Mumbai: Indian Oil Corporation Ltd (IOC), Oil India Ltd and Bharat PetroResources Ltd (BPRL), a unit of Bharat Petroleum Corporation Ltd (BPCL), are together looking to raise $2 billion in debt to fund their purchase of stakes in two Russian fields, Vankorneft and Tass-Yuryakh, said four people aware of the development.

The Union Cabinet approved a scheme for BSNL employees which will ensure parity in pension between the serving and the retired staff.

“This decision will benefit over 1.18 lakh pensioners across India,” said Telecom and IT Minister Ravi Shankar Prasad on Tuesday following the Cabinet Meeting which approved pension revision for the public sector firm’s staff who retired prior to June 10, 2013.

Idea expects sufficient supply of spectrum to allow it to augment its holding when required. As regards the entry of RJio, Idea maintained that there is sufficient room for a fourth player, especially given the contraction in share of the peripheral operators.

Idea is expected to roll out a slew of digital content services to compete with the offerings of Bharti

SBI Capital Markets (SBI Caps) has sought proposals from chartered accountant firms to provide independent valuation and the swap ratio for the merger of State Bank of India (SBI)’s subsidiaries and Bharatiya Mahila Bank (BMB) with the parent bank.

According to a request for proposal, swap ratios have been sought for the listed subsidiaries – State Bank of Bikaner & Jaipur (SBBJ), State Bank of Mysore (SBM) and State Bank of Travancore (SBT) along with BMB.

MUMBAI: A consortium of 11 lenders led by Bank of Baroda has filed a complaint with the Economic Offences Wing against C Mahendra Exports for defrauding them by selling assets mortgaged with the banks. Collectively, the banks have an exposure of Rs 1,300 crore, including principle and penal interest, with the firm that manufactures and exports large diamonds.

NEW DELHI: Maruti Suzuki India today said its mid-sized sedan, Ciaz, has crossed the one lakh cumulative sales mark in the domestic market in June, nearly two years after its launch.

Launched in October 2014, Ciaz sold a total of 1,00,272 units till June 2016, Maruti Suzuki India (MSI) said in a statement.

Soon after filling up its coffers by offloading the shares of its subsidiaries, Coal India is set to make the government richer.

The state-owned mining major has decided to go for buyback of its shares and a meeting of the Board of directors has been convened on July 11 to take a final call, Coal India said on Tuesday.

Indian equity, debt and commodity markets are closed today on account of Id-Ul-Fitr (Ramzan Id).

On Tuesday, benchmark share indices snapped their six-day winning as investors booked profits tracking weakness in global stocks while degrowth in services PMI data also dampened sentiment.

The first-of-its-kind auction of properties undertaken by the Securities and Exchange Board of India (Sebi) to recover its dues from the Sahara group got underway this week.

"In the e-auction that began on Monday, the response of buyers was lukewarm. But, HDFC Realty closed a sale," said an official familiar with the sale process. The transaction fetched nearly Rs 58 crore, he added without disclosing the location of the property.

Axis Bank, the country’s third largest private sector lender, has got the approval of the Cabinet Committee on Economic Affairs (CCEA) to raise its foreign shareholding to 74 per cent from 62 per cent.

According to guidelines, foreign shareholding in a private bank cannot exceed 74 per cent. This 12 per cent hike of foreign shareholding is likely to bring in investments of Rs 13,000 crore.

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