Private lender Kotak Mahindra Bank is looking to raise about Rs 5,662 crore through sale of 62 million shares through qualified institutional placement (QIP).

This share sale is part of stake reduction exercise by its promoter Uday Kotak, the vice-chairman of the bank, as advised by the Reserve Bank of India (RBI).

Telecom major Bharti Airtel will offer free unlimited data service for one year to buyers of Micromax Canvas 2 smartphone that has been launched on Thursday.

"Micromax Canvas 2 will come with one year of unlimited Airtel to Airtel calling, unlimited data at no extra cost for both existing and new Airtel customers," Shubhajit Sen, Chief Marketing Officer, Micromax told reporters here.

Nissan Motor Co forecast on Thursday an unexpected 7.7% fall in operating profit this year as it sees higher raw material costs and a negative currency impact weighing on its bottom line.

Japan's second-largest automaker expects operating profit to come in at 685.0 billion yen ($6.00 billion) in the year to March, lower than an average estimate of 778.4 billion yen from 21 analysts polled by Thomson Reuters, and down from a 742.2 billion yen profit posted in the year just ended.

Microsoft today unveiled new tools intended to democratize artificial intelligence by enabling machine smarts to be built into software from smartphone games to factory floors.

The US technology titan opened its annual Build Conference by highlighting programs with artificial intelligence that could tap into services in the internet "cloud" and even take advantage of computing power in nearby machines.

New Delhi, May 11 () Seeking to fast-track Sebi's approval for appointing Vikram Limaye as its new CEO, leading exchange NSE has informed the regulator that his involvement with cricket body BCCI would be over by August, sources said.

In case Limaye is required to remain associated beyond August with the BCCI, as member of the Committee of Administrators (CoA) appointed by the Supreme Court, he would approach the apex court to recuse himself from that role, the exchange has informed the regulator.

SINGAPORE: India's Hindustan Petroleum Corp Ltd is seeking gasoil amid planned maintenance at its 180,000 barrels-per-day Bathinda refinery, three industry sources said on Thursday. The company is seeking 60,000 tonnes of gasoil with a sulphur content of 40 parts per million for delivery into Visakhapatnam over May 25 to 30, a tender document seen by Reuters showed. The tender closes on May 15.

Amazon India has kicked off its sale season of 2017. The 4-day ‘Great Indian Sale’ has started and will run until May 14. Meanwhile, Flipkart will follow with a similar sale from May 14 to May 18 to mark its 10th anniversary. This sale by Amazon comes after September-October in 2016, which was held in the festival season on Dussehra and Diwali. Ever since the government put up guidelines in 2016, where it capped the sales by a single seller on marketplaces at 25 percent, the number of sales have reduced.

India has for the first time ever signed a contract to import LPG from Iran as it looks at additional sources of cooking fuel to meet rising domestic demand. State-owned oil firms will import one very large gas carrier (VLGC), or 44,000 tonnes, per month for an initial six-month period, industry sources said. India imports almost a million tonnes of LPG every month to meet rising demand that has been further fuelled by the government drive to give free gas connections to poor women. LPG consumption in 2016-17 rose 9.8 per cent to 21.55 million tonnes. Of this, 11 million tonnes came from imports.

Following the launch of initial public offering (IPO) of Hudco, after a five-year drought of PSU listings, the government is readying a series of IPOs by state-run firms. Hindustan Aeronautics(HAL), Cochin Shipyard, General Insurance (GIC Re) and New India Assurance (NIA) are among the firms that are likely to hit the market in the current fiscal.

Average crude oil prices will be around USD 45 for the next half of this year and this, coupled with positive macro fundamentals, could translate into better growth numbers for the country, says a report. According to SBI Research’s Ecowrap report, the easing of crude oil prices will have positive effect not only on inflation but also on GDP growth.

“Past trends indicate that low oil prices lift global growth (and subsequently domestic growth) significantly,” the report said. During 2003-2006, when average Brent crude was USD 47 per barrel, the global GDP growth was 5 per cent (average) and India’s average growth was at 8.6 per cent, it said.

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