Mumbai: Engineering major Larsen & Toubro Ltd (L&T) on Wednesday said it has agreed to sell its entire stake in its unlisted unit L&T Cutting Tools Ltd to IMC International Metalworking Companies BV, owned by Berkshire Hathaway Inc., for Rs174 crore.

L&T Cutting Tools, incorporated in 1952, manufactures fabricated metal products.

It was a mixed bag for bad loan recoveries by banks in the June quarter of FY18 over the previous year, data compiled by FE showed. While banks like State Bank of India (SBI), ICICI Bank and Axis Bank have reported higher recoveries, others like Punjab National Bank (PNB), Canara Bank and Union Bank of India have shown a dip in recoveries in Q1. According to the data, SBI reported the highest recovery at Rs 4,646 crore in Q1, among all lenders. SBI chairman Arundhati Bhattacharya recently told reporters that the bank expects resolutions in corporate accounts.

The Cabinet on Wednesday approved a new metro rail policy, making private participation a must for states to get central assistance for new metro rail projects in the country. The policy will focus on innovative models of implementation and financing, as well as standardisation and indigenisation of hardware and software, to create jobs locally, finance minister Arun Jaitley said. “There will be a system-based approach (for sanctions of new projects). Economic internal rate of return (EIRR) should be 14% for approving new metro projects,” Jaitley said.

Coal stocks at some private thermal power plants, which receive the fuel from Central Coalfield Ltd (CCL), have reached precarious levels as CCL is said to be supplying more fuel to NTPC power plants. According to industry sources, this is due to the shutdown of Dhanbad-Chandrapura railway line, which has compelled Bharat Coking Coal Limited (BCCL) to shift 8-10 rakes from its supply to CCL.

While management continued to highlight improvement in inherent processes and sharper business focus, confidence of translation of these efforts to higher return ratios in the near future remains low, with our estimates suggesting an RoE of ~14% only by FY20. Risk of chunky slippages leading to lower NIMs and higher credit costs continues to remain for the next few quarters. Maintain ‘hold’ with a revised PT of Rs 155.

AMSTELVEEN (NETHERLANDS): Ramandeep Singh and Chinglensana Singh Kangujam struck twice to guide the Indian men's hockey team to a sensational 4-3 win over Austria in their final encounter of the Europe Tour here.

Double goals from Ramandeep (25th minute, 32nd) and Chinglensana (37th, 60th) helped India end the tour with three wins and two loses.

NEW DELHI: The government plans to wrap up the disinvestment in state-run carrier Air India before end of the year and the preference is veering towards a “domestic buyer" for the debt-laden airline.

The Union Cabinet gave an in-principle approval for strategic disinvestment in Air India in June and a panel of ministers headed by finance minister Arun Jaitley is now devising the strategy for executing the sale.

The death toll due to floods in Bihar has mounted to 72, as 73.44 lakh people across 14 districts have been hit by inundation which was triggered by incessant rains in Nepal and northern part of the state.

Araria accounted for 20 flood deaths, followed by Sitamarhi (11), West Champaran (9), Kisanganj (8), Madhubani and Purnea (5 each), Madhepura and Darbhanga (4 each), East Champaran (3), Sheohar (2) and Supual (1), said Anirudh Kumar, special secretary in the state disaster management department.

Indian markets ended the trading session on Wednesday with robust gains owing to receding tension between the US and North Korea. Softening of military posturing between the two countries led to spurred buying activity.

Both the benchmark indices advanced over 1% as investors resumed risk appetite on positive leads from European markets ahead of the latest US Federal Reserve minutes and British unemployment data.

US President Donald Trump announced the disbanding of two high-profile business advisory councils on Wednesday after corporate CEOs quit in protest over his remarks blaming violence in the Virginia city of Charlottesville not only on white nationalists but also on the protesters who opposed them.

A parade of prominent Republicans and US ally Britain also rebuked Trump after his comments on Tuesday about the weekend bloodshed further enveloped his seven-month-old presidency in controversy, paralysed his policy aims and left him increasingly isolated.

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