An Air India flight with around 300 passengers on-board was grounded here on Wednesday before its departure for New York due to hydraulic failure in one of the aircraft engines.

All the passengers have been accommodated in a nearby hotel and the flight has been rescheduled for 5 PM today, an Air India spokesperson said.

Beginning May 14, fuel outlets in eight states will be shut every Sunday following Prime Minister Narendra Modi's call to conserve oil, a fuel pump owners' body said in Chennai on Tuesday.

"We had planned to shut our outlets on Sundays a few years back. But oil marketing companies (OMCs) had then requested us to reconsider our decision. Now we have decided to shut the outlets on Sundays," said Suresh Kumar, an executive committee member of the consortium of Indian petroleum dealers.

Ahead of listing, public sector general insurance companies have reduced their stakes in one of their most valued blue-chip company, ITC Ltd.

New India Assurance’s shareholding in ITC fell from 1.75 per cent in the December quarter to 1.70 per cent in the March quarter of 2016-17, according to the BSE. Oriental Insurance’s stake fell from 1.46 per cent to 1.40 per cent. The stake of General Insurance Corporation of India (GIC) in ITC came down from 1.77 per cent to 1.76 per cent between the third and the fourth quarters of the last financial year.

New Delhi: The finance ministry is scouting for merchant bankers to manage the initial public offer (IPO) of two rail engineering firms RITES and Rail Vikas Nigam Ltd (RVNL). They are among the 5 railway PSUs cleared for listing by the Union Cabinet last week in which the government holds 100% stake.

IRCON, Indian Railway Finance Corp (IRFC) and Indian Railway Catering and Tourism Corporation Ltd (IRCTC) are the other three firms on the list. For these, as many as nine merchant bankers, including HSBC Securities, Axis Capital and ICICI Securities, will make presentations before the DIPAM officials next week.

Public sector Bank of Baroda has inked a pact with EM3 Agri Services to give loan to farmers and rural entrepreneurs for purchase of farm equipment and related machinery. BoB said the pact has been signed keeping in mind the government focus on doubling farmers’ incomes by 2022.

The loan service will help create an ecosystem to provide end to end solutions to farmers, BoB said in a statement.

The Reserve Bank has opened a new ombudsman office in Jammu as part of its efforts to expand banking grievances complaint cells across the country. Earlier, the banking services related complaints from entire Jammu & Kashmir used to fall under the jurisdiction of New Delhi-I banking ombudsman office.

There are two banking ombudsman offices in New Delhi. There has been a significant increase in banking network during the recent past and the New Delhi office covers a large jurisdiction, RBI said.

Amway India has partnered with Turnstone Global, earlier known as National Association for the Blind, to set up a braille library for the visually impaired students at a school here. The library, opened at Bhima Bhoi School for the Blind here today, will offer braille versions of a variety of books, journals and CDs ranging from academic books, fiction, self-help, general knowledge to benefit of over 85 visually impaired students who have limited access to books. The library is equipped with computers that will enable students to access more than 30 CDs.

India stock bulls, beware. A stronger currency could spoil the party. A further advance in the rupee to 62 per dollar in the year to March 2018 could shave four percent off the NSE Nifty 50 Index’s earnings growth, according to Edelweiss Securities Ltd.

Nifty companies are vulnerable to foreign currency swings because nearly half the index’s profits are linked to the global economy through exports, overseas subsidiaries and commodity prices, the brokerage said in a note dated April 17.

Hindustan Petroleum Corporation Ltd (HPCL) and Government of Rajasthan have signed a revised memorandum of understanding (MOU) for HPCL’s proposed 9 million metric tonnes per annum (MMTPA) grass root refinery in the state, paving the way for the resumption of project, which was first announced four years ago.

In March 2013, the then Congress-led state government had entered into an MoU with HPCL for establishing the complex in Barmer district at an estimated cost of over Rs 37,230 crores ($6 billion). After this, a JV agreement was signed in July 2013 between HPCL and the state government.

Businessman Vijay Mallya has reportedly been arrested in London by Scotland Yard just weeks after UK set in motion the process of extradition of the industrialist who has been declared a proclaimed offender.

Mallya fled to UK in March 2016 after being pursued in courts by banks seeking to recover about Rs 9,000 crore owed by his Kingfisher Airline.

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