Mahindra & Mahindra on Friday said it will sell 22 per cent of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co Ltd for Rs 1.46 billion (Rs 146.32 crore).

"The company has today agreed to sell 26,36,401 equity shares of Rs 10 each held by the company in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), aggregating 22 per cent of the paid-up equity share capital of MSSSPL, to Sanyo Special Steel Co., Ltd. for a consideration of Rs Rs 1.46 billion," Mahindra & Mahindra (M&M) said in a BSE filing.

NEW DELHI: Former India captain Sourav Ganguly believes that Virat Kohli can be clubbed in the same pedigree as the famed batting quarter of Sachin Tendulkar, Rahul Dravid, VVS Laxman and Virender Sehwag. Kohli has been at the forefront of the Indian team's revival following two straight losses in the Test series, starting with scores of 54 and 41 on a treacherous Wanderers wicket in the final Test which India won, followed by innings of 112, 46* and 160* to help India gain a 3-0 lead in the best-of-six-ODI contest.

New Delhi: The Competition Commission of India has slapped a fine of Rs 135.86 crore on Google, the world's largest web search engine, for abusing its dominant position by preventing its Indian partners who sign negotiation search intermediation agreements from using similar services provided by competing search engines.

The commission ordered Google not to impose restrictive clauses with immediate effect in these agreements.

Mumbai: The Indian rupee on Friday weakened to a fresh two-month low against US dollar after fears of higher interest rates by the Federal Reserve led to a fresh plunge in global markets.

The rupee opened at 64.42 a dollar and touched a low of 64.43, a level last seen on 18 December. At 9.15am, the rupee was trading at 64.38, down 0.21% from its Thursday’s close of 64.26.

After dismal order flows of less than Rs2,000 crore each in the first two quarters of the current fiscal year, the country’s largest public sector power equipment maker Bharat Heavy Electricals Ltd (Bhel), sprung a pleasant surprise with order flows of about Rs12,000 crore in the December quarter. Even better, it matched analysts’ revenue and profit expectations.

State Bank of India (SBI) will go in for full-fledged deployment of blockchain in its reconciliation, remittances and trade finance operations in FY19, a senior executive at the bank said. The move is expected to lower the costs associated with the three functions by about 40-50%. Mrutyunjay Mahapatra, deputy managing director and chief information officer at SBI, told FE that while it will take some time to evolve a system-wide framework for deployment of blockchain in banking, initial adoption of the technology will happen at the level of individual banks.

New Delhi: A city bus that Ashok Leyland has just unveiled could help attract the focus again to battery swapping, a cheaper method to operate electric vehicles provided there is infrastructure to replace their power cells frequently. The 'Circuit S', which Ashok Leyland is showcasing at the ongoing Auto Expo 2018, is cheaper to buy as well as operate, compared with other electric buses, the Hinduja Group company claimed. Its vehilce has just one lithium ion battery, compared with a pack of cells in other electric city buses.

KOLKATA: Renewable energy will start replacing coal-fired power as solar tariffs are poised to fall below Rs 2 per unit in seven years and storage costs fall, while cheaper international supply can lead to imports of 20 million tonnes, posing a big challenge to domestic suppliers, a document issued by Coal India says.

The country's largest car firm Maruti Suzuki on Thursday launched the third generation version of its popular model Swift with price starting at Rs 4.99 lakh. The new model comes with an introduction of auto gear shift technology.

Swift, available in both petrol and diesel, has been priced between Rs 4.99 lakh to Rs 7.29 lakh for petrol manual version, and Rs 5.99 lakh and Rs 8.29 lakh for diesel manual variant.

With Nasdaq, Nikkei and other global indices suffering heavy losses, BSE started 500 points down on Friday Morning.

At opening trade, Sensex opened 526 points down and Nifty started 177.50 points in the red. At 9.50 AM, Sensex has recovered partially, still down by 458 points (-1.32%). Nikkei is currently down 629 points. Similarly Hang Seng has seen heavy selling with index tumbling 3%, over 1000 points.

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