Mahindra Group chairman Anand Mahindra has picked a 16.7 per cent equity in Bayside Sports, a city-based multi-sports academy and sports event provider. The company said Mahindra made the investment in his personal capacity through his family office. Bayside Sports was founded by childhood friends Vishal Gokani and Kyan Bharucha in January 2013 with the objective of helping people and families bond over sports with just three students at a single location in south Mumbai.

Manufacturing activity showed moderate growth with annual SBI Composite Index rising to 53.1 in December compared to 53 in the previous month. The SBI Composite Index has mainly two indices – SBI Monthly Composite Index and SBI Yearly Composite Index. The month-on-month index declined to 50.6, showing low growth in the month compared to 51.2 in November. This indicates a possible slowdown in IIP growth in the next couple of months.

Assocham on Tuesday urged the government to provide interest equalisation of three per cent in respect of yarn exports in the budget for 2018-19, with a view to boost yarn exports and ensure that domestic product can compete in global markets. As part of its pre-budget recommendations on indirect taxes submitted to the Centre, the industry lobby also requested that two per cent of the benefits of the Merchandise Exports from India Scheme (MEIS) be extended to the spinning sector as the recent spike in raw material and other input costs have made the industry’s survival difficult.

The buildings and factories business of L&T Construction has bagged orders worth Rs 3,355 crore, a regulatory filing by the company said here on Tuesday.

The business has won an order from the India International Convention & Exhibition Centre Limited to design and construct a state-of-the-art India International Convention & Expo Centre in New Delhi.

The Anil Ambani-controlled telecom services company, Reliance Communications, on Tuesday said it would reduce its debt by about Rs 25,000 crore through the sale of some of its spectrum, tower and real estate assets.

“We have achieved full resolution for Reliance Communications,” said Ambani at a press conference in Mumbai. The resolution involves RCom exiting structured debt restructuring with no conversion of equity and zero write-off by lenders, Ambani added. “Expect overall debt for RCom to be around Rs 6000 crore.”

India looks set to leapfrog Britain and France next year to become the world's fifth-largest economy in dollar terms, a report showed on Tuesday.

The Centre for Economics and Business Research (Cebr) consultancy's 2018 World Economic League Table painted an upbeat view of the global economy, boosted by cheap energy and technology prices.

Four stocks - Reliance Industries, Bharti Airtel, Maruti Suzuki India and Tata Steel – from the S&P BSE Sensex have rallied more than 75% since December 26, 2016.

The benchmark Sensex ended above its crucial 34,000 level at 34,010.61 on Tuesday, up 31.8% from its one year back level on back of strong an over Rs 1-lakh crore net inflow by the domestic mutual funds. On December 26, 2016, the Sensex had closed at 52-week low of 25,807.10.

Bitcoin extended its recovery in holiday-thinned trading on Tuesday, rising 10 per cent to be up more than a third from last week's lows of below $12,000.

Bitcoin, the world's biggest and best-known cryptocurrency, fell nearly 30 per cent at one stage on Friday to $11,159.93 and, despite a late recovery, had its worst week since 2013. At 0445 GMT on Tuesday, it was quoted around $15,049 on the Luxembourg-based Bitstamp exchange.

NEW DELHI: Telecom operator Reliance Jio on Monday enhanced the cashback offer to up to Rs 3,300 on mobile recharge of Rs 399 and above for all recharges that will be done till January 15 next year, as per company sources.

Today is the last date for Jio's cashback offer of up to Rs 2,599 on recharge of Rs 399.

Mumbai: Market regulator Sebi is set to revisit its earlier directive that made it mandatory for listed companies to inform stock exchanges in the event of loan default.

This will be one of the items that will be looked into by the Securities and Exchange Board of India (Sebi) at its agenda-heavy board meeting on December 28.

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