Mumbai: The government has directed State Bank of India (SBI) to find strategic investors for Asset Reconstruction Company (India) Ltd, or Arcil, noting its importance in the resolution of stressed assets, said two senior officials with the country’s largest lender. They spoke on the condition of anonymity because the discussions are private.

Kolkata-based Bharat Road Network, promoted by SREI Infrastructure, and Ahmedabad-based non-banking financial company MAS Financial Services have received the nod from the Securities and Exchange Board of India (SEBI) for their IPOs. Bharat Road Network had filed its draft red herring prospectus( DRHP) for an IPO on February 17, 2017. The company proposes to sell 2.93 crore shares.

NEW DELHI: Two-wheeler major Bajaj Auto today reported a 10 per cent decline in total vehicle sales in May at 3,13,756 units.

The company had sold 3,47,655 units in the same month last year.

Markets resumed their record-setting spree to hit fresh lifetime highs in opening trade today on sustained buying amid positive global cues.

BSE Sensex, which had lost 21.81 points in the past two sessions, bounced back by 194.97 points, or 0.62% to trade at 31,332.56, breaching its previous record high of 31,255.28 touched on May 31.

GMR Infrastructure gained over 17.4% to Rs 17.65 in intraday after it announced a significant reduction in debt and turned profitable in the March quarter.

According to the filing on BSE, gross debt for the company came down to Rs 19,856 crore in FY17 from Rs 37,480 crore last year whereas and net debt to EBITDA ratio for the year improved to 4.3 from 10.2 in FY16

Air India is planning to sell its properties and land parcels across the country. Civil aviation minister Ashok Gajapathi Raju met finance minister Arun Jaitley on Thursday to decide the process.

Sources privy to the discussions say the idea is to sell real estate assets in cities, airport locations, and airline offices at prime locations. A consultant will be appointed to make a detailed inventory report of the assets and fix a proper valuation for them. The entire process will be reviewed by a committee, which will comprise of secretary-level officials from the civil aviation ministry and finance ministry, people from Air India, and a retired judge.

Shares of TVS Motor Company surged over 5% to hit its 52-week high after the auto major posted a growth of 15.7% in sales during the month of May 2017, at 282,007 units as compared to 243,783 units sold during the month of May 2016.

The stock of the company rose as much as 5.5% to Rs 565 on the BSE. Over 1 lakh shares exchanged hands on the counter against its two-week average of 50,000 shares.

Auto major Mahindra & Mahindra today reported 3 per cent increase in total sales at 41,895 units in May. The company had sold 40,656 units in the same month last year, the company said in a statement. In the domestic market, sales were up 10.89 per cent at 40,602 units last month compared to 36,613 units in May 2016. Exports were down 68 per cent at 1,293 units in May against 4,043 units in the same month last year.

Even as reports of the government looking to sell Air India gain ground, the national carrier is expected to report an operating profit of close to Rs 300 crore for FY17, up from Rs 105 crore in 2015-16. Senior executives told FE passenger revenues grew to Rs 16,200 crore last year. This will be only the second year since the merger with Indian Airlines in 2007 that the airline will report an operating profit. It has not posted a net profit in a decade.

The government is said to be planning to combine the state-run refiner Hindustan Petroleum Corp Ltd with the giant oil explorer Oil and Natural Gas Corp by December this year by selling its 51.1% stake in the former to the latter for $4.5 billion (about Rs 29,000 crore), ET Now reported citing wire reports, which in turn cited unidentified sources.

The Ministry of Petroleum and Natural Gas is learnt to be in favour of adopting a subsidiary model for combining the two oil PSUs instead of merging the companies, making ONGC the parent company of HPCL, the report said. However, the government will decide final model of combining in few months, it added.

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