Ashok Leyland will look at exiting non-core areas to keep its growth momentum in FY17, Dheeraj G Hinduja, chairman of the company, has said. In an annual report just released, he said that portfolio rationalisation was already in process and that would see progressive exit from non-core and non-performing businesses.

A renewed thrust in international markets in the target clusters would be undertaken with products developed specifically for the identified markets. The capacity of the Ras-Al-Khaimah plant will be almost doubled this year.

Central Board of Direct Taxes (CBDT) has issued a new circular clarifying that the Tax Collected at Source (TCS) levy will not be applicable, when cash part of the payment for certain goods or services is less than Rs 2 lakh, even when the total payment is more than this amount.

A fresh circular has been issued by the Board to clarify the issue with regard to applicability of the provisions to levy TCS, as announced in the Budget, where the sale consideration received is partly in cash and partly in cheque.

Japanese carmaker Nissan has inked a pact with MyTVS, a brand owned by TVS Automobile Solutions (TVS ASPL), to strengthen its service network in India.

Together with MyTVS, Nissan plans to have eight authorised service points in Tamil Nadu, in addition to its own dealers network of 23 outlets, to improve customer access to car service.

State-run Bharat Heavy Electricals Ltd (BHEL) today said that it has commissioned two units of 14 Megawatts each at Salma Hydro Electric Project in Afghanistan.

The Salma dam, or the Afghan-India Friendship dam, was inaugurated by Prime Minister Narendra Modi in presence of Afghan President Ashraf Ghani, BHEL said in a statement.

Mumbai: The National Stock Exchange of India Ltd (NSE) on Monday said it plans to file papers in January 2017 to sell its shares to the public for the first time. The exchange will also file for an overseas listing of its shares by April 2017, India’s largest stock exchange said in a statement.

“For domestic listing, the board of directors of the exchange—subject to shareholders’ approval—has expressed desire to file the DRHP (draft red herring prospectus) latest by January 2017, after addressing restructuring needs of the exchange and the regulatory requirements for listing,” NSE said.

NEW DELHI: The government is considering a proposal to extend Arundhati Bhattacharya's term as chairman of State Bank of India by at least a year, senior officials said

The finance ministry wants continuity in leadership as state-run SBI absorbs five associate units and Bhartiya Mahila Bank while cleaning up its books of bad loans, they said, adding that the government may fix SBI chairman's tenure at five years, up from three now.

The prospects for the year to 31 March have brightened for Mahindra and Mahindra Ltd (M&M) as the tide turns in favour of its product portfolio.

Utility vehicle (UV) sales, within the auto segment, are growing at a robust pace. The demand for farm equipment is expected to get better soon on the back of a normal monsoon. Its Korean unit, too, is clocking reasonable sales numbers.

Mumbai: The capital markets regulator is set to allow online marketplaces such as Flipkart and Amazon to sell mutual funds to make these products more accessible to people.

A Securities and Exchange Board of India (Sebi) panel on digitization of financial services, headed by Infosys Ltd co-founder Nandan Nilekani, submitted its recommendation on 30 May, two people directly familiar with the development said.

Argentina skipper Lionel Messi has announced his retirement from international football following Argentina’s loss to Chile in Copa America final .

Messi said, “This is a difficult moment. Tough to make analysis. I thought about it in the locker room and think national team career is over for me. This is not for me.”

Aban Offshore shares surged nearly 5 per cent intraday on Monday on reports that a unit of the company has received a contract from ONGC for the deployment of drillship Aban Abraham for a period of 2 years.

At 10.02 am, shares of Aban Offshore were trading 3.46 per cent up at Rs 206.20. The scrip opened at Rs 204.20 and has touched a high and low of Rs 208.75 and Rs 204.20, respectively, in trade so far. Sensex was down 18 points, or 0.07 per cent, at 26,379.26.

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