Hardayal Prasad has been appointed as Managing Director and CEO of SBI Card, the credit card issuer said in a statement today. Prasad takes over from Vijay Jasuja who retired on January 31. His appointment is effective February 1, 2018. Prasad joined State Bank of India as a Probationary Officer in 1983, gaining experience in many areas of banking. He has served in several locations spread across different circles and abroad, SBI Card said.

Tata Motors Ltd reported about a 13-fold rise in quarterly profit on Monday, driven by higher sales from its Jaguar Land Rover (JLR) business after a particularly weak quarter a year earlier.

Net profit for the quarter ended December 31 came in at Rs 12 billion versus Rs 937.7 million in the same quarter a year earlier.

Japan's Suzuki Motor Corp on Monday announced a 68 percent jump in operating profit in the third quarter due to ongoing growth in automobile and motorcycle sales in India, its biggest market, as well as in Europe and at home.

Operating profit at Japan's No. 4 automaker came in at 86.9 billion yen ($790.36 million) in October-December, jumping from 51.85 billion yen a year earlier and exceeding a median forecast of 77.49 billion yen from nine analysts polled by Thomson Reuters.

New Delhi: The government is eyeing Rs 3,000-4000 crore surplus funds lying with market regulator Sebi as part of its exercise to mop up non-tax revenue to bridge the fiscal deficit gap, a senior official has said.

The government has already sought dividend of about Rs 13,000 crore from the Reserve Bank of India for 2016-17.

Greenko Group and Hero Future Energies Pvt. Ltd are separately looking to acquire Subhash Chandra’s Essel Infraprojects’ solar business, according to two people aware of the development.

“The Essel solar deal may rank amongst the largest clean energy deals in India’s renewable energy space,” said one of the two people cited above, requesting anonymity.

The Reserve Bank of India (RBI)’s monetary policy committee (MPC) is likely to keep interest rates unchanged on Wednesday as the risk of inflation breaching the central bank’s 4% target again has heightened, say economists.

Of the 15 economists surveyed by Mint, 14 expect the central bank to keep the repo rate—the rate at which the central bank infuses liquidity in the banking system—unchanged at 6%. Only one expects a rate hike of 25 basis points.

Mumbai: Mahindra and Mahindra Ltd on Saturday won an order to supply 1,000 electric vehicles (EVs) to Bengaluru-based fleet operator Baghirathi Travel Solutions Pvt. Ltd through its subsidiary Mahindra Electric Mobility Ltd, Mahesh Babu, CEO of Mahindra Electric said, describing the order as “one of the biggest in Indian corporate mobility”.

Singapore-based telecom operator Singtel will invest Rs 2,649 crore in Bharti Telecom, increasing its stake in the Indian telecom major to 48.9 per cent. “Airtel Limited…announced that Singapore Telecommunications Limited (Singtel)… will invest Rs 2,649 crore in Bharti Telecom Limited (Bharti Telecom), the promoter company of Airtel through preferential allotment of shares,” Bharti Airtel said in a statement.

TVS Motor Company will launch its all-new 125cc scooter in India tomorrow. The scooter is rumoured to come as the production version of Graphite that was showcased for the first time as a concept model at Auto Expo 2014. The new TVS Graphite 125, as the name suggests, gets its power from a 125cc single cylinder, air-cooled engine mated to an automatic transmission system. The exact power and torque figures are unavailable at the moment. The new TVS Graphite 125 will come with sporty LED tail lamp as seen in the teaser video.

The larger private sector lender ICICI Bank expects its domestic net interest margin (NIM) to be stable in the March at around 3.50 per cent, a senior official has said. “On the NIM, we think, for Q4 it will be at around the same levels (of the December quarter when it stood at 3.53 per cent),” executive director rpt executive director N S Kannan told PTI in reply to a specific query on domestic margins. In the December quarter performance announced last week, the bank had reported a domestic NIM of 3.53 per cent. However, there was a sharp decline in the spreads in its international operations to 0.29 per cent from 0.83 per cent in the year-ago period.

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