Finally, on Wednesday, realty giant DLF Ltd announced that it has struck an exclusivity agreement with Singapore’s sovereign wealth fund GIC Pte to buy out 40% of the promoter’s stake in its rental subsidiary.

This much-awaited development has been the only hope for the company to extricate itself from a debt trap. However, the Street was not enthused and the stock plunged 8.1% and closed at Rs141 on Thursday.

Vijay Mallya, the embattled businessman who is in the UK, on Friday said faulty engines were one of the factors for the collapse of Kingfisher Airlines.

A group firm of Pratt & Whitney has been sued for supplying defective engines to Kingfisher Airlines, Mallya said amid aviation regulator DGCA ordering detailed inspection of P&W engines powering some Airbus 320 neo planes being operated in India.

IT industry body National Association of Software and Services Companies (Nasscom) is expecting a tentative growth rate of 8-10% for the financial year 2017-18. Further guidance for the industry is expected in the month of May post the fourth quarter results. Incidentally, Nasscom had deferred in providing a guidance for the next financial year due to uncertainties and slowdown in discretionary spending. The industry body has not made any forecast for fiscal 2018, citing political uncertainties in the US and Europe, which has slowed down decision-making in tech spending.

To arrest and reverse the sliding traffic and income from both freight and passenger segments, the Indian Railways on Thursday launched Business Plan 2017-18 with the focus mostly on the freight segment which contributes two-third of the carrier’s revenue. The plan to increase freight revenue — which fell from R1,05,791 crore in 2014-15 to R97,386 crore in 2015-16; a flat growth is estimated (RE) for 2016-17 — hinges on signing long-term tariff contracts, introducing double stack dwarf containers, and roll-on-roll-off facility for trucks, easing road congestion in the National Capital Region, among others.

State Bank of India (SBI) has reduced interest rates on term deposits with maturities of between 180 days and one year, and between 456 days and three years with effect from March 1. The country’s largest bank by assets will now pay 6.5% on deposits with maturities of between 180 days and less than one year, and 6.75% on those maturing between 456 days and less than three years. Earlier, SBI used to pay 6.75% on deposits maturing between 180 days and 210 days, 7% on those maturing between 211 days and less than a year, 6.95% on deposits maturing between 456 days and under two years and 6.85% on those maturing between two years and less than three years.

NEW DELHI: The government-owned Air India has shunted out its controversial head of operations, A K Kathpalia, replacing him with A K Govil.

Last month, aviation regulator DGCA had suspended Kathpalia's flying licence for three months for allegedly skipping the mandatory pre and post-flight alcohol test.

KOLKATA: Airtel, Vodafone and Idea are likely to bear the brunt of a potential 16-17 per cent fall in telecom industry revenues in FY18 if newcomer Reliance Jio’s Rs. 303 per month ‘Prime’ offer finds maximum traction from next month, analysts and sector experts said.

The price-value equation of Jio Prime offer of 28 GB data at 4G speeds with unlimited voice calls to any network is the best in the market, and incumbent carriers would do well to closely match it, they said. Brokerage Kotak Institutional Equities even warned that it would be "foolhardy for incumbents to assume they can command material pricing premium in the marketplace versus Jio".

Workers of the Tata Motors’ Sanand plant, who refused to take the company transport back home on Wednesday as a mark of protest, have approached the state labour department to help them negotiate their demands with the management.

A tripartite meeting between the workers, labour department officials and company representatives took place on Thursday afternoon to discuss the workers’ demands related to wage hikes.

Reliance Industries (RIL) was up 4.4% to Rs 1,288 on the BSE in early morning trade extending its rally on the bourses. The stock was trading at its highest level since May 23, 2008, when it touched 1,318.50 during intra-day trade.

RIL on Thursday after market hours informed the stock exchanges that entities forming part of the promoter group of the company intend to acquire from other promoter group entities by way of ‘inter-se’ transfer aggregating up to 1,190 million shares of RIL.

New Delhi: Bajaj Auto on Thursday reported a marginal increase in total sales in February at 2,73,513 units as against 2,72,719 units during the same month a year ago.

Domestic sales were at 1,59,109 units as compared to 1,73,760 units in the same month last year, down 8.43%, the company said in a statement.

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