Ashok Leyland today said it will seek shareholder approval to raise money through Qualified Institutional Buyers (QIBs) and other routes.

While the company didnot mention the amount it wants the raise, it said the funds will be used to support capex, as working capital and for investment in joint ventures etc.

With Maggi off the shelves, rivals are eyeing to capture the space. ITC, which sells Yippee noodles under its Sunfeast brand, has taken to the direct communication route to push the sales. It has provided retailers with leaflets to be shown to Maggi loyalists. The leaflets assure customers of Yippee’s quality and safety standards.

"Stringent tests are conducted for our food products at ITC's NABL (National Accreditation Board for Testing and Calibration Laboratories)-accredited Life Sciences and Technology Centre as well as FSSAI (Food Safety and Standards Authority of India)-approved, NABL-accredited external laboratories.

In the run-up to primaries ahead of the US Presidential elections next year, two of India's largest information technology (IT) outsourcing services companies - Infosys Technologies and Tata Consultancy Services - have come under the scanner of authorities in that country for alleged violation of visa rules.

According to a New York Times report, the Department of Labour has opened an investigation against TCS and Infosys for "possible violations of rules for visas for foreign technology workers under contracts they held with an electric utility, Southern California Edison". This is based on the allegations that many of the 500-odd technology workers laid off by Southern California Edison were made to train their replacements, who were immigrants on temporary visas and brought in by these Indian companies.

BSE Sensex and NSE Nifty edged higher in a choppy session on Friday, while still on course for a third consecutive weekly decline, as gains in Reliance Industries after its annual shareholder meeting, overpowered falls in IT exporters for the day.

At 03.20 pm, Sensex was up 64.39 points at 26435.37, whereas Nifty gained 21.30 points at 7986.65 during the same time.

EMIs of home, auto and other loans are likely to come down further with Finance Minister Arun Jaitley today saying that banks have promised greater rate cuts in the coming days and weeks.

After discussing a host of issues like transmission of rate cuts, problems of higher bad loans and health of the economy with heads of state-owned banks, the Minister told reporters that financial services secretary would look into projects held up for want of funds and exuded confidence that soon economy would move to higher growth trajectory.

Reliance Industries will begin commercial operations of its much-awaited 4G telecom services by December, while it plans to complete projects worth over Rs 2 lakh crore in the core oil and petrochemical businesses over the next 12-18 months, Chairman Mukesh Ambani said today.

Looking to reap full benefits of these investments from the financial year 2016-17 onwards, Ambani said RIL would have a unique portfolio of globally competitive petrochemical and refining business with a new age India-centric consumer business with very high growth potential.

The US government has opened an investigation against two of the biggest Indian outsourcing companies for possible violations of H1-B visa rules, according to a media report.

The Department of Labour has opened the investigation against Tata Consultancy Services and Infosys for possible violations of rules for visas for foreign technology workers under contracts they held with an electric utility Southern California Edison, the New York Times said.

Reliance Jio, the wireless telephony and data services subsidiary of Reliance Industries will launch its commercial services by December this year, Chairman of RIL, Mukesh Ambani said here today at its 41st annual general meeting of shareholders. Jio will begin beta services with select consumers in the next few months before the commercial launch in december.

Ambani said FY 2016-17 will be the first full year of commercial operations for Reliance Jio and contribute to Reliance’s top line. Giving details of Jio’s services, in which RIL has already invested Rs 60,000 crore, Ambani said RIL has set up a new generation of broadband services which would cover 80% of India’s population by year-end.

Reliance Gas Transportation Infrastructure Ltd (RGTIL), an unlisted company owned by India's richest man, Mukesh Ambani, has received a generous loan-restructuring package from Indian banks after the company incurred huge losses in the past few years.

This is be the first time any company owned by Ambani has sought loan rescheduling from banks.

June is turning out to be a nightmare for Indian markets, as the National Stock Exchange's (NSE's) benchmark Nifty index has ended in losses on all but one trading session this month.

The 50-share index on Thursday ended below the 8,000-mark for the first time in nearly eight months.

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