Reserve Bank of India (RBI) Governor Raghuram Rajan ​in a stern message to wilful defaulters on Friday said rich businesses owing large sums to banks should behave and not flaunt "massive birthday bashes" while still in serious debt.

In a reply to a question that India has borrowers too big to repossess, he said, "we are trying to change that. Let me emphasise that this is not about big businesses, not about rich people. This is not Robin Hood issue. This is an issue about the wrong doer amongst the community, who had raised the cost of borrowing for everybody."

Cigarette-to-hotel major ITC’s October-December earnings missed analysts’ expectations, with its net profit rising marginally. The net rose by only 0.7 per cent to Rs 2,652.82 crore, against Rs 2,635 crore in the same quarter of the year-ago period.

ITC attributed the performance to severe pressure on cigarette volumes, lack of trading opportunities in agri-commodities and a weak demand prevailing in the fast-moving consumer goods (FMCG) industry.

Sports utility vehicle market leader Mahindra & Mahindra launched a sub-2,000cc diesel engine that will allow it to sell its Scorpio and XUV500 models in Delhi and the surrounding region, a little over a month after the Supreme Court banned its sales there.

The court had banned sales of all vehicles having diesel engines more than 2,000cc till end-March 2016, on a public interest suit over rising pollution in the capital.

In a bid to increase sales of its premium smartphones, the country’s largest mobile handset company, Samsung, will focus on bringing in more variants of its established brands and models, such as Galaxy S6, S6 Edge, S6 Edge+ and Note 5 in 2016. Consumers may expect more India specific innovations from the Korean major in the sub-Rs 15,000 category too, in the coming months. The moves will help the company stay future ready, Manu Sharma, director, marketing, IT and mobile, Samsung India said.

Increasing pressure and entry of Chinese companies on a regular basis in the domestic market has taken a toll on the share of major players already. A fleet of premium smartphone (above Rs 30,000) launches during 2015 has increased competition in the segment as well.

Ahead of the Republic day, police on Friday arrested at least 14 alleged ISIS 'sympathisers' from across the country.

The arrests were made in Karnataka, Hyderabad, Maharashtra and Uttar Pradesh by National Investigation Agency (NIA) and state police forces.

After its information technology (IT) services business, engineering and construction major Larsen & Toubro (L&T) has set the ball rolling to take its fully-owned subsidiary L&T Technology Services public, by elevating its chief executive and expanding its board of directors.

L&T Technology Services, which provides engineering and R&D services to global corporates in diverse sectors, such as aerospace and defence, has elevated its Chief Executive Keshab Panda as the CEO & MD apart from inducting Kumar Prabhas, its chief operating officer (COO) to the board as an executive director. Panda who joined L&T in 2009 from Tech Mahindra (formerly Mahindra Satyam) as Head of Americas, was until recently heading L&D Technology as the Chief Executive.

Bangladesh, Bhutan, India and Nepal have agreed to begin discussions on the possibility of having a rail network connecting the four SAARC countries to improve connectivity and regional trade.

The discussions were held during the two-day third Joint Working Group (JWG) meetings on Sub-Regional Cooperation on Water Resources Management and Power/Hydropower and on Connectivity and Transit that ended on Wednesday.

Rating agency Moody's today placed ONGC, ONGC Videsh and Oil India on review for downgrade as petroleum industry grapples with weaker fundamentals on sharp fall in oil prices.

A big oil prices has put oil exploration and production (E&P) companies and integrated oil companies world-over in a tight spot.

Idea Cellular has dipped 5% to Rs 108, also its 52-week low on the BSE in otherwise firm market after the company reported a consolidated net profit of Rs 764 crore against an average analysts estimate of Rs 776 crore for the quarter ended December 2015 (Q3FY16).

The company had profit of Rs 767 crore in the same quarter year ago and Rs 809 crore in previous quarter.

The government will pay banks a 2.5% commission to unlock the country’s massive stash of gold under a new monetisation scheme, the RBI said, as the ambitious plan received a poor response from banks and customers.

Prime Minister Narendra Modi launched the Gold Monetisation Scheme on November 5 to lure an estimated 20,000 tonnes of gold hoarded in households and temples into the banking system and trim the import bill of the world’s second-biggest gold consumer after China.

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