Mumbai: Reliance Industries Ltd (RIL) and Russian petrochemical giant Sibur signed a memorandum of association at the recently-concluded Vibrant Gujarat Summit at Gandhinagar to set up South Asia’s first butyl rubber halogenation unit at RIL’s integrated petrochemical site in Jamnagar, Gujarat.

In a press statement, RIL said the unit will produce 60,000 million tonnes of halogenated butyl rubber every year under Reliance Sibur Elastomers Pvt. Ltd (RSEPL)—a joint venture (JV) of which RIL owns 74.9% and Sibur 25.1%. RIL and Sibur entered the JV in February 2012.

State Bank of India (SBI) on Tuesday said it had concluded its issue of dollar-denominated senior unsecured notes worth $500 million, having maturity of five years and a coupon of 3.25%, to be paid semi-annually. The bonds will be issued through the bank’s London branch on January 24 and will be listed on the Singapore Stock Exchange.

This is the first time in the current financial year that SBI has tapped the dollar bond market for funds.

At a time IndiGo and SpiceJet are locked in a spat over the methodology adopted by the Directorate General of Civil Aviation (DGCA) for computing on-time performance (OTP) of airlines, data for December once again show SpiceJet topping the chart on this parameter, registering a 70% OTP in the top four airports — Mumbai , Delhi, Bengaluru and Hyderabad, reports Malyaban Ghosh in New Delhi. It was closely followed by Jet Airways (64.3%), Vistara (64.2%) and GoAir (63.6%). According to the data, IndiGo, the largest airline by market share, and Air India had the lowest OTP at 61.6% and 59%, respectively, during the month.

The Hyundai Motor Group said it plans to lift US investment by 50 per cent to $3.1 billion over five years and may build a new plant there - the latest auto firm to announce fresh spending after President-elect Donald Trump threatened to tax imports.

Under pressure to deliver on campaign promises to revive US industrial jobs, Trump has warned of a 35 per cent tax on vehicles imported from Mexico, where many automakers have taken advantage of the country's lower labour costs.

Vodafone has toughened the tariff wars by announcing offers worth four times the normal, for its SuperNet 4G customers. The network provider claimed to have reached 200 million customers and is celebrating by introducing such offers. In the new offer, any user who buys the 1GB data pack for Rs 250, will now get 4GB data with a validity of 28 days. Additionally, Vodafone will also give 22GB of data when you recharge your number with Rs 999. For that price, earlier customers could get only 10GB of 4G data.

Kolkata: Unfazed by its earlier failed attempts to expand overseas, state-owned miner Coal India Ltd (CIL) will again scout for reserves of coking coal and high-grade low ash thermal coal in countries such as the US, Colombia, Canada, Australia, Indonesia and South Africa.

Mozambique, where last year it had to surrender a block taken for exploration because of its unfavourable geology, is not among the target countries this time, according to bid documents released by CIL.

New Delhi: A day before the Central Public Sector Enterprises exchange-traded fund (CPSE-ETF)’s follow-on sale begins, the Employees’ Provident Fund Organisation (EPFO) has said it would invest at least Rs2,800 crore or over 62% of the original issue size of the further fund offer. This is the first time EPFO is participating in the government’s divestment plans.

“The finance ministry wanted us to invest Rs3,000 crore but we have agreed to invest Rs2,800 crore as of now,” central provident fund commissioner V.P. Joy said.

Infosys delivered steady Q3FY17 performance. We detail our thoughts on three metrics that have raised concerns— decline in revenue from top-10 accounts—appears far worse than underlying trend, realisation dip; we attribute it to seasonal factors, and margin defence through lower variable comp; not sustainable.

We roll over to FY2019E and revise TP to R1,140 (15X FY2019E EPS) from R1,175 as we build in visa concerns through cuts in multiples from 16.5X. We like the strategy and execution and find valuations attractive.

India’s stock markets became mildly positive in the early morning trade today, after opening almost flat on mixed cues from other emerging markets. Asian markets were trading mixed as investors were cautious ahead of UK Prime Minister Theresa May’s communication, where she may lay out plans to exit from European Union. Nikkei was down nearly 0.5%, while the Korean market was trading up over 0.5%.

Reliance Industries, which announced yesterday its fiscal third quarter net profit rose 4.2% on-year to Rs 7,506 crore, fell sharply and was trading down 1.5% at Rs 1,060.85 on BSE.

The second largest credit card player SBI Card said, after demonetization, the total spends on its cards have increased by 25-30%, despite fall in certain segments like fuel, jewellery and other discretionary spending.

"Total spending on our cards increased post-demonetization by 25-30%. But in some categories like fuel, jewellery and discretionary spending came down," SBI Card chief executive Vijay Jasuja told reporters here.

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