going to DoPT. There is no change,” Kumar said, when asked if the government will appoint a new nominee.

The government, which has made little progress in carrying out strategic sales of the 40 central public sector enterprises (CPSEs) including Air India from four earlier lists given by NITI Aayog, has received a fresh list of 11 CPSEs for privatisation from the official think tank. Bharat Heavy Electricals (BHEL), Hindustan Copper (HCL), the ailing MTNL, Telecommunications Consultants India (TCIL) and Mecon topped the new array of companies that could be put up for sale, according to NITI Aayog.

The Reserve Bank of India (RBI) has restricted Dena Bank from “assuming fresh credit exposure” and recruiting staff as part of restrictions imposed under the central bank’s prompt corrective action (PCA), the bank said in a regulatory filing on Friday. “We wish to inform that the RBI vide their letter dated May 07, 2018 (received by the Bank on May 08, 2018) has restricted the bank from assuming fresh credit exposure and recruitment of staff,” Dena Bank said.

Congress president Rahul Gandhi today appointed Keshav Chand Yadav as national president of Indian Youth Congress (IYC), replacing Amrinder Singh Raja Brar.

Srinivas B V has also been appointed as national vice president of the youth wing of the party, AICC general secretary Ashok Gehlot said.

State Bank of India (SBI), country’s largest lender, on Friday said the cost of funding to the gems and jewellery sector will remain high as long as the industry is seen risky in view of the recent fraud by diamantaire Nirav Modi’s firms.

SBI managing director Dinesh Kumar Khara, speaking at a seminar organised by Gem and Jewellery Export Promotion Council (GJEPC) here, said as a lender it appreciates the initiatives taken by the council to mitigate concerns of the banks.

Shares of telecom companies fell on Friday, a day after Reliance Jio Infocomm launched a plan targeting post-paid users.

The S&P BSE Telecom index dropped 4.25 per cent, the most in seven months, even as the Sensex rose 0.82 per cent, or 289.52 points, to 35,535.79. Bharti Airtel, the country’s biggest telecom operator, fell 6.4 per cent, while Idea Cellular plunged nearly 12 per cent, the most in a decade, on fears that Jio’s new plan will erode revenues and margins.

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