Markets have turned range bound and are hovering near the flat line amid thin volumes.

By 11:35 am, the S&P BSE Sensex was trading lower by 6 points at 26,075 and Nifty50 was flat at 7,929.

Gujarat Venture Finance Ltd. (GVFL) has received SEBI approval for its eighth fund, looking at raising $37.9 million from financial institutions and expects to close at around $19-20 million by March 2016. The firm has received commitments from institutions like LIC, SIDBI, Bank of Baroda etc.

As per a DealStreetAsia report, the fund is targeting a final close by December 2016 and it will start investing in startups with a ticket size of nearly $750,000-4 million per deal. It plans to invest in Series A and seed stage rounds in Indian technology-enabled segments like edtech, fintech, electronics, communication, healthcare, hyperlocal delivery, logistics, agritech and Internet of Things.

NEW DELHI: State-run Bharat Heavy Electricals Ltd (BHEL) has commissioned a 660 MW unit of Prayagraj Super Thermal Power Project at Bara in Uttar Pradesh.

"The unit has been commissioned at the upcoming 3x660 MW Prayagraj Super Thermal Power Project (STPP) at Bara in Allahabad district of Uttar Pradesh", BHEL said in statement today.

NEW YORK/LONDON: Gold fell on Monday in line with a retreat in oil prices, giving up some of last week's gains, but moves were range bound in thin liquidity in a holiday-shortened week.

Gold rose nearly 1 per cent during Christmas week, but remains on track to fall for a sixth successive quarter, its longest run of quarterly losses since the mid-1970s. It is down nearly 10 per cent this year.

MUMBAI: HDFC Bank, the country's second-largest private sector lender, has cut its base rate by 5 bps to 9.3% bringing its rate at par with State Bank of India. The latest rate cut is effective from January 4, 2016.

HDFC Bank has reduced its base rate by 70 basis points since April. The bank had slashed its base rate by a steep 35 bps in September. It had also cut this rate by 15 basis points twice, in April and June.

Vadodara: The All India Bank Employees’ Association (AIBEA) has called for a one-day nation-wide strike on 8 January in protest against violation of employees service agreements by the five associate banks of the State Bank of India (SBI).

SBI has five associate banks—State Bank of Travancore, State Bank of Mysore, State Bank of Patiala, State Bank of Hyderabad, and State Bank of Bikaner and Jaipur.

KOLKATA: ITC has made top-level management changes in its hotel business as part of the ongoing succession planning process. The conglomerate, which runs the country's second-largest hotel chain, has appointed hotel business chief operating officer Dipak Haksar as the unit's chief executive. Ranvir Bhandari, the division's vice-president, operations, will replace Haksar. With this, ITC executive director Nakul Anand (59), who was CEO of the hotel business till recently, will continue as director in a supervisory role. Haksar (58) and Bhandari (55) will be responsible for expansion and management of both ITC and WelcomHotels brands and will report to Anand.

Infosys on Tuesday said that the company will soon inaugurate its largest campus in the country, with the capacity of seating 25,000 people, in Pocharam, Hyderabad.

Soon after, the company, in a post on the official website, has said that this campus will be India's first fully solar-powered corporate unit thanks to "the launch of its solar PV power plant of 6.6 MW capacity at Pocharam in the state of Telangana."

Markets have turned range bound in the morning trades amid absence of any fresh triggers as traders maintained a cautious stance ahead of the expiry of December F&O contracts.

At 11:45am, benchmark indices were showing a divergent trend with S&P BSE Sensex up 13 points at 26,048 and Nifty50 down 6 points at 7,918.

Taxpayers with annual income more than Rs 10 lakh will not get subsidised cooking gas (LPG) from next month.

At present, all households are entitled to get 12 cylinders of 14.2-kg each at a subsidised rate of Rs 419.26, while the market price is Rs 608. The government had asked well-off people to voluntarily give up subsidised LPG, and buy cooking fuel at the market price.

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