One of the early movers into the International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), YES Bank Limited has done business worth over $1 billion through its International Business Unit (IBU) by the end of financial year 2016-17.

"Just in one and half years after being operational, we have done business of $1 billion in our IBU at the Gift City. We had revised our targets in October last year as the bank has received tremendous response from our customers in India and abroad," said Manish Vora, chief executive officer of the GIFT IFSC Banking Unit of YES Bank.

Tata Motors, the fourth-largest player in domestic passenger vehicle market, will change the look and feel of its 600-plus showrooms to offer a better experience to buyers. Showrooms will be reworked on the lines of a lounge and technology will be used to enhance the experience.

The Mumbai-headquartered company, which overtook Japanese car maker Honda to emerge as the fourth biggest and is eyeing the third position in next two years, said the experience at dealerships will be a highly critical pillar of growth.

Mumbai: When it comes to Sensex stocks, analysts keep their faith in HDFC Bank Ltd.

Data from Bloomberg showed that HDFC Bank, India's most-valued and most profitable bank, was the only stock that featured in the top five most preferred stocks according to analysts’ buy ratings, a year ago and even now. Others in the list were ITC Ltd, Sun Pharmaceutical Industries Ltd, ICICI Bank Ltd and Larsen & Toubro Ltd (L&T).

The overseas arm of India’s Oil and Natural Gas Corp has submitted a revised plan to develop the giant Farzad B gas block in Iran, including a commitment to spend more than $3 billion, a senior executive said on Tuesday. ONGC Videsh expects to produce between 1 billion and 1.6 billion cubic feet per day of gas in five years from the start of development of the block, N. K. Verma, the company’s managing director told Reuters in Mumbai on Tuesday.

South Korea’s Hyundai Motor Co and Kia Motors Corp have slashed vehicle production in China, sources said, as diplomatic tensions and competition from Chinese brands play havoc on sales and threaten earnings. China, the world’s biggest auto market, accounted for over a quarter of the pair’s 2016 overseas sales but their March sales there were smashed by anti-Korean sentiment and competition from the likes of Geely Automobile Holdings Ltd. Hyundai and Kia saw their combined China sales slump by 52 percent in March from a year earlier, Yonhap news agency reported on Tuesday, endangering not only the automakers’ earnings but those of South Korean suppliers.

The full-fledged operations of the Indian Railways’ roll-on-roll-off (RORO) facility will take some time as the carrier will require changes in the existing infrastructure or rolling stock to accommodate bigger trucks. The pilot, conducted in early March, was done using smaller trucks. “We will either need to increase the height of the overhead cables or look at special wagons which have lower-sized wheels which are used abroad to accommodate bigger trucks,” said a railway official requesting not to be named.

The country’s two biggest lenders — State Bank of India (SBI) and HDFC Bank — have dropped their base rates by 15 basis points and 25 basis points respectively. HDFC Bank’s base rate is now 9% while SBI’s is a shade higher at 9.1%. ICICI Bank’s base rate is 9.25%. The move is significant since the loans of most of SBI’s customers—approximately 60%—are priced over the base rate and not the marginal cost of funds based lending rate (MCLR). For HDFC Bank, the share of customers whose loans are pegged to the base rate would be smaller.

MUMBAI: ICICI Bank and Axis Bank sold Rs.1,800 crore of loans to paper maker Ballarpur Industries to Edelweiss Asset Reconstruction Company, said two people familiar with the matter. Bankers said this is possibly the first instance of a potential bad loan being sold off.

It’s also the first time that loans have been sold to an asset reconstruction firm at book value without a haircut, said the people cited above.

The Reserve Bank of India (RBI) has cleared a proposal to introduce Rs 200 notes, which would be the third series of new notes after the new Rs 500 and Rs 2000 notes introduced after demonetization.

A report by the RBI said that the central bank board had cleared a proposal to introduce Rs 200 denomination banknotes. It cited two people aware of the development. The RBI's board consists of 14 members, including governor Urjit Patel, Economic Affairs Secretary Shaktikanta Das, Financial Services Secretary Anjuly Chib Duggal, and four deputy governors of the central bank.

Infosys today vehemently defended an over 33% pay hike for its COO, saying it is in line with global standards, even as former executives V Balakrishnan and T V Mohandas Pai joined co-founder N R Narayana Murthy in criticising the move.

The country's second-largest software services company said the increase in Rao's salary followed a comprehensive survey of best practices and benchmarked senior management compensation with key Indian and global companies.

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