Mumbai: Larsen and Toubro Infotech Ltd, the information technology (IT) services unit of India’s largest engineering firm, will launch its initial public offering (IPO) on 11 July, the parent firm said in a filing to the stock exchanges on Wednesday.

The IPO will close on 13 July.

L&T Infotech has fixed a price band of Rs.705-710 per share for the offering, the filing stated. At the upper end of the price band, the IPO size would be Rs.1,242.50 crore.

The Sensex surged about 241 points in early trade, with Brexit fears slowly starting to subside amid June derivatives expiry.

The rupee’s improving fortunes against the U.S. dollar buoyed the mood too. On Wednesday, a string of economy-boosting policy decisions taken by the Cabinet, including approval to seventh pay panel recommendations, also brought back investors from the sidelines.

Delhi High Court today allowed the income tax department to go ahead with its penalty proceedings against telecom major Vodafone, but asked the agency not to give effect to its final order till the next hearing in July.

A vacation bench of V Kameswar Rao and I S Mehta passed the order on Vodafone's plea seeking stay on the penalty proceedings that were initiated against it in December last year in connection with an assessment order for the year 2011-12.

Larsen and Toubro Infotech Ltd, the information technology (IT) services unit of India’s largest engineering company, will launch its initial public offering (IPO) on 11 July, the parent firm said in a filing to stock exchanges on Wednesday.

The IPO will close on 13 July.

Scarcity of US dollars in a majority of the African nations is likely to have an impact on some of the top Indian companies who have a significant business presence in the continent.

The list of affected firms include Bharti Airtel Ltd, Bajaj Auto Ltd, Hero MotoCorp Ltd, Godrej Consumer Products Ltd and Dabur India Ltd.

Aiming to create more depth and liquidity in exchange traded funds (ETFs) and equity derivatives, NSE will give discounts in transaction charges of these segments for three months starting from July 1.

The move will also help incentivise trading members to develop retail participation through ETF in Systematic Investment Plan (SIP).

The Sipat station of the National Thermal Power Corporation (NTPC) in Chhattisgarh’s Bilaspur district will produce lightweight aggregate from fly ash.

“The preparation of detailed project report (DPR) was in the final stage and the project for producing lightweight aggregate from the fly ash generated at the station would soon take shape,” Group General Manager of NTPC Sipat Asim Kumar Samanta said. It is a pilot project and will be completed within two years, he added.

India’s largest mobile payment and commerce platform Paytm announced its strategic partnership with Suzuki Motorcycle India Pvt. Ltd. to offer its customers the largest assortment of bike and scooter models across all transactional platforms in India.

With over 400+ Suzuki dealers on-board, the Paytm marketplace will now enable booking of all Suzuki two-wheeler models on its platform across India.

Volkswagen is taking a major step toward compensating owners and government regulators for its emissions cheating scandal. But it will take much longer to repair the damage to its reputation.

The German automaker has agreed to spend up to $15.3 billion to settle consumer lawsuits and government allegations that its diesel cars cheated on U.S. emissions tests. The settlement announced Tuesday is believed to be the largest auto-related class-action settlement in U.S. history.

Shares of real estate companies were trading higher by up to 10% on the Bombay Stock Exchange (BSE) in early morning trade on the back of heavy volumes.

DLF, Unitech, Housing Development & Infrastructure (HDIL), Sobha, Oberoi Realty, Indiabulls Real Estate, Godrej Properties, Parsvnath Developers, Kolte Patil Developers and DB Realty were up 2%-10% on the BSE.

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