NEW DELHI: Mahindra & Mahindra (M&M) has firmed up plans to invest around Rs 1,000 crore in developing petrol engines over the next two to three years. The company is working on developing new petrol engines (1.5 litre and 1.6 litre) in-house and a 2.2-litre petrol engine in collaboration with Korean subsidiary SsangYong Motor Company (SMC).

Apart from joint engine development, M&M Executive Director Pawan Goenka said the company is also reviewing opportunities to share platforms with SMC.

Venezuela's state oil company PDVSA is about to clinch a deal for Oil and Natural Gas Corp (ONGC) to invest some $500 million in their San Cristobal joint venture, the South American company's president said on Tuesday.

"We're about to firm up ONGC's financing to the joint venture we have in the San Cristobal field," Eulogio Del Pino, who is also Venezuela's Oil Minister, told Reuters.

New Delhi: President Pranab Mukherjee on Tuesday said Parliament is a place for “debate and discussions” and not for “disruption or obstruction”. Addressing the joint session of both Houses of Parliament on Tuesday, Mukherjee set the tone for the upcoming Budget session by listing out the broad initiatives taken by the Union government and objectives for the coming year.

The Budget session, which began on Tuesday, has started on a note where the opposition parties have set conditions of discussing issues like the ongoing Jawaharlal Nehru University (JNU) row and the Hyderabad Central University row before the legislative business is taken up.

The Reserve Bank of India Tuesday fixed the reference rate of the rupee at 68.64 against the US dollar and 75.76 for the euro.

These rates were 68.55 and 76.19, respectively, yesterday.

Mumbai, Feb. 22: The National Stock Exchange (NSE) today rejigged its benchmark index to bring in some new scrips, while restructuring its broad market indices.

The semi-annual review of the Nifty 50 index decided to include Aurobindo Pharma, Eicher Motors, Bharti Infratel and Differential Voting Rights (DVRs) of Tata Motors in the index. These securities will replace Cairn India, Punjab National Bank and Vedanta.

Hyderabad: Infosys Ltd, the second biggest information technology (IT) firm in the country, is embracing automation and futuristic technologies such as virtual reality and assisted driving to innovate itself at a time when the industry is going through a major digital transformation.

By deploying fewer employees on projects that could be automated, Vishal Sikka, chief executive officer of Infosys, hopes to increase the revenue per employee from around $50,000 currently to $80,000 by 2020.

Close to a third of Punjab National Bank’s gross non-performing assets (NPAs) of Rs 34,338 crore have resulted from wilful defaults, the lender has said. Of this amount of Rs 10,869 crore, the top 10 wilful defaulters together owe the New Delhi-headquartered bank Rs 3,554 crore.

As at the end December last year, PNB had identified 904 companies as being wilful defaulters and filed cases against some of them. The number at the end of September 2015 was 764 companies and the value of unpaid loans then was Rs 9,204 crore.

Sector regulator Trai has put forth recommendations to the Department of Telecom (DoT) to allow electronic KYC of Aadhaar as one of the valid documents for getting a new mobile connection.

The Authority sent the recommendations around 15 days ago after taking on board the views of the Solicitor General and the Attorney General.

State-owned Coal India Ltd's (CIL) supply of coal to the power sector increased by 6.7% to 336 million tonnes during the first 10 months of the ongoing fiscal amid the government aiming to provide round the clock electricity.

The company, which accounts for over 80% of the domestic coal production had dispatched 314.84 million tonnes (MT) of the dry fuel in the April-January period of the previous fiscal, the official data showed.

TVS Motor company is expecting 16% market share in the two-wheeler segment next year, helped by robust sales of the newly-launched TVS Victor motorcycle.

The company, having 14% market share in the segment, is targeting to sell 25,000 units of TVS Victor per month this year. The motorcycle was relaunched in January after being discontinued in 2007.

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