Mumbai: The Indian rupee on Wednesday closed stronger against US dollar as foreign institutional investors (FIIs) continued to buy in local equity and debt market.

So far this year, FIIs have bought a combined $2 billion in equity and debt. A bulk of this, nearly $1.23 billion, has come to equity markets and the remaining $714 million to debt markets.

Maruti Suzuki India will showcase a concept electric compact SUV, e-SURVIVOR at the upcoming Auto Expo reiterating its plans to launch an electric vehicle in India in 2020.

The concept will be part of part of the company's over 18 vehicle models on display in ARENA, NEXA and Motorsports zones at its pavilion spread over spread over 4,200 sq mt, Maruti Suzuki India (MSI) said in a statement.

New Delhi: India Post Payments Bank (IPPB) will press into service postmen equipped with smartphones to go door to door and will open 3,250 customer access points across 650 districts when it launches operations in March, seeking to cater largely to under-banked rural areas.

The market capitalisation of Tata Consultancy Services surpassed Rs 6 lakh crore mark for the first time ever to become the second Indian company to achieve this milestone after RIL. In the intraday trades, TCS market capitalisation briefly breached the market cap leader RIL. Shares of TCS surged as much as 4.89% to hit the all-time high of Rs 3,254.8 after opening flat at Rs 3,100. Following a sharp spike in the share prices, India’s largest IT Company and Tata group’s cash cow TCS added as much as Rs 29,029.91 crore to Rs 6,23,052.49 crore in the market capitalisation at the day’s high price.

ICICI Bank is looking at new areas of growth opportunities in the Indian economy as new areas are coming up to be tapped post demonetisation and introduction of GST, its chief Chanda Kochhar has said. She said more SMEs are becoming part of the formal economy, creating big opportunities for growth and the government has also provided a strong impetus to increase lending to MSMEs. “Further, as the resolution process progresses and government capex picks up, the investment climate will improve leading to private corporate investments eventually looking up.

Bank of Baroda (BoB) said it is planning to sell its 0.89% stake in the National Stock Exchange (NSE). It has set a floor price of Rs 900 per share for the sale to prospective buyers through a bidding process. At this price, the bank could garner at least Rs 395 crore from the sale. Bank of Baroda (BoB) intends to sell its part or full stake in NSE up to the extent of 43,94,500 equity shares, of face value Rs 1 each by way of sale through competitive bidding process to bidders to be submitted by Sebi-approved Category I Merchant Banker on net price basis or quoted share price less fee of bidder, the lender said in an advertisement.

Oil and gas explorer ONGC has entered into short-term loan agreements with three banks to part-fund its acquisition of HPCL. Accordingly, the company has entered into agreements with PNB, Axis Bank and Bank of India on January 22 for loans totalling to Rs 18,060 crore. As per a BSE filing made on late Tuesday evening, the agreements are for short-term loans to part-finance the acquisition of HPCL.

Shares of Bharti Airtel and Idea Cellular tanked up to 6% as Mukesh Ambani backed telecom company Reliance Jio Infocomm surprised with the all-new Republic day offer. Reliance Jio known for its competitive tariffs, once again on Tuesday entrapped the users and other telecom companies by unveiling a Republic Day offer which has slashed rates on its packages by Rs 50 while increasing per day data limit by 500 MB.

Coal India's board has empowered subsidiaries to fix their own floor prices for e-auctions, which is expected to help the monopoly get higher rates.

After the conclusion of the promoter's stake sale in its rental arm to Singapore sovereign wealth fund GIC, realty major DLF is looking to make its development arm a zero net-debt company by March 2019, repaying the entire liability of 13,000 crore.

The company has already repaid debt worth 3,000 crore on December 29 from about 9,000 crore received from promoters following their 33.34% stake sale in rental arm DLF Cyber City Developers Ltd (DCCDL).

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