More than 100 people were killed when a Boeing 737 crashed soon after taking off from Havana in what appeared to be Cuba's worst air disaster in nearly 30 years, and there were only three survivors, officials and State media said on Friday.

The passenger plane, on a domestic flight to Holguin in eastern Cuba, crashed at 12:08 p.m. (1608 GMT). There were 105 passengers, including five children, plus crew members, State media reported.

Axis Bank, the country’s third-largest private lender, on Friday raised marginal cost of funds-based lending rates (MCLRs) by 10-15 basis points (bps). The one-year MCLR at the bank now stands 10 bps higher than earlier at 8.5%, the highest among large banks. MCLRs for shorter tenures will range between 8% and 8.4%. The two-year and three-year MCLRs stand at 8.6% and 8.65% respectively.

The resolution professional (RP) for Lanco Teesta Hydro Power on Friday invited expressions of interest (EoIs) for the company from interested bidders under the corporate insolvency resolution process (CIRP). In March this year, the Hyderabad bench of the National Company Law Tribunal (NCLT) had admitted a petition filed by ICICI Bank to initiate insolvency proceedings against Lanco Teesta. The tribunal had appointed Huzefa Sitabkhan as the RP.

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Commercial vehicle manufacturer Ashok Leyland on Friday beat analysts’ estimates by posting a 40% year-on-year growth in its standalone net profit at Rs 667.4 crore in the January-March quarter. Net sales were, however, below Bloomberg estimates and grew 32% to Rs 8,772.5 crore. The company’s ebitda registered a growth of 42% to Rs 1,033 crore, also below estimates.

As part of its commitment to provide eco-friendly green services, electric vehicle (EV) charging stations would be set up at the Metro stations here by the the L&T Metro Rail (Hyderabad).

A contract had been signed with the Powergrid Corporation of India to promote EV Charging Stations at metro stations, LTMRHL said in a release here today.

Robust sales of motorcycles and three-wheelers in the domestic as well as export markets drove up Bajaj Auto’s net profit by 34.67 per cent in the March quarter over the year-ago period, the company said in a filing with the stock exchanges. The earnings are not comparable to the previous year’s because these are disclosed net of the goods and services tax (GST), introduced in July last year, it said.

With an aim to deepen the commodity derivatives market, regulator Sebi on Friday proposed allowing trading in this segment by foreign entities with exposure to the Indian physical commodity market.

To begin with, foreign entities may be allowed to hedge their exposures with derivatives trading in only those commodities where India has a large production, consumption or export share globally, barring the sensitive commodities.

The National Stock Exchange (NSE) has received approval from the US derivatives regulator, Commodity Futures Trading Commission (CFTC), to sell its products to US-based investors.

The US equity and commodity derivatives are regulated by CFTC and institutional investors based in the US are allowed to invest only in those derivatives that are CFTC-approved.

The benchmark indices fell for a fourth straight day on Friday, on concerns over high oil prices and weakness in the rupee. The Sensex declined 0.86 per cent, or 301 points to 34,848.3, while the Nifty declined 86.3 points, or 0.81 per cent to 10,596.4. Both the indices ended the week with a decline of nearly two per cent — the most in two months. The weakness in the market comes amid Brent crude oil prices climbing to $80 a barrel and the rupee declining to 68 against the dollar.

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