New Delhi: Swedish car maker Volvo Car Corp. will sell only electric, hybrid and plug-in hybrid cars in India after 2019 as part of its plan to shift to such vehicles worldwide.

“We must follow the same strategy in India and if we would want to be the leaders here when it comes to electrification, then we have to be the first in line,” said Charles Frump, managing director of Volvo Auto India Pvt. Ltd.

Ten State Bank of India (SBI) officials with deputy managing director (DMD) rank will be interviewed by the Banks Board Bureau (BBB) on Wednesday for the post of the fourth managing director (MD) of the bank, sources told FE. Among those expected to be interviewed include Mrutyunjay Mahapatra (chief information officer), Anshula Kant (chief financial officer), Prashant Kumar (corporate development officer), Pallav Mohapatra (of Stressed Assets Management Group) and Haridas KV (head of retail business in national banking group).

ICICI Bank, the country’s second-largest private sector lender by assets, has reduced the interest rate on one-year deposits by 15 basis points (bps) to 6.6% per annum. The reduced rate will apply to fixed deposits of under Rs 1 crore with a tenure of between one year and 389 days. The bank has left rates on retail deposits of most other tenures unchanged. Deposits maturing between 390 days and two years continue to earn 6.75%, while those with longer maturities yield 6.5%.

State-run lender Punjab National Bank launched a Rs 5,000-crore fund-raising programme late on Monday evening through qualified institutional placement (QIP) of shares at a likely price of Rs 168 per share in a move that will shore up the bank’s capital adequacy ratio (CAR). The base size of the QIP is Rs 3,000 crore or 17.9 crore shares, with an option to retain an additional Rs 2,000 crore through issue of another 11.9 crore shares.

We had upgraded BHEL to ‘Buy’ in July 2016 anchored by a few positive triggers on the horizon. Of these, thermal ordering/demand has not picked up materially, which remains a key monitor able. On the positive side though, the company’s executable order book (OB) has jumped to 78% (54% last year) in H1FY18 as execution of slow-moving orders has gathered pace and gross margin has improved to ~40%.

The Securities & Exchange Board of India (Sebi) chairman Ajay Tyagi on Tuesday came out very strongly against the leaking of price-sensitive information and key financial data of listed companies through social media, before such information is made public. “We are taking it very seriously. How come such messages, about reputed listed companies, are leaked quite close to the financial results? This is something we are not going to sit quietly on,” Tyagi said.

Key stock barometer Sensex fell 105 points today after disappointing economic data forced investors to tighten their exposure.

Surging oil prices and a sluggish trend in Asian markets brought pain, too.

The Supreme Court on Tuesday rejected the government's stand of imposing a monetary fine and a jailtermm on restaurant owners and other persons who would sell mineral water bottles over and above their maximum retail price (MRP).

The apex court held that hotels and restaurants can charge to their customers more than the MRP marked on a bottle of the mineral water.

The Aditya Birla Group and Vodafone Group PLC have started talks on the “closing adjustments” of the merger between Idea Cellular and Vodafone India, and the discussions are focused on how to resolve Idea’s losses incurred since the announcement of the deal in March. The deal is expected to close in the first half of 2018.

Idea’s consolidated loss went up from Rs 328 crore for the three months ended March 31, 2017, to Rs 1,107 crore for the September quarter — thanks to increased competition from Reliance Jio, which is offering free voice calls to its customers.

The turnover of Maruti Suzuki for 2016-17 is more than the total of turnovers of three major brands — Hyundai, Ford and Nissan — put together.

Except Maruti Suzuki, no original equipment manufacturers are listed in India. Maruti Suzuki in 2016-17 clocked a revenue of Rs 77,266.20 crore as against Rs 57,746.30 crore in 2015-16, up by 34 per cent.

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