State Bank of India’s (SBI’s) executive committee of the central board has given the final approval for divestment of 80 million shares in SBI Life through an initial public offering (IPO), at a meeting on Monday.

The shares being offered for sale by the country’s biggest lender will be available at a price that would be fixed and determined by SBI Life, SBI, and BNP Paribas Cardiff, in consultation with the book-running lead managers, the lender said in a statement to the BSE.

Reliance Communications (RCom) has sought relaxation in cross-holding norms so that companies can sell equity to existing telecom operators.

Under the current unified licencing (UL) regime introduced in 2013, telecom service providers are barred from holding either direct or indirect stake in other incumbents providing services in the same area.

In a move that is expected to attract top dollar, the government on Monday allowed Seattle-headquartered online giant Amazon to open fully-owned brick-and-mortar stores to sell food products in India. This is the first foreign direct investment (FDI) proposal for setting up “food-only” retail outlets that the government has permitted. It also happens to be the first FDI case to get an in-principle clearance after the Foreign Investment Promotion Board (FIPB) was shut down recently.

In its January application to the Department of Industrial Policy & Promotion (DIPP), the American major had proposed to invest $515 million in food retail over the next five years.

India, the world’s third-largest oil importer, has sealed a first deal to import crude oil from the US and the shipment is expected to touch Indian shores in October. The deal, by state-owned Indian Oil Corp (IOC), comes within weeks of Prime Minister Narendra Modi’s visit to the US when President Donald Trump talked of his country looking to export more energy products to India. “We have bought 2 million barrels of crude oil from North America comprising 1.6 million barrels of US Mars crude and 400,000 barrels of Western Canadian Select,” IOC Director (Finance) A K Sharma told PTI here.

The Ministry of Finance on Monday summoned the Securities and Exchange Board of India (SEBI) to monitor the status of the National Stock Exchange (NSE) after trading on it came to a three-hour halt due to technical glitches. “It is a matter of serious concern for the markets. SEBI is monitoring the situation. The NSE has to submit a report to the SEBI on the glitch,” said an official from the Finance Ministry. Trading on the NSE resumed after a major technical glitch resulted in a three-hour long halt on Monday morning.

New Delhi, Jul 10 () Maruti Suzuki India will soon open standalone service outlets for its premium retail chain Nexa and plans to set up 300 of these by 2019-20.

The company is also revamping its traditional sales outlets incorporating learnings from its Nexa experience to cater to the demands of its ever increasing young buyers.

MANGALURU: Notwithstanding some teething troubles, the GST is saving trucking time on trunk routes, connecting top cities, between 24-36 hours besides saving the fleet owners Rs 5,000-7,500 per trip by way of corruption at the octroi and sales tax/VAT check posts which have since been dismantled by most of the states, an ASSOCHAM quick check has noted.

"Our quick check has shown that on an average a lorry/truck runs for 10-12 hours a day and should cover a distance of about 2200kms between, say Delhi - Chennai in 3 days. However, traversing through different states and braving the stoppages at several check posts of VAT, octroi, other local taxes was resulting in additional two-3 days, including those taken for "no entry'' traffic restrictions for big cities during the day time.

MUMBAI: In yet another episode of data breach, a website called magicapk has leaked details of Reliance Jio users. The website was providing details like first and last name, e-mail id, mobile number, date of SIM card activation and which circle it was activated.

The website seems been taken down by the hosting provider as of now, with an error page that says "Resource limit has been reached" is displayed on the homepage of magicapk. There are no details of the owner of the domain as yet, since the whois information of the domain is hidden.

The Sensex came down slightly from its all-time high on Monday, but still ruled firm by 208 points at 31,568 on the back of higher Asian peers even as the broader NSE halted trading due to a technical glitch.

The National Stock Exchange stopped trading in early session because of the technical outage as deals were not getting updated in the system and officials confirmed that there will be intimations to update investors.

GMR Goa International Airports Limited (GGIAL), a subsidiary of GMR Airports Limited, on Monday announced that it has successfully executed debt facility agreement for the development of Greenfield airport at Mopa.

GMR Airports Ltd had won the bid to develop and operate the Greenfield airport at Mopa in North Goa last year and the concession agreement was signed on 8, November 2016.

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