The Association of Mutual Funds in India (Amfi), in a board meeting on Friday, decided on a response on behalf of all members to State Bank of India (SBI’s) letter to some fund houses for a compensation policy in case of a default.

Sources said the response will be made by Amfi's committee on valuation, headed by DSP BlackRock MF's president, Sundaresan Naganath.

The country's telecom regulator on Friday asked companies to pay a compensation of Rs 1 for up to three call drops per user per day. The move has disappointed the telecom industry and operators are believed to be exploring a legal action.

Cellular Operators Association of India (COAI) Director General Rajan S Mathews said the regulation could force telcos to shell out as much as Rs 150 crore every day, even if half of the mobile subscribers face call drops and that needs to be compensated.

New Delhi: Prime Minister Narendra Modi will make a series of “very important” announcements to promote startups in the country in December, minister of state for finance Jayant Sinha said on Saturday in New Delhi.

In his Independence Day speech, Modi had announced a new campaign ‘Startup India; Stand up India’ to promote bank financing for startups and offer incentives to boost entrepreneurship and job creation in the country. “... in early to mid-December the prime minister is going to make a series of very important announcements on Startup India where we will bring together the work that we are doing and make some important announcements about how we are going to take forward India’s entrepreneurial ecosystem,” Sinha said.

Mumbai: Fag-end buying saved the day for domestic market as the BSE Sensex reversed all of its early losses and settle 204.46 points higher at 27,214.60, tracking firm global cues, while Nifty reclaimed the 8,200-level.

In early trade, the 30-share Sensex cracked below the 27,000-mark by dropping 93 points to hit a low of 26,917.12 as investors booked profits in recent gainers after the country’s exports in September dropped for the tenth straight month.

Country's largest car maker Maruti Suzuki India will launch premium hatchback Baleno next week, which will be exported to over hundred countries as a 'Made-in-India' car.

"We showcased the car in Frankfurt motor show. By October 26, we will be launching it in India not only to domestic market but also to over hundred foreign markets", Maruti Suzuki India Executive Director R S Kalsi told reporters.

Benchmark shares indices rebounded in last two trading sessions, amid a rallly in global stocks, to end higher for the third straight week on expectations that the US Federal Reserve won't raise interest rates soon. Banks which are a proxy to the economy led the gains amid strong August IIP data while auto stocks rallied on hopes of higher demand in the festive season even as IT majors declined post their earnings announcement.

In the week to October 16, the 30-share Sensex ended up 0.5% at 27,215 and the 50-share Nifty ended up 0.6% at 8,238.

State-owned Oil and Natural Gas Corporation (ONGC) will have no claims to make for natural gas migrating from its block to neighbouring contiguous fields of Reliance Industries in Bay of Bengal after all expenses are accounted for, the private firm said on Friday.

In a communication to employees, RIL said it has “scrupulously followed every aspect of the production sharing contract and has confined its petroleum operations within the (boundaries of its) KG-D6 Block” in the Krishna-Godavari basin.

Mahindra & Mahindra on Friday unveiled two vehicles from a new product platform, Supro. The company, a part of the $16.9-billion Mahindra Group, launched the Supro Van, an eight-seater diesel passenger vehicle, and the Supro Maxitruck, a load carrier with a payload capacity of one tonne.

Speaking at the launch, Pravin Shah, president and chief executive (automotive), Mahindra & Mahindra, said, “A true ‘Make-in-India’ vehicle platform, both the vehicles are all set to redefine their respective categories.

Former Chief Financial Officer (CFO) of IT major Infosys Ltd, V Balakrishnan today joined city-based digital consultancy firm Kaar Technologies as an Independent Director.

A veteran in the information technology sector, Balakrishnan would also head Audit Committee of Kaar Technologies, its Chairman and CEO Maran Nagarajan said.

The rupee weakened by 13 paise to 64.95 against the dollar at the Interbank Foreign Exchange in early trade today on demand of the US currency among importers amid shrinking exports in September.

The dollar was firm against major global currencies following stronger-than-expected US inflation data which dampened rupee sentiment, dealers said.

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