Mumbai: Private sector lender Axis Bank Ltd is looking to sell its approximately 8% stake in Mswipe Technologies Pvt. Ltd, a mobile payments services provider, two people aware of the development said.

“The bank wants to sell its entire stake in the payments terminal company Mswipe and they have initiated discussions on the same. They are talking to some of the existing investors of the company, too, to pick the stake from them,” said one of the two people cited above, requesting anonymity, as the talks are private.

Tata Motors on Friday reported a consolidated net profit of Rs 848 crore for the quarter ended September 30, riding on strong sales of its British arm Jaguar Land Rover across various overseas markets. The automaker had reported a loss of Rs 1,740 crore for the corresponding quarter of the previous fiscal.

Consolidated revenues for the quarter increased 6.94% y-o-y to Rs 67,000 crore owing to the good performance by JLR and a recovery in the volumes of the passenger vehicles business on a standalone business.

State-owned Air India, which reported an operating profit of Rs 105 crore during FY16, in what was seen as early signs of a turnaround, also managed to increase its revenue per regular employee by over 12% to Rs 1.09 crore in the year. This was achieved by reducing the number of regular employees to 19,401, down 8% compared with FY15.

Air India, which received a bailout package of Rs 30,000 crore by the government in 2012, had frozen hiring of regular employees in 2012 and has since hired pilots and cabin crew on contract. This improved the airline-to-employee ratio to 1:120 (excluding subsidiaries) compared with 1:139 in the earlier fiscal.

Maruti Suzuki India today said it will set up an industrial training institute in Mehsana, Gujarat which when operational would train 300 youths per year in technical trades and Japanese shopfloor practices.

Christened as “Japan-India Institute of Manufacturing” (JIM), the institute would go on stream in August 2017.

KOLKATA: Coal India sold 7 million tonnes of coal, or 35% of the quantity on offer in an e-auction, at a floor price that was 20% higher than listed prices for non-power users. Traders as well as power producers with or without supply commitments from Coal India were allowed to bid in the auction.

“Most of the coal was sold near the floor price and we have been able to sell 7 million tonnes till now. The e-auction is still on and we hope to sell the entire volume of 20 million tonnes soon,” said a senior Coal India official.

NEW DELHI: State-run power equipment maker BHEL has expanded its footprint in the international market by securing export orders for supply of industrial motors to the African nations of Togo and Benin.

Scancem International DA, Norway (Heidelberg Cement group) has placed the order for the motors for their cement plants, Ciments Du Togo S.A. & Cimbenin S.A, Benin, BHEL said in press release.

Strengthening it's SUV portfolio, Hyundai Motor India launched all new Tucson with an introductory price ranging between Rs 18.99 lakh and Rs 24.99 lakh (ex-showroom Delhi).

The company has launched the third generation Tucson with both petrol and diesel powertrains.

It’s finally, finally happened. The most popular messaging app WhatsApp officially introduced video calling for its over 1 billion users worldwide on iOS, Android and Windows platform.

"We're introducing this feature because we know that sometimes voice and text just aren't enough," WhatsApp said in a blog post. "And we want to make these features available to everyone, not just those who can afford the most expensive new phones or live in countries with the best cellular networks."

Assuring that the panic among masses is on the decline following the more constant flow of cash at banks and ATMs, State Bank of India (SBI) chairperson Arundhati Bhattacharya stated that the bank will also start dispensing 50 and 20 Rupee notes in coming days to help the public.

The SBI Chief stated that in all of their branches in the southern states, the workload has dropped to almost 50 per cent, which is a sure sign that people are assured that they will receive the money at their own convenience.

Bank of Baroda has rallied 6% to Rs 171 on BSE in early morning trade after the state-owned bank reported over four-fold jump in net profit at Rs 552 crore for the quarter ended September 30, 2016 (Q2FY17). The bank had posted a profit of Rs 124 crore in the same quarter last fiscal.

Net interest income (interest income minus interest expenses) rose 5.6% at Rs 3,426 crore against Rs 3,244 crore in the corresponding quarter last year.

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