MUMBAI: Taking a cue from its larger rivals, private sector lender Axis Bank on Thursday announced a rate cut of up to 0.30 per cent for home loan borrowers.

Under the new rates, which are effective from May 16, the rate of home loans under Rs 30 lakh by salaried borrowers has been cut by 0.30 per cent to 8.35 per cent, the bank said in a statement. The move comes a week after the country's largest lender SBI cut its rates by up to 0.25 per cent for loans of under Rs 30 lakh.

Mumbai: Swedish luxury car company Volvo Auto India Pvt. Ltd on Thursday said it will commence local assembly operations in India by the end of this year as it seeks to make deeper inroads and double its share in the country’s small but fast expanding luxury car market that is expected to advance at a fast clip on the back of strong economic growth, better sentiments and the impending goods and services tax (GST).

Volvo has been selling cars in India since 2010 but, unlike German rivals, Mercedes Benz AG, BMW AG and Audi AG, it has been importing them instead of assembling them locally.

India’s Bajaj Auto Ltd posted a 16 percent fall in March-quarter net profit, missing estimates, as a rise in input material cost and expenses on transition to BS-IV compliant vehicles hurt margins.

Net profit was 8.02 billion rupees ($124.50 million) in the quarter ended March 31, compared with 9.49 billion rupees a year earlier.

BSNL offers: On the occasion of World Telecommunication and Information Society day on May 17, 2017, the Bharat Sanchar Nigam Limited (BSNL) has put up a new promotional plan in the market for its prepaid users. The company is offering unlimited data on STV 333 for 3 days to both existing and new users from May 17 to May 19. According to a press statement released by the company, “The STV 333 i.e“Triple ACE” offer gives Unlimited Data with 3GB data/day as fair usage policy (FUP) for 90 days.

India is treading a strong renewable energy path post-Paris Agreement as it witnesses a step-up in Chinese investments in solar energy. Additionally, there’s a significant slowdown in Chinese investments in thermal power plants. This fact of slowdown came to light in a just-released report of the Global Environmental Institute (GEI) which says China’s overseas investment, including in India, into 240 coal power plants along the Belt and Road Initiative has slowed down in 2016 after the Paris Agreement on Climate Change.

The government is re-designing the export benefit scheme MEIS to make it GST-compliant, a senior official said today. Neeraj Prasad, Additional Commissioner, GST Cell, Central Board of Excise and Customs (CBEC) also said that the issue of working capital requirements under the new tax regime is being deliberated upon by the government.

A back-to-back record-setting run made stocks do a reality check on Thursday when the Sensex plunged over 222 points and the Nifty cracked below 9,500 in early session amid dollar outflows and a sluggish trend overseas. All sectoral indices flashed red, down by up to 1.19%, with realty, consumer durables, bank and auto registering much losses.

Two of the 145 M-777 ultra-light howitzers will arrive in India from the US on Friday.

It will be the first induction of the howitzers after the Bofors scandal broke out nearly 30 years ago. The scandal had badly hit the artillery modernisation of the Indian Army.

Instant messaging app WhatsApp on Wednesday encountered an outage with users across the globe reporting problems accessing the service.

Issues with the Facebook-owned app, which is used by 1 billion people worldwide, included sending and receiving messages and logging in, the Independent reported.

Donald Trump does not have much patience for "lip service" and would pull out of NATO (North Atlantic Treaty Organization) if its member countries do not make major efforts in combating terrorism and fulfil their financial commitment.

"He (Trump) is at a place now he would like to stay in NATO. But he also is not going to stay in NATO if it doesn't make a lot more progress much quicker," a senior Trump administration official said yesterday, ahead of the NATO Summit in Brussels next week.

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