That the Street was not happy with Mahindra & Mahindra Ltd’s performance for the December quarter was seen by its stock closing lower on Friday, when the benchmark BSE Sensex closed higher. In any case, the stock was beaten down badly by investors as auto sales volume crumbled in the last two months.

For the quarter, the auto division’s sales fell by 7.7% year on year. The hope that prices could compensate for the lower volume was also negated, as net revenue of the division slid by 8%, mirroring weak realizations during the quarter.

After meeting finance minister Arun Jaitely on Saturday, the board of Securities and Exchange Board of India (Sebi) decided to take forward the issue of integration of the commodity spot markets and the derivatives markets, originally proposed in the Budget on February 1 by the finance minister. The move is significant as even futures market require the transparent price for relevant commodities traded in the spot market.

Shares of private sector banks were trading firm in otherwise range-bound market with IndusInd Bank and YES Bank hitting their respective record highs on the National Stock Exchange (NSE).

YES Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC Bank and HDFC Bank were trading higher by up to 3% as compared 0.17% rise in the Nifty 50 index. At 03:11 pm; Nifty Private Bank index was up 0.75% against 3% decline in the Nifty PSU Bank index.

Even as Reliance Industries is creating ripples in the telecom industry, the net worth of Mukesh Ambani owned, Reliance Gas and Transportation Infrastructure Ltd (RGTIL) has eroded by a massive Rs 7,966 crore as on September 2016 as low gas supply from RIL’s Krishna Godavari basin hit the pipeline company’s financials. The company owns and operates a 1400 kilometers gas pipeline connecting Krishna Godavari basin to Gujarat and depends on gas production from RIL’s KG basin to earn revenues.

Engineering and construction major L&T today entered into a joint venture with European defence major MBDA Missile Systems for development of missiles in India.

L&T will own 51 per cent stake in the JV named L&T MBDA Missile Systems and the rest 49 with the European partner.

The country’s largest automobile maker Tata Motors Ltd (TML) has embarked on a massive restructuring of human resources (HR) that would transform the organisation into a much leaner one with a flat hierarchical structure. Effective April 1, the new structure would be in place.

From a 15-16 level hierarchy, the organisation is moving to a flat five-level hierarchy. Earlier, Tata Motors had three levels in the supervisory grade, five in the managerial grade and around six or seven in the executive grade. Now there would be five grades, L1 to L5, with L1 being the highest. Above these levels, there would be the executive directors, presidents and the managing director.

GVK-led Mumbai International Airport Limited and GMR Group, which run the country's busiest airports, today submitted financial bids for the Rs 16,000 crore Navi Mumbai international airport. Today was the last day for the bid submission after two extensions granted the City and Industrial and Development Corporation (CIDCO).

Bids were received on Monday afternoon, CIDCO officials said. MIAL has the right of first refusal and will be allowed to match the bid if it is 10% lower than competition.

New Delhi, Feb. 12: The government should be cautious with its plan to merge state-owned oil companies such as ONGC and IOC, analysts said.

They pointed out at the botched-up merger of Air India and Indian Airlines, which resulted in the national carrier looking for government support to survive.

Mumbai: India’s monthly oil demand fell the most since May 2003 as the government’s crackdown on high-value currency notes continued to reverberate through the country’s $2 trillion economy.

Fuel consumption fell 4.5% to 15.5 million tonnes in January from 16.2 million tonnes a year ago, the oil ministry’s Petroleum Planning and Analysis Cell said Friday. Diesel use, which accounts for about 40% of total fuel demand in India, dropped 7.8% to 5.8 million tonnes, the biggest decline since September. Petrol consumption fell the most since June.

Power Minister Piyush Goyal on Monday said that NTPC should not spend any more on renovation of plants which are older than 25 years. “The replacement of NTPC plants older than 25 years to cost Rs 4 crore/MW. NTPC should be allowed to sell surplus power to exchanges,” the minister told BTVi. Recently, NTPC decided to shut down old polluting power plants of capacity totalling roughly 11 GW and replace those with new ones which are highly efficient.

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