NEW DELHI: The government is working on a road map for the overhaul of state-run lenders that involves the next round of consolidation, public offers in the next few months by banks to raise fresh capital, and changes in the hiring policy, including increased lateral entry. This could see Punjab National Bank (PNB) and Bank of Baroda taking over smaller lenders, said a senior finance ministry official.

MUMBAI: Mahindra & Mahindra's North American Technical Center is working on a new-generation Scorpio that is expected to hit the roads in 2020. This time around, the goal is to take it global.

The fourth-generation Scorpio will be built on an enhanced architecture of the current version, with a design and features to compete in developed markets. Mahindra's plan is to build an SUV and a pickup truck.

NSE Nifty reclaims the psychological 9,200-mark and BSE benchmark Sensex soared about 267 points in early trade, triggered by across-the-board buying amid mixed overseas cues.

Investors appeared optimistic ahead of quarterly earnings of some key companies, including IT major TCS which is scheduled to release its results later in the day.

In a keenly-contested biennial election to two Legislative Council seats in Jammu & Kashmir, BJP's Vikram Randhawa and Congress' Thakur Balbir Singh were elected to the Upper House on Monday.

Singh secured 31 votes while Randhawa secured 29 votes and both were declared winners, an official spokesman said. Randhawa was declared winner on the basis of draw of lots, a procedure laid down in the Constitution, as the PDP candidate Abdul Qayoom Dar also secured the equal number of votes (29), he said.

State Bank of India (SBI) surpassed oil exploration major Oil & Natural Gas Corporation (ONGC) to become most valued public sector undertaking (PSU) stock in terms of market capitalization (m-cap) in intra-day trade on Tuesday.

SBI with m-cap of Rs 239,808 crore was ahead of ONGC having m-cap of Rs 236,003 crore at 10:56 am; the BSE data showed. On Monday, the m-cap of ONGC and SBI was Rs 234,977 crore and Rs 234,902 crore, respectively.

India's largest software services firm TCS today said its shareholders have approved a Rs 16,000 crore share buyback plan.

The buyback programme, which was passed through a special resolution, saw 99.81% of the total number of valid votes being cast in favour of the proposal, the company said in a regulatory filing.

Cost competitiveness of solar power is on the rise with the lowest competitive bid tariff discovered at Rs 3.15 per kilowatt hour over a previous lowest bid tariff of Rs 3.33 kilowatt/ hour. The lowest bid tariff was discovered on April 12 at NTPC’s 250 mw solar park project in Andhra Pradesh. The earlier lowest bid tariff was discovered during February this year for Rewa solar project in Madhya Pradesh.

The much-awaited Rs 42,000-crore Barmer refinery in Rajasthan by state-run Hindustan Petroleum Corporation Ltd (HPCL) may get a fresh lease, as the ministry of petroleum and natural gas may sign a fresh memorandum of understanding with the Rajasthan government this week with revised fiscal package for the project.

HPCL has called for an emergency board meeting to clear the revised terms and conditions of the project on Monday. On Tuesday, petroleum minister Dharmendra Pradhan and Rajasthan chief minister Chief Minister Vasundhara Raje will sign a fresh MoU on this in Jaipur.

Larsen and Toubro on Monday informed the bourses that its construction arm has bagged orders worth Rs 2,694 crores across various bussiness segments.

Its water and effluent treatment business has received engineering, procurement and construction orders worth Rs 2,227 crores. “Orders have been secured from Narmada Water Resource Supply and Kalpsar Department, Government of Gujarat for Kakrapar -Gordha -Vad Life Irrigation, Kadana – Patadungri Lift Irrigation and Sauni Yojana Link-2 Package 4 projects,” the company’s press release said.

Air India has decided to formulate certain rules to reduce the activities of unruly passengers. After an increase in the number of incidents of passengers being denied boarding by Indian airlines, Air India has also decided to impose fine on passengers for the delay. According to the news agency ANI, for a delay up to 1 hour, a fine of Rs 5 lakh will be imposed. In case the delay is between 1 to 2 hours, a fine of Rs 15 lakhs will be imposed and for any delay beyond 2 hours, the passengers will have to pay rs 15 lakhs as fine.

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