The five associate banks of State Bank of India (SBI) have booked heavy combined loss of Rs 3,096 crore in the financial year’s second quarter ended September, on a sharp rise in provisions for stressed loans.

This is an outcome of aligning the treatment of weak and bad loans on the books of associates with those for the SBI group, ahead of the proposed merger with the parent. Collectively, they had posted net profit of Rs 870 crore in July-September 2015. The highest loss this time was reported by State Bank of Patiala (SBP) at Rs 1,340 crore, followed by State Bank of Hyderabad (SBH) at Rs 776 crore.

In the wake of the recent data breach involving the banking system, insurance regulator IRDAI is in the process of setting up a cyber security framework to thwart any such incident in future.

The Insurance Regulatory and Development Authority of India (IRDAI) said it will be a comprehensive framework for the sector. The watchdog will also put in place an appropriate mechanism to mitigate these risks. "In this connection, it has been decided to form two separate working groups for life and non-life sectors (including health) comprising CIOs of insurers to discuss and decide on the issues related to cyber security," it said in a circular.

The price of subsidised cooking gas (LPG) was today hiked by over Rs 2 per cylinder, the sixth increase in rates in five months, while that of jet fuel was raised by a steep 7.3 per cent in step with global trends.

A subsidised 14.2-kg cylinder will now cost Rs 430.64 in Delhi as against Rs 428.59 previously, according to state-owned oil firms.Also, the aviation turbine fuel (ATF) price was hiked Rs 3,434.25 per kilolitre (kl), or 7.33 per cent, to Rs 50,260.63 per kl in Delhi.

National Highways Authority of India (NHAI) today said it has awarded a Rs 1,444 crore contract for widening of a highway stretch in Punjab to GR Infraprojects Ltd.

“The NHAI has issued Letter of Award (LOA) for development of national highway section in the state of Punjab under phase IV of National Highways Development Projects (NHDP),” NHAI said in a statement.

Leading automaker Tata Motors today said its group sales grew 21 per cent in October while car sales posted the highest sales in four years with a growth of 28 per cent on strong festive demand.Total sales (passenger and commercial vehicles), including exports, rose to 52,813 units in October, posting a growth of 21 per cent, over 43,486 vehicles sold in the same month last year.

Hyundai Motor India Ltd (HMIL), on Monday, reported its highest ever monthly sales at 64,372 units last month, up 4.3 %, as compared to October 2015.

The company had sold 61,701 units in the same month last year, HMIL said in a statement. In the domestic market, Hyundai sold 50,016 units last month as compared with 47,015 units in October last year, a growth of 6.4 %. However, exports declined by 2.2 % to 14,356 units as against 14,686 units in the same period last year.

MUMBAI: The benchmark BSE Sensex recovered about 41 points in early trade on Tuesday as investors widened their positions on encouraging infrastructure growth amid a mixed trend in Asian markets.

The 30-share barometer, which had shed 11.30 points on the first day of Samvat 2073 in special 'Muhurat' session on Sunday, was trading higher by 41.11 points or 0.14 per cent at 27,971.32, with the sectoral indices led by metal, auto and realty trading in the green, rising by up to 0.72.

Indian tennis player Sania Mirza has secured the 2016 WTA Year-End World No.1 Doubles Ranking, thereby finishing the second consecutive year as the top women’s doubles tennis player in the world.

“It’s very, very exciting to finish two years in a row as No.1,” Mirza told WTA after the rankings were declared in Singapore on Sunday. “It’s been an incredible year for me again, with seven WTA titles, a Grand Slam and ending the year at the WTA Finals in Singapore.

India’s largest refining and oil marketing company Indian Oil Corporation (IOC) has lined up capital expenditure to the tune of R1.83 lakh crore between FY18 and FY22. A large chunk of the proposed investment would go towards expansion of refineries and marketing-related facilities such as setting up of terminals, the PSU told analysts in a recent conference call.

In the current financial year, IOC is spending R19,000 crore. In the next five years, R50,000 crore would be spent towards ramping up refining capacity, while another R40,000 crore would be spent under marketing initiatives, said an analyst present at the conference.

Ashok Leyland sold 28% more commercial vehicles in the month of October this year than it did in the same period last year.

Ashok Leyland sold 12,533 units of its commercial vehicles in the month, compared to 9,803 units sold last year.

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