MUMBAI: The benchmark BSE Sensex rebounded by 57 points in late morning trade on fresh buying in capital goods, healthcare, refinery, power and auto stocks.

Key benchmark indices had edged lower in early trade due to sustained selling in consumer durable, IT, FMCG, teck and banking shares amid tracking weakness in Asian markets and overnight slide at the Wall Street.

PayPal teamed up with Uber back in 2013 to offer the U.S. taxi-hailing service’s customers additional payment options. The world has changed a lot in those 18 months — Uber is now present in over 300 cities with China set to soon become its largest market — so, with that in mind, PayPal and Uber have extended their partnership to cover an additional 9 countries worldwide.

Now, Uber riders in Canada, Greece, Hong Kong, Israel, Mexico, New Zealand, Singapore, Sweden and Switzerland can use PayPal to pay for their trips without using a credit card. That’s in addition to those in Australia, Austria, Belgium, France, Germany, Ireland, Italy, the Netherlands, UK and the U.S. who have had that option since 2013.

New Delhi: India’s state social security fund, undeterred by resistance from trade unions, will start investing in equity markets next month, the labour minister said, as part of a reform drive aimed at boosting the economy.

With more than $100 billion of assets from some 80-million members, the Employees’ Provident Fund Organisation (EPFO) is one of the world’s largest. It will begin by investing in exchange traded funds, with the goal of earning higher returns.

After Singapore-based on-demand internet video provider Hooq launched operations here, now US-based internet streaming media company, Netflix has firmed up plans to enter India by 2016.

“We have said we plan to be nearly global by the end of 2016. We have nothing else to share at this point,” a Netflix spokesperson said in a statement to TOI. The plans by Netflix to enter India are not new. Since 2013, there has been speculation of Netflix entering India, but due to several factors like licensing costs and internet infrastructure problems it haven’t started in India yet.

Smart cities will be selected through a bottom-up rather than top-down approach, where the decision would be made by the citizens and municipalities concerned, Prime Minister Narendra Modi said on Thursday.

“For the first time such an approach is being taken, where neither the centre nor states will decide. The decision to become a smart city will be taken by the citizens themselves, by the municipalities,” Modi said launching the three missions on Smart Cities, the Atal Mission for Rejuvenation and Urban Transformation and Housing for All.

GMR Infrastructure has sought refinance under the Reserve Bank of India’s (RBI) 5/25 scheme for loans totalling over R37,000 crore, bankers confirmed to FE. According to a senior banker in the consortium, the company had “informally conveyed its request” for a refinancing via the 5/25 scheme.

“We too agree that the company requires a loan recast and it should happen in due course,” the banker said. Since the company has multiple project loans, the restructuring would be done for each one separately.

Nestle chief Paul Bulcke says he has drawn the lessons from India’s shock ban on its Maggi instant noodles over a health scare and is now trying to salvage the image of the world’s top food company.

Bulcke insisted that its hugely popular Maggi brand was 100 per cent safe, saying that packaged food was unfairly fingered by many around the world as a health risk.

Shares of Bharat Heavy Electrical Limited (BHEL) were trading higher by 2% at Rs 260, extending their previous day’s 4% gain on the Bombay Stock Exchange (BSE). Currently, the stock is trading at its highest level since March 2015.

On Tuesday, June 23, the state-run equipment maker BHEL said that it has commissioned a 250-MW unit of NTPC's Bongaigaon thermal power plant in the Kokrajhar district in Assam.

State Bank of India (SBI) today announced the appointment of Anshula Kant as its Chief Financial Officer (CFO). Kant has been designated as the Deputy Managing Director and CFO of the bank, SBI said in a filing on BSE.

She joined SBI as a Probationary Officer in 1983 worked under various departments of the bank. Prior to her appointment, P K Gupta was the CFO. Gupta moved to SBI Capital as Chief Executive Officer.

The board of directors of HDFC Bank, second largest private lender, has extended managing director Aditya Puri's tenure for another five years, with effect from November 1.

Last September, the Reserve Bank of India raised the age limit of private bank chiefs to 70. Puri, 64, has headed the bank since its inception in 1994, the longest serving chief executive of an Indian bank.

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