The record coal production last fiscal allowed public-sector behemoth Coal India to augment sales via the lucrative electronic auction route to firms with captive power plants and power generators. The rise in e-auction sales boosted the company’s annual sales by Rs 2,500 crore.

In FY16, CIL sold 58 million tonnes (mt) of coal under spot e-auction. While this was 11% higher compared to FY15, the company discovered 33% higher prices compared to the notified rate. The lower grade of coal, for example, is priced at Rs 800-1,000/tonne by the state-run miner for supplies to power developers with fuel supply agreement (FSA).

Suspecting serious lapses in financial dealings of various listed companies of Vijay Mallya-led UB Group, markets regulator Sebi has expanded its probe into possible siphoning off funds by the promoters.

The matter is also being flagged to other agencies and government departments, including the Corporate Affairs Ministry and its probe agency for white-collar crimes, SFIO (Serious Fraud Investigation Office), a senior official said.

India's first homegrown messaging app hike messenger will launch a "microapp" for users on the eve of Mother's Day.

Mother's Day falls on May 8 this year.

"This Mother's Day, hike wishes all the mothers and enables hikers to show their love for their moms," hike said in a statement on Saturday.

NEW DELHI: Markets regulator Sebi has ordered two Swar group companies and their directors to refund investors' money, which was raised through illegal investment schemes, in three months.

Besides, the firms -- Swar Agrotech India and Swar Agroteak and Housing (India) -- their directors are also barred from the capital market for four years.

New Delhi: Launching a scathing attack on the Modi government and Congress over the AgustaWestland chopper scam, Delhi chief minister Arvind Kejriwal on Saturday said Prime Minister Narendra Modi does not have “enough courage” to arrest Sonia Gandhi and that the two parties have an “alliance in corruption”.

Questioning the Congress on the issue of PM’s alleged “fake” degree, Kejriwal also said that the two parties had a “setting” that the BJP government will not arrest Gandhi in chopper scam and the Congress will not raise the matter of Modi’s educational qualification.

Mumbai: The Indian rupee on Friday closed unchanged against the US dollar, ahead of key US job data due later in the day.

The home currency closed at 66.56, unchanged from its previous close of 66.56. The rupee opened at 66.56 a dollar and touched a high and a low of 66.54 and 66.62, respectively.

Washington: The US economy added the fewest number of jobs in seven months in April and Americans dropped out of the labour force in droves, signs of weakness that cast doubts on whether the Federal Reserve will raise interest rates before the end of the year.

Nonfarm payrolls increased by 160,000 jobs last month as construction employment barely rose and the retail sector shed jobs, the labour department said on Friday. That was the smallest gain since September and below the first-quarter average job growth of 200,000.

Disclosures made in the 4-month compliance window beginning June 1 for domestic black money holders to come clean will be kept secret, according to an amendment to the Finance Bill 2016 approved by the Lok Sabha.

Finance Minister Arun Jaitley brought 21 amendments when he replied to the debate on the Finance Bill 2016 in the Lok Sabha yesterday. The Bill and the amendments were approved, making the culmination of the 3-stage budgetary process in the Lok Sabha. The Bill will now go to the Rajya Sabha.

A day after NTPC issued notices to Reliance Infra-run BSES discoms in Delhi regarding power cuts starting next week due to unpaid bills, the state transmission utility has directed the company to keep its regulation of power supply notice in abeyance in view of ‘imminent threat’ to the grid.

“We are bringing to the kind attention of NTPC that as per regulation 11(2) of the CERC regulations, the state load despatch centre (SLDC) may suspend the implementation of regulation of power supply if it results in danger to grid security,” the letter written to NTPC by SLDC said.

A day after Air India pilots threatened to go on strike over pending payments, the state-owned airline today paid the flying allowance and international layover subsistence allowance dues. With the outstanding payments being released by the management, the Indian Commercial Pilots Association (ICPA) decided not to resort to any industrial action as planned from May 10.

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