Recovering from nearly 8-month lows, the benchmark BSE Sensex gained over 250 points in late morning trade today, snapping its 6-session losing streak, on the back of a rebound in blue-chip stocks following value buying and positive cues from other Asian markets.

At 11:40 am, BSE Sensex rose 257.79 points or 0.97 per cent to 26739.04. NSE Nifty rose 72.10 points or 0.90 per cent to 8094.50.

PVR Cinemas, on Tuesday, announced the acquisition of multiplex chain DT Cinemas, a subsidiary of real estate developer DLF, on a slump-sale basis for Rs.500 crore. The move is likely to help the company cement its position as country’s largest cinema exhibition firm.

A ‘definitive agreement’ was signed post the approval by PVR’s board at a meeting held on Tuesday. PVR, in 2009, had also agreed to buy DT Cinemas but the deal fell through in February 2010.

Logistic solutions provider MYPACCO has announced that it has partnered with Alibaba as part of its Trade Facilitation Center(TFC) initiative, to offer comprehensive logistic solutions in the country.

“It will help expand opportunities for Indian SMEs to develop and grow their cross-border businesses,” MYPACCO said in a statement regarding the partnership.

American food delivery startup ‘Blue Apron’ has raised a funding of $135 million in series D round. The funding has been led by Fidelity investments along with participation from existing investors.

The newly acquired funding will be used to invest in suppliers and fulfillment operations to boost its delivery abilities all over America.

New Delhi: Prime Minister Narendra Modi is preparing to launch India’s biggest overhaul of labour laws since independence in a bid to create millions of manufacturing jobs, at the risk of stirring up a political backlash that could block other critical reforms.

Three officials at the federal labour ministry told Reuters that the ministry was drafting a bill for the upcoming parliamentary session that proposes to loosen strict hire-and-fire rules and make it tougher for workers to form unions.

Montreal: State Bank of India (SBI) expects to complete a deal that would reduce its stake in a life-insurance venture with BNP Paribas Cardif to 49% by the end of next year, chairman Arundhati Bhattacharya said.

SBI owns 74% of SBI Life Insurance Co., as the venture is called, and BNP Paribas Cardif holds the rest. The two will soon begin the process of valuing the company, so it’s too early to say how much the stake might fetch, and whether BNP Paribas Cardif will increase its ownership or an initial public offering (IPO) will take place, Bhattacharya said.

Facebook Messenger’s quest to own all the ways you connect with friends is now expanding to games. Today I spotted “Doodle Draw Game” in the Messenger platform app list, and Facebook says this is the first true game available since the platform launched in April.

Doodle DrawInitially, Facebook only allowed content creation apps like GIF and sound effect makers on the Messenger Platform. The closest thing to a game was Talking Tom, which lets you choose a cartoon avatar to deliver your video message.

Mumbai, June 9: ICICI Bank today announced the appointment of M.K. Sharma, former vice-chairman of Hindustan Unilever, as its non-executive chairman for a period of five years.

Sharma will replace K.V. Kamath, who will shortly step down from the board consequent to his nomination as the first president of the New Development Bank established by the Brics nations.

BENGALURU: Wipro has reduced the variable component in the overall compensation of junior and mid-level employees effective June. Following a path Infosys set two years ago, India's third-largest IT services company has reduced the quarterly performance linked compensation (QPLC) and increased the fixed component to bring more predictability and consistency to compensation.

SBI Life Insurance has introduced ‘Connect Life’, a tablet-based service which gives choice to the customer while purchasing a policy in simple and effective steps.

It is adopting digitization of the entire process beginning with built in need analysis calculator that offers a customer the right products to choose from, filling the proposal form with a facility of paying premium and uploading necessary documents from the tablet.

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