The BSE Sensex and NSE Nifty slid nearly 1 per cent on Thursday as investors continued to book profit in the recent outperformers ahead of result season which is expected to remain weak. Sentiments also remained under pressure after data showed that foreign institutional investors sold shares worth Rs 493.56 crore on Wednesday. Sensex closed 215 points down at 24,685.42, while Nifty 50 settled 67.90 points down at 7,546.45.

Infosys shares on Thursday hit a three-week low after a huge block deal was done in the subsidiary market after reports emerged only 23.57% promoter votes were cast in the favour of re-appointing CEO Vishal Sikka.

Around 56.7 lakh equity shares of Infosys have changed hands in six block deals, according to a Bloomberg report. The details of the buyers and sellers have not been reported currently.

Bajaj Auto on Thursday said it expects to export 10,000 units of its quadricycle Qute in the ongoing fiscal even as the mini four-wheeler awaits clearance for sale in India.

The company had introduced Qute in October and exported a total of 334 units to 19 markets including Turkey, Russia, Indonesia and Peru in 2015-16, Bajaj Auto President Business Development and Assurance S Ravikumar said in a statement.

Telecom operator Reliance Communications will upgrade all its CDMA customers to 4G network in a phased manner, starting May 4.

"RCoM has informed DoT that it will be upgrading its network from CDMA to LTE (4G) technology using the liberalised 800 Mhz spectrum. It will roll out LTE services progressively in these service areas from May 4," an official source told PTI.

Bharat Heavy Electricals Limited (BHEL) has moved higher by 5% to Rs 120, bouncing back 6% from intra-day’s low on BSE, as the company is likely to post net profit of around Rs 400 crore in January-March (Q4FY16) after reporting a net loss in previous two quarters.

BHEL said that it has posted a net loss of Rs 877 crore for the year ended March 31, 2016 (FY16) as compared to net profit of Rs 1,419 crore in previous year, as per provisional data provided by the company to exchanges.

N R N Murthy, co-founder Infosys, may have stirred up a hornet's nest by saying Indian IT firms behave like immigration agents, but the model that he claims he created to be less dependent on visa's did not yield the desired results at Infosys, say industry sources.

In 2010, Infosys, India's second largest IT services provider, had started experimenting with a model called 'extreme offshore'. This was to help Infosys reduce its dependence on H1 and L1 visas.

Vijay Mallya’s Rs 4,000-crore repayment plan was rejected by the banks on Thursday, stating that they cannot forego the principal amount.

The 17-bank consortium told the Supreme Court, which had asked it to reply on the offer a week ago that the offer was unacceptable. They further informed the court that a modified version of proposal was received from Mallya last evening. The said proposal was also rejected by the lenders.

After a steady increase in bad loans, India’s largest private sector lender ICICI Bank has decided to tighten its corporate lending growth and apply breaks on growing its corporate books.

According to a presentation made to investors in March, the bank has decided to limit the growth in corporate loans (including international) to about 10 per cent year-on-year (y-o-y). This comes at a time when after several quarters of single-digit growth in corporate book, the bank had finally begun to see an uptick in corporate loans. Among private-sector lenders, ICICI Bank has the largest corporate loan book, which at the end of the quarter ended December 2015 was at 28.8 per cent out of the Rs 4,34,800-crore loan book.

Helped by a record coal production by the world’s largest coal miner Coal India Ltd (CIL), India reduced its import bill of the dry fuel by more than Rs 28,000 crore in the last fiscal.

“Record coal production by CIL leads to a reduction in import by 34.26 million tonnes (MT). Results in a saving of Rs 28,070 crore in foreign exchange during 2015-16,” Coal Secretary Anil Swarup said in a tweet.

The Government of India’s plan to help public sector banks (PSB) make a fresh start is well intentioned, but could face road blocks created by its own past rules and regulations. Replenishing lost capital is necessary, but it comes with several constraints, says a report by proxy advisory firm Institutional Investor Advisory Services (IiAS).

According to the Indradhanush scheme, banks need Rs 1.8 lakh crore in the next four years to become well-capitalized, of which the budgetary allocation for support is only Rs 70,000 crore – banks will need to raise the remaining Rs 1.1 lakh crore from the market by FY2019.

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