Mumbai, July 29: Engineering major Larsen & Toubro's June-quarter net profit increased 45.51 per cent to Rs 609.6 crore from Rs 418.94 crore a year ago on the back of an improved performance in various segments.

Total income during the quarter rose 9.10 per cent to Rs 21,873.8 crore from Rs 20,048.24 crore a year ago. Total expenses were higher at Rs 20,434 crore compared with Rs 18,873 crore a year ago.

New Delhi: Gold prices spurted to Rs.31,340 per 10 grams, a 29-month high, by surging Rs.540 in the bullion market on Saturday, tracking a firm trend overseas amid increased buying by jewellers at the domestic spot market.

Bullion traders said sentiment bolstered after gold gained overseas as the dollar weakened and the US economy grew less-than-expected in the second quarter, boosting demand for safe-haven assets.

Mumbai: Indian stocks dropped, paring a monthly advance, amid concern that the recent rally may have outpaced the outlook for earnings growth and as most Asian equities decreased after the Bank of Japan’s policy decision.

ICICI Bank Ltd. had the steepest fall in more than a month before its earnings, the worst performance on the S&P BSE Sensex. Bharti Airtel Ltd. decreased the most in two weeks. Larsen & Toubro Ltd., the nation’s engineering firm, retreated for a second day before its June-quarter results.

New Delhi: Prime Minister Narendra Modi on Friday refused to intervene on the issue of Kerala and Tamil Nadu developing competing port projects 30km apart, but agreed to favourably consider many industrial projects proposed by the Kerala government, chief minister Pinarayi Vijayan told reporters.

Vijayan, who separately met Modi, civil aviation minister Ashok Gajapathi Raju, chemicals and fertilizers minister Ananth Kumar and women and child development minister Maneka Gandhi, said the central ministers have positively responded to his proposals.

Boosting start-ups and entrepreneurship is one of the several focus points for the Narendra Modi-led government. With a Rs 10,000 corpus allocated to new businesses and entrepreneurs, and a slew of changes to doing-business and taxation norms, it seems like the government has the back of start-ups in India.

Now, markets regulator Securities and Exchange Board of India has proposed an easier framework to ensure that start-ups in India look to the domestic market when they want to raise money, and don't to overseas, as it happens right now.

The Chief General Manager of the National Highways Authority of India (NHAI), B S Singla, on Saturday said the main reason for the traffic chaos on National Highway-8 (NH-8) was due to the poor management of storm drains.

Singla said at present, there was no traffic jam, but warned about the poor drainage system and asked the city administration to re-examine it.

State-run Life Insurance Corp and private sector Axis Bank on Friday jointly announced their tie-up to sell LIC products, creating one of the largest bancassurance partnerships in India.

Under a memorandum of understanding (MoU) signed between the two, Axis Bank branches will be selling LIC policies, a joint statement here said.

Mumbai: State Bank of India (SBI) on Friday said that it will reduce its marginal cost lending rate (MCLR)—the benchmark lending rate at which banks lend to new borrowers—by 5 basis points (bps) across maturities, effective 1 August.

A basis point is one-hundredth of a percentage point, or 0.01%.

Bengaluru: Infosys Ltd surprised many in April when it set an aggressive revenue growth target and said it could grow by as much as 13.8% in the year ahead. After all, India’s second largest software services exporter has traditionally been a company that prefers to under-promise and over-deliver.

It emerges that the dollar revenue growth outlook outlined by Infosys in April included business from a proposed merger of drug makers Pfizer Inc. and Allergan Plc., even though the deal had been called off days before Infosys’s management set out the target, according to executives familiar with the matter.

ICICI Bank shares slumped over 3 per cent as analysts expected muted performance from the private sector lender. KR Ckoksey Institutional expects 30 per cent year-on-year fall in net profit at Rs 2,083.30 cr for the quarter ended June 30, 2016 as compared to Rs 2,976.20 cr in the quarter ended March 31, 2016. The brokerage house said, “The overall credit growth should move in tandem with industry averages led by retail credit.

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