Mumbai: India’s biggest oil refiner Indian Oil Corp. is planning to invest as much as $3.5 billion in the year beginning 1 April, or about a fifth more than the previous year, to expand and upgrade its refineries and boost its marketing network, according to people with knowledge of the matter.

The company plans to use internal resources for the capital expenditure and has no plans to raise loans or issue bonds, the people said, asking not to be identified as they aren’t authorized to speak to the media.

Mumbai: Two top executives at Axis Bank Ltd, India’s third largest private bank, have quit, two people aware of the development said.

Sidharth Rath, head of corporate and transaction banking, and V. Srinivasan, deputy managing director, have resigned, these people said on condition of anonymity. The Mumbai-based bank has seen a drastic fall in corporate loans in the recent past.

Bengaluru: Determining how India’s information technology (IT) industry is making itself future-proof just got more tedious. Industry body Nasscom will not come out with a broader definition for “digital”, the fuzzy umbrella term which each company uses to classify revenue generated from areas generally classified as social, mobile, analytics, cloud computing and Internet of Things, as it believes it is not practical to have a standard definition.

Mumbai: Anil Ambani-led Reliance Communications Ltd (RCom) on Wednesday said that the company’s bondholders have approved its asset sale plans, including its decision to sell its assets to Reliance Jio Infocomm Ltd and sale of other real estate.

RCom said its bond holders have also accepted part pre-payment through bonds that were due to mature in 2020.

BENGALURU: Amazon has almost closed the gap with Flipkart's standalone sales in 2017, behind in GMV marketshare by less than 1percentage point in 2017 from 5 percentage points in 2016, as per Forrester. However, Flipkart still leads as a group with Myntra and Jabong.

While Flipkart leads in fashion and smartphones, Amazon has taken lead in categories such as appliances, consumer electronics, and more importantly, groceries, which builds platform stickiness, said Satish Meena, a senior forecast analyst at Forrester.

Amidst the privatisation talks, it has been reported that the national carrier Air India might gove promotion to its 100 pilots with a pay hike of Rs 12 lakh per head.

"The 100 deputy general manager rank pilots are narrow-body and widebody pilots. These pilots are likely to be promoted to executive despite the fact that the airline is being privatised," a source told the Economic Times.

Key indices on Thursday gained strength after the federal reserve hiked rates as widely expected.

The 30-share BSE Sensex was up 138.34 points at 33,274.52 and the 50-share NSE Nifty rose 49.40 points to 10,204.70.

The Securities and Exchange Board of India (Sebi) may impose trading restrictions on shares of companies that are undergoing insolvency proceedings. The move, which is also a demand by industry players, is aimed at reducing volatility in stock prices and curbing manipulation or misuse of price-sensitive information.

Sources said the market regulator would lay down a compliance framework for listed companies undergoing insolvency resolution. The announcement will likely be made at Sebi’s board meeting next week.

The State Bank of India-led consortium of lenders called for a second round of bidding for Essar Steel on Wednesday. All the six companies that had submitted expressions of interest (EoIs) earlier have to submit their bids by April 2.

Lenders rejected bids by Numetal and ArcelorMittal after both companies failed the legal eligibility test. The legal advisors cited one of the clauses of Section 29A of the Insolvency and Bankruptcy Code (IBC) for rejecting the bids.

Amazon.com became the second most valuable publicly listed US company on Tuesday, surpassing Google parent Alphabet Inc for the first time.

Amazon shares finished up 2.69 percent at $1,586.51, for a market capitalisation of $768 billion, underscoring Wall Street's confidence in its relentless expansion into cloud computing, groceries and other new businesses.

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