Mumbai: Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) may jointly hold a 51% stake in a large refinery and petrochemical complex proposed to come up in coastal Maharashtra, two people familiar with the development said.

The state government and a strategic investor who is yet to be brought in will hold the rest.

Punjab National Bank (PNB) shares gained over 8 per cent on Monday after the Reserve Bank of India removed the public sector bank from the caution list and allowed foreign investors to buy its shares. The scrip later closed 8.21 per cent up at Rs 127.25.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs 180.50 on Aug 17, 2015 and a 52 week low of Rs 69.40 on Feb 17, 2016.

After ending flat on Friday, the two domestic equity markets opened strong on Monday, tracking a positive trend in the global markets.

BSE Sensex opened over 300 points up and soon climbed 440.89 points higher to 27,567.79 or 1.63% higher while NSE Nifty was up 1.49% or 124.20 points up at 8,447.40 from Friday's close.

Aiming to attract more fliers and achieve higher seat occupancy in its flights on trunk routes, Air India has decided to lower its last minute ticket fares to the level of 2-tier AC of Rajdhani trains.

As part of the pricing strategy, Air India will drop fares on four key routes--Delhi-Mumbai, Delhi-Chennai, Delhi-Kolkata and Delhi-Bengaluru--four hours before the departure of flights to these destinations.

Shares of three private sector banks – HDFC Bank, IndusInd Bank and YES Bank – have hit their respective lifetime highs on expectation of robust earnings for the first quarter (April –June) of the current financial year 2016-17.

YES Bank (up 2.5% at Rs 1,147), HDFC Bank (2% at Rs 1,196) and IndusInd Bank (up 1.8% at Rs 1,147) were up more than 1% each, touching their respective record highs on the BSE in intra-day trade. At 10:24 AM, the S&P BSE Sensex was up 1.7% or 472 points at 27,598.

Larsen & Toubro (L&T), the engineering and construction major, is all set to take its engineering services business unit, L&T Technology Services public. The Group will be filing the draft red herring prospectus (DRHP) in the next three to five weeks.

The technology services business is looking at a valuation of $1-1.5 billion, said two sources in the know.

Market regulator Securities and Exchange Board of India (Sebi) is likely to interrogate United Spirits (USL) officials over Vijay Mallya's severance package of $75 million, said a source with direct knowledge of the matter.

On July 9, the USL had accused Mallya of fund diversion worth Rs 1,200 crore from the company to various Mallya-owned entities, including Force India, Watson Ltd and Kingfisher Airlines.

Donald Trump has promised to liven up this year’s Republican National Convention. But some of America’s biggest corporations are bailing on the party.

Apple recently became the latest company to give the GOP’s presumptive nominee the cold shoulder; it won’t contribute money or products to the Republicans’ big shindig in Cleveland this month.

Mumbai: Engineering and construction company Larsen and Toubro (L&T) on Friday raised Rs.372.75 crore through sale of shares in its information technology (IT) services unit ahead of the Rs.1,233 crore initial public offering (IPO) next week, the company said in a stock exchange filing.

The public issue will open on 11 July and close on 13 July.

Mumbai: Indian stocks fell, with the benchmark index erasing a weekly advance, as energy and telecom shares dropped and investors focused on the start of the results season next week.

Bharti Airtel Ltd and Idea Cellular Ltd, the nation’s largest mobile-phone operators, slid more than 2% each after the government said it will recover money from them for understating revenues for four years. Oil and Natural Gas Corp. Ltd (ONGC), the biggest state explorer, retreated for a third day as crude oil traded below $46 a barrel.

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