German luxury car maker Mercedes-Benz today launched limited edition of Edition E in the E-Class series.

The series will be priced at Rs 48.60 lakh. The announcement is part of Mercedes' celebration of 20 years in India.

MUMBAI: GMR Infrastructure got a big relief in its ongoing arbitration in Maldives after the tribunal there ruled that the damages to be paid by the government of the country and Maldives Airport Company for dismissing the company from running the Male airport will also include sums owed to Axis Bank Singapore for the project.

In 2012, by the government of Maldives and Maldives Airport Company terminated the concession agreement with GMR Infrastructure's arm GMR Male International Airport (GMIAL) alleging that it was void ab initio and initiated an international arbitration.

NEW DELHI: Loans worth Rs 11,700 crore given by State Bank of India have been locked up as non-performing assets as nearly 1,160 defaulters have willfully decided not to repay.

The bank had identified 1,164 cases of wilful default with outstanding loan amount of Rs 11,705 crore, as on September 2015, as per data collated by the Finance Ministry.

MUMBAI: Ending a four-day rising streak, market benchmark Sensex on Tuesday tanked 379 points amid foreign institutions selling heavily and domestic investors staying on the sidelines on concerns about rising bad debt and lack of clarity on fiscal consolidation road map ahead of the Budget.

Traders said that shifting of capital towards state-run NTPC's Rs 5,030-crore share sale added to the selling pressure in the broader markets while global cues were also negative on renewed weakness in crude oil.

Mumbai, Feb. 23: State-owned IDBI Bank has received a green signal from market regulator Sebi to raise up to Rs 3,771 crore through a qualified institutional placement issue.

The Centre has given its approval to the issue, which will dilute its holding in the lender. At present, the government's stake in the bank is 80.16 per cent.

Mumbai, Feb. 23: Kotak Mahindra Bank is picking up a 19.90 per cent stake in Airtel M Commerce Services Ltd (AMSL) for Rs 98.38 crore.

AMSL has got in-principle approval from the Reserve Bank to convert into a payments bank.

Infosys Ltd’s chief executive officer Vishal Sikka has told employees he wants to grow revenue by 16% in 2016-17. That’s materially higher than lobby group Nasscom’s estimate that the industry will grow 10-12% in FY17. But investors shrugged off Sikka’s statement; Infosys shares have been flat in the past two trading sessions.

Internal targets are materially different from a guidance given to investors. An analyst at a multinational brokerage says that Sikka’s statement to employees sounds like good intentions more than anything else.

Oil prices fell further in Asia today after OPEC kingpin Saudi Arabia shut the door on an output cut to ease the global crude supply glut, touting only a freeze in production.

Traders were cautious ahead of the release later today of data on US commercial crude stockpiles which have been rising for weeks, indicating softer demand in the world’s top energy consumer.

Ahead of the Railway Budget, industry body Assocham on Tuesday asked Railway Minister Suresh Prabhu to muster political courage and go in for a hike in the passenger fares, saying they have been kept low at the cost of freight traffic.

“There is lack of political will to raise passenger fares even though the reluctance is not shared by passengers, who would be willing to pay more provided the hike is accompanied by better services including timely arrival of trains, cleanliness at stations, safety and improvement in food,” the chamber said a memorandum to the Railway Minister.

With Life Insurance Corporation having subscribed to around 41% of NTPC’s issue of shares on Tuesday, the power producer’s offer for sale (OFS) sailed through attracting a total subscription of 1.8 times. The 32.98 crore shares reserved for institutional investors attracted a subscription of 57.4 crore shares, according to the BSE.

Disinvestment secretary Neeraj Gupta said foreign portfolio investors had bid for Rs 925.45 crore worth of shares. This would amount to about 12.7% of the total subscription received on Tuesday.

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