Mumbai: Axis Bank Ltd on Tuesday reported a drop in net profit for the quarter ended 31 March, the first in 46 quarters, as it set aside more money against bad loans and made a contingency provision of Rs.300 crore.

Net profit fell 1.22% to Rs.2,154.28 crore in the fiscal fourth quarter from Rs.2,180.59 crore a year ago.

NEW DELHI: Prime Minister Narendra Modi has virtually turned Air India One into a flying PMO. While he is known to work and hold meetings on its long flights, the teetotaller PM has ensured that everyone else on board does so too by not allowing any liquor to be served on the aircraft. "Liquor is simply not served on the PM's flights," said a highly placed source.

The service tax department of Mumbai has slapped a Rs 75 crore tax demand notice on the Securities and Exchange Board of India (Sebi) after getting nod from the finance ministry and the Central Board of Excise and Customs (CBEC).

In the first week of April, the service tax department had issued a showcause notice to the market regulator. The demand notice is for the period from July 1, 2012, to March 31, 2015.

In a bid to ease claim settlement like PF withdrawals, retirement fund body EPFO has planned to make Aadhaar as primary identifier for settling Aadhaar-seeded PF accounts without employers' attestation.

This is part of Employees Provident Fund Organisation's (EPFO) special drive to consolidate multiple accounts of an employee.

The plan to expand the Food Safety and Standards Authority of India (FSSAI) is proposed to be shelved by the government. In 2014, the government had mooted a draft cabinet note for a Rs 1,750 crore-central scheme for strengthening of FSSAI, e-governance, food safety surveillance and expansion of states’ capacity.

In contrast, a note written by the chairperson of FSSAI, Ashish Bahuguna on January 6, this year to his staff has suggested that the FSSAI would wind up its regional offices and leave enforcement of safety laws to state governments.

Shares of oil companies were trading higher by up to 4% after crude oil prices hit 2016 highs on Tuesday. Oil & Natural Gas Corporation (ONGC) has gained 4% to 222, followed by Oil India (3% at Rs 328), and Cairn India (2% at Rs 148) on BSE.

Crude oil prices hit 2016 highs on Tuesday on the back of a rally in the gasoline market and after an industry group reported a surprise draw in U.S. crude stockpiles, according to a Reuters report.

Maruti Suzuki shares surged as much as 4.20 per cent on Tuesday despite posting 11.7 per cent decline in net profit to Rs 1,133.6 crore for the fourth quarter ended March 31. Share price of the company surged after the automaker posted better-than-expected margins for the quarter ended March 2016.

At 1.43 pm, Share price of the company was trading 3.59 per cent up at Rs 3868.40. The scrip opened at Rs 3868.40 and has touched a high and low of Rs 3891.25 and Rs 3691.00, respectively, in trade so far.

Banking shares were in focus and trading higher in the range of 1%-4%, with the IndusInd Bank and Yes Bank touching their respective 52-week highs on the National Stock Exchange (NSE).

IndusInd Bank, Canara Bank, Yes Bank, Kotak Mahindra Bank, Bank of Baroda and HDFC Bank were trading higher by more than 2% each, while State Bank of India (SBI), Federal Bank, Axis Bank and Punjab National Bank up 1%-2% on the NSE.

Air India, which has seen its operating loss fall consistently in the past few years, expects to post a "modest operating profit" for the just- concluded fiscal, Union Minister Mahesh Sharma said today.

The national carrier is implementing a turnaround plan under which it is to get an equity infusion of Rs 30,231 crore up to 2021 subject to achieving certain milestones as laid out in the plan.

Mumbai, April 25: The shares of Reliance Industries Ltd (RIL) today fell more than 2 per cent owing to apprehensions over higher capital expenditure and delay in the commercial launch of 4G services through Reliance Jio Infocomm.

On the BSE, the RIL shares finished with losses of 2.18 per cent, or Rs 22.60, at Rs 1,016.16.

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