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.

Wipro Digital, the digital business unit of Wipro Limited, today announced its intention to acquire Designit, an award winning and global strategic design firm specializing in designing transformative product-service experiences.

This investment marks a further stage in Wipro’s move to evolve the digital offer it takes to market, combining its reputation and heritage in deep engineering and transformative technology with human centered-design methods.

TCS’s results exhibit that sector demand momentum continues to suffer from lack of exuberance, with different segment-specific issues causing a miss in growth versus consensus at TCS for the last four quarters. While in isolation there is nothing major to fault in the numbers, soft manufacturing and slightly weaker European growth in Q1 led to the miss.

HPCL has been the primary gainer of recent macro trends such as: a) low oil prices, b) successful implementation of direct benefit transfer (DBT) for LPG, c) higher than long-term average marketing margins in diesel and petrol after deregulation and d) robust GRMs. The company’s high leverage to marketing business makes it the primary gainer of these trends among all OMCs.

The defence division of Tata Motors, the country's largest automobile maker, is eyeing Rs 60,000 crore of contracts to build combat vehicles. There is a silent race between companies to have the largest piece of the $100-billion worth of defence acquisitions laid out by the government over the next decade from local companies.

The company has bagged a Rs 914-crore contract to supply 1,239 indigenously developed high mobility multi-axle vehicles, the single largest order awarded by the army to an Indian private original equipment manufacturer in land systems under the Defence Procurement Policy.

A day after the Gujarat government banned Sunfeast Yippee noodles and Bambino macaroni in the state, ITC, maker of the former, said it was not informed or allowed to present its position on the matter.

"We would like to categorically state that the company has not received any communication from the state authorities regarding the levels of lead in Sunfeast Yippee noodles being higher than the permissible limit," an ITC statement said. "We are deeply pained that no opportunity was given to the company to explain its position as required by law."

State-run BHEL today said that it has commissioned the second 500 MW unit at Tuticorin Thermal Power Station (TPS) in Tamil Nadu.

"Bharat Heavy Electricals Limited (BHEL) has successfully commissioned the second 500 MW unit at Tuticorin Thermal Power Station (TPS)," the company said in a press release today.

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