MUMBAI: Tata Sons, owner of the Tata brand and promoter of Tata companies, has capped the royalty payment from group entities using the Tata name at Rs 75 crore. The cap on maximum royalty amount is aimed at reducing the burden on its large and profitable units and also freeing up cash for their growth. The move by Cyrus Mistry-led holding company for India's largest conglomerate, with a brand value of $21 billion, is in contrast with decisions by several MNCs to saddle their Indian arms with higher royalty payments.

Laid out in 1996, under an agreement titled Tata Brand Equity and Business Promotion (TBEBP), companies using the 'Tata' name have to directly shell out 0.25% of the annual revenue or 5% of the profit before tax, whichever is less.

NEW DELHI: India's Reliance Industries Ltd plans to shut a crude distillation unit (CDU) for a 10-day planned maintenance in the first half of July, it said in a statement on Monday, halving crude processing at its 580,000 barrels per day (bpd) refinery during the shutdown duration.

The export-focussed refinery at the Jamnagar complex in western Gujarat state has two crude distillation units of equal size.

CHENNAI: Chennai on Monday joined the league of cities like Delhi, Kolkata, Bengaluru, Mumbai and Jaipur which have metro rail systems.

Tamil Nadu chief minister J Jayalalithaa inaugurated Chennai Metro Rail Limited's passenger services between Alandur and Koyambedu. She flagged of a train through video conferencing from the secretariat. After that, a train left Alalndur station at 12.14pm and reached Koyambedu at 12.35pm.

Amazon.com Inc will launch its business loan program for small sellers later this year in eight more countries including China, where credit is becoming a key factor in competing for new vendors and grabbing market share.

Until now, the e-retailer has offered the service only in the United States and Japan. Amazon Lending, founded in 2012, now plans to offer short-term working capital loans in other countries where it operates a third-party, seller-run marketplace business, the head of Amazon Marketplace, Peter Faricy, told Reuters.

Railways Minister Suresh Prabhu today ordered a probe into the freak accident at Churchgate Station here wherein a local train crashed into the dead end, injuring five passengers and disrupting suburban services on the Western Railway line.

"Ordered enquiry into freak accident at Churchgate. All lapses of any kind... Responsibility will be fixed, action will be taken," he tweeted.

Benchmark index, Sensex is heading toward the highest fall in a span of four weeks as the fear of Greece default spooked investors amid loss in the Chinese stocks despite a decision by the central bank to cut interest rates to a record low.

Weakness in the rupee owing to persistent demand for the American currency from importers has further dampened the sentiments. The rupee is currently trading at 63.86 against the US dollar.

The Securities and Exchange Board of India (Sebi) is working on rules to regulate algorithmic trading effectively.

According to two sources familiar with the matter, among the points under consideration are means to slow down the pace of trading through introduction of measures, including a minimum resting time for orders before execution, and randomising the time priority of orders an exchange receives.

Leading private sector lender HDFC Bank has “exceeded” the single-borrower limits prescribed by Reserve Bank of India (RBI) in case of its credit exposure to corporate giant Reliance Industries (RIL).

The bank, however, said its board of directors approved “the said excess in respect of this exposure” and it was within the 20 per cent ceiling of capital funds. The central bank has fixed the credit exposure ceiling of a bank at 15 per cent of capital funds in the case of a single borrower and at 40 per cent for a borrower group.

Already weighed down by bad loans, Indian banks are finding it tough to recover assets through auction of seized properties. Despite multiple attempts by banks to sell distressed assets, there are few buyers because of the slowdown in the economy, legal hurdles and problems related to acquisition of land.

Seized assets of at least five big defaulters — Zoom Developers Pvt Ltd, Deccan Chronicle Holdings Ltd, Century Communication Ltd, Mahua Media Pvt Ltd and Biotor Industries Ltd — have had no takers for more than a year, according to bankers and recovery agents who spoke on the condition of anonymity.

Both the indices, BSE Sensex and NSE Nifty, surged further by 496 points and 156 points, respectively, on persistent buying from investors on hopes of rate cut from Reserve Bank of India (RBI) in view of above-average monsoon rains.

India Meteorological Department (IMD) said in its daily monsoon update showed that the southwest monsoon has been further advanced into remaining parts of north Arabian Sea. For the country as a whole, the cumulative rainfall during this year’s monsoon season was 24 per cent above the Long Period Average (LPA) until June 24.

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