New Delhi: Petrol prices were on Monday cut by Rs2.16 per litre and diesel by Rs2.10 per litre, reversing the four-week trend of rising fuel prices.

The reduction, which will be effective from Monday midnight, comes on back of a marginal 2 paise per litre increase in petrol and 52 paise per litre hike in diesel rates effected from 1 May.

Mumbai: Punjab National Bank on Tuesday said it reported a net profit of Rs261.90 crore in the March quarter against a loss of Rs5,367.14 crore from a year ago due to lower provisions, higher net interest and other income.

According to estimates of 22 Bloomberg analysts, the bank was expected to post a net profit of Rs447.10 crore.

State-owned power equipment maker BHEL today said it has won Rs 233 crore order for a steam and power generation package from Ramagundam Fertilizers and Chemicals Ltd (RFCL). “Valued at Rs 233 crore, the order has been placed on BHEL for setting up the package at RFCL’s fertilizer plant at Ramagundam in Telangana,” BHEL said in a press statement.

Country’s second largest telco Vodafone India today reported a 10.2 per cent dip in its FY17 operating profit at Rs 11,784 crore, hurt by aggressive competition. The company, which is set to be merged with Idea Cellular to create the country’s largest telecom player, had reported an EBITDA profit of Rs 13,115 crore on a standalone basis in the year ago period.

Maruti Suzuki has launched the new Dzire in India at Rs 5.45 lakh, ex-showroom, Delhi. The new Dzire is based on the company's 'Heartect' B-platform that makes the sedan weigh lesser by up to 105 kg for the diesel and 85 kg for the petrol versions. Talking about the design, the car manufacturer has equipped the Dzire with LED projector headlamps with DRLs (Daytime Running Lamps), LED tail lamps, OVRMs (Outside Rear View Mirrors) with turn indicators, chrome embellished front grille and 15-inch alloy wheels. These features are available only on the higher variants.

The government has fixed at Rs 5,000 the levy on scheduled flights, being charged from the airlines flying on major routes, to fund its regional connectivity scheme, UDAN. The revised levy, which will be effective from June 1, has now been fixed at a uniform rate of Rs 5,000 per flight till further order, aviation regulator DGCA said in a circular, issued last week.

Indian shares continued their record-setting spree on Tuesday, hitting all-time highs for the third time in five sessions, as investors remained bullish about the prospects of a good monsoon. Monsoon rains are expected to arrive on the southern Kerala coast on May 30, two days ahead of the schedule, a source from the weather office said on Tuesday.

India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, an official from the weather office had told Reuters last week. Local shares also tracked gains in Asian peers, which hit two-year highs on the back of an overnight rise on Wall Street.

NEW DELHI: Shares of state-run Indian Oil Corporation (IOC) and Rural Electrification (REC) advanced over 1 per cent each, while drug-maker Divi's Laboratories dropped half-a-per cent after the US investment service provider MSCI on Monday added IOC and Rural Electrification to its Global Standard Index, while excluding Divi's Laboratories from its regional index.

Shares of IOC climbed 2.03 per cent to hit a high of Rs 450.65 on BSE. REC too rose 1.59 per cent to 222.45 in morning trade, before reversing gains. At 10.30 am, the scrip was trading 0.9 per cent lower at Rs 216.95.

The war for attracting customers for affordable housing loans intensified on Monday after ICICI Bank and HDFC Ltd. reduced their interest rates by up to 0.3 per cent for loans of up to Rs 30 lakh to promote affordable housing.

New home loans rates for up to Rs 30 lakh for women will be 8.35 per cent and for other others, 8.40 per cent, mortgage lender HDFC Ltd said in a statement.

The fear of abolition of the long-term capital gains (LTCG) tax benefit is back on Dalal Street as another 11,000 cases of penny stock trading abuse have come to light.

The Securities and Exchange Board of India (Sebi) sent a fresh list last week of entities that had allegedly misused capital gains provisions to evade Rs 34,000 crore in taxes to the income tax (I-T) department.

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