Fresh from winning its biggest defense contract in May, Larsen & Toubro Ltd. is planning to bid for $28 billion of orders including warships and submarines in India as Prime Minister Narendra Modi breaks with tradition to embrace private, local suppliers. India’s new defense purchase policy that allows non-state local firms to compete for orders from the military is helping the nation’s biggest engineering firm to become more ambitious, Jayant Patil, head of Larsen’s defense business, said in an interview. The company is building on its success with a $700 million order for artillery guns in May, unprecedented in size for a local contractor, he said.

India's third-largest software services firm Wipro today said its shareholders have approved the company's Rs 11,000-crore buyback proposal.

Last month, the Bengaluru-based firm had said it will purchase up to 343.75 million shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

Mumbai: The Reserve Bank of India (RBI) has sent commercial banks a second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings, three bankers aware of the development said.

In a letter, the central bank said these accounts should first be resolved through any of RBI’s schemes before 13 December, failing which cases should be filed against these companies under the Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT) before 31 December.

Mumbai: The rupee on Wednesday strengthened marginally against the US dollar in the opening trade.

The rupee opened at 63.94 a dollar. At 9.10am, the rupee was trading at 63.97 a dollar, up 0.07% from its Tuesday’s close of 64.02.

Bengaluru: Infosys Ltd co-founder N.R. Narayana Murthy on Tuesday backed newly appointed chairman Nandan Nilekani to fix corporate governance lapses and also hailed last week’s overhaul of the board that resulted in the exit of four members, including previous chairman R. Seshasayee.

Murthy also took a direct shot at former and current board members, Jeffrey Lehman and Roopa Kudva, alleging that the board asked him to sign a non-disclosure agreement if he wanted to know the reason behind Infosys agreeing to pay Rs17.38 crore in severance to former chief financial officer Rajiv Bansal.

Government’s 7,000-14,000 crore stake sale in India’s biggest power producer NTPC via a two-day offer-for-sale (OFS) which opened for retail investors today got subscribed 1.87% as at 10:35 am. Retail investors, who will be offered a 5% discount, can bid for shares today till 3:30 pm as over 8.24 crore shares have been reserved for them. The government is selling over 41.22 crore shares, or 5% holding at a floor price of Rs 168 per share, through the two-day offer for sale (OFS), with an option to retain a similar portion in case of over-subscription. Shares of NTPC were trading little changed, up 0.33% at Rs 168.95 on BSE.

NEW DELHI: The country's largest car maker Maruti Suzuki India Limited (MSIL) on Wednesday announced the revamp of its retail network. The new showrooms will be christened Maruti Suzuki Arena.

Kenichi Ayukawa, managing director and chief executive officer, MSIL, said, "While we continue to bring technology and quality into products, alongside we are focused on the quality of our network...Technology will be a key differentiator (in Maruti Suzuki Arena) where we have aligned with the new age customers."

SEOUL: Hyundai Motor said on Wednesday it would resume production in China as soon as the supply of parts resumed, after the South Korean automaker suspended production at its four Chinese factories last week due to supply disruption.

Hyundai's joint venture with China's BAIC Motor Corp Ltd had stopped production after a fuel-tank components supplier refused to provide parts due to non-payment, Hyundai said in a regulatory filing.

In a bid to recover from Tuesday's session, markets today opened with early gains. The 30-share BSE Sensex gained 146.18 points to open on 31,534.57 and the 50-share NSE Nifty went up by 63.45 points to start trading on 9,859.50.

On Tuesday the key indices globally were spooked over North Korea's missile attack on Japan.

Air India has dubbed travel agents its "principal customers" and wants them to shoulder the task of the goods and service tax-related invoicing of corporate customers.

The move will reduce the workload of the airline. But agents may have to hire more staff to complete the formalities.

Under the GST, economy-class air travel and business-class travel is charged at 5 per cent and 12 per cent, respectively. Companies purchasing tickets for staff travel can claim an input credit on tax payment.

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