Government carrier Air India said it will not buy five Boeing 787-9 aircraft anymore. The decision to stick to the original model of inducting Boeing Dreamliner (787-8) aircraft was taken at a board meeting held recently. The 787-9 variant has a longer flying range and 40 more seats over the 787-8.

Air India, which has 20 Dreamliners, had signed a deal in 2005 to acquire 68 Boeings, including 27 787s. At present, it uses both narrow-body Airbus A320 and wide-body Boeing 747-400s, 777s and 787-8 on international routes.

Maruti Suzuki on Wednesday launched the diesel variant of its 14-month-old Celerio hatchback at an entry price of Rs 4.65 lakh (ex-showroom, Delhi). The top-end diesel model of Celerio will sell for Rs 5.71 lakh. The variant, however, will not have the auto gear shift option available in the petrol version.

Celerio’s diesel engine (793cc) is the smallest in the market and claims to offer 27.62 km a litre. Some other hatchbacks that sport a diesel engine are the Chevrolet Beat, Ford Figo and Tata Indica. Maruti also sells its Ritz hatchback with a diesel variant and Swift also has options in diesel.

Wipro, India’s third-largest information technology (IT) services company, announced a salary increase for its employees largely in line with those offered by its peers. The Azim Premji-led company, which follows a June appraisal cycle, said the average increase in salary for employees located in offshore locations was in the range of seven per cent while for those in onshore locations it was two per cent.

For high-performers, the quantum of raise was substantially higher, Saurabh Govil, global head (human resources), Wipro, said in a statement.

Shares of Nestle have dropped 7% to Rs 6,310 on the Bombay Stock Exchange (BSE) after the Delhi government summoned officials of Nestle India claiming that the samples of Maggi noodles fail to meet food safety norms and are unsafe.

The samples of Maggi noodles tested in Delhi were found dangerous for consumption carrying lead more than the permissible limit. The Delhi government is likely to impose a heavy fine against Nestle for selling unsafe products.

The Street was little enthused with the RBI’s 25 basis points (bps) cut in repo rate. The Bank Nifty slid to a three-week low to 17,977.30 on Tuesday after the central bank announced its second bi-monthly policy for FY16.

The Bank Nifty lost 639.70 points or 3.4%, with all the index constituents ending the session in the red. State-owned lender Canara Bank fell the most with a 4.93% cut, followed by Axis Bank (4.4%), State Bank of India (4.3%), and IndusInd Bank (4%). The Reserve Bank of India cut repo rate by 25 bps to 7.25%, but kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4%.

For the struggling capital goods sector, the creation of Telangana state is proving to be a bright spark in an otherwise lacklustre order inflows outlook. Public sector equipment major Bharat Heavy Electricals Ltd (BHEL) on Tuesday announced that it had bagged a Rs 17,950 crore order from the new state — the single-largest order in BHEL’s 51-year history and one of the biggest orders ever placed in the country’s capital goods sector — for setting up a new thermal power project in the state.

Payment solutions provider AGS Transact Technologies has received the Securities and Exchange Board of India (Sebi)'s approval to raise up to Rs 1,350 crore through an initial public offering (IPO). This is the company's second attempt to hit the capital market.

The firm had filed a draft red herring prospectus with Sebi through its lead merchant banker Axis Capital in March this year. Sebi issued its final observations on the draft offer documents on May 28, which is necessary for companies to launch any public offer.

Brazil's state-run Petroleo Brasileiro SA found new deposits of light oil in deep waters off the coast of the northern state of Sergipe.

Petrobras is operator of the field with 75 per cent stake. India's state-run Oil and Natural Gas Corp is partner with 25 per cent stake.

The number of proposals received and approved for manufacturing of electronics has seen a big jump over the past year.

According to data from the department of electronics and information technology, the January-March period has seen a 900 per cent jump over the same period last year in the value of investment approvals under the Modified Special Incentive Proposal Scheme (M-SIPS).

Reliance Industries' return on equity from the sale of its Eagle Ford (EFS) Midstream joint venture with Pioneer Natural Resources in the US is five times of what it invested in the asset. RIL's realisation from the sale was $1 billion. It had spent $46 million in acquiring the 49.9 per cent stake in EFS and invested another $208 million over the years.

Reliance and Pioneer announced the sale of their joint venture to Enterprise Product Partners (EPD) for $2.15 billion. In June 2010, RIL had invested in the US shale gas business, where it bought a 45 per cent stake in the Eagle Ford shale gas fields, owned by Pioneer, for $1.315 billion. As part of the deal, RIL received a 49.9 per cent stake in the venture. Reliance has invested $8.2 billion in three shale assets so far and investments in the Eagle Ford shale acreage (including Midstream) stand at $4.3 billion.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.