Having slapped orders against Sumangal Industries for running illicit money-pooling schemes, markets regulator Sebi today cautioned general public against any collective investment schemes run by the company and entities associated with it.

In a 'caution notice' issued today, Sebi said that it had passed an order in July 2013 against Sumangal Industries, wherein, the firm, its promoters/directors were directed to wind up the existing Collective Investment Schemes (CIS) and refund the money to investors within three months.

Axis Bank results have spooked the markets, not because of its numbers which were in line with analyst expectation but more on account of a sharp increase in impairments.

What has perturbed some analysts is that details of impairments were not provided in the profit and loss (P&L) account posted on the stock exchanges. Instead, a link in the auditor note was given to the bank's website where the details were mentioned.

Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market.

"We want to intensify our exploration activities," said Sahshi Shanker, director of technology and field services at ONGC.

Bangalore-based IT services provider Wipro today said that it has won a five-year IT contract from Coop Norge Handel AS (Coop Norge).

Coop Norge is a leading retailer in Norway, with a market share of 33% and over 1,500 stores.

Private sector lender Yes Bank today said it has started operations from its IFSC banking unit at the Gujarat International Finance Tec City (GIFT).

The bank in a regulatory filing said that "...Pursuant to the approval received from the Reserve Bank it has operationalised its IFSC Banking Unit in the GIFT City."

Mumbai: Axis Bank Ltd, India’s third largest private sector bank by assets, on Tuesday said its net profit for the September quarter rose 19% from a year ago due to higher net interest income and lower provisions.

Net profit for the quarter was at Rs.1,915.64 crore as compared to Rs.1,610.71 crore a year ago. A Bloomberg poll of 31 analysts had forecast a net profit of Rs.1,944.10 crore for the quarter.

Mumbai: Bajaj Auto Ltd has launched three new motorcycle models based on its Avenger platform as it seeks to resurrect its share in the competitive but slowing domestic motorcycle market.

The three new models include the Adventure Cruise and Street 220, priced at Rs.84,000 each and Street 150 priced at Rs.75,000. The Pune-based firm plans to introduce four models as part of a plan to capture 22% marketshare from the current 19% in the domestic motorcycle market, the company said at a press meet in Mumbai on Tuesday.

MUMBAI: Markets regulator Sebi is open to making changes in rules regulating innovative financial products, including exchange-traded funds, to spur their growth if market players and experts give their inputs, provided such rule changes are positive for investors.

"Based on inputs from experts or participants, if there is any need that further changes are required for rules and regulations of ETFs, Sebi will be more than willing to listen to you and incorporate those changes," Sebi chairman U K Sinha said.

TVS Logistics Services Ltd (TVSL), a subsidiary of Chennai-based TV Sundaram Iyengar and Sons Ltd, is planning to go public by 2016. The firm has met about five-to-six investment bankers and started talks over a possible initial public offering (IPO), according to two persons familiar with the plans. TVS Logistics provides supply chain management, inbound and outbound logistics and warehousing services.

The management has talked to a few Indian as well as foreign investment banks as part of going public, said the first person.

The Prime Minister’s Office will take on the task of identifying and nurturing an idea with the potential to be an Indian enterprise equivalent of Google or GE.

The plan is part of the proposed overhaul of the innovation ecosystem in the country under the Atal Innovation Mission and follows Prime Minister Narendra Modi’s meeting with Google CEO Sundar Pichai in the U.S. last month.

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