Documents reviewed by Business Standard show that the Modi administration has been aggressively pumping money in a bid to resuscitate Air India’s fortunes. From August 2014, a couple of months after the Narendra Modi led National Democratic Alliance (NDA) government assumed power, till March 2017, Rs 16822 crore have been infused into Air India from tax payer’s money. The first tranche of Rs 2000 crore was received by Air India in August 2014. Subsequently, six more payments totaling Rs 1947 crore were made from September 2014 to February 2015.

Tech giant IBM on Wednesday clarified that the company is not firing 5,000 employees and the media reports regarding the same were factually incorrect.

Business Standard on Tuesday had said the the company was laying off 5,000 employees in India, joining the league of Cognizant, Infosys and Wipro in pruning staff as the IT sector faces technology shifts towards automation, and from manning legacy system to digital and cloud..

The government will lose Rs 217 crore in revenue if it allows the proposed acquisition of 4G business of Tikona Digital Networks by Bharti Airtel, Reliance Jio has said in a letter to the Department of Telecom (DoT).

Bharti Airtel, however, denied the allegation.

"We bring to your attention that the scheme of merger, as announced by Airtel to its shareholders and media, indicates flagrant misuse of provisions of merger and acquisition guidelines dated January 20, 2014 with an intention to cause loss of revenue to the government exchequer," stated the Jio letter, a copy of which is available with IANS.

Mumbai, May 15: The Rs 16,000-crore buyback offer of Tata Consultancy Services (TCS), the country's largest software services firm, will start on May 18.

The buyback programme, which received shareholder approval last month, will remain open till May 31, the company said in a regulatory filing.

New Delhi: Petrol prices were on Monday cut by Rs2.16 per litre and diesel by Rs2.10 per litre, reversing the four-week trend of rising fuel prices.

The reduction, which will be effective from Monday midnight, comes on back of a marginal 2 paise per litre increase in petrol and 52 paise per litre hike in diesel rates effected from 1 May.

Mumbai: Punjab National Bank on Tuesday said it reported a net profit of Rs261.90 crore in the March quarter against a loss of Rs5,367.14 crore from a year ago due to lower provisions, higher net interest and other income.

According to estimates of 22 Bloomberg analysts, the bank was expected to post a net profit of Rs447.10 crore.

State-owned power equipment maker BHEL today said it has won Rs 233 crore order for a steam and power generation package from Ramagundam Fertilizers and Chemicals Ltd (RFCL). “Valued at Rs 233 crore, the order has been placed on BHEL for setting up the package at RFCL’s fertilizer plant at Ramagundam in Telangana,” BHEL said in a press statement.

Country’s second largest telco Vodafone India today reported a 10.2 per cent dip in its FY17 operating profit at Rs 11,784 crore, hurt by aggressive competition. The company, which is set to be merged with Idea Cellular to create the country’s largest telecom player, had reported an EBITDA profit of Rs 13,115 crore on a standalone basis in the year ago period.

Maruti Suzuki has launched the new Dzire in India at Rs 5.45 lakh, ex-showroom, Delhi. The new Dzire is based on the company's 'Heartect' B-platform that makes the sedan weigh lesser by up to 105 kg for the diesel and 85 kg for the petrol versions. Talking about the design, the car manufacturer has equipped the Dzire with LED projector headlamps with DRLs (Daytime Running Lamps), LED tail lamps, OVRMs (Outside Rear View Mirrors) with turn indicators, chrome embellished front grille and 15-inch alloy wheels. These features are available only on the higher variants.

The government has fixed at Rs 5,000 the levy on scheduled flights, being charged from the airlines flying on major routes, to fund its regional connectivity scheme, UDAN. The revised levy, which will be effective from June 1, has now been fixed at a uniform rate of Rs 5,000 per flight till further order, aviation regulator DGCA said in a circular, issued last week.

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