A gunman killed 50 people at a packed nightclub in Orlando, Florida on Sunday and wounded 53 others before being killed by police in the worst mass shooting in US history.

The shooter was identified as Omar S Mateen, a Florida resident who a senior FBI official said might have had leanings towards Islamic State militants. Officials called the rampage a "terrorism incident," but cautioned that the suspected Islamist connection required further investigation.

Tata Consultancy Services (TCS), has become the third conglomerate to invest large cash holdings in government bonds, a trend that could boost the young debt market but also stir volatility.

TCS ploughed $3 billion into the market from January to March, its annual balance sheet showed last month, shifting funds that totalled 80 percent of its surplus cash position. Previously the company had largely invested in mutual funds.

The Insurance Regulatory and Development Authority of India (IRDAI) has not yet taken a decision on allowing insurers to invest in the additional tier-1 (AT-1) bonds due to risks associated with the instrument, according to an IRDAI official.

“There is a debate and we have not yet agreed. As of now, we are not permitting them (insurers) to participate,” said IRDAI’s Member (Finance and Investment) V.R. Iyer, when asked whether the regulator will allow insurers to invest in AT-1 bonds or not.

NEW DELHI: State-run Oil and Natural Gas Corp (ONGC) is trying hard, and succeeding, in lowering its exploration cost write-offs, one of the biggest concerns for all oil firms. The write-off has nearly halved in a year and is expected to shrink further.

Explorers spend millions of dollars gathering seismic data and drilling wells to discover areas that can commercially produce oil and gas. They have to write off expenses when the wells drilled in the process turn out to be dry, or with reserves that can't be exploited commercially.

The country’s largest car maker, Maruti Suzuki, has resumed production at both its plants from today after a maintenance closure from June 6 to 11, the company said today.

The firm had to advance maintenance by three weeks owing to a fire at Subros on May 29 after which supply of car AC units had stopped.

Market regulator Sebi directed the National Stock Exchange Clearing Corporation (CC) to refund around Rs 250 crore of clearing members’ contribution that they had made to the core Settlement and Guarantee Fund (SGF). The exchange refunded the money to these members a few days ago.

The Securities and Exchange Board of India (Sebi) found that based on the daily stress test as per its new norms, NSE CC has enough funds and the contribution from the clearing members was not required.

State-run banking behemoth State Bank of India has set up a crack team to prepare a framework for amalgamation of five associate banks with itself, even as the political opposition to the proposed move is gaining ground and the government approval is still awaited.

“A team of 15-20 members has been set up and it has started working on the framework for the merger. The team is headed by a general manager and there are a few deputy general managers,” a source said.

Tata Motors wants to make design the heart of its passenger vehicle business in the home market. Like Apple, which has redefined the way companies sell experiences, Tata Motors wants to connect with the consumers’ senses, not only sell them vehicles. The attempt has been happening for a while now in three design centres of the company — Pune, Italy and Coventry (UK). This is redefining the way the company thinks and connects with the millennials, key target group for most consumer companies.

Dr Reddy’s Laboratories has inked a pact with Teva Pharmaceutical and an affiliate of Allergan Plc to buy a portfolio of eight abbreviated new drug applications (ANDAs) in the US for $ 350 million (around Rs 2,300 crore) in cash.

The portfolio consists of products that are being divested by Teva as a precondition to its closing of the acquisition of Allergan’s generics business, the Hyderabad-based firm said.

Yes Bank has gained shareholder approval to raise up to $1 billion of equity capital. That entails a large dilution of 15%. We wouldn’t be too worried and would encourage investors to participate in the capital raising which is most likely to be in the form of a qualified institutional placement (QIP), in our view. We build in the capital raising and revise our EPS estimates. We increase our TP by 17% to R1,325 driven by the increase in BVPS due to the capital raise.

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