Larsen & Toubro (L&T) and the UK-based MBDA, one of the leading global players in missile systems, have set up a joint venture (JV) to develop and supply missiles and missile systems to meet the growing potential requirements of the Indian armed forces. MBDA is jointly held by Airbus Group (37.5 percent), BAE Systems (37.5 percent), and Leonardo (25 percent).

The JV company, named ‘L&T MBDA Missile Systems Ltd’, will operate from a dedicated work centre, which will include pyrotechnical integration and final checkout facilities. The JV, aimed at helping the Indian Government’s efforts to indigenise the defence sector under the Make in India initiative, is expected to be incorporated in the first half of 2017 after necessary approvals.

The Securities and Exchange Board of India (Sebi) is currently weighing integration of intermediaries such brokers in the derivative markets before integrating exchanges for allowing commodities and equity/currency on one platform.

Current Sebi regulations do not permit an equity exchange to trade in commodities and vice versa. Separate exchanges, therefore, are required to offer trade in different financial segments.

MUMBAI: The BSE benchmark sensex nosedived almost 190 points in late morning deals following losses in auto, healthcare, realty, power and consumer durables stocks.

Disappointing third quarter earnings posted by Tata Motors and Sun Pharma yesterday mainly dampened trading sentiment.

China's official media today warned India against playing the 'Taiwan card', saying New Delhi will suffer losses by challenging Beijing over the sensitive issue.

The warning came after a Taiwanese women Parliamentary delegation visited India.

The Supreme Court on Wednesday refused to entertain AIADMK chief V K Sasikala's plea seeking more time to surrender for undergoing jail term in the disproportionate assets case.

"We do not intend to pass any order on this. We are not going to change anything in the judgement," a bench headed by Justice P C Ghose said.

Indian Space Research Organisation's workhorse PSLV will carry a record 104 satellites in a single mission on Wednesday from the space centre at Sriharikota Andhra Pradesh.

"PSLV-C37/Cartosat-2 Series Satellite Mission is scheduled to be launched on February 15, 2017 at 9.28 hours IST from SDSC SHAR Sriharikota," ISRO said.

Tata Motors dipped 9% to Rs 441 in intra-day trade, extending its Tuesday’s 3.5% decline on the BSE, after the country’s largest automobile company by revenue reported disappointing set of numbers for the quarter ended December 2016 (Q3FY17).

The consolidated net profit during the quarter under review plunged by 96% to Rs 112 crore due to a steep decline in profit at its overseas unit Jaguar Land Rover (JLR) and higher losses in domestic operations. The company had reported consolidated profits of Rs 2,953 crore in the third quarter (Q3) of FY16.

Indian Oil Corporation (IndianOil) has offered the Odisha government interest-free unsecured bonds to make the Rs 34,000-crore Paradip refinery viable, after the state withdrew fiscal incentives for the plant.

The Odisha government recently told IndianOil it would lose Rs 22,745-crore revenue at present value if it allowed the company to defer paying value-added tax on the refinery’s produce sold in the state for the first 11 years. This amount, it said, was expected to be Rs 9,783 crore in 2004.

After transforming the lives of villagers in Puttamraju Kandriga in Andhra Pradesh, Indian cricket icon and Rajya Sabha MP Sachin Tendulkar is now set to adopt Donja in Osmanabad (Maharashtra) under the Sansad Adarsh Gram Yojna.

Tendulkar has sanctioned over Rs 4 crore from his MPLAD fund for development of Donja. The amount will be spent on development of a new school building, a water Supply scheme that would provide potable water to each household, concrete roads and a sewage line attached to the same, a press release stated.

Lanco Infratech reported a consolidated net loss of Rs 813.66 crore in the quarter ended on December 31, 2016, on account of declining income. The company had reported a net profit of Rs 35.48 crore in the quarter ended December 31, 2015.

The total income from operations declined by 19.8 per cent to Rs 1,740.31 crore in Q3FY17 from same period last year. The company in a public statement said its total outstanding receivables are Rs 1,396.7 crore from various state electric utilities as of December 2016.

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