Navin Jindal-promoted Jindal Steel and Power (JSPL) has slapped a Rs 123-crore notice on the state-run power equipment maker BHEL, citing delays in execution of projects at two units of JSPL’s 2,400 MW coal-based plant at Tamnar in Chhattisgarh. JSPL invoked the contractual clause titled ‘liquidated damages’.

BHEL is executing the boiler, turbine and generator (BTG) packages for all the four units of the plant. While it commissioned the first and fourth units on schedule, there were delays of four and eight months respectively in case of the second and third units.

MUMBAI: The Reserve Bank of India has rejected bankers' demand to defer the operationalisation of MCLR, or marginal cost of funds based lending, even as many lenders said that they are not ready to adopt the system. The new system will be operational from April 1 and many banks fear that their margins will be hit if the new method is implemented, while others said that the cost of lending could also go up.

In a closed-door meeting held recently between senior RBI and bank officials, the central bank told lenders that it doesn't want to extend the deadline since it was conveyed to them in December itself.

Banking shares mainly public sector banks (PSB) were trading higher on the bourses in early morning trade after the government announced a steep cut in interest rates on small savings schemes.

State Bank of India (SBI), Punjab National Bank (PNB), IDBI Bank, Oriental Bank of Commerce, Allahabad Bank, Bank of India and Bank of Baroda were up more than 1% each on the National Stock Exchange (NSE).

Mumbai: The Indian rupee closed stronger against the US dollar for the third consecutive session against the US dollar, supported by expectations that foreign portfolio investors (FPI) would continue to buy domestic equities.

The home currency closed at 66.51, a last level seen on 1 January, up 0.36%, from its previous close of 66.75. The currency had opened at 66.62 per dollar and touched a high of 66.50—a level last seen on 5 January. The rupee closed stronger for the third consecutive week and has gained 3.2% from 26 February till date.

Mumbai: Two Indians are among the 62 people killed after a passenger airline crashed and caught fire early on Saturday while landing on its second attempt in strong winds at Rostov-on-Don airport in Russia.

Dubai’s airline firm flydubai’s Boeing 737-800 aircraft had departed Dubai International at 18.20GMT on 18 March and was due to arrive that evening at 22.40 GMT.

Mumbai: Indian stocks advanced to a 10-week high, with the benchmark gauge capping a third week of gain, as risk appetite returned to developing markets after global central banks indicated a willingness to continue measures to support growth and stabilize markets.

Tata Consultancy Services Ltd (TCS), the largest software exporter, surged to its highest price this year. Bharat Heavy Electricals Ltd (Bhel), India’s biggest power-equipment maker, rose for a fifth day to become the best performer on the S&P BSE Sensex this week. The stretch of gains was the longest since July. GAIL India Ltd climbed to a six-week high.

New Delhi: Indian economy cannot progress without better farm incomes and higher rural spending, Prime Minister Narendra Modi told a gathering of farmers, scientists and officials on Saturday.

Centre and states together with farmers must strive to double farm incomes by 2022- the 75th year of India’s independence- and this year’s budget has initiated this journey, Modi said. He added that schemes for restoring soil health, irrigation, electronic marketing and crop insurance will fulfil this dream.

President Pranab Mukherjee on Thursday announced online ecosystem platform ‘SIDBI Startup Mitra’. This scheme will be controlled and funded by the state governments to empower the startup culture in their respective states.

This mission is closely associated with central government’s objective of forging innovation led growth through various schemes like startup action plan and Atal Innovation Mission, President stated.

Mutual fund investors will soon be able to know the quantum of commission paid by the fund houses to the distributors as well as salaries drawn by the top brass of the asset management companies (AMCs).

The Securities and Exchange Board of India (SEBI), tightening the disclosure norms for mutual fund houses, directed the entities to make the disclosures a part of the consolidated account statement (CAS) sent to all mutual fund investors.

MUMBAI: Axis Bank, India's third largest private sector lender, has provided seed funding of Rs 10 lakh to the students of Indian Institute of Foreign Trade, the winners of the inter-campus online gamified competition 'Axis Moves' it has launched in leading B-schools in a bid to bolster entrepreneurship across the country. The winning ideas will be executed by the Axis Bank Foundation and a partner non-governmental organisation.

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