The Reserve Bank of India has added 3.1 tons of gold to the reserves in the quarter ending in March in two tranches. This is the first addition since 2009 when RBI bought 200 tons from IMF at $1032 per ton.. According to IMF data (updated till March 2018), on gold as part of forex reserves, India’s forex reserves in gold stand at 560.3 tonnes. While RBI did not respond to queries about addition of gold to reserves on email, sources said that, “the addition looks like a pilot purchase.

India’s largest lender State Bank of India (SBI) is in the final stages of buying four floors at Mafatlal Centre in Nariman Point from IDBI Bank in a deal valued close to Rs 170 crore, two people aware of the development told FE.

According to sources, SBI is expected to move a few of its departments to Mafatlal Centre although it could not be immediately ascertained as to which ones these are.

Numetal is likely to challenge Essar Steel’s committee of creditors’ (CoC) decision that it will have to repay existing debt of Essar Steel before being considered eligible to bid for the bankrupt steelmaker in a higher court, legal sources close to the development said. Late on Tuesday, the CoC notified both Numetal and ArcelorMittal that they would have to clear all existing dues within a week before their bids are considered to be eligible.

Canada Pension Plan Investment Board (CPPIB) and Allianz Capital Partners (ACP) have agreed to together acquire 55% of units in IndInfravit Trust (IndInfravit), sponsored by L&T Infrastructure Development Projects Limited (L&T IDPL), a joint statement said on Wednesday.

Coal India has decided to transfer each of its 20,000-odd executives every five years in an effort to improve their skill sets and prevent external parties from forming a nexus with employees.

The policy would lead to 4,000 transfers every year on an average. “The new transfer policy has just been implemented and will allow executives to enhance their experience in a number of fields,” a senior Coal India executive told ET.

BENGALURU: When Amazon began operations in India in 2013, it decided it needed to be aggressive and not repeat the mistakes it made in China. The online commerce giant also realised its global playbook that had served it well in developed markets such as Germany and Japan would not work in India.

The BSE Sensex rallied over 128 points to 35,447.43 in early session today, maintaining its positive form for the fourth straight day on positive cues from global markets.Unabated buying by domestic institutional investors fuelled the uptrend, brokers said.

The 30-share Sensex, which gained 403.97 points in the previous three sessions, added 128.08 points, or 0.36 per cent, at 35,447.43.

Reliance New Power has filed a draft red herring Prospectus (DRHP) with Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO) to raise Rs 2,600 crore.

The IPO has fresh issue of shares and an offer for sale of 9.43 crore shares by existing shareholders, including Global Environment Fund, Green Rock Energy and GS Wyvern Holdings, an investment arm of Goldman Sachs.

Walmart Inc. might want to portray its $16 billion purchase of India's largest e-commerce firm, Flipkart Group, as a brilliant strategic move, long-planned in secret, that would allow the U.S. retail giant to manage the transition away from big-box stores globally. Yet, the truth is that the deal represents a second-best outcome -- if that -- for Walmart as well as for Indian consumers and farmers.

Food major Nestlé India on Wednesday said it had received board approval to add breakfast cereals from joint venture (JV) Cereal Partners Worldwide (CPW) to its portfolio, paving the way for its launch in the country. CPW is a 50:50 JV between Nestlé and General Mills, with a network of 17 factories, four R&D centres and 4,600 employees across the world.

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