Mumbai: Volvo Auto India Pvt. Ltd has commenced local assembly operations of its models in India, the India arm of the Swedish luxury carmaker said on Tuesday.

It has started assembling the XC90, a premium SUV, and has plans to assemble more models, including the S90 sedan and XC 60 SUV, Charles Frump, the newly appointed managing director of India operations said in an interview.

State-owned lender Bank of Baroda (BoB) today said it proposes to raise up to Rs 1,650 crore from Additional Tier-I (AT-1) bonds to fund business expansion. Finance committee of the bank today approved issuance of AT-1 capital bonds compliant with Basel III capital norms of Reserve Bank of India for minimum amount of Rs 500 crore with green shoe option, total issuance not to exceed Rs 1,650 crore in one or multiple issuance, BoB said. This is within overall board approved limit of Rs 3,000 crore for AT-1 bonds, it said in a filing on stock exchanges.

Sebi has ordered forensic audit of the financials of Tatia Global Venture and Nu Tek India, which were among the list of 331 suspected companies on whom trading curbs were imposed in August. Even as it has called for forensic audit, the regulator has lifted the trading restrictions imposed on them. Tatia Global Venture Ltd (TGVL) and Nu Tek India Ltd (NTIL) were in the list of 331 suspected shell companies that was provided by the corporate affairs ministry to Sebi. In recent weeks, the regulator has revoked the curbs on many such firms.

In order to address the power sector's complaints of coal shortage, state-owned behemoth Coal India is stepping up its efforts to meet the demand.

"Coal India Limited posted robust 10 per cent growth in coal production, 21 per cent in off-take to power sector, and 19 per cent in rake loading during the month of September," said the company in an emailed response addressing concerns on coal supply.

Indian Oil Corp, the country's largest refiner, has bought two new types of US crude for December delivery as it tests different grades from the United States, trade sources said on Tuesday.

IOC bought 1 million barrels each of US Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month.

Microsoft has signed a 15-year wind energy agreement with GE in Ireland, becoming one of the first global technology firms to support a new wind project in the country. Microsoft will purchase 100 per cent of the wind energy from its new, 37-megawatt Tullahennel wind farm in County Kerry, Ireland. The agreement will help support the growing demand for Microsoft Cloud services from Ireland, the company said in a statement late on Monday.

We upgrade our rating to Buy with a revised TP of Rs 600 (21% upside potential) as we believe that: (i) major NPL recognition is largely over, and coverage at ~60% is comfortable — a higher number would be preferable. There is a strong likelihood of near-term stress from the power sector, but this is known and expected, (ii) valuations have corrected 40% from the peak while they have expanded for the sector in general; the stock has seen a major underperformance of >30% vs.

India is reviving attempts to overhaul its half-century-old direct tax laws as it looks to increase the share of collections from the lowest in a decade. Prime Minister Narendra Modi’s government is working to ensure that tax payers don’t need to submit multiple returns and have quicker options of redress should a dispute arise, said people familiar with the matter. A new bill will probably be ready by early 2018 for stakeholder comments, they said, asking not to be identified citing rules on speaking with the media. About 10 trillion rupees ($153 billion) — some 63 percent of India’s annual budgeted revenue or the size of Qatar’s economy — are locked in litigation due to byzantine tax rules and varying interpretations.

Telecom Commission, the highest policy-making body of the Department of Telecommunications, has approved sharing of in-building infrastructure among telecom operators. This development will enable telecom players to arrest call drops inside buildings, malls and other such areas.

Earlier this year, telecom regulator Trai had recommended that it should be mandatory for telcos and tower firms to share in-building infrastructure in residential and commercial complexes and large public places like malls, hotels and airports to boost the overall quality of indoor coverage.

Key indices on Tuesday opened in green. In opening trade, the 30-share BSE Sensex was up 82.94 points at 31,929.83 and the 50-share NSE Nifty gained 23.75 points at 10,012.50.

At 10:54 AM, Sensx was in green with 93.82 points, up by 0.29% to reach at 31,940.71. Nifty on the other hand had reclaimed it 10,000 mark and was trading with 23.95 points at 10,017.25.

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