Mumbai: A fund being set up by ICICI Bank Ltd’s private-equity arm and Tata Power Co. is in advanced talks to acquire an electricity project from Avantha Power and Infrastructure Ltd, people familiar with the matter said.

The fund is in discussions to acquire Avantha’s Jhabua Power Ltd unit and could reach an agreement on deal terms in the next month, one of the people said, asking not to be identified as the talks are confidential. The purchase may value the business at as much as Rs.4,500 crore including debt, the people said.

American Express, First Direct, HSBC, Nationwide, NatWest, Royal Bank of Scotland, Santander and Ulster Bank served as Apple Pay’s launch partners.

According to Apple, the service will be available in 250,000 locations.

GMR-Megawide is in race to acquire operations of five airports worth $2.4 billion in Philippines under PPP model.

As many as six companies, including GMR-Megawide, have evinced interest in the airport projects, according to a statement issued by the Philippines government.

MUMBAI: YES Bank, India's fifth-biggest private sector lender by assets, has asked market regulator Sebi to probe the "intentions" of analysts of brokerage UBS, who, in a recent report, had painted a bleak picture of the bank's finances if its borrowers were to default.

The bank alleged that UBS' analysts did not make "full and fair disclosure" of their "interests" before publishing the report.

The UK today announced that it will ban overseas students from outside the European Union to work while they study in the country from the next month, a move that will hit students from countries like India.

UK immigration minister James Brokenshire said that from next month students from outside the European Union who come to study at publicly-funded further education (FE) colleges in Britain will lose the right to work for up to 10 hours a week.

Markets are trading lower in today’s session as the Consumer price index- (CPI) based inflation for June jumped to a four-month high of 5.4%, mainly driven by higher than expected food inflation dampening the hopes of a further rate cut.

Meanwhile, investors remain cautious ahead of the WPI numbers due to be released later during the day.

Market regulator Sebi is working on a platform for reporting securitisation deals, Reserve Bank of India deputy governor R Gandhi said on Tuesday.

Gandhi, speaking at an industry conference in Mumbai, said banks' drive to securitise priority sector loans will revive the segment.

Microsoft has announced plans for a celebratory debut this month of Windows 10 operating software designed to spread the US software titan's offerings across a broad range of devices.

Word that Windows 10 would be welcomed in grand style came less than a week yesterday after Microsoft said it will cut 7,800 jobs and write down the value of its struggling mobile phone division acquired last year from Nokia by some $7.6 billion.

Markets have recovered from the lower levels and are trading marginally positive led by pharma shares. However, the upside is capped due to selling among index heavyweights like Tata Motors, RIL and HDFC.

At 10:40AM, the 30-share Sensex was up 11 points at 27,972 and the 50-share Nifty was up 2 points at 8,462.

Reliance Industries, for a change, has outperformed the broader markets, rebounding from its closing lows of Rs 810 at the end of March 2015 to Rs 1,007 now. Jio’s launch might have helped, but not so much to boost the stock by 24% in less than four months.

While strong gross refining margins (GRM’s) had led to the initial spike despite weak crude prices, investments in core business that will likely boost earnings in another 18 months has given analysts a reason to turn bullish.

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