Just months after a Rs 22,600-crore disinvestment in the company, Coal India Ltd (CIL) is back in the reckoning for another stake sale, with the government considering selling five per cent in the public sector giant this financial year, it is learnt. The move will reduce the Centre’s stake in the company to 75 per cent, as mandated by the Securities and Exchange Board of India.

At current market prices, selling five per cent stake could fetch the government Rs 12,000-13,000 crore. This could go a long way in helping the Centre meet its disinvestment target of Rs 41,000 for FY16.

CHENNAI: It may not be as radical as a ban on motor vehicles or pedestrian-only zones, but corporation of Chennai has a plan that could decongest Mylapore and make it a walker-friendly neighbourhood.

The civic body has selected a firm from among six private bidders to help it implement its proposal to limit motor vehicles and create better pedestrian facilities in Mylapore. The corporation plans to get going on the 5.5-crore project in June and complete it within six months.

There is nothing official about it, but the so-called memorandum of understanding that the nation’s largest lender State Bank of India (SBI) had signed with Gujarat’s Adani Group in November 2014 to build a $7.8 billion coal mine in Australia has died a natural death. Neither the lender nor the borrower is keen to follow up the agreement that raked up a huge controversy after it was announced in Brisbane where Adani Group boss Gautam Adani was accompanying a business delegation for the Group of 20 summit, attended by India’s Prime Minister Narendra Modi.

Opposition parties dubbed this as an instance of the crony capitalism that has been plaguing India’s Rs.90 trillion banking industry. Many suspected that the decision was influenced by Modi, who till May 2014 was Gujarat’s chief minister.

Fresh fears over the impact of retrospective taxation rattled foreign investors and Indian markets on Monday, traders said, as stocks fell for a fourth consecutive day and the rupee hit its weakest in more than a month.

The benchmark BSE index Sensex fell as much as 2.25 percent, its biggest fall since March 26. The index provisionally ended down 1.95 percent, while the NSE Nifty index fell 1.83 percent – Sensex 555.89 pts down at 27,886.21; Nifty 157.90 pts down at 8,448.10.

MUMBAI: Largest private sector lender ICICI BankBSE 0.31 % in collaboration with Tech MahindraBSE -1.34 % launched a payment service 'Tap-n-Pay' based on the near-field communications (NFC) technology, enabling customers make over-the-counter payments without using cash.

It can be used for merchant payments by merely tapping a NFC-enabled mobile phone or a tag on the counter.

Bringing back memories of the tragic death of Australian cricketer Phil Hughes, an East Bengal Club cricketer died following an injury suffered in the cricket field. Ankit Keshri, the club's former under-19 captain died on Monday morning following a cardiac arrest. He was 20 years-old.

The incident happened on Friday, during Bengal Division 1's match between East Bengal Club and Bhawanipore Club. In the 44th over, Keshri bumped into bowler Sourabh Mondal while taking a catch. He immediately fell on the ground and lost consciousness. The right-handed batsman was rushed to a private nursing home and was undergoing treatment for three days.

Hyundai Motor India Ltd today launched a new version of its premium sedan Elantra priced between Rs 14.13 lakh and Rs 17.94 lakh (ex-showroom Delhi).

The sedan will be available in both diesel and petrol options. While the petrol version is priced in a range of Rs 14.13 lakh and Rs 16.45 lakh, the diesel option is priced between Rs 14.58 lakh and Rs 17.94 lakh (all prices ex-showroom Delhi), the company said in a statement.

NEW DELHI: Flipkart would move to an app-only format within a year, a senior executive said, confirming growing speculation that India's largest e-commerce platform would follow the route announced for unit Myntra.

"Last year, we had more on the app, but still did our web and desktop. In the next year or so, we're going to be only mobile," said Michael Adnani, vice-president, retail and head of brand alliances, Flipkart. "A year ago, 6% of our traffic was coming from mobile. In less than 18 months, that traffic is 10-fold. That shows the significance of what a mobile phone is doing for the consumers and consequently doing for us," he said.

MUMBAI: The rupee declined by 19 paise at 62.55 against the US dollar in early trade on Monday at the Interbank Foreign Exchange due to appreciation of the American currency overseas.

Forex dealers said fresh demand for the dollar from importers also weighed on the local currency but a higher opening in the domestic equity market limited the rupee's losses.

Aiming at providing passengers more facilities for booking tickets online, IRCTC is planning to offer a new service of 'baggage insurance' for them. Under this, a customer will be offered additional services like insurance coverage for baggage while booking e-tickets on the IRCTC website.

As per the offer, the passenger can claim the insurance money in case of lost or theft of the baggage. The goods like laptop, mobile phone or any other valuable articles will be covered as part of the travel insurance package.

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