Hyundai Motor's bleak results stretched into a 14th straight quarter as political headwinds continued to drag down sales in China, its biggest market, and higher incentives failed to boost business in the United States (US).

The South Korean firm — which together with affiliate Kia Motors is the world's No.5 automaker together — has been betting on a gradual earnings recovery, but the plan hit a roadblock with China's backlash over Seoul's decision to deploy an anti-missile system showing no signs of abating.

The Maharashtra government on Wednesday informed that Reliance Industries (RIL) has defaulted on payment of fine and additional surcharge of Rs 1,369.9 crore over the delay in construction of a convention-cum-exhibition centre in Mumbai.

The government gave this information in the state legislative assembly in a written reply to the question asked by Leader of Opposition Radhakrishna Vikhe Patil and some other MLAs.

Ram Nath Kovind (71) was on Tuesday sworn in as India’s 14th President.

After K R Narayanan, who served from 1997 to 2002, Kovind is the second Dalit to be elected to the country’s top constitutional post. He is also the first Bharatiya Janata Party (BJP) member to occupy the Rashtrapati Bhavan.

Expanding the horizon for traders in agri commodity futures, market regulator Sebi has expanded position limits across all spectrums at the client, member and exchange levels.

In a circular dated July 25, Sebi said stakeholders' feedback shows the current numerical value of overall client level position limits for agricultural commodity derivatives is inadequate and not in consonance with the deliverable supply of commodities. After due consultation with various stakeholders on the basis of CDAC (Commodity Derivatives Advisory Committee), the regulator has divided the client-level position limit for agri commodities in three broad category -- sensitive, broad and narrow.

Private sector lender Axis Bank reported a 16 per cent year-on-year (y-o-y) fall in net profit to Rs 1,306 crore in the June quarter (Q1) on the back of flat net interest income (NII). NII, which is interest earned minus interest expended, rose 2.2 per cent in Q1 to Rs 4,616 crore from Rs 4,517 crore a year ago. However, non-interest income at Rs 3,000 crore, up 9.6 per cent y-o-y in Q1, came in handy for the bank.

Net interest margins (NIMs; a key profitability indicator) stood at 3.63 per cent in Q1 against 3.67 per cent in the corresponding quarter last year. The dip in NIMs was due to customers migrating to marginal cost of funds-based lending rate or MCLR. The bank guided for another 20-basis point (bp) reduction going ahead.

Indian Institute of Management, Lucknow (IIM-L) and Hindustan Petroleum Corporation Limited (HPCL) have signed a Memorandum of Understanding (MoU) for incubating innovative ideas and business start-ups in the domestic energy sector.

Under the tie-up, the selected start-ups would be provided with seed funding and incubated at IIM-L Enterprise Incubation Centre (L-INCUBATOR). The MoU was signed recently during Startup Pitch Day at the Noida campus of IIM-L.

The Competition Commission today approved merger of Vodafone India and Idea Cellular in a $23-billion deal that will create the country’s largest telecom operator. Idea Cellular said the transaction is expected to close in 2018 subject to customary approvals. Shardul Amarchand Mangaldas and Co, which advised Vodafone in the deal, said the regulator has “unconditionally” approved merger of the telecommunications businesses of Vodafone India and its wholly-owned subsidiary Vodafone Mobile Services, with Idea Cellular. “The $23 billion transaction is the largest transaction by value in the history of Indian M&A,” it said in a statement. Shardul Amarchand Mangaldas and Co advised Vodafone India and Vodafone Mobile Services on the deal.

Opposition parties in the Rajya Sabha today demanded publication of the names of top 100 loan defaulters and sought to know under whose protection they were “thriving”. Raising the issue through a point of order, Naresh Agarwal (SP) said the Reserve Bank of India (RBI), at a recent meeting of the parliamentary committee, had stated that 12 biggest loan defaults accounted for 25 per cent of the total NPA or bad debt in the country. But the RBI has refused to publish their names, he said, adding if a student or a farmer defaults on loan, his or her name is published. But the big corporate loan defaulters are not being named, he said. “Is Parliament greater or the RBI,” he asked.

Infrastructure firm Welspun Enterprises Ltd (WEL) today announced acquisition of 49 per cent stake in two road projects of NHAI from MBL Group for Rs 23 crore. The company also said that its board has approved the proposal of its subsidiary – Welspun Financial Services Limited (WFSL)- to apply to RBI for NBFC licence. “WEL has agreed to acquire 49 per cent stake in two NHAI Hybrid Annuity Model (HAM) projects from MBL Group, subject to necessary approvals and statutory compliances. WEL will be the sponsor to these two projects, thus expanding its HAM project portfolio to three projects,” WEL said in a BSE filing.

Regulator Sebi will auction 16 properties owned by Sai Prasad Group in September for a total reserve price of over Rs 9 crore in order to recover funds worth thousands of crores raised by the Maharashtra-based group from public through illicit schemes. As part of the recovery proceedings, Sebi on September 4 will e-auction immovable properties of Sai Prasad Properties Ltd, Sai Prasad Foods Ltd and Sai Prasad Corporation Ltd. The properties to go under the hammer include land parcels, office premises, flats and commercial spaces across Maharashtra, Sebi said in an auction notice.

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