Industrialist Mukesh Ambani was on Thursday named India's richest person for a ninth year in a row with a sharp increase in networth to US $22.7 billion, while Sun Pharma's Dilip Shanghvi was ranked a distant second with a wealth of US $16.9 billion.

The Hinduja Family moved up to the third position (US $15.2 billion) on the annual Forbes list of India's 100 Richest People. Wipro's Azim Premji slipped one place to fourth with a networth of US $15 billion.

HDFC Bank on Thursday said it has raised Rs 6,700 crore by issuing bonds via private placement.

"The bank has issued and allotted on September 21, 2016 on a private placement basis, senior, unsecured, redeemable, long term, non-convertible bonds in the nature of debentures amounting to Rs 6,700 crore," HDFC Bank said in a regulatory filing.

National Highways Authority of India (NHAI) on Thursday said it has awarded a Rs 249 crore project in Haryana to Gawar construction for the widening of a stretch on NH 73.

"NHAI has issued Letter of Award (LOA) to Gawar Construction for four-laning of Panchkula-Yamunanagar Section," the authority said in a statement.

Wipro Consumer Care and Lighting, the FMCG arm of Wirpo Enterprises, on Thursday announced that it has entered a definitive agreement to acquire 100 per cent shareholding in Zhongshan-based Ma Er to boost its presence in the fast growing toiletries and liquid detergent space in South China.

The deal ,which is expected to gain regulatory approvals by the end of October ,will be the company's second largest acquisition after Unza Holdings Ltd., that it acquired back in 2007 for $246 million. Wipro did not disclose the financials of the deal citing a confidentiality agreement with the seller.

Larsen & Toubro on Thursday said it has entered into a pact, valued at $99.7 million (around Rs 660 crore), with Vietnam Border Guard for design and construction of high speed patrol vessels.

"Larsen & Toubro (L&T) has signed the principle contract with Vietnam Border Guard... For design and construction of high speed patrol vessels in India as well as transfer of design and technology along with supply of equipment and material kits for construction of follow-on-vessels at a Vietnam shipyard," the company said in a BSE filing.

MUMBAI: Private lender Kotak Mahindra Bank (KMB) has launched an application 'Kotak Now' that would allow new customers to open an account in a more simpler and cost-effective manner.

This is for the first time that a domestic lender has come up with such facility where a customer can open a bank account using its application.

San Francisco: Apple Inc.’s iPhone margins have narrowed with the release of its latest smartphone line, the iPhone 7, with higher costs to provide greater storage options, a glossy black cover and more advanced displays, according to an analysis by IHS Inc.

The component analysis firm estimates that the total manufacturing cost of an entry-level iPhone 7, a model with a 4.7-inch screen and 32 GB of storage, is Rs.15,065. This compares with an updated IHS estimate of Rs.13,402 for an entry-level iPhone 6S in 2015.

New Delhi: For Indian telecom market, prepaid mobile subscribers are the driving force covering almost 95% of the total mobile subscriptions generating revenue of around 80% for the companies.

As per Bernstein analysis and Telecom Regulatory Authority of India (Trai) reports, postpaid subscribers made up only about 5% of the total users in India as of March 2016.

Railway Minister Suresh Prabhu said on Wednesday that amalgamating the railway budget with general budget will help the Indian Railways to raise extra capital expenditure.

According to Prabhu, the amalgamation will not impact the functional autonomy or the distinct identity of the railways.

The Cabinet on Wednesday cleared the long-pending compensation of Rs 1,250 crore for public sector telecom company BSNL to support rural landline connections installed before April 1, 2002.

"The Cabinet approves subsidy of Rs 1,250 crore to BSNL as compensation for deficit incurred by BSNL in operating rural wire-line connections," said Frank Noronha, the government's Principal Spokesperson, on Twitter.

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