Solar power developers are set to oppose the recent directive of the Uttar Pradesh government asking them to lower tariffs under extant power purchase agreements (PPAs). While indications are that the regulator’s view is also not favourable to them, developers might resort to litigation. Stating that PPAs had been signed when equipment prices were high, the government asked developers to revise tariffs to match the lowest bid of Rs 7.02 per kwH in relevant auction. The government’s move was also prompted by the fall in solar power tariffs in subsequent auctions conducted in the country.

NEW DELHI: Reliance Retail and Reliance Jio will be “hyper growth platforms” for the Mukesh Ambani-led conglomerate in the next 10 years — which the company calls its golden decade.

Reliance Industries sees robust and sustainable growth in both consumer-facing sectors, apart from strong cash flows from its flourishing core businesses of energy and petrochemicals, as it reaps rewards of ambitious capital expenditure in recent years, it said in a presentation after the quarterly earnings.

The BSE Sensex hit record high of 32,135.91 points and Nifty touched life-time high of 9,939.30 in opening trade on buying in oil and gas on Monday, IT and banking stocks after better-than-expected financial results.

Gains in Reliance Industries, FMCG major ITC, Infosys, ICICI Bank and SBI helped the indices scale new peaks in early trade.

Finance minister Arun Jaitley on Friday introduced a bill in the Lok Sabha to repeal certain Acts, a move that was legally necessary in the wake of the merger of State Bank of India (SBI) with its subsidiary banks from April 1 this year. The finance minister introduced the State Banks (Repeal and Amendment) Bill, 2017 to repeal the State Bank of India (Subsidiary Banks) Act, 1959 and the State Bank of Hyderabad Act, 1956. In February, the Cabinet had also approved the merger of five associate banks with SBI, paving the way for the first such wide-scale consolidation exercise to create a banking behemoth.

Silver surged by Rs 600 to Rs 39,350 per kg at the bullion market today, largely in sync with a firm trend overseas and increased offtake by industrial units. Gold, however, held steady at Rs 29,150 per ten gram in scattered deals. Traders attributed the spike in silver prices to positive global cues and pick-up in demand from industrial units at the domestic spot market. Globally, the white metal rose by 1.20 per cent to USD 16.50 an ounce and gold by 0.84 per cent to USD 1,254.50 an ounce in New York in yesterday’s trade.

The Telecom Regulatory Authority of India (Trai) on Friday said that operators have reached a consensus on continuing with the current forbearance regime of fixing mobile tariffs and decided not to pursue their earlier demand of having a minimum floor price for voice and data. Speaking to reporters after a meeting with the operators, Trai chairman RS Sharma said, “There were detailed discussions for about two hours and the consensus at the end of the meeting was that for the time being, as of now, we do not see the need to pursue the idea of fixing a floor price”.

Ford Motor Co will petition to avoid a U.S. recall of about 2.5 million vehicles with Takata air-bag inflators that the Japanese auto supplier declared defective last week, U.S. regulators and the automaker said on Friday. Separately, the National Highway Traffic Safety Administration said Nissan Motor Co agreed to recall 515,394 2007-2011 Versa cars after Takata declared 2.7 million vehicles to have potentially defective inflators. Ford spokesman John Cangany said the automaker will file a petition requesting “to continue testing and analyzing our inflators.”

BENGALURU: Axis Bank is set to incorporate solutions around lending, operational efficiency and tax-planning, which are developed by startups from the first cohort of its accelerator programme.

The bank, which ran its first accelerator programme with six startups, has selected three - Pally, FintechLabs and Gieom -to use their solutions for its specific-use cases.

PATNA: Bharat Petroleum Corporation Limited (BPCL) on Thursday asked RJD chief Lalu Prasad's son Tej Pratap Yadav and his firm M/S Lara Automobiles to hand over to it, with immediate effect, the operation, assets and materials of a pump allotted to him here.

In June, BPCL had terminated the allotment on the grounds that Tej, a minister in the state government, had furnished false information and concealed facts when he applied for the pump in 2012.

MUMBAI: Bajaj Auto will revamp its seven-model portfolio over the next half year, as managing director Rajiv Bajaj charts an aggressive plan to bump up the company's share in the local motorcycle market beyond the quarter mark.

The company will gun for a 26% share in the fiscal year starting April 2018, Bajaj said at its annual general meeting, where shareholders raised questions about the India market position that fell to 15% based on dispatches from factories in the April-June quarter.

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