HDFC Securities has maintained its BUY rating on Maruti Suzuki India Limited (MSIL), stating that it believes in the growth story of India’s largest car manufacturer. “With 20% EPS CAGR over FY17-19E and structural improvement in RoE (at close to 25% by FY19E v/s 10 year average of about 17%), we maintain a BUY on MSIL with a target price of Rs 7,070, based on 20 times multiple of FY19E EPS,” HDFC Securities said in a research report.

MUMBAI: Private sector lender Kotak Mahindra Bank(KMB) today announced that it is buying out British partner Old Mutual's entire 26 per cent stake in its life insurance arm for Rs 1,292.7 crore.

"In line with its philosophy to deepen and expand in Indian financial services, KMB has entered into an agreement to purchase the entire 26 per cent equity stake held by Old Mutual in Kotak Mahindra Old Mutual Life Insurance for a consideration of Rs 1,292.7 crore," the bank said in a statement.

South Korean auto major Hyundai on Friday opened its global quality centre in India with an aim for its operations here to play a bigger role in new product development for domestic and international markets.

Named India Quality Centre (INQC), the centre is one of the five Hyundai quality centres worldwide after the US, Europe, China and the Middle East.

Two-wheeler major TVS Motor has earned patent related to a power propulsion system for a hybrid two-wheeler.

The application was filed on 2008 with the Chennai Patent Office making claims related to a power propulsion system for a hybrid two-wheeler provided with a hub motor.

Oil and Natural Gas Corporation (ONGC) moved higher by 3% at Rs 185 on BSE on the back of two-fold jump in trading volumes.

Till 02:31 pm; about 901,000 shares changed hands on the counter against an average 389,000 shares were traded daily in past two weeks, the BSE data shows. A combined around seven million shares changed hands on the NSE and BSE so far.

The railways will soon be reaching an understanding with Indian Oil Corporation (IOC) for refining crude oil imported by the transport behemoth itself — a move that is likely to save Rs 2,000-2,500 crore a year on taxes for the ailing transporter.

The railways consumes about 2.8 billion litres of diesel in a year, costing Rs 18,000 crore, and 17.5 billion units of electricity, costing Rs 12,300 crore.

The Bombay High Court (HC) on Thursday impleaded cigarette major ITC, market regulator Securities and Exchange Board of India (Sebi) in the public interest litigation (PIL) against investment in tobacco companies by the government and state-owned insurance companies. The court also granted farmers' association request to be part of the PIL.

The court directed the new respondents to file their respective affidavits in reply to the petition within six weeks. The next hearing in the matter is likely within eight weeks.

In one of the biggest tax cuts in American history, President Donald Trump has proposed slashing the US tax rate on corporate and pass-through business profits to 15 per cent from 35 per cent or more, while also offering tax cuts to average Americans in a rough outline of his tax policy goals.

According to a Reuters report, a one-page summary of his proposals, released at a White House briefing, said Trump also wants to reduce the number of tax brackets to 3 from 7, double the standard deduction that Americans can claim on their tax returns and repeal the estate tax and alternative minimum tax.

Indigenous telecom equipment manufacturer Vihaan Network Limited (VNL) bagged Rs. 1648 crore telecom infrastructure project of state-owned Bharat Sanchar Nigam Ltd for providing connectivity in over 4000 villages in remote areas of Arunachal Pradesh and Assam. This project is part of the Rs. 5,336.18 crore worth comprehensive telecom development plan for the North-Eastern Region (NER) comprising eight states which was approved by the Union Cabinet in September 2014.

The Indian Oil Corporation (IOC) plans to build a new oil terminal at Motihari in Bihar to supply fuel to neighbour Nepal through the planned pipeline up to Amlekganj in Nepal. The old terminal at Raxaul, also in the same Indian state, will be closed, according to an IOC official.In August 2015, the Indian and Nepalese governments signed a memorandum of understanding (MoU) for a product pipeline, and subsequently IOC and Nepal Oil Corporation entered into a MoU for laying down of the pipeline by the Indian company.

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