Indian equity, forex, money and commodity markets will remain closed today on account of Labour Day/Maharashtra Day.

The benchmark indices on Friday settled lower as investors booked profits in index heavyweights such as ITC and HDFC ahead of a long weekend, but posted their biggest weekly gain in six weeks.

State Bank of India (SBI) has cut its interest rates on medium- and long-term deposits of individuals by up to 50 basis points (bps). These will apply to new deposits and renewals.

The country’s largest lender kept lending rates unchanged for May, including the marginal cost of funds-based lending rate (MCLR). The one-year MCLR is eight per cent. Punjab National Bank had reduced its MCLR by 10-15 bps across maturities from Monday; it is to also reduce interest rates on retail (by individuals) term deposits across different maturity buckets by 10-25 bps.

Google’s parent Alphabet reported a 22.2 percent rise in quarterly revenue, driven by a surge in advertising on mobiles and it's popular YouTube video service even after well-known brands said they would temporarily suspend advertising on the video-streaming service after the Times of London reportedly discovered ads placed next to racist, sexist and xenophobic content.

When the 10th edition of the Indian Premier League (IPL) was about to take off, one side that looked the most menacing – at least on paper – was Royal Challengers Bangalore (RCB). The first glimpse of the line-up easily reminded one of the term ‘galactico’, now famous in the world of football for describing either a superstar signing or being transferred for an exorbitant price. The term is more commonly used for every big player Real Madrid signed during the year 2000.

Google CEO Sundar Pichai doubled the amount he made in 2015, as he received nearly $199.7 million in compensation last year.

According to a filing from Google's parent company, Alphabet (GOOGL, Tech30), the company's compensation committee attributed the generous pay to Pichai's promotion to CEO and "numerous successful product launches."

Mumbai: The market benchmark BSE Sensex hit a soft patch for the second day running as it retreated from record highs to close below the 30,000-mark on Friday after investors pocketed gains ahead of an extended weekend.

However, indices still registered their biggest gain in six weeks on widespread buying and improving risk appetite. The Nifty managed to stay above the psychologically- crucial 9,300. The 30-share Sensex opened higher, but failed to hold on to the 30,000-level, touching an intra-day low of 29,848.21 as investors booked profits in recent gainers.

Tata Consultancy Services (TCS) on Friday filed its draft letter of offer with Securities and Exchange Board of India (Sebi) to buy back its shares for an amount of Rs 16,000 crore. TCS, the largest Indian IT firm, proposes to repurchase 5.61 crore shares at a price of `2,850 apiece and has set March 8, 2017, as the record date to decide eligible shareholders. The offer represents 2.85% of the total paid-up equity share capital of the company. The offer is 25% higher than the closing price of the stock of Rs 2,272.10 on Friday on Bombay Stock Exchange (BSE).

Kotak Mahindra Bank (KMB) said on Friday it has entered into an agreement to purchase the entire 26% equity stake held by the UK’s Old Mutual (OM) in Kotak Mahindra Old Mutual Life Insurance for Rs 1,292.7 crore. The transaction puts the enterprise value of the business at Rs 4,972 crore, or 2.72 times the net worth of Kotak Life, which was Rs 1,825 crore as on March 2017.

Mahindra & Mahindra says its farm equipment division head Rajesh Jejurikar is on a mission. And the mission resonates with that of the government.

"We will look at doubling the income of farmers," says the 52-year old. The nation's largest SUV and tractor maker wants to bring the latest farming technologies to India, and see how to customise those for the benefit of the Indian farmer, including the one whose landholding is marginal.

Introspecting the non-compliance of tax havens with currency and fiscal reforms, Union Finance Minister Arun Jaitley on Saturday asserted that it is important for the Indian economy to move from a non-compliant to a highly-compliant state.

Delivering the inaugural address at the Enforcement Day celebrations of the Enforcement Directorate (ED) here, the Finance Minister, while highlighting the importance of tax compliance urged the ED to exercise their power of penalising those who violate the law.

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