Shares of index heavyweight Reliance Industries is trading 1.5% higher in early deals as the street expects record profits from the oil major on the back of higher gross refining margins.

Analysts expect the gross refining margin to be in the range of $9.5-10 per barrel against $7.3 per barrel in Oct-Dec 2014 quarter and $9.3 per barrel in Jan-March 2014 quarter. The gross refining margin is earnings from turning every barrel of crude oil into fuel.

Not long ago, Microsoft was the scourge of European antitrust regulators.

It was fined not once, not twice, not thrice but four times. Finally, after Microsoft paid more than $3 billion, Europe left it alone.

State-owned carrier Air India's operating losses may climb slightly in 2014-15, and it is likely to see a steep decline in its earnings, sources said.

The airline has been struggling to turn profitable for years and has posted continuous operating losses. However, the losses have been reducing, from Rs 5,140 crore in 2011-12 to Rs 3,807 crore in 2012-13 and Rs 2,123 crore in 2013-14.

Tata Consultancy Services (TCS)’ earnings for the quarter ended March this year were hit by a one-time bonus payment, currency headwinds and weakness in verticals such as telecom, energy and insurance.

According to International Financial Reporting Standards figures, the company reported a net profit of Rs 3,858 crore for the March quarter, down 27 per cent on an annual basis and 29 per cent in sequential terms. If the cumulative bonus payout of Rs 2,628 crore to employees isn’t factored in, profit for the quarter stands at Rs 5,905.9 crore, growth of 11.5 per cent annually and 8.5 per cent sequentially.

Mumbai: India’s smokers are favouring cheaper options such as chewing and leaf-wrapped tobacco over cigarettes, as rising taxes prompt ITC Ltd to sell shorter sticks with lower duties.

“Earlier on, as the taxation was increased, the cigarette industry showed resilience. Now, it has suddenly begun to drop,” Yogesh Deveshwar, chairman of Asia’s third-biggest listed tobacco-seller ITC, said in an interview with Bloomberg TV India. “The tobacco consumption basket continues to grow, whereas the cigarette share continues to shrink.”

After HDFC and State Bank of India, ICICI Bank and Axis Bank on Tuesday cut home loan rates, triggering a rate war in the segment.

ICICI Bank reduced home loan rates by 25 basis points for all customers. With this announcement, women as well as applicants from weaker sections will get home loans at 9.85 per cent. The rate will be 9.90 per cent for others. The reduced rate will be effective from April 14.

India’s push to accommodate a booming urban population and attract investment rests in large part with dozens of “smart” cities like the one being built on the dusty banks of the Sabarmati river in western India.

So far, it boasts modern underground infrastructure, two office blocks and not much else.

The government has finalised a list of 23 coal blocks to be auctioned in the third tranche beginning next week. These ready-to-operate mines are to be offered through forward and reverse bidding mechanism, which, the Centre is expecting, would fetch proceeds of over Rs 2 lakh crore.

The coal ministry had originally planned to auction nearly 16 blocks, but last week it is learnt to have added eight more mines to the auction list. Of the 23 mines, 15 have been earmarked for the power sector while eight are for unregulated sectors like steel,cement and captive power.

State-run Air India will add as many as 50 aircraft to its existing fleet in the next five-six years as it looks to expand its operations, both domestic and international, in its quest to turn profitable by flying to more destinations and carrying more passengers.

The airline, which currently has 102 aircraft in its fleet, excluding that of its subsidiary Alliance Air, plans to increase its fleet size to 152 by 2021.

The capital market regulator, Securities and Exchange Board of India (Sebi), under pressure to tighten scrutiny, is taking as long as a year to approve initial public offerings (IPOs). This has prompted criticism from companies, already grappling with unpredictable demand and a lack of alternative funding sources. The stock market has soared, touching record highs last month. It was Asia’s second-best performer last year, thanks to largely $16 billion of foreign investment.

But the boom has failed to translate into many IPOs, a vital source of capital, especially for small companies which make up the bulk of the economy yet often struggle to access keenly priced bank loans.

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