RBI’s new framework for Prompt Corrective Action (PCA), replacing its 14-year-old PCA, is a classic example of the triumph of hope over experience; of RBI’s faith in theoretical constructs and inability to come to terms with what is really the crux of the problem on the ground: ownership, and flowing from that, the inability of public sector banks (PSBs) to match their private sector counterparts in a host of areas, ranging from recruitment to business agility.

Indian Oil Corporation (IOC) will invest Rs 10,000 crore over a period of 4 years to make Bharat Stage VI or Euro-6 standard fuel in its Haldia refinery. CK Tiwari, executive director in Indian Oil’s Haldia refinery, said the Supreme Court has directed the use of Bharat stage VI grade fuel in all the vehicles by 2021. So, IndianOil will have to upgrade it quality of production.

NEW DELHI: The country's largest car maker Maruti Suzuki on Monday reported 23.4% increase in domestic sales at 144492 units for April.

The company had sold 117045 units in the corresponding period of the last financial year.

Smartphone shipments in India grew 15% to 29 million units in March quarter compared to the year-ago period, with top five brands capturing almost 70% of total segment, research firm Counterpoint said.

India is one of the world's largest and among the fastest growing smartphone markets. With sales slowing down in mature markets like the US and Europe, handset makers are expanding their presence in the Indian market, bringing in the best devices from their portfolio.

Indian equity, forex, money and commodity markets will remain closed today on account of Labour Day/Maharashtra Day.

The benchmark indices on Friday settled lower as investors booked profits in index heavyweights such as ITC and HDFC ahead of a long weekend, but posted their biggest weekly gain in six weeks.

State Bank of India (SBI) has cut its interest rates on medium- and long-term deposits of individuals by up to 50 basis points (bps). These will apply to new deposits and renewals.

The country’s largest lender kept lending rates unchanged for May, including the marginal cost of funds-based lending rate (MCLR). The one-year MCLR is eight per cent. Punjab National Bank had reduced its MCLR by 10-15 bps across maturities from Monday; it is to also reduce interest rates on retail (by individuals) term deposits across different maturity buckets by 10-25 bps.

Google’s parent Alphabet reported a 22.2 percent rise in quarterly revenue, driven by a surge in advertising on mobiles and it's popular YouTube video service even after well-known brands said they would temporarily suspend advertising on the video-streaming service after the Times of London reportedly discovered ads placed next to racist, sexist and xenophobic content.

When the 10th edition of the Indian Premier League (IPL) was about to take off, one side that looked the most menacing – at least on paper – was Royal Challengers Bangalore (RCB). The first glimpse of the line-up easily reminded one of the term ‘galactico’, now famous in the world of football for describing either a superstar signing or being transferred for an exorbitant price. The term is more commonly used for every big player Real Madrid signed during the year 2000.

Google CEO Sundar Pichai doubled the amount he made in 2015, as he received nearly $199.7 million in compensation last year.

According to a filing from Google's parent company, Alphabet (GOOGL, Tech30), the company's compensation committee attributed the generous pay to Pichai's promotion to CEO and "numerous successful product launches."

Mumbai: The market benchmark BSE Sensex hit a soft patch for the second day running as it retreated from record highs to close below the 30,000-mark on Friday after investors pocketed gains ahead of an extended weekend.

However, indices still registered their biggest gain in six weeks on widespread buying and improving risk appetite. The Nifty managed to stay above the psychologically- crucial 9,300. The 30-share Sensex opened higher, but failed to hold on to the 30,000-level, touching an intra-day low of 29,848.21 as investors booked profits in recent gainers.

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