India’s largest refiner Indian Oil Corp is setting up an office in Singapore that will handle crude oil purchases and the sales of oil products from its refineries later this year, trade sources said on Friday. The state-run company is part of a growing group of refiners in Asia that have set up offices in Singapore’s oil hub to keep closer tabs on the market and react more quickly to changes. IOCL Singapore – as the Singapore unit will be named – will initially have two staff to handle some of the crude purchases for its refineries, said the sources, who declined to be named because they are not authorized to speak to the media.

SN Subrahmanyan will take charge as the CEO and Managing Director of Larsen & Toubro from tomorrow, which will also mark the end of the nearly two-decade long tenure of A M Naik at the helm. The appointment was approved by the company board on April 7 and marks a major change in leadership positions at L&T where Naik has served for over 52 years, including as its head for over 17 years, the company said in a statement. Subrahmanyan is currently the deputy managing director and president of the company.

ITC, BASF, Avanti Feeds, ICICI Prudential Life Insurance, Grasim Industries and Aditya Birla Nuvo from the S&P BSE 500 index hitting their respective record highs on BSE in intra-day trade on Friday.

ITC has moved higher to its new high of Rs 324, up 4% on BSE on back of heavy volumes. Till 02:44 pm; a combined 19.21 million shares have changed hands, as compared to an average sub 10 million shares that were traded daily in past two weeks on BSE and NSE.

Bajaj Auto on Friday announced the launch of 160cc Pulsar NS160 in the country, priced at Rs 80,648 (ex-showroom, Mumbai).

The new generation Pulsar NS 160 caters to the fast- growing segment of customers who seek premium quality, international style and performance, Bajaj Auto said in a statement.

Mumbai: As rising bad loans from distressed companies keep bankers and the government on their toes, Sebi chairman Ajay Tyagi on Thursday cautioned mutual fund managers from adding bad debts to their portfolio. Tyagi said that in addition to the ratings assigned by credit agencies, fund houses should also do their own due diligence on companies before buying their debt papers.

The warning from the chief regulator came for the MF industry that manages over Rs 13 lakh crore worth of debt portfolio, within days after Sebi board decided to tighten regulations for credit rating agencies.

MUMBAI: The rupee lost 10 paise to a fresh one-month low of 64.73 against the dollar in early session on Friday, with a decidedly lower start in stocks casting a shadow.

The American unit found greater traction among importers and banks.

At a time when the ministry of petroleum and natural g4as is exploring ways to start home delivery of petroleum products such as diesel and petrol, Reliance Industries (RIL) is looking to enter the segment as well. According to three people close to development who requested not to be named, RIL has applied for a licence to home-deliver motor fuel to the Petroleum and Explosives Safety Organisation (PESO). However, though the company has been allowed to use bowsers to transport fuel to its mobile phone towers, it has not been granted licence for fuel home delivery as of now. Reliance operates a mobile phone network under the brand Jio.

Private equity player Premji Invest is set to buy a 2.2% stake in Aditya Birla Capital for Rs 704 crore, the holding company of the financial services businesses of Aditya Birla group said in a release on Thursday. This is as per a definitive share subscription agreement (SSA) the company has entered into with Premji Invest’s PI Opportunities Fund – 1. The proposed transaction values Aditya Birla Capital at Rs 32,000 crore.

Axis Bank on Thursday said the bank has exposure to eight of the 12 accounts mandated by the Reserve Bank of India (RBI) to be sent to the National Company Law Tribunal. In a regulatory filing, the bank said while its total fund-based outstanding on the eight accounts stood at Rs 5,071 crore and non-fund based outstanding was at Rs 212 crore, around 80% of the outstanding was secured. “Against this outstanding, the provision held was Rs 2,497 crore,” it said.

InterGlobe Aviation, which runs the low-cost carrier IndiGo, has expressed an interest in acquiring the loss-making Air India. Civil aviation secretary RN Choubey said on Thursday that the company has written a letter to the ministry. The Cabinet had on Thursday has given an in-principle nod to the disinvestment of Air India. The final modalities of the divestment, including the quantum of stake sale, would be formalised by a group of ministers headed by finance minister Arun Jaitley.

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