Cigarettes-to-hotel major ITC on Friday reported a 5.67% year-on-year rise in its standalone net profit to R2495.20 crore for the quarter ending March 31, 2016, from R2361.18 crore for the year-ago period as higher taxes and regulatory pressures impacted its cigarettes business and weak demand conditions prevailed in FMCG industry.

Beating street expectations, the Kolkata-based conglomerate posted 9.5% y-o-y growth in net sales at R10062.38 crore in the March quarter last fiscal as against R9188.25 crore during the corresponding period previous fiscal.

NEW DELHI: Close on the heels of the budget carriers rolling out low fares, Government-run Air India has also launched a limited period super sale scheme, offering customers all-inclusive ticket prices starting as low as Rs 1,499 on its domestic network.

The tickets under the 'super sale offer' can be booked between today and May 25 for a travel period between July and September 30, Air India said.

Automaker Ford India is recalling 48,700 units of its compact sports utility vehicle EcoSport to rectify faulty fuel and brake lines as well as rear seat backrest.

"Ford India is issuing two voluntary safety recalls to correct potential concerns with certain Ford EcoSport vehicles," Ford India said in a statement.

MUMBAI: Market benchmark Sensex recovered over 99 points and its NSE counterpart Nifty retook the 7,800-mark in early session on Friday on a fresh spell of buying in select blue-chips even as regulator Sebi tightened its guidelines to check any misuse of P-Notes.

A firming trend in rest of Asia lifted sentiment here, brokers said.

MUMBAI: Refusing to share the euphoria of BJP over the assembly poll results, Shiv Sena on Friday said "Modi magic" did not work in West Bengal and Tamil Nadu though the saffron party could capture power in Assam.

"We have to unfortunately say that the Modi magic did not work and the BJP could not win in West Bengal and Tamil Nadu by dethroning regional parties easily," Sena's mouthpiece 'Saamana' said in an editorial.

ONGC Videsh Ltd has taken a bridge loan of USD 1.2 billion from a group of foreign banks at a highly competitive rate of about 1.3 per cent to fund its acquisition of 15 per cent stake in Russia’s second biggest oil field of Vankor.

Banks including Citi, DBS, Mizuho, Standard Chartered and Sumitomo Mitsui Banking Corp have given a nine-month loan to OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), at an interest rate of Libor plus 83 basis points, sources privy to the development said.

The massive Rs 5,367 crore loss registered by Punjab National Bank (PNB) for the quarter-ended March 31, 2016, the largest ever loss by an Indian bank, has come as a shocker to former chairmen-and-managing-director of the bank.

Two former CMDs of PNB, S S Kohli and S C Gupta, who led the bank for a seven-year period starting 2000, told FeMoney that the extent of loss was beyond their imagination. They suggested the bank should work out a concerted medium-term plan to extricate itself out of the slump.

BENGALURU: World Bank arm International Finance Corporation ( IFC ) is looking to invest $68 million or Rs 460 crore in Apollo Health & Lifestyle Limited, which runs the hospital chains small format centers. The proposed investment is part of the overall raise by the unit of $135 million or Rs 900 crore.

"IFC is considering an equity investment of approximately $68 million, including approximately $34 million for its own account and approximately $34 million for IFC's Asset Management Company," the investment firm said in a disclosure on its website.

Nearly 50,000 employees of five associate banks of State Bank of India have gone on a day-long nationwide strike today to protest the proposed merger with their parent bank.

The employees of all the associate banks of SBI are protesting under the banner of All India Bank Employees Association (AIBEA).

Tata Motors plans to raise Rs 300 crore through issuance of second series of non-convertible debentures (NCDs) to bankroll its expansion plan.

The fund-raising is part of the company's plan to mop up Rs 4,400 crore through issuance of NCDs in one or more tranches on a private placement basis.

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