Low-cost carrier Air Asia India has decided to go slow with its fleet expansion due to lack of clarity on international flying rules. It has also deferred its one-plane-per-month fleet expansion plan, and plans to end the year with 7-10 planes from the present five.

"We slowed down in adding one plane a month plan. I took the call of watching and waiting," airline's chief executive Mittu Chandilya told PTI, and blamed the decision to the lack of clarity on overseas flying rights for new airlines.

The Telecom Ministry has sought legal opinion on a Comptroller and Auditor General (CAG) report that stated undue benefits were extended to companies including Reliance Jio, Bharti Airtel, RCom and Tata Teleservices on a number of issues.

According to a source: "The Ministry has sought legal opinion on the matter so as to undertake further course of action."

In a milestone move, the government would hive off the central transmission utility (CTU) function of state-owned Power Grid Corporation Limited (PGCIL). This follows taking away of grid management from the Union government-owned transmission behemoth.

"We have already decided to do that (separate CTU from PGCIL). All the study and paperwork is going on. I agree that CTU should be a separate entity. PowerGrid acted like a support to these institutions till they become strong and centralised," Union power minister Piyush Goyal told Business Standard.

A little over 150 million new shares of Tata Motors have started trading at National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) with effect from today.

“The new securities of 150.49 million ordinary shares of Rs 2 each issued at a premium of Rs 448 per share on rights basis are listed and are permitted to trade on the exchange with effect from Monday, May 18, 2015,” Tata Motors said in a BSE notice dated May 15, 2015.

Markets continue to gain for the second straight session on anticipation that RBI may slash the key policy rate in the upcoming monetary policy review on June 2, 2015. Further, timely monsoon forecast and slowdown in foreign funds outflows has lifted the trading sentiments.

Meanwhile, foreign institutional investors sold shares worth a net 38 crore rupees on Friday as compared to a selling of Rs 74 crore rupees on Thursday.

SHANGHAI: To help Indian and Chinese corporates in cross-border businesses, top private sector lender ICICI Bank opened its first branch in China, which was inaugurated by Prime Minister Narendra Modi.

Based in Shanghai, China's biggest city and a major global financial hub, the new branch would begin with 17 banking professionals handling different functions including corporate banking, operations, finance and treasury.

As India pressed China to open its markets for Indian IT firms, technology major Infosys today announced establishing its first overseas centre outside India in China with an investment of about $120 million to tap in the burgeoning Chinese market.

An MOU in this regard was signed between Infosys and the local Chinese provincial government at the India-China Business Forum, which was addressed by Prime Minister Narendra Modi in Shanghai today.

After launching its cognitive intelligence platform ‘Holmes’, Wipro, India’s third largest IT services company is now using this in-house innovation to automate internal functions such as helpdesk management and recruitment using what it terms as 'soft robot’ or ‘genie’. The aim is to improve efficiency by optimizing the resource utilization and reduce the costs, said K R Sanjiv, chief technology officer of the Bengaluru-based company.

All these innovations are being driven out of Wipro’s Technovation Center located at the company’s sprawling campus in Electronic City which has around 300 researchers from diverse backgrounds, including more than 30 PhDs in different specialisations.

Google is reportedly providing a buy button on its search page for the products searched on it in next few weeks. However, if the feature is in a bid for Google to become an online marketplace hasn’t been disclosed yet.

The search engine will display buy buttons only on mobile devices only when users search for products. Buy buttons will be part of sponsored (paid) search results within a “Shop on Google” page. Buttons will not appear on non-sponsored results generated from Google’s basic search algorithm.

Taiwanese government has ordered Alibaba group’s online marketplace Taobao to withdraw from the island within six months for violating investment rules required for a Chinese company to operate in Taiwan.

The breach in rules by Alibaba has resulted in a fine of $7,860 by Taiwanese investment commission and has been asked to withdraw or transfer its holdings from its operation in Taiwan within next six months, as reported by Reuters.

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