IDBI Bank hit its 52-week low of Rs 61.75, down 5.5% on BSE in intra-day trade, after domestic rating agencies ICRA and CRISIL downgraded various debt instruments of the state-run bank.

“ICRA has advised that the rating downgrade takes into account the bank’s substantially weak operating and financial performance during fourth quarter of financial year 2017 (Q4FY17) and in the financial year 2017 overall, which has resulted in a significant erosion of its capital (CET-I)," IDBI Bank said in a regulatory filing.

India's Tata Motors reported a 17 percent fall in fourth-quarter net profit on Tuesday as losses in its domestic business outweighed strong sales at luxury British arm Jaguar Land Rover (JLR).

Consolidated net profit for the three months to March 31 fell to Rs 4,336 crores ($668.72 million) from Rs 5,211 crores a year earlier. Total income from operations fell 2.6 per cent to Rs 7,8981 crores.

Mumbai: The Reserve Bank of India (RBI) outlined on Monday the broad contours of a plan to resolve the $150 billion bad debt problem plaguing the country’s banks.

The move comes about two weeks after the Indian government changed rules giving the central bank greater power to deal with bad loans.

Ford is replacing CEO Mark Fields as it struggles to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services.

The 114-year-old automaker said Fields is retiring at age 56 after 28 years at the company. Fields will be replaced by Jim Hackett, who joined Ford’s board in 2013. Hackett has led Ford’s mobility unit since March of last year.

Automobile major Tata Motors Ltd’s financial results for the fourth fiscal quarter of 2017 (Q4 FY17) due Tuesday are expected to be weighed down by a hit in the Q3 sales even as its luxury unit Jaguar Land Rover is likely to provide ample support. Ahead of quarterly result announcement the shares of Tata Motors were trading up. At 12:55 pm the shares of the company were trading at Rs 453.50 per piece, up 1.14% or Rs 5.10 on the BSE.

The Central Board of Direct Taxes (CBDT) has signed two more unilateral advance pricing agreements (APAs) with Indian taxpayers as it looks to reduce litigation by providing certainty in transfer pricing. The two APAs signed earlier this month pertain to sectors like chip design or development of embedded software and information technology (software development). One of these agreements also have a ‘Rollback’ provision in them, a finance ministry statement said.

Shares of State-run Gail (India) Ltd fell over 6.6% today to Rs 365.30, their lowest intraday level since 14 February 2017, on the back of poor Q4 results announced yesterday. Gail (India) reported its results for the quarter ended March 31, 2017, on Monday. The company reported a 69% year-on-year (YoY) decline in its net profit for the fourth fiscal quarter of FY17 (Q4FY17), to Rs 260 crore from Rs 832 crore.

SBI did not disclose financials and asset quality for the subsidiaries, but we imply the performance from the consolidated financials . SBI’s stand-alone Gross NPA of 7.2% and consolidated Gross NPA of 9.1% implies a 17.5% Gross NPA for the associate banks from ~14.5% NPAs in Q3FY17.

The associate bank’s NPA performance implies a net slippage of Rs 137 billion in Q4FY17 which is 4.5% of loans, and this is after a recognition of ~10% of loans as NPAs in 9MFY17 leading to total net slippage of ~15% in FY17.

Reliance Jio has filed a complaint with the telecom ministry alleging that incumbents Bharti Airtel, Vodafone and Idea did not deposit requisite licence fee in March, which led to a potential loss of Rs 400 crore to the government.

The Mukesh Ambani-led firm alleged that Airtel, Vodafone India and Idea Cellular, in utter violation of licence rules "unilaterally, wilfully and intentionally paid the advance license fee for last quarter" of 2016-17 on the basis of estimated adjusted gross revenue (AGR), which was much lower than "the license stipulation to pay the license fee not less than the fee paid for the third quarter".

Targeting 500 million customers by 2020, digital payments firm Paytm on Tuesady launched its payments bank with 4% interest rate and cashbacks on deposits, zero fees on online transactions and no minimum balance requirement.

Backed by Chinese firm Alibaba and Japanese conglomerate SoftBank, the company has earmarked initial investment of Rs 400 crore to build its banking network over two years.

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