Anil Ambani-led Reliance Communications (RCom), which had recently said it would shut its 2G business by November, on Monday said it was asking lenders to convert part of their debt to equity for 51 per cent control of the stressed company under a “zero write-off” plan.

“Lenders will convert Rs 7,100 crore worth of debt into equity (under the strategic debt restructuring plan of the Reserve Bank of India). Post debt monetisation through sale of real estate assets, the company would have only Rs 6,000 crore of debt left,” said Puneet Garg, executive director and chief financial officer.

The apex consumer commission has asked the ICICI bank to refund over Rs two lakh to a customer who lost the amount through an ATM fraud in 2006-07.

The National Consumer Disputes Redressal Commission (NCDRC) has asked the bank to also pay a compensation of Rs 2,000 to Haryana resident Karam Singh who lost Rs 2,07,368 during November 11, 2006 and February 2, 2007.

State-owned Indian Oil Corp(IOC) has been given green nod for augmenting its Koyali-Sanganer pipeline (KSPL) capacity up to 6 million tonnes per annum (MTPA) from existing 4.6 MTPA at a cost of Rs 273.23 crore, a senior government official said today.

The company's proposal is to expand KSPL, which traverses from Koyali in Gujarat to Sanganer in Rajasthan, by augmenting the capacity of pumping stations located at Vadodara, Pali and other allied facilities.

NEW DELHI: Infosys will hold another round of outreach to shareholders over the next few weeks under the chairmanship on Nandan Nilekani and expects to have a complete report by January next year.

Nilekani, the architect of Aadhaar, had taken over the reins of the embattled Infosys in August this year following months of acrimony between the founders and the then management team of CEO Vishal Sikka and chairman R Seshasayee.

NEW DELHI: Amending rules on post office savings schemes like the National Savings Certificates (NSC) and Public Provident Fund (PPF), the government has notified that such accounts would be closed prior to maturity in case of holders changing their personal status to become non-resident Indians (NRIs).

The amended rules were notified in the official gazette earlier this month.

New Delhi: Bharti Telecom Ltd, the holding company of Bharti Airtel Ltd, will acquire up to 4.62% stake in India’s largest telco, the company informed the National Stock Exchange on Monday.

The weighted average market price for Airtel’s share trade in the last 60 days has been kept at Rs417.35 and Bharti Telecom has said that the acquisition price would not be higher by more than 25% of the price computed as per the weighted average market price of the Airtel stock.

The $150-billion-plus Indian IT industry witnessed the performance of the top tier multi-billion dollar companies—Tata Consultancy Services (TCS), Infosys, Wipro and HCL Technologies for the second quarter of FY18. The writing on the wall is very clear: the industry will walk the path of a single digit growth with a strong focus on the operational parameters to ensure higher profitability.

Indian stock markets opened at record highs on Monday followed by the optimism over better-than-expected second-quarter earnings. BSE Sensex gained 102.88 points or 0.31% to open at 33,260.1 points while NSE Nifty advanced 30.8 points or 0.3% to start at 10,353.85 points. Among the Nifty companies Bharti Infratel, HDFC, Lupin, Tata Steel and UPL are scheduled to announce their Q2 results report card today. Within minutes of trading, the benchmark Sensex added 158.02 points to hit the all-time high of 33,315.24 and the broader Nifty jumped 47.85 points to mark the lifetime high of 10,370.9 points.

Even as Indian lenders face the central bank’s ire over the classification of loans or divergence that seems to be burning holes in their books, the dispute may be temporary.

RBI’s scrutiny of non-performing assets raises concerns over the way classification is being done by auditors at banks. Three private-sector lenders have together reported more than Rs 12,000 crore in asset classification divergences for FY17 so far.

BENGALURU: Nasscom Product Council (NPC), the IT lobby’s platform for software product companies to showcase products and connect with peers, will focus on artificial intelligence (AI) and machine learning (ML) in the upcoming conclave to be held in Bengaluru. It also launched a DeepTech Club to nurture startups with mentors and investors.

“We are going to talk extensively on artificial intelligence and machine learning. Increasingly, machine learning and artificial intelligence are cropping up as solutions for handling data. While, the two are often used interchangeably, and though there are some parallels, they’re not the same thing,” said Somdutta Singh, co-chair, NPC.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.