Oil exploration shares such as Reliance Industries and ONGC were trading marginally in an otherwise weak market after the government announced a policy for development of oil and gas discoveries.

There are three options to choose from. The first is an option to relinquish the block. Another is to develop the discovery, after conducting a Drill Stem Test (DST); if this is not done on time, half the DST cost will be disallowed. And, even if done on time, the cost recovery is to be limited to $15 million (Rs 94.8 crore).

In line with the company's newly laid strategy that underscores the importance of 'design thinking', Infosys, India's second largest information technology services company, has hired Jason Wolf, a former creative director at SAP Labs, the research and development arm of German software maker SAP, as the Bengaluru-based company's Global Head of Experience Design.

In his previous role, Wolf, a design expert and alumnus of Stanford University's Design School was responsible creative design at the office of the CTO, chairman's project at SAP. After assuming the charge of CEO & MD at Infosys in June last year, Vishal Sikka has roped in experts at Stanford University's D school to train design thinking to employees internally as well as to the clients.

The Union Cabinet on Wednesday cleared a project to develop 100 smart cities and rejuvenate another 500 in the country, allocating close to Rs 1 lakh crore for a period of five years.

While Rs 48,000 crore has been allowed for 100 smart cities, now renamed Smart Cities Mission, another Rs 50,000 crore has been sanctioned for Atal Mission for Rejuvenation and Urban Transformation (Amrut) of 500 cities. States along with local bodies and corporate entities have to spend the most in the projects, experts said. The Amrut project could lead to cities becoming smart subsequently.

The civil aviation ministry has sought an amendment to the Industrial Disputes Act 1947 to end the protection granted to pilots and aircraft engineers under the prevailing labour laws.

The proposal has been mooted at the behest of Air India, which continues to be in precarious financial health despite Rs 17,000 crore equity infusion under the turnaround plan.

State-owned Bharat Petroleum Corp Ltd (BPCL) today said it has raised $500 million through fixed rate unsecured notes to fund its capital expenditure.

"BPCL has launched an issue of $500 million fixed rate unsecured notes due 2025, which were priced on April 29," the company said in BSE filing.

The benchmark Bombay Stock Exchange or BSE Sensex tanked over 240 points to slip below the 27,000-level in late morning trade today as participants indulged in offloading positions in view of April series expiry in the derivatives segment.

The 30-share barometer, which had lost 170.45 points in yesterday’s volatile session, dipped below the 27,000-mark by falling 224.34 points or 0.82 per cent to 27001.59.

MUMBAI: Markets regulator Sebi has ordered attachment of bank and securities accounts of over 40 entities so far this year to recover pending dues worth more than Rs 140 crore from defaulters.

The 44 defaulters against whom recovery proceedings were initiated by Sebi include — Wasankar Wealth Management and Kolkata Weir Industries — that had fraudulently raised funds from public.

Top mortgage lender HDFC today reported a tepid 9.6 per cent growth in consolidated net profit at Rs 2,646.35 crore for the three months to March as it had to set aside Rs 384 crore towards deferred tax liabilities during the period.

The deferred tax liability on special reserves for the year, amounting to Rs 384 crore, has been charged to the statement of profit and loss account in determining the consolidated profit, HDFC Vice-Chairman and Chief Executive Keki Mistry told reporters here.

Mumbai: Axis Bank Ltd shares rose as much as 5.3% on Thursday after the bank reported better-than-expected earnings. This is the third consecutive session of gains for the stock.

In intra-day trading, it touched a high of Rs.582—the last highest level was seen on 19 March. The stock has gained 11% in the last three sessions and 15% year-to-date.

SAN FRANCISCO: Microsoft hopes to get more people using the next version of its Windows software on all kinds of devices by giving them access to many of the same apps they're already using on Apple or Android phones.

In a major strategy shift, a top executive told an audience of several thousand software developers on Wednesday that Microsoft will release new tools to help them quickly adapt the apps they've built for Apple or Android gadgets, so they will work on smartphones, PCs and other devices that use the new Windows 10 operating system coming later this year.

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