NEW DELHI: State-owned Coal India will continue to offer domestic coal to non-power sectors in lieu of 50 per cent of the import component in the ongoing fiscal.

The development assumes significance as the government is working to eliminate coal imports.

The world's largest coal miner "offer of domestic coal 'as is where is basis' to non-power FSA (fuel supply agreement) consumers in lieu of 50 per cent of the import component will be continued in 2017-18", the official said.

President Donald Trump and Prime Minister Narendra Modi during their first meeting would set forth a vision to expand the US-India ties in an ambitious manner and discuss ways to advance common goals like fighting terrorism and expanding security cooperation in the Indo- Pacific region.

The leaders of the world's two largest democracies with a combined population of 1.6 billion will meet on June 26 at the White House to discuss a gamut of bilateral issues, including India's concerns over possible changes in H1B visa rules.

Infosys CEO Vishal Sikka on Monday met Finance Minister Arun Jaitley amid industry-wide concerns around tighter visa norms in key markets like the US and layoffs in the sector.

The 45-minute meeting, between Jaitley and Sikka accompanied by other top company officials, also assumes significance as Prime Minister Narendra Modi is scheduled to visit the US later this month. Over the past few months, Indian IT companies are confronted with closer scrutiny and tighter visa norms in the US, a market that accounts for nearly 60 per cent of India's IT exports. According to sources, Infosys had sought the meeting.

Air India is on the block, finally. With accumulated losses of over Rs 50,000 crore, a debt overhang of around Rs 55,000 crore, and an annual interest burden of Rs 4,500 crore which chews up more than a fifth of its revenues, this decision should ordinarily have been a no-brainer. But it has taken the Modi government three long years to come to this conclusion.

The decision could have been taken with fewer tears a decade ago, when the airline under Civil Aviation Minister Praful Patel induced Air India to order a humongous number of aircraft from Boeing that it could ill-afford.

Wipro on Monday said the date for issuing bonus or stock dividend to the holders of its American Depository Receipts is yet to be finalised, amid the ADRs witnessing steep fluctuations in pre-market trading on the New York Stock Exchange.

ADRs are instruments denominated in US dollars and the underlying shares are that of a foreign company.

The Insurance Regulatory and Development Authority of India (Irdai) appointed an administrator to oversee the operations of Sahara Life Insurance with immediate effect on Monday.

The decision, a first in the insurance industry, was taken after the regulator came to the conclusion that the insurer was acting in a manner “likely to be prejudicial to the interests of the holders of life insurance policies”. The action was taken under Section 52 A of the Insurance Act, the insurance regulator’s order said.

India's largest IT services company Tata Consultancy Services (TCS) will collaborate with chipmaker Intel to design a reference architecture that could be used for rolling out Internet of things (IoT), cloud, 5G and AI by its customers.

The partnership will also see both companies jointly investing in Centres of Excellences (CoEs) across India and the US to provide industry specific solutions for optimising cost and improving productivity.

The telecom industry that looks headed the steel industry way due to its huge debt and falling revenues is expecting resolution of some of its issues and respite from heavy levies post the meeting of telecom minister with mobile company promoters slated in the third week of June.

Many do not rule out the fierce war being fought in the market between the incumbent telecom players and new entrant Reliance Jio Infocomm Ltd (RJio) to spill over to the one-on-one interactions called by the telecom minister Manoj Sinha.

Mumbai: The Indian rupee closed over one week low against the US dollar tracking losses in the global equity and currencies markets. Traders are cautious ahead of the key macro economic data due later on Monday.

The rupee closed at 64.44—a level last seen on 1 June, down 0.29% from its Friday’s close of 64.25. The rupee opened at 64.35 a dollar and touched a high and a low of 64.32 and 64.46, respectively.

Mumbai: The Securities and Exchange Board of India (Sebi) has decided not to penalize self trades, reversing its earlier stand. The markets watchdog has also formulated a legal policy to dispose of the adjudication proceedings related to 100 showcause notices issued to market entities on self trades, two people aware of the issue said.

Orders that match each other but do not result in any change in ownership are called self trades. As many as 270,000 of an average of 12.2 million orders executed every day in the derivatives market are self trades, stock exchange data shows. Such trades typically take place when dealers from the same brokerage trade using the same client code.

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