Bengaluru: GVK Power & Infrastructure Ltd, which runs the Mumbai and Bengaluru airports, has won the right to build Mumbai’s second airport in Navi Mumbai, beating arch rival GMR Infrastructure Ltd.

GVK, through Mumbai International Airport Ltd, which runs the Mumbai airport, offered to share 12.60% of the revenue of the new airport with City and Industrial Development Corp. of Maharashtra (CIDCO).

Mahindra Aerostructures today said it has partnered with French firm Segnere SAS to collaborate on airframe manufacturing opportunities and expand capabilities for the global aerospace market. Mahindra Aerostructures, part of $17.8 billion Mahindra Group, operates a 25,000 sq mt manufacturing facility near Bengaluru.

The partnership with Segnere, which was announced at the 11th edition of the five-day biennial air show Aero India, supports Mahindra’s intent to expand its existing capabilities to produce hard-metal parts (titanium, inconel and aerospace steels) and then to collaborate on other technologies, the company said in a release.

The first portion of the railways’ long-awaited dedicated freight corridor (DFC) will become operational by March 2018 between Ateli and Phulera. This will be a 190-km double track route — a total of 380-km track length — on the Western DFC, and the Dedicated Freight Corridor Corporation of India (DFCCIL) has already committed this to the railway ministry.

In addition, around 500-600 km of additional track length will be operational by financial year 2018-19, according to a DFCCIL official. The official, however, did not name the regions as they are still to be committed to the railway ministry.

Leading stock exchanges BSE and NSE will shift 47 companies to the restricted trading segment from Thursday as a safeguard for investors. BSE will shift scrips of 34 firms to the trade-to-trade or the ‘T’ or ‘XT’ group segment, while the National Stock Exchange has decided to move 13 stocks, the bourses said in separate notices. The stocks to be moved to the ‘T’ group on both the bourses include Andhra Cements, Cinevista, FCS Software Solutions, GI Engineering Solutions, Manaksia Aluminium Company, Paramount Communications, Tarapur Transformers and Orbit Corporation.

MUMBAI: Reliance Communication (RCom) expects to complete three proposed deals, including a merger with Aircel, by the middle of 2017.

The Anil Ambani-led telecom company agreed to sell a 51% stake in Reliance Infratel, the company’s tower unit, to Canada’s Brookfield Group for Rs 11,000 crore.

NEW DELHI: India’s technology bellwether WiproBSE 0.07 % is seeking to reposition itself as a conglomerate, crafting a holistic brand identity to give businesses as diverse as consumer care and lighting the prominence they deserve, according to a person aware of the development.

“The objective of the exercise is to rebrand Wipro as a group that is not just focused on IT, but also on consumer goods, lighting and other businesses. This is to do with the backlash in the US over Indian IT firms,” the person told ET. The exercise is likely to involve rebranding the positioning, tagline and logo, the person said, requesting not to be named given the sensitivity of the subject.

Car sales in January bounced back from one of the largest declines seen in December after demonetization. Car sales in the country grew 10.83% in January, with the C2 category witnessing a 22.8% growth in the month as sales grew to 48,100 units compared to 39,145 units in the same month last year.

Passenger vehicles priced between Rs 8 lakh to Rs 9.5 lakh are placed in the C2 segment.

Hindustan Petroleum Corporation (HPCL) dipped over 6% to Rs 541 on the BSE on profit booking after the company reported 53% year-on-year rise in its net profit at Rs 1,590 crore for the quarter ended December 2016 (Q3FY17), owing to better operational performance.

Total income from operations for the quarter under review was at Rs 55,541 crore, 15% higher from Rs 48,323 crore.

Reliance Infrastructure (RInfra)-controlled Reliance Defence and Engineering Limited (RDEL) has signed the master ship repair agreement (MSRA) with the US Navy.

In January, the Reliance Shipyard was qualified by the US Navy as an approved contractor to perform complex repair and alternation services for the navy’s Seventh Fleet vessels operating in the region.

Mumbai: Market benchmark Sensex inched up by 17 points to close at 28,351.62 on Monday, while the NSE Nifty went past the 8,800 mark on fag-end buying in IT, metal and power stocks amid positive global cues. The 30-share Sensex resumed higher at 28,450.42 and advanced to 28,458.80 following initial buying by investors and sustained foreign fund inflows.

However, profit-booking took a toll, and the index slipped to touch a low of 28,197.38 before settling 17.37 points, or 0.06% higher at 28,351.62. The gauge has gained 44.33 points in the previous two sessions.

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