Tightening the screws further on absconding liquor baron Vijay Mallya, the Enforcement Directorate (ED) on Thursday took possession of his seafront farmhouse worth Rs 100 crore in Raigad district of Maharashtra's Konkan region, an official said here.

The farmhouse, sprawled over 17 acres with a beach, is located in the picturesque Kolegaon village of Mandwa, near the tourist hotspot of Alibaug.

Following other prominent banks, the country's third largest private sector lender Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance.

"Taking forward its commitment towards affordable housing finance, the bank has revised its rates for home loans up to Rs 30 lakh for the salaried segment to 8.35 per cent, the lowest in the industry," the bank said in a statement here.

Indian state-run Bank of Baroda on Thursday reported a fourth-quarter net profit of Rs 155 crore ($23.89 million).

The Mumbai-based bank, the fifth-biggest in the country by assets, had reported a net loss of Rs 3,230 crore in the year-ago quarter.

India’s leading mobile wallet and payments company Paytm has reportedly raised $1.4 billion from Japanese investor SoftBank in its largest funding to date, months after roping in China’s Alibaba as an investor into its marketplace business unit.

Softbank, an early investor in the e-commerce giant Alibaba, will take a seat on the board of Paytm, ET Now reported citing agency reports. The report said that Paytm will use the funds to expand user base and build financial products.

Market regulator Sebi has sought clarification from Aditya Birla Group firm Idea Cellular regarding its proposed merger with Vodafone Plc’s Indian unit. Besides, the companies approached the Competition Commission of India (CCI) last month regarding the proposed merger and are awaiting the fair trade regulator’s nod in this regard.

In March, Vodafone India and Idea Cellular announced merger of their operations to create the country’s largest mobile phone operator worth more than $23 billion with a 35 per cent market share.

Nasscom today refuted reports of mass layoffs in the IT sector saying the industry will hire about 1.5 lakh people this year on “net” basis although techies will have to re-skill themselves to stay relevant. Over the past few weeks, there have been reports suggesting that over 50,000 people could be laid off this year from companies like Wipro, Infosys and Cognizant. “We categorically reject the reports of mass layoffs in the sector. FY2017 saw 1.7 lakh people being added, while in Q4 alone, the gross hiring was of over 50,000 by top five companies,” Nasscom President R Chandrashekhar told reporters here.

General Motors Co will stop selling cars in India from the end of this year, drawing a line under two decades of battling in one of the world's most competitive markets where it has less than a one percent share of passenger car sales.

The decision was announced as part of a series of restructuring actions from the Detroit automaker on Thursday, and marks a significant blow to India's strategy of encouraging domestic manufacturing.

NEW DELHI: The railways will launch shortly its redesigned e-tendering system with more user-friendly new features to facilitate digital participation of over 60,000 vendors. Ushering in a new era by going paperless, the system envisages that bids are invited online and the entire process leading to award of a tender is done electronically.

Online refund of tender cost and earnest money deposit, online bidder deregistration process, integration with payment gateways of more banks are currently underway in the railways to make the system efficient and transparent, said a senior railway ministry official responsible for the e-system.

MUMBAI: Taking a cue from its larger rivals, private sector lender Axis Bank on Thursday announced a rate cut of up to 0.30 per cent for home loan borrowers.

Under the new rates, which are effective from May 16, the rate of home loans under Rs 30 lakh by salaried borrowers has been cut by 0.30 per cent to 8.35 per cent, the bank said in a statement. The move comes a week after the country's largest lender SBI cut its rates by up to 0.25 per cent for loans of under Rs 30 lakh.

Mumbai: Swedish luxury car company Volvo Auto India Pvt. Ltd on Thursday said it will commence local assembly operations in India by the end of this year as it seeks to make deeper inroads and double its share in the country’s small but fast expanding luxury car market that is expected to advance at a fast clip on the back of strong economic growth, better sentiments and the impending goods and services tax (GST).

Volvo has been selling cars in India since 2010 but, unlike German rivals, Mercedes Benz AG, BMW AG and Audi AG, it has been importing them instead of assembling them locally.

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