Punjab National Bank’s net profit rose 11.1 per cent to Rs 2.3 billion in the third quarter of the financial year due to higher provisioning for bad loans.

PNB had earned a net profit of Rs 2.1 billion in the year-ago quarter and Rs 5.6 billion in the quarter ended September 2017, when the growth rate stood at 2 per cent.

Telecom regulator Trai on Tuesday slammed Reliance Communications for "usurping" unspent prepaid balances and security deposit of its mobile customers after operations were shut down, calling it "unethical, immoral and unjustified".

Trai Chairman R S Sharma warned of punitive action if the billionaire Anil Ambani-led company fails to comply with its directive.

NEW DELHI: The Income-Tax Department receives 15-25 lakh Permanent Account Number (PAN) applications per week, and takes a few hours to two weeks to allot the 10-digit alphanumeric identifier, the government has informed Parliament.

The allotment of PAN is being carried out by the tax department through two service providers, NSDL e-Gov and UTIITSL, which collect applications, process them, digitise the data and submit the same to ITD for final allotment of PANs.

MUMBAI: Gold demand in India is likely to remain below its 10-year average for a third year in 2018 as higher taxes and new transparency rules on purchases may cap last year's rebound in buying, the World Gold Council (WGC) said on Tuesday.

India is the world's second-biggest gold consumer and lower demand there could rein in global prices that have risen 8 per cent since mid-December, although a drop in imports of the metal would help India reduce its trade deficit.

Air India will get a one-time grant of 750,000 euros from Israel for launching direct flights between New Delhi and Tel Aviv, which is likely to be launched next month, a senior Israeli official said today. “The Ministry of Tourism will approve a grant to Air India in response to their request and according to the conditions of the directive, which includes a grant of 250,000 Euro per weekly flight, up to a total of three weekly flights,” Lydia Weitzman, a spokesperson for the Ministry of Tourism, told PTI here.

More than 15 years ago, the Bharatiya Janta Party (BJP) -led National Democratic Alliance (NDA) government of the time made an incumbent's election pitch around the so-called ‘India Shining’. Key to this pitch was the ‘Golden Quadrilateral’ project of National Highway Authority of India (NHAI).

Today, a decade and a half later, under another BJP-led NDA government at the Centre, the scenario is quite different – now, it is the road transport ministry that seems to be calling the shots, not NHAI.

Markets regulator Sebi's decision to allow mutual fund houses to charge additional expenses from customers from beyond top 30 cities, as against 15 earlier will help in increasing penetration of such products, experts said.

"Sebi is now worried to develop the interiors of B-30 cities.

Commercial vehicle (CV) major Ashok Leyland is planning to invest around Rs 1 billion in the electric vehicle (EV) technology over the next two-three years. The company is also planning to showcase the prototype of its first EV product at the upcoming Auto Expo 2018, scheduled to start this week in New Delhi.

Ashok Leyland’s total planned capital expenditure for the 2018-19 financial year, including the expense of expanding its cabin facility, debottlenecking and investment in technologies, would be Rs 5-7 billion, said Chief Financial Officer Gopal Mahadevan.

Mumbai: In the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting, which will be held today in Mumbai, the apex bank is expected to keep policy rates on hold for this week.

The six-member MPC, which is headed by RBI Governor Urijit Patel will meet for the sixth bi-monthly Monetary Policy Statement for 2017-18, later in the day.

Going by Tata Motors Ltd’s December quarter performance that missed profit estimates by a wide margin, the road ahead is likely to be a rough one. The main worry is due to the disappointing performance of its cash-cow Jaguar Land Rover Ltd (JLR) that has been churning out healthy profits for several years and which churned out 90% to 100% of the consolidated profits.

For the quarter, Tata Motors’ consolidated net profit of Rs 1,212 crore missed Bloomberg’s 15-broker average estimate by a huge 48%.

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