The Supreme Court has dismissed liquor baron Vijay Mallya's plea seeking quashing of criminal proceedings against him in a case pertaining to violation of foreign exchange rules.

A bench headed by Justice J S Khehar also imposed Rs 10 lakh as costs on Mallya in the case.

Tata Motors has bagged an order for supplying around 1,200 high-mobility 6X6 multi-axle trucks from the Indian Army - the single largest order awarded to an Indian private original equipment manufacturer (OEM) in land systems under the DPP by the Indian army. The order for 6X6 vehicles is for ‘material handling cranes’ for the loading-unloading and transportation of ammunition pallets, spares and other operational equipment.

Developed indigenously, the Tata 6X6 high mobility all-terrain all-wheel drive vehicle, has completed a total trial duration of 25 months, demonstrating maximum performance in the most demanding conditions.

Wipro's plan to acquire Denmark-based strategic design firm Designit was seen positively by the Street. The acquisition will enable Wipro to strengthen its presence in the promising digital segment. Notably, most Indian IT companies believe digital is the next big growth driver for the sector and are stepping up their efforts to bag deals in this segment.

Wipro targets revenues worth $1 billion from its digital arm - 'Wipro Digital' and this acquisition will be a key step to achieve this. The deal is priced between 60-89 million euros and values Designit at 2-3 times its CY14 Enterprise Value to Sales, estimate analysts.

Bharat Petroleum Corp Ltd plans to expand its Bina oil refinery in Madhya Pradesh by 30% to 156,000 barrels per day at a cost of about $472 million, its chairman S Varadarajan told Reuters on Monday.

The expansion of the refinery, operated by a joint venture of BPCL and state-owned Oman Oil Co in Madhya Pradesh, will be completed by 2018, he said.

The civil aviation ministry is making efforts to secure about Rs 2,400 crore for Air India through supplementary budgetary allocations and recovery of dues worth Rs 600 crore, related to use of its planes for VVIP travel. Of the total, about Rs 1,800 crore is being sought to meet the funding shortfall faced by the cash-strapped government carrier.

Efforts are being made to secure funds for Air India as the supplementary demands of ministries would be considered during the coming monsoon session of Parliament beginning July 21.

Google engineers have cooked up a new way for Gmail spam filters to learn what mail you want and what you don't. It involves 'large scale brain simulations'.

In a post on the Gmail blog, product manager Sri Harsha Somanchi wrote that less than 0.1% of the email in an average Gmail inbox is spam, and the false positive rate is even lower - at just 0.05%. "Even still, Gmail spam detection isn't perfect," he said.

MUMBAI: The Reserve Bank of India (RBI) has indicated to banks that they should conduct home finance business in-house rather than duplicate the process through a wholly owned subsidiary. Following this, ICICI Bank is considering either farming out its housing finance arm — ICICI Home Finance — or rolling back into the parent bank.

Other banks with housing finance arms have already diluted stake and do not have wholly owned subsidiaries. According to sources, the RBI wants that all activities that can be done departmentally within the bank should not be done through a wholly owned subsidiary.

After purchasing $ 54.83 billion from the market in 2014-15, the Reserve Bank of India (RBI) is continuing its in the current year to build a strong foreign exchange kitty. The Central bank has purchased $ 8 billion from the market in spite of the volatile conditions in the stock market and outflow of foreign investment in the months of April and May.

The RBI also reported an 83 per cent jump in non-resident Indian deposits to $ 4.597 billion in the first two months.

Sixty special trains will become operational during Ganesh Chaturthi festival to clear the extra rush of passengers, the bookings for which will begin from tomorrow, railway officials said today.

Central Railway (CR) announced that Train no 01001 CST Mumbai-Madgaon-CST Mumbai Special will leave CST Mumbai at 12.20 midnight daily (except Thursday) from Sept 11 to Sept 29 and arrive at Madgaon at 2.10 PM same day.

Even though many investors in India prefer active funds, passively managed funds have seen an upsurge in demand. Recent data from the National Stock Exchange (NSE) indicates that, exchange traded funds (ETFs) have seen huge uptick in volumes in the last decade. Daily average value in ETFs on NSE which used to be less than a crore a day has surged to around Rs 70 crore in the last 10 years.

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