MUMBAI: L&T Finance Holdings, a Larsen & Toubro subsidiary, has invested around Rs 150 crore in Pune-based Saarthi Group's two residential projects, said two persons in the know.

The capital is being infused as debt for construction finance, while some of the money will be used to repay old loans. Both the projects entail around 1 million sq ft of residential projects.

The Sensex rose 198 points and the Nifty recaptured the 9,900 mark in the opening trade today after buying in realty, oil and gas and banking stocks took a high speed up.

The BSE 30-share barometer went up 197.70 points, or 0.62 per cent, to 31,797.46. The gauge had lost 824 points in the previous six sessions, in line with a general weakness across the globe fuelled by escalating worries related to North Korea.

Narendra Modi is walking a tightrope with his fight against “black money”. India’s prime minister has unleashed a wave of bold, and sometimes brazen, initiatives to root out income that has been illegally obtained or not declared to the taxman. But that has chilled the economy. Managing the short-term fallout is key to smoothing the path to his re-election.

Soon after Modi’s Bharatiya Janata Party took over in 2014, businesses noted it was harder to win special favours from New Delhi. A new bankruptcy law has also started to shift the balance of power from tycoons to lenders.

The Trump administration will allow no more than 45,000 refugees into the United States next year, officials have said, in what would be the lowest admissions level in more than a decade.

President Donald Trump is expected to announce the cap on refugee admissions following a lengthy debate within his administration about whether to go higher or lower. The figure represents the maximum number of refugees the US would be willing to accept. The actual number of refugees who move to the United States could actually be much lower.

The merger of Vodafone India and Idea Cellular is on track and is expected to be completed in calender year 2018, a top Vodafone official said on Wednesday.

On the sidelines of the inaugural India Mobile Congress in New Delhi, when asked if the merger of the two telecom firms was on course, Vodafone India MD & CEO Sunil Sood said "Äbsolutely." Stating that the merger process goes through various stages, including approvals from the CCI, Sebi, the NCLT and the telecom department, Sood said: "We feel all of them are on track and in fact, we are going ahead on schedule."

When it comes to popular cars, Indian consumers are sticking to pretty much the same models this year as they did last year. The top 10 car models in terms of volumes so far this fiscal are the same ones as they were in the same period last financial year; perhaps indicating that these top car brand in the domestic market continue to get stronger and gain market share.

As expected, India's largest passenger car player Maruti Suzuki India Ltd (MSIL) has the most number of models in the top 10 - at seven, followed by two models from Hyundai Motor India and one from Renault.

NEW DELHI: Former Bihar deputy chief minister Tejashwi Yadav on Tuesday sought 15 days from the CBI to appear for questioning in a case related to alleged corruption in giving the contract for running two IRCTC hotels to a private firm in 2006, sources said.

Tejashwi, who was summoned to appear today, sent his counsel who submitted the request seeking time to appear before the investigation team, sources in the agency said.

Mumbai: India’s capital markets regulator is likely to allow mutual funds to trade in commodity derivatives and a decision is expected within six months, a senior official said on Tuesday.

Such a move would help deepen the market and provide hedging opportunities to large companies that trade overseas due to limited liquidity at local exchanges.

With the dispute between the Odisha government and Indian Oil Corp (IOC) over the value-added tax (VAT) being resolved, the oil marketing firm has firmed up plans to increase its investment in the state including expansion of the refining capacity in Paradip by 3-4 million tonne (MT) per annum. “Very soon we may be evaluating refinery expansion in Paradip. It is a greenfield 15 MT plant and we intend to expand by 3-4 MT,” said Sanjiv Singh, chairman of IOC, adding that the company has massive plans for further investment in the state.

MUMBAI: Midsize private sector lender Yes Bank today claimed that its credit card portfolio has grown to over Rs 250 crore with 2 lakh customers within one year of entering the segment.

"We are running ahead of time in achieving milestones which we had set for ourselves. Our focus is on building the user-base right now and we have 2 lakh cards now," its retail head Pralay Mondal told reporters here.

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