Kotak Mahindra Bank and ING Bank have joined hands for exploring opportunities arising from cross-border business, investment and trade flows across various regions, including Europe.

A memorandum of understanding (MoU), signed between the two, covers an array of co-operation in areas such as trade finance, remittances and services related to non-resident Indians, funding to counterparties' corporate relationships, fee-based products, direct banking and digital strategy, and cross-border debt capital markets and mergers and acquisitions.

At a time when credit growth has been under pressure for most lenders, ICICI Bank — the country’s largest private sector lender — is confident of growing its loan book three-four per cent ahead of the system.

“We expect to sustain domestic loan growth in the range of 18-20 per cent, driven by about 25 per cent growth in the retail segment. In the domestic corporate portfolio, we expect growth of 10-15 per cent, driven primarily by increasing lending to higher-rated clients. The bank would continue to calibrate corporate loan growth to the trends in the environment,” said N S Kannan, executive director, in conference call with analysts.

Mumbai: The Indian rupee on Friday strengthened against the dollar in the mid-day trading sessions as local equity markets turned positive after three days of losses.

At 2pm, the home currency was trading at 63.87, up 0.18% from its previous close of 64.01. The local unit opened at 63.97 per dollar.

India and the US will look at cooperation in jet engine and aircraft carrier design and construction besides co-development and co-production of weapon systems, an Indian foreign ministry statement said on Thursday.

The statement, issued at the end of the three-day visit to India by US defence secretary Ashton Carter, said that Carter and defence minister Manohar Parrikar discussed the strategic partnership between the two countries and ways to deepen their defence relationship.

Bengaluru based healthcare service provider Medwell Ventures Private Limited confirmed that it has raised an investment around $10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences in lieu of minority stake in the company.

The company was founded in 2014 by Vishal Bali, Dr. Ferzaan Engineer, Lalit Pai, and Himanshu Shah. The company provides 24×7 medical services such as physician consultation, nursing care, lab sample collection and reporting, physiotherapy, medical devices, ambulance services, pharmacy support and related medical services to its users.

In a recent research report, Gartner maintains that it’s time, technologies enabling new service models for digital government be introduced to government organizations. It has identified 10 relevant trends for governments in 2015 to help CIOs and IT leaders appraise critical strategic technologies.

Internet is penetrating into every nook and cranny of the world with an accelerating pace. As the Digital Revolution has already geared up across the globe, the government workforce of the future would have digitally literate employees, from frontline workers to top-level executives.

It not only offers transportation facility to the users but also provides delivery services. Jugnoo has a userbase of more than 80k currently, and processes about 2500 transactions per day, 30% transactions are hyper local.

Notably, just a couple of months back, in April beginning, the company had raised $1m from Rajesh Mathur (Junglee Flywheel), Vikas Taneja (Partner and MD BCG Group, previous investments include Rapportive, PubNub), Kirloskar Bros and others in a seed round.

Benchmark indices are trading firm amid choppy trades aided by metal, capital goods and defensive sectors like pharma and FMCG. However, the upside is capped due to selling pressure among financials and index heavyweight shares like ITC and RIL.

At 13:08 PM, the 30-share Sensex was up 139 points at 26,949 and the 50-share Nifty gained 40 points at 8,171.

Leading exchange BSE will auction Monday investment limits for foreign investors to buy government debt securities worth Rs 654 crore.

The auction will be conducted on BSE's e-bidxchange platform from 1530 hours to 1730 hours after close of normal market hours on June 8, the exchange said in a circular today.

Shares of Coal India have rallied more than 4.5% to Rs 405 on the Bombay Stock Exchange (BSE) after production of the company in May rose by about 13% as against the corresponding period previous year.

Also, the government has announced that it will be resuming coal block auctions by offering 10 mines with a total annual production of 13.14 million tonnes to cement, steel and aluminium companies and captive power producers. The ministry of coal will auction linkages to Coal India’s production for the span of five years.

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