Mumbai: India’s largest carmaker, Maruti Suzuki India Ltd, is the second-most expensive auto stock among the top 20 global auto stocks after Tesla Motors, with the premium based on a double digit sales growth outlook, and strong valuations for Indian equity markets.

According to Bloomberg’s Best Estimates, Maruti trades at 21.22 times fiscal year 2018 price-to-earnings (P/E), after US’s Tesla Motors, which trades at 33.42 times.

Bengaluru: Infosys Ltd has invested $4 million to pick up a minority stake in Cloudyn Ltd, an Israeli company that makes software for monitoring and optimizing cloud computing, marking the Bengaluru-headquartered firm’s second investment in an Israel-based cloud-computing start-up from the company’s $500 million innovation fund.

Kotak Mahindra Bank plans to raise Rs 5,000 crore by issuing bonds for fulfil its general corporate business. The plan is within the bank’s Rs 50,000 crore borrowing limit approved last year.

The bank said in a regulatory filing that at the Board of Directors meeting held on July 21, it had sought consent of the shareholders to borrow the money.

Global software major Wipro Ltd disagreed with the findings of the Comptroller and Auditor General of India (CAG) that the Unique Identification Authority of India (UIDAI) had shown undue favour to it, the company said on Wednesday.

“We disagree with the findings of the (CAG) report that UIDAI extended undue favor to us. We draw attention to the latter’s response in the report that the acceptance of goods was given by the competent authority in UIDAI after commissioning the equipment,” the IT major said in a statement here.

IRCTC, railway ticket booking platform, is partnering with internet-led companies such as Paytm, BlaBlaCars and Amazon to expand its footprints beyond railway travel and enter air ticketing, hotel bookings, e-commerce, and ride-sharing business.

A K Manocha, chairman and managing director of IRCTC said he wants IRCTC to become an online travel aggregator offering a host of services.

NEW DELHI: State-run BHEL has commissioned the second 500 MW thermal unit at Marwa Thermal Power Station in Chhattisgarh.

"Bharat Heavy Electricals Ltd (BHEL) has successfully commissioned the second 500 MW (megawatt) thermal unit at Marwa Thermal Power Station in Chhattisgarh," the power equipment manufacturer said in a regulatory filing.

L&T Power has won a contract worth Rs 3,860 crore from Neyveli Uttar Pradesh Power Ltd.

"The power business of Larsen & Toubro (L&T) through its joint venture company L&T-MHPS Boilers Pvt Ltd has secured order of Rs 3,860 crore from Neyveli Uttar Pradesh Power Ltd (NUPPL)," the L&T said in a release.

Key benchmark indices weakened once again and hit fresh intraday low in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex was down 238.30 points or 0.85% at 27,743.41. The losses for the Nifty 50 index were lower in percentage terms than those for the Sensex.

The Nifty was currently down 63.20 points or 0.73% at 8,559.70. The Sensex hit lowest level in almost two-weeks. The Nifty hit lowest level in more than one-week. Weakness in Asian stocks weighed on sentiment.

The Comptroller and Auditor General of India (CAG), in its latest report, stated the financials of the Mukesh Ambani-led Reliance Industries (RIL) would be adversely affected if the government accepts a third-party report, effectively bringing to an end the continuity of the company's reservoir, adjacent to the Oil and Natural Gas Corporation fields in the Krishna-Godawari basin.

The CAG report also said the total financial impact of excess cost recovery allowed by the government during 2012-14 - and pointed out by the CAG - was about Rs 9,307 crore.

Riding on revenue growth, Tata Consultancy Services (TCS) has inked two large office space deals in the last quarter. TCS, India’s largest software firm, signed a 400,000 sq ft office space deal in Okaya Tower in Noida’s Sector 62.

It is expected to pay a rent of Rs 19 crore a year, or Rs 40 a sq ft a month, on the property. The lease deal is one of the largest in the National Capital Region (NCR) this year.

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