The Employees' Provident Fund Organisation (EPFO) is likely to have a surplus of Rs 1,600 crore by the end of this year, Union Labour Minister Bandaru Dattatreya said here.

"At a time when interest rates in all banks are coming down, our EPFO took good initiatives and did portfolio management properly. We gave 8.8% interest rate.

Indian conglomerate Adani Enterprise Ltd may walk away from its proposal to build one of the world's biggest coal mines in Australia, citing long delays caused by legal challenges to the project by groups concerned about the environment.

Adani is battling multiple legal challenges from green groups opposed to its $10-billion Carmichael mine, rail and port project.

Facebook is removing the messaging capability from its mobile web application, according to a notice being served to users: “Your conversations are moving to Messenger,” it reads. Welcome news to the millions like me who switched to the web app in order to avoid Messenger in the first place!

At the moment, you can just dismiss the notice and go about your business. But this summer the warning will become an impenetrable wall, and your only option will be to download the official Messenger app.

Equity markets extended gains for the second straight week on robust quarterly earnings and impressive macro-economic data. The BSE Sensex advanced 189.43 points, or 0.71 per cent to 26,843.03 on June 3 from 26,653.60 on May 27 last month, while NSE Nifty 50 index gained 64.15 points, or 0.79 per cent to 8,220.80 from 8,156.65 during the same period.

Among the 51 components in the Nifty index, 32 stocks ended the week in green with Tata Motors-DVR surging 16.60 per cent to Rs 316.80 for the week ended June 3

The US is working "very hard" on changing its "outdated" export control policy on India as the two strategic partners seek to continue working together on a large number of projects, including in the military sector, Defence Secretary Ashton Carter said.

"The United States is working very hard on changing India's status in the US export system which is also somewhat outdated," he said in response to a question on what was expected from Prime Minister Narendra Modi's visit to the US next week.

Uttar Pradesh Chief Minister Akhilesh Yadav on Friday admitted that there were "some lapses" on the part of administration and intelligence network that led to Mathura incident.

"There were some lapses. Police should have gone with full preparation and after holding talks, but there was no information that they would be having so much (arms and ammunition)," Akhilesh told reporters on the sidelines of a programme. He said DGP, ADG and Principal Secretary (Home) were camping there to restore normalcy.

Reliance Industries has restarted its purified terephthalic acid (PTA) plants and is ramping up production to full capacity at Dahej, the company said in a statement. The PTA plants had been shut for a brief period owing to increased water salinity.

"Reliance Industries ensured PTA supplies to downstream customers from its Hazira and Patalganga plants during the brief shutdown at Dahej. Now, the customers will be getting PTA from all three locations," a company spokesperson said.

Bangalore: Micromax Informatics Ltd. has become the latest Asian smartphone company to broadcast its global ambitions. The Indian company known for cut-rate phones and a frenetic pace of new-model launches is evaluating an entry into several overseas markets including China, en route to becoming a top-five player internationally.

While India’s smartphone market remains relatively under-penetrated, Micromax co-founder Vikas Jain said prices were “headed south” because of an influx of foreign competition. But it’s sticking to its plan of becoming one of the world’s five biggest sellers — a goal that would entail a presence in major markets like China.

National Highways Authority of India (NHAI) may take back three stranded road assets worth over Rs 2,100 crore in southern India. A senior NHAI official confirmed to FE that the authority is in talks with the concessionaires to take back the assets, though no settlements on their claims have been arrived at. Two concessionaires — Larsen & Toubro and MEP Infrastructure Developers — have terminated the concessions at their end.

Idea Cellular has dipped 9% to Rs 108 on the National Stock Exchange (NSE) after more than 3% of total equity worth of around Rs 1,400 crore of telecom services company changed hands via multiple block deals.

At 09:15 AM, about 133.27 million shares representing 3.7% of equity of Idea Cellular changed hands, the NSE data shows.

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