New Delhi: GMR Infrastructure Ltd’s standalone net loss for the September quarter narrowed to Rs276.41 crore due to a fall in provision for diminution in value of investments and advances.

The company had reported a net loss of Rs700.34 crore in the year-ago period. Its total revenue declined to Rs206 crore as against over Rs331.22 crore a year ago, GMR Infrastructure said in a BSE filing on Wednesday.

The stock market made a sedate start on Thursday as the benchmark Sensex rose marginally, leaning on renewed domestic institutional buying.

Technology, IT, realty and healthcare stocks found themselves on the buy list. Positive Asian cues came as early pointers for the market.

Despite a number of carmakers remaining positive of a strong double-digit growth in wholesale volumes in November owing to a low base due to the government’s decision to ban high currency notes last year, car dealerships paint a different picture. A Hyundai dealer based in Mumbai said sales have been lower than even November last year despite the demonetisation. “Sales have been unusually low, bookings are down by around 30%,” he said. Car dealers are attributing a dip in sales to expectation of customers that a likely reduction in the GST rates of cars is right around the corner.

NEW DELHI: Reliance CommunicationsBSE -2.14 % (RCom) has received interest for its 125-acre land bank in Navi Mumbai and is understood to have finalised eight bidders for its development and sale.

Sources said the debt-laden company — which owes Rs 47,000 crore to banks and other lenders — is heavily banking on proceeds from the land monetisation as it can provide immediate cash to clear pending dues. The DAKC (Dhirubhai Ambani Knowledge Centre) campus in Navi Mumbai has the potential to develop 20 million sq ft for IT, commercial, and residential space.

Real estate developers association have started making demand to reduce Goods & Services Tax (GST) from 12% to 6% on under construction property transactions.

On Wednesday, National Real Estate Development Council (NAREDCO) approached the union government to fix GST rate for the real estate sector at 6% from the current rate of 12%.

The Supreme Court on Thursday will hear the Sahara-SEBI case.

In October, the Securities and Exchange Board of India (SEBI) moved the top court, seeking contempt proceedings against the Sahara Group for allegedly obstructing the process of auctioning its Aamby Valley property in Pune, initiated on court's direction.

Days after Coal India revised the wages in the company, its employees are protesting against the disparity of wage structure in Coal India with other public sector utilities. The employees have also alleged that the executive staff has increased its salary at par with other ‘Maharatna PSUs’ such as ONGC but that of non-executive staff continues to be low.

Senior officials in Coal India said the “young employees are urging their colleagues to raise the concern over low wages as it will impact their future growth.”

Mercedes-Benz, the country's biggest luxury car maker, will start introducing vehicles meeting the stringent Bharat Stage VI (BS-VI) emission standards in India from next year. It is the first in the segment to say so.

The first such cars will be rolled out for the Delhi market; the central government has decided only BS-VI fuel must be supplied in the capital from April 1, two years before national rollout. All new vehicles sold at present comply with BS-IV norms.

NEW DELHI: In a development that will revolutionalise the satellite launch system in the country, Indian Space Research Organisation (Isro) is developing a small launch vehicle that can be assembled in just three days as compared to 30-40 days for a normal-sized PSLV and can be built at a cost which will be just one-tenth the original manufacturing cost of a PSLV.

The manufacturing cost of a launch vehicle is generally in the range of Rs 150 crore to Rs 500 crore across the world.

New Delhi: Indian Oil Corp. Ltd (IOC) is considering buying Venezuelan crude for the first time in at least six years, in a move that could help the crisis-struck South American nation settle unpaid bills with another state-owned Indian energy firm.

Venezuela’s economy has collapsed since crude prices plummeted in 2014, forcing it to delay payments for oil services and fuel supplies. Venezuela depends on oil for more than 90% of its export revenues.

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