Private sector lender Axis Bank reported its first net loss, of Rs 21.8 billion, for the quarter ended March as non-performing assets (NPAs) soared and provisions for bad loans surged three times over the corresponding quarter last year.

The results were well below Street expectations on most key parameters, including profits.

State Bank of India (SBI) might integrate its broking business with SBI Capital Markets as part of restructuring the latter’s business. If this happens, SBI Caps will focus on investment banking (debt and equity) and broking, while the project advisory and structured finance divisions will be transferred to the parent company.

SBI began the process of restructuring SBI Caps after the Reserve Bank of India (RBI) flagged the duplication of functions at the bank and its investment banking subsidiary.

Shares of Reliance Industries (RIL) hit a record high of Rs 1,000 per share, up 2.5% on the BSE in early morning trade on the BSE, ahead of its January-March quarter (Q4FY18) results today. The stock surpassed its previous high of Rs 990 recorded on January 23, 2018 in intra-day deal.

Textiles to telecom conglomerate, RIL is expected to post its best-ever quarterly consolidated net profit, with the figure expected to be close to Rs 100 billion mark.

MUMBAI: In a bid to grow its deposits, HDFC Bank has hiked interest rates on term deposits by up to 100 basis points (1 percentage point). Following the increase, the bank is offering a flat return of 7per cent on all maturities of over one year, while senior citizens can earn up to 7.5 per cent and bulk depositors (Rs 1 crore and above) get even more.

New Delhi, Apr 26 () Ruia family-owned Essar Oil and Gas will invest Rs 900 crore in drilling 150 more wells on its Raniganj CBM block in West Bengal to more than double gas output to 2.3 million standard cubic metres per day by 2021, its Managing Director and CEO Vilas Tawde said.

Essar Oil and Gas Exploration and Production Ltd (EOGEPL) has so far drilled 348 wells on the blocks and is producing 1 mmscmd of gas from coal seams.

New Delhi: The National Highways Authority of India’s (NHAI’s) plan to float infrastructure investment trusts, or InvITs, to raise money from the market for its ambitious Rs5.97 trillion Bharatmala project has been halted in its tracks by the finance ministry.

The authority has been asked to wait till other central public sector enterprises (CPSE) issue their InvITs.

Cash is king, while debt puts you in a bind. Ask Idea Cellular Ltd, perhaps the most leveraged company among India’s surviving telcos. It’s in a catch-22 situation with the decision to monetize its 11.15% stake in Indus Towers Ltd.

Idea has been given two options for its stake in the proposed merger between Indus and Bharti Infratel Ltd. It can exchange it for shares in the combined entity, but this won’t address its high debt levels.

Benchmark BSE Sensex rebounded over 57 points in early trade on Thursday on sustained buying by domestic institutional investors amid mixed trend in other Asian bourses.

Short-covering of bets on Thursday being the last session of April expiry in the derivatives segment supported the recovery.

Singapore Airlines is set to launch the world’s first non-stop flight with almost 20 hours in the air, by the end of this year, the media reported on Thursday.

Singapore Airlines’ newest plane, the Airbus A350-900ULR — for Ultra Long-Range — will travel on a record-breaking, globe-spanning flight that will connect Singapore to New York, reports CNN,

Wipro share price target: Following weak Q4 results reported by India’s third largest software services exporter, brokerages have reduced Wipro share price target. The Bengaluru-headquartered company has reported a 20/3% drop in net profit to Rs 1,803 crore in the three months ended 31 March, missing street estimates. Analysts had expected the company to post a profit of Rs 2,132 crore, according to Thomson Reuters data.

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