New Delhi: Tata Motors may soon phase out small car Nano. A report in Business Line says that Tata Motors may soon stop investing in Nano, which had made it presence in India’s domestic market as ‘people’s car’.

The report further added that the decision to phase out ‘world’s cheapest car’ has been taken by the management, as it has not been able to grow on its own. Of all the automobiles produced by the Tata group, Nano continues to be the worst performer in the segment, the report added.

Technology giant Microsoft, which has a global employee headcount of 1.21 lakh, is looking to release thousands of employees worldwide. This is likely to impact the company’s Indian operations to some extent, cutting across functions like sales, engineering and support services. It is estimated that Microsoft will lay off 3,000-4,000 employees globally, primarily outside United States. In India, Microsoft employs around 8,000 people, but there are no indications whether there will be any large-scale job losses in India.

Air India today said it plans to expand its base in the US by adding Los Angeles and Houston as new destinations, a day after launching the state-carrier’s first direct flight from Delhi to Washington DC. “We are looking at connecting two more cities -– Los Angeles and either Houston or Dallas,” Air India Chairman and MD Ashwani Lohani said at an event to celebrate the launch of the direct non-stop flight yesterday between the capitals of the two largest democracies of the world.

The share price of Reliance Industries (RIL) rose 3.4% on Friday to hit a nine-year high. The company’s market capitalisation on Friday is Rs 4.84lakh crore. The petrochemicals giant recently forayed into the mobile telephony space via RJio and has managed to garner more than 70 million subscribers. A total of 88.71 lakh shares were traded in the counters of BSE and NSE, 1.97 times more than its three-month daily average of 44.95 lakh shares. The company is understood to be gearing up to launch a 4G VoLTE feature phone at a very attractive price.

Sebi has passed an interim order against Capquest Research, Aspen Industries and directors of both the companies. Capquest Research and its directors Gitesh Malik, Shashanka Sharma and Prashant Kumar are informed to cease and desist from acting as an investment advisor and cease to solicit or undertake such activity or any other activities in the securities market, including buy, sell or otherwise deal in securities market, either directly or indirectly, with immediate effect.

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked shareholders to vote against consumer goods giant ITC’s plan to pay a hefty salary to its chairperson Y C Deveshwar for his non-executive role. ITC shareholders would vote on the proposal to pay a monthly remuneration of Rs 1 crore in its upcoming AGM on July 28.

In a report titled “ITC succession plan: Letting it go”, released on Thursday, IiAS said it believed “the board structure, and the proposed remuneration, signal Deveshwar’s continuing control over the company, which undermines the recently appointed CEO Sanjiv Puri,” adding “Once Deveshwar has stepped down, he must let go.”

Insurance behemoth LIC has bought an additional stake of over 3 per cent in public sector Bank of India for about Rs 450.88 crore.

The Bank of India sold 33,500,000 shares equivalent to over 3.12 per cent equity to LIC through an open market purchase on a preference shares allotment on June 28, 2017, as per the bank's regulatory filing.

Mumbai/Chennai: The insurance regulator has approved SBI Life Insurance Co. Ltd’s application for an initial public offering (IPO) seeking to raise as much as Rs7,000 crore, the largest such share sale by a life insurer in India.

The Insurance Regulatory and Development Authority of India (IRDA) approved SBI Life’s IPO a few days ago, an IRDA official said on condition of anonymity.

Even as the National Company Law Tribunal (NCLT) takes a call on the RCom-Aircel merger later this month, it may consider an objection filed by a subsidiary of GTL against Aircel, an operational creditor. Meanwhile, lenders to Reliance Communications (RCom) will meet the firm’s management on Friday to review the telco’s financials. Chennai Network, a subsidiary of GTL, is believed to have objected to the merger in January this year. This was on the grounds that Aircel has not received an NOC (no objection certificate) from it for the merger with RCom, sources told FE. RCom is understood to have received NOCs from its lenders.

The pace of building highways has accelerated to 25 km a day in the first quarter of the current fiscal, as against 22.3 km per day in the entire 2016-17, keeping up with the gradual increase in highway construction in the initial two years of the Narendra Modi government. Sources said with several projects awarded in the last few years having reached the construction phase now and their “better monitoring” by the ministry of road transport and highways (MoRTH) and NHAI, the construction would outpace the last year’s average in the current year. The average construction in the first three months of the current fiscal at 25.14 km per day, is much higher than the 21.4 km a day clocked in the same period last fiscal.

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