For the first time, the government has broken its silence on the governance issues at ICICI Bank. Interim finance minister Piyush Goyal said in press conference, "ICICI Bank has robust and systems and processes. Investigations and its finding will be out soon. As far as the law is concerned, the law of the land will take its own course."

Reliance Industries has sought shareholders' nod to give Mukesh Ambani another five years as the chairman and managing director of the company.

Ambani, 61, has been on the board of Reliance Industries Ltd (RIL) since 1977 and was elevated as Chairman of the company after the death of his father and group patriarch Dhirubhai Ambani in July 2002.

British telecom major Vodafone plans to invest €1 billion or about Rs 80 billion in the proposed joint venture with Idea Cellular, which is expected to be in place this month, according to its annual report.

The British telecom operator will look at monetising its stake in Indus Towers if it requires to make additional investment in India, in case the Aditya Birla group decides to put in additional fund in the proposed merged entity, Vodafone Idea Limited.

New Delhi: Tata Motors Ltd on Friday reported 24% rise in global sales, including that of Jaguar Land Rover, to 107,343 units in May. It had sold 86,385 units in May last year.

Global wholesale units of all Tata Motors’ commercial vehicles and Tata Daewoo range in May 2018 stood at 40,989 units, up 45% from 28,310 units a year ago, the company said in a statement.

Mumbai: Indians increase purchases of refrigerators and TV sets around election time as the government puts more money in the hands of voters, which stands to benefit some of the world’s most profitable consumer finance companies.

Prime Minister Narendra Modi is following his predecessor in boosting spending before polls due early 2019, a practice that has sparked surges in stocks of consumer finance firms.

Mumbai: Reliance Industries chairman and managing director Mukesh D Ambani expects digital services and organised retail to contribute "meaningfully" to the private sector's consolidated profits even as both these consumer segments will be on a par with its energy and materials business over the next decade.

MUMBAI: Mahindra & Mahindra, the world’s largest tractor maker by volume that exited a Chinese joint venture last year, is planning to return to the $25-billion agriculture equipment market in that country.

This time, the company will be venturing on its own to the market, and focusing on the much larger farm machinery space and not just on tractors. In 2017, it had sold a 51% stake in China’s Yueda Yancheng Tractor for Rs 80 crore.

MUMBAI: Reliance Jio Infocomm reiterated its backing for the regulator’s decision to slash the interconnection usage charge (IUC), saying it removes an “artificial tariff hurdle” and will lead to quicker adoption of advanced technologies like Voice over LTE (VoLTE).

The IUC cut “…not only removes the artificial tariff hurdle with floor price but also allows faster adoption of more efficient technologies like VoLTE, as erstwhile legacy networks are nearing obsolescence,” the Mukesh Ambani-owned telecom company in its annual report.

BENGALURU: Tariq Premji, the younger son of Wipro chairman Azim Premji, has been appointed to the board of Wipro Enterprises, the $1.23 billion privately held non-IT business that makes soaps such as Santoor and builds aerospace sub-systems for plane makers like Airbus and Boeing.

The 30-year-old, who started off working in the family investment arm Premji Invest and also spent considerable time in the philanthropy initiatives of Premji, joined the Wipro Enterprises board effective June 1, according to regulatory disclosures.

For most U.S. fund managers, beating the market this year has come down to one decision: whether or not to own shares of Amazon.com Inc. More than 70 percent of the actively-managed U.S. large-cap funds that are beating the 3.5-percent gain in the benchmark S&P 500 own shares of the Seattle-based e-commerce giant, according to Lipper data. Shares of the company are up nearly 45 percent for the year-to-date, and account for nearly 40 percent of the S&P 500’s gain for the year, according to S&P Global.

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