Mumbai: PNB Housing Finance Ltd, the housing finance subsidiary of state-owned Punjab National Bank (PNB), has initiated discussions with investment banks for an initial public offering (IPO) that could see the company raise approximately Rs.2,500 crore ($385 million) from the primary market, according to two people aware of the development.

“The firm has been meeting up with banks over the last couple of months and has requested for proposals from investment banks,” said the first person mentioned above, requesting anonymity as he is not authorized to speak to the media.

Tata Motors was trading lower by over 2% at Rs 377 on the BSE on profit booking after the stock rallied nearly 30% thus far in October.

The stock had outperformed the market by surging 29% during the current month as compared to 4% rise in the Sensex till yesterday on improved outlook for sales of its Jaguar Land Rover (JLR), its luxury vehicle business.

Mahindra and Mahindra's (M&M) agri business division has forayed into branded pulses space with NuPro brand.

The company today launched the NuPro Tur dal in Mumbai and said it will soon expand its footprint in other pulses and related value added products like besan in nearby areas like Pune and Nashik.

Infosys, India’s second largest IT services company, on Monday said that it has signed a definite agreement to acquire Noah Consulting, a provider of advanced information management consulting services for the oil and gas industry.

The acquisition was an all-cash deal, with an aggregate purchase consideration of $70 million (around Rs 454 crore), the company said.

HYDERABAD: In a relief to cash strapped infrastructure developer Lanco Infratech, the Supreme Court on Friday directed the erstwhile Andhra Pradesh power utilities to refund about Rs 175 crore of minimum alternate tax (MAT) collected from Lanco Kondapalli Power (LKPL) from 2001.

Confirming the court's orders upholding orders passed by the Appellate Tribunal for Electricity (APTEL), a senior Lanco Kondapally executive said the issue involved reimbursement of MAT from 2001 to 2012.

Rampant abuse of formal banking channels to illegally remit large sums of foreign exchange outside India is not just limited to Bank of Baroda (BoB) forex scam. The perpetrators have been using the banking channel for the past one-and-a-half year and the amount is well over Rs 50,000 crore, investigating officers from Enforcement Directorate (ED) told dna. According to the ED sleuths, banks are reluctant to lodge First Information Reports (FIRs) on the ground that the money laundering has not caused any loss to them.

The arrests of two senior Northern Railway officials by the Central Bureau of Investigation (CBI) based on the complaints by Indian Railway Catering and Tourism Corporation (IRCTC) for conniving with private catering firms to elbow out the latter's bottled water business just shows how IRCTC now means business with its brand — Rail Neer. In a country where summers are getting hotter and several water dispensers at stations too dirty and unhygienic, the railways own estimate of packaged water bottles on the railway network is around 25 lakh per day. Of this, IRCTC with its four bottling plants has a capacity of 6.

Beverage giant Pepsi has been replaced by Chinese mobile handset maker Vivo as title sponsor for the Indian Premier League (IPL), the annual 20-over cricket tournament, for the 2016 and 2017 seasons.

The sponsorship amount will be Rs 100 crore a year. Pepsi was paying Rs 80 crore a year.

Markets are trading higher in the opening traders tracking positive Asian cues along with strong buying among index heavyweight Reliance Inds post better than expected Q2 results.

Further, China posted its weakest quarterly economic growth since the global financial crisis on Monday, raising pressure on policymakers to cut interest rates further and roll out other support measures to avert a sharper slowdown.

State oil giant Saudi Aramco said on Sunday that an attempted fraud that targeted its trading unit Aramco Trading and India's Oil and Natural Gas Corp (ONGC) had been foiled.

In a brief statement in Arabic, Aramco said: "The attempted fraud has been foiled and did not have any financial impact on either the two companies or on trading relations between them."

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