State-run Bank of Baroda Ltd reported a 36 per cent fall in second-quarter net profit on Tuesday, hurt by higher provisions for bad loans.

Net profit dropped to Rs 355 crore ($54.26 million) for the quarter ended Sept. 30, from Rs 552 crore a year earlier, India's fifth-largest bank by assets said.

Mumbai: The government will launch the ‘Bharat 22’ exchange traded fund (ETF) managed by ICICI Prudential Mutual Fund, on Tuesday, targeting an initial amount of about Rs8,000 crore. The new fund offer will be open for subscription till 17 November and a discount of 3% is being offered to all categories of investors.

“While our initial issue size for Bharat 22 ETF is Rs8,000 crore, we can also consider going beyond looking at the response in the market,” said Anuradha Thakur, joint secretary, Department of Investment and Public Asset Management (DIPAM) in the ministry of finance.

Hong Kong: The first default on US dollar bonds by an Indian company in 15 months may become a closely-watched test case for how international creditors will fare under the country’s new bankruptcy laws.

Reliance Communications Ltd, the Indian mobile phone operator controlled by billionaire Anil Ambani, failed to pay a coupon on its 2020 dollar notes before the expiry of a grace period on Monday, according to a person familiar with the matter. It’s India’s most high-profile default on international debt since the nation’s insolvency and bankruptcy code was passed in May 2016.

Bengaluru: Infosys Ltd is looking to partner with companies that offer data analytics or artificial intelligence (AI) platforms, including International Business Machines Corp. (IBM), but has no plans to abandon its own Nia platform.

Infosys, India’s second largest software services firm, is seeking to use these platforms to help it win more business from its own customers.

Amazon.com Inc’s Chinese partner, Beijing Sinnet Technology Co., said it would purchase Amazon’s Chinese web services business for up to 2 billion yuan ($301 million), ending the U.S. firms’s cloud-computing business in the country. Sinnet, which began operating the Amazon services in August 2016, said in a filing late on Monday the pending purchase would help the unit “comply with local laws and regulations and further improve service quality and security.” Amazon did not immediately respond to a request for comment on Tuesday morning.

BHEL’s 2QFY18 results came in well below expectations with a reported EBITDA loss. Company would have reported a loss if not for the 98% y-o-y rise in other income to Rs 6 billion. Other expenses rose 36% y-o-y (ex of Rs 2.5 billion wage revision expense) on a 4% y-o-y revenue decline. Management indicated there is no one-off expense in the same. Given no visibility on material reduction in debtors or market pie expansion, we maintain Underperform. Giving benefit of revenue recovery due to Yadadri BHEL’s revenues declined 4% y-o-y to Rs 63 billion v/s expectations of a 7% y-o-y rise. Management didn’t really highlight GST implementation as a reason for revenue deferment, but discussed general revenue recognition milestones impacting the same.

The State-run ONGC has said it will resist the government’s reported move to hand over its 11 “discovered” hydrocarbon fields to private operators for their expeditious development. The fields, where hydrocarbon deposits were found before 1999, were given to ONGC on a nomination basis. Fellow PSU Oil India also holds four such fields and these too are under threat of being transferred to private firms via auction. “Obviously we will defend (auctioning off the assets to private firms),” said an ONGC executive, asking not to be named. But the executive clarified that no official information about transfer of fields has been communicated to the company. OIL officials could not be contacted immediately.

A report by Bank of America Merrill Lynch says that in the next decade, India will overtake Japan to become the third largest economy. The factors that will enable this are reduced dependency on other nations, financial maturity, and higher income and affordability, the Economic Times reported.

The report also adds that India is likely to become the world’s fifth largest economy by 2019.

Idea Cellular on Monday posted a loss of Rs 1,106.80 crore for the second quarter of the current financial year.

Idea, which is in the process of a merger with Vodafone India, had reported a net profit of Rs 91.5 crore in the July-September quarter of the last fiscal. Its revenue from operations fell 19.72% to Rs 7,465.5 crore.

State-owned power giant NTPC on Monday reported a decline of 2.3 per cent in its stand-alone net profit at Rs 2,438.60 crore for quarter ended September due to higher borrowing and depreciation cost. The firm’s net profit was Rs 2,496.98 crore in the quarter ended on September 30, 2016, NTPC said on Monday.

According to the statement, the total income of the firm rose to Rs 19,960.35 crore in second quarter compared to Rs 19,588.56 crore a year ago.

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