After rationalising its workforce on performance review, L&T Finance Holdings Ltd plans to sell private equity and proprietary investments worth over Rs 800 crore to unlock value in current financial year.

It will also consolidate its retail financing business under one corporate body. At present the retail business, including the two-wheeler segment, is being managed through three entities. It expects to complete this during the next six months.

Titan Company on Friday after market hours reported lower-than-expected results for the fourth quarter ended March 2016. The company reported a fall of 14.4 per cent in net profit at Rs 184.11 crore for the quarter under review as compared to Rs 215.09 crore for the same quarter in the previous year.

Net sales decreased 1.51 per cent at Rs 2,437.15 crore for quarter under review as compared to Rs 2,474.43 crore for the quarter ended March 31, 2015.

Automobile manufacturer Volvo India is expecting its market in India to grow at around 25% this year, compared to the last year. The company said it has seen growth in 2015, after three years, and is looking to continue to grow in the near future.

Speaking to reporters on the sidelines of IQ Anniversary 2016 and National Business Excellence Conclave 2016, organised by the Confederation of Indian Industry (CII) Institute of Quality, Kamal Bali, managing director, Volvo India, said: "We are very glad that last year was a great year for the company, for the entire Volvo group globally as well as in India. We had a record performance. In the last five years, last year was our best year. In India also, we grew by close to 20-25%. This year, first quarter during January-March we are 20-25% more than last year."

At a time when banks are reeling under stressed assets, close to a dozen companies have applied to the Reserve Bank India (RBI) for licences to start asset reconstruction companies (ARCs), four people familiar with the development said. Applicants range from foreign distressed asset specialists to domestic investors with deep pockets.

India’s attempt to rid its banking sector of stressed loans is providing an opportunity for those with experience and the funds to turn around assets.

Snapping 3-month declining streak, passenger car sales in India rose 1.87 per cent in April on popular new models like Maruti Baleno and Renault Kwid, although a subdued rural market continued to affect the overall sentiment, as said by the Director General of Society of Indian Automobile Manufacturers (SIAM), Vishnu Mathur.

According to the data released by SIAM, domestic passenger car sales stood at 1,62,566 units in April as against 1,59,588 units in the same month last year.

Infosys Foundation, philanthropic arm of the IT major, has signed a pact with Indian Institute of Science Education and Research (IISER), Pune, to support students from economically weaker section to pursue 'high quality' education.

The Memorandum of Understanding (MoU) aims at providing opportunities for economically weaker students to pursue high quality science education and research through scholarships, fellowships and travel awards, Infosys said in a release.

Loss-making Air India Ltd is advancing its targets to turn profitable as it hopes cheaper fuel, an expanded fleet and greater efficiencies will help turn around the airline, two officials familiar with the development said. The state-run national flag carrier plans to induct 100 leased planes in the next four years, they said.

Merchant banker SBI Capital Markets Ltd (SBI Cap), in consultations with ministry of civil aviation, has revised Air India’s turnaround plan (TAP) and financial restructuring plan (FRP).

The central government-owned ONGC and the Gujarat government-owned GSPC are in advanced talks to negotiate the price at which ONGC will take a 50%+ stake in the latter’s 1,850 square kilometer KG Basin block,KG-OSN-2001/3, which is set to commence commercial production as early as next month. GSPC is the operator for the block and has an 80% share in the consortium.

Neither officials at ONGC nor the GSPC-consortium wished to comment on the contours of the likely sale. Nor did petroleum minister Dharmendra Pradhan.

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.

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