Indian Oil Corporation (IOC) was trading 1% lower at Rs 318 on BSE after the stock was traded ex-bonus on Tuesday in the ratio of 1:1.

The stock opened 1% higher at Rs 324, hit an intra-day high of Rs 325 so far. A combined 1.13 million shares changed hands on the counter on the BSE and NSE till 10:08 am.

There is something about an election that excites and disturbs businesses. Businesses are jittery about formulating a forward looking plan and their clients are less than willing to loosen their purse strings. Restrained optimism is a camouflage for hidden pessimism. And when a candidate vows to roll back policies formulated by his opponents when in government, the fears of businesses get further amplified. Two of India’s top IT companies – TCS and Infosys - seem to have been caught in such electoral crosswinds blowing in the US.

In a rare instance, the Securities and Exchange Board of India (Sebi) has appointed a three-member adjudicating bench after its initial probe found that certain brokers involved in the 2013 payments crisis at the National Spot Exchange Ltd (NSEL) had mis-sold NSEL products, three persons with direct knowledge of the matter said.

“The investigation concluded last month and the matter has been referred to the adjudication department for inquiry and penal proceedings under section 11 (B) of Sebi Act and broker regulations’ clause pertaining to ‘fit and proper’ criteria,” said the first person on condition of anonymity. Section 11B of the act refers to Sebi’s powers to act to protect interest of the market.

The clock is turning back at Hyundai Motor India Ltd with the local arm of the Korean carmaker offering its compact car models Eon and i10 at Rs2.72 lakh and Rs3.88 lakh respectively, or the price they commanded five years ago.

“The i10 and Eon have the lowest price in five years while the Grand i10 and Verna have the highest offers,” said Rakesh Srivastava, senior vice- president, sales and marketing at Hyundai India, adding that “Hyundai models are always high on consideration set of buyers.

Reliance Communications Ltd (RCom) has said it has signed a non-binding term sheet with Brookfield Infrastructure Group to sell its tower assets and related infrastructure. Brookfield, on its part, hasn’t issued a statement or even commented about the transaction, which implies the deal is still at a preliminary stage.

It’s hardly surprising that investors aren’t cheering RCom’s debt reduction endeavours yet. In the past month, the company has announced the merger of its wireless business with Aircel Ltd, and now the tower deal. Both put together will reduce debt by around 60% at RCom, according to company executives.

Caution took over investors as the market frittered away all the early gains as the benchmark Sensex started moving down, showing signs of heavy volatility.

Selling pressure distinctly came to the fore in telecom, auto, capital goods and technology sectors.

ICICI Bank has surged nearly 6% to Rs 256 on the BSE in intra-day trade after the Ruias of the Essar group on Saturday signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte. to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat.

According to Business Standard report, the proceeds of the sale will be used to repay loans of both foreign and local lenders, which was around Rs 88,000 crore, Ruia said.

Air India's plans to grow its maintenance, repair and overhaul (MRO) business faces a big risk as it faces a severe shortage of aircraft engineers.

Air India hived off its engineering department into a separate unit last January to tap business from other airlines. Primarily, it still caters to Air India's aircraft maintenance but aims to double its third party business to Rs 130 crore in FY 17.

Commercial vehicle major Ashok Leyland on Monday launched ‘Circuit’ Series – first Electric Bus Made in India.

Designed and engineered in India, for India, by Indians – the 100 per cent electric bus is a zero-emission, non-polluting vehicle, created specifically for Indian roads and passenger conditions, the company said in a statement.

Largest mortgage lender Housing Development Finance Corporation (HDFC) has raised another Rs 500 crore by issuing rupee-denominated masala bonds to overseas investors, taking the tally to Rs 5,000 crore so far.

"With reference to the earlier letter dated October 12, 2016, informing about the opening of the fourth issue of rupee-denominated bonds to overseas investors, aggregating an amount up to Rs 500 crore," it said in a filing.

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