Tata Consultancy Services (TCS) on Friday filed its draft letter of offer with Securities and Exchange Board of India (Sebi) to buy back its shares for an amount of Rs 16,000 crore. TCS, the largest Indian IT firm, proposes to repurchase 5.61 crore shares at a price of `2,850 apiece and has set March 8, 2017, as the record date to decide eligible shareholders. The offer represents 2.85% of the total paid-up equity share capital of the company. The offer is 25% higher than the closing price of the stock of Rs 2,272.10 on Friday on Bombay Stock Exchange (BSE).

Kotak Mahindra Bank (KMB) said on Friday it has entered into an agreement to purchase the entire 26% equity stake held by the UK’s Old Mutual (OM) in Kotak Mahindra Old Mutual Life Insurance for Rs 1,292.7 crore. The transaction puts the enterprise value of the business at Rs 4,972 crore, or 2.72 times the net worth of Kotak Life, which was Rs 1,825 crore as on March 2017.

Mahindra & Mahindra says its farm equipment division head Rajesh Jejurikar is on a mission. And the mission resonates with that of the government.

"We will look at doubling the income of farmers," says the 52-year old. The nation's largest SUV and tractor maker wants to bring the latest farming technologies to India, and see how to customise those for the benefit of the Indian farmer, including the one whose landholding is marginal.

Introspecting the non-compliance of tax havens with currency and fiscal reforms, Union Finance Minister Arun Jaitley on Saturday asserted that it is important for the Indian economy to move from a non-compliant to a highly-compliant state.

Delivering the inaugural address at the Enforcement Day celebrations of the Enforcement Directorate (ED) here, the Finance Minister, while highlighting the importance of tax compliance urged the ED to exercise their power of penalising those who violate the law.

Citing examples of 'triple talaq' and the practice of 'marrying four wives' in Islam, Bharatiya Janata Party (BJP) leader Subramanian Swamy on Saturday described Swamy Prasad Maurya's comments on Muslim women as 'correct', asserting that there is no gender equality and women have third class status in Islamic religion.

Swamy told ANI, "There is no doubt that in Islamic practice and preaching women have been given second or third class status. Triple talaq, marrying four wives tradition are examples of that."

S S Rajamouli's magnum opus "Baahubali 2: The Conclusion netted over Rs 100 crore at the ticket window in the country on release day. Trade sources say this is the best ever opening for an Indian film. Even filmmaker Karan Johar expressed his joy over the massive opening of the film.

According to trade analyst Taran Adarsh, the Hindi version of the film collected Rs. 36.54 crore.

New Delhi: At a time when addition of coal-fuelled power generation capacity has come to a standstill globally, India is seeing a race to the bottom in solar power prices.

The latest was the record low tariff of Rs3.15 per kilowatt hour (kWh), quoted by France’s Solairedirect SA on 12 April to win the rights to set up 250 megawatt (MW) of solar plants at Kadapa in Andhra Pradesh and sell power to state-run NTPC Ltd. The tariff is expected to fall below Rs3 a unit during auctions for the Bhadla solar parks in Rajasthan.

An investment to the tune of Rs 50,000 crores is being undertaken for revival of closed fertiliser plants and setting up of gas pipeline network to connect Eastern India to the National Gas Grid, according to Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas.

The government is in process of reviving four major fertiliser plants - Gorakhpur, Barauni, Sindri and Talcher, for enhancing domestic fertiliser production and ensuring availability which will give an impetus to the vital agricultural sector there by aiding the Second Green Revolution.

MUMBAI: Benchmark sensex fell over 111 points to close at 29,918.40 on Friday as investors booked profits amid mixed global trends.

Despite opening higher, the 30-share index stayed in the negative zone for most of the session and slipped below the key 30,000-mark to touch a low of 29,848.21. It finally settled 111.34 points, or 0.37 per cent, lower at 29,918.40.

The Securities and Exchange Board of India’s (Sebi) decision to allow options trading in commodity derivatives comes as a shot in the arm for farmers, who can now look to a wider portfolio of derivatives to hedge risks in their produce better. Although detailed guidelines are yet to be out, market participants say even the cost of trading in commodity options (both farm and non-farm items) will likely be only a fraction of that for trading in futures.

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