To revive the khadi industry, Indian Railways and Air India are being encouraged to use products made up of the fabrics in trains and aeroplanes even as the KVIC’s sales grew 24 per cent in 2015-16, Parliament was today informed.

“Yes Sir. Indian Railways and Air India are being encouraged to use khadi fabrics in order to promote Khadi industries,” Minister of State in the MSME Ministry Giriraj Singh said in a written reply in Rajya Sabha to a query on whether the government is taking any steps to promote khadi in these two entities.

State-owned Oil and Natural Gas Corp (ONGC) and Hindustan Petroleum Corp Ltd (HPCL) may sell a part of their stake in Mangalore Refinery and Petrochemicals Ltd (MRPL) to comply with regulations on minimum public holding.

Public shareholding in the Mangalore-based refiner is currently just 11.42 per cent, not even half of the mandatory 25 per cent public float required by the Securities and Exchange Board of India (SEBI) for listed companies.

India’s fastest growing telecom operator Idea Cellular announced expansion of its high-speed 4G LTE services in over nine districts of the North East Service Area.

The telecom operator’s services are now available in Agartala, Aizawl, Imphal, Kohima, Mokokchung, Senapati and Tura, in addition to Dimapur launched earlier this year. With the rapid expansion in a fairly short span of time, Idea’s 4G LTE services are now available to over 1.7 million people in North East.

Mahindra & Mahindra has set up a wholly owned subsidiary on Wednesday, called Mahindra Airways Limited with a paid up capital of Rs 5 lakh.

It is a wholly owned subsidiary of Mahindra Holdings Limited, which in turn is a wholly owned subsidiary of Mahindra & Mahindra Limited, M&M told BSE and National Stock Exchange (NSE) in a notification.

Private sector lender Yes Bank today said it has received an in-principle approval from the capital markets regulator SEBI to sponsor a mutual fund and to set up an asset management company and a trustee company.

In a BSE filing, Yes Bank said it “has received an in-principle approval from the Securities & Exchange Board of India (SEBI) to sponsor a Mutual Fund and to setup an asset management company (AMC), and a trustee company.

The country’s largest passenger car manufacturer, Maruti Suzuki India, on Tuesday beat analysts’ estimates by posting a net profit of Rs 1,486.2 crore during the April-June quarter, which was a rise of 23% on a year-on-year basis. The higher profits were on the back of a huge jump in other income, which increased by 134% to Rs 483 crore during the period on a yearly basis.

Reliance Jio, is yet to start commercial operations, but it has already started giving sleepless nights to rival companies. The latest organisation to express its concern is the Aditya Birla Group, which is the promoter of Idea Cellular, India’s third largest telecom operator. Kumar Mangalam Birla in an interview to ET Now said that RelianceJio launch will be ‘extremely disruptive’ for the telecom market.

Bajaj Auto shares were trading marginally in red in morning trade on Wednesday as the auto major is scheduled to announce its first quarterly results today. According to Karvy Stock Broking, Bajaj Auto will report 8.8 per cent fall in net profit figures at Rs 922.10 crore for the quarter ended June 30, 2016 against Rs 1,011.60 crore in the corresponding quarter a year ago. According to the brokerage house, Bajaj Auto may report 1.8 per cent year-on-year (yoy) growth in net sales figures.

HYDERABAD: Air India may recruit about 500 pilots and over 1,500 cabin crew in next two to three years to meet the requirement as the fleet size is expected to increase considerably, a senior official has said.

"We are planning to have 700 more pilots in the next two to three years keeping in view the fleet expansion. From last August till now, we have already recruited 250 pilots. So about 500 more pilots we are going to recruit.

The domestic equity markets staged a strong comeback after Tuesday's losses in early trade as the BSE Sensex recovered by about 144 points in early trade, following widespread buying amid rising hopes over passage of the GST bill in Parliament.

Moreover, sustained foreign fund inflows and a mixed trend at other Asian markets on caution ahead of the US Federal Reserve's policy decision later in the day, influenced market sentiment.

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