Union Minister Piyush Goyal on Sunday said importing coal is "unjustified" at a time when the country is sitting on reserves totalling 300 billion tonne.

"When the country is sitting on a huge coal reserve, to import it is unjustified. The production of coal has risen from 432 million tonne to 460 million tonne and will cross 493 million tonne this year, which will be an increase of over 30 million tonne," Goyal told a press conference here.

Shares of Tata Motors were trading 1% higher at Rs 552 on the National Stock Exchange (NSE) after the company said its board will meet on Wednesday to consider and approve details of the proposed Rs 7,500 crore rights issue, including fixing the issue price.

A meeting of the board of directors of the company will be held on March 25 to consider and approve the detailed terms of the proposed rights issue aggregating up to Rs 7,500 crore including the issue price and rights entitlement ratio, and the Book closure for issuance of the Securities to the existing shareholders of the company, Tata Motors said in a filing to the BSE.

HDFC Bank Managing Director Aditya Puri has been featured on the list of 30 best chief executive officers (CEOs), published by America's financial magazine Barron's.

"Of the 30 CEOs in our original feature, seven have kept their jobs and only two remain on our list - Warren Buffett of Berkshire Hathaway and Michael O'Leary of Ryanair Holdings," Barron's said in its 11th edition of annual best CEOs, 2015.

India on Sunday moved a step closer to having a Singapore- or Dubai-like financial hub, with the Securities and Exchange Board of India (Sebi) approving a framework for international financial centres (IFCs).

After its board meeting in New Delhi, the market regulator issued broad guidelines for IFCs, aimed primarily at reversing the export of India’s financial markets. And, for the first time, the Sebi board allowed listing and trading of municipal bonds, also referred to as ‘muni’ bonds, to aid the government’s smart-city initiatives.

Axis Bank has cut retail deposit rates by 15-25 basis points (bps) in select maturities. The bank has cut rates by 25 bps for deposits of 18 to 36 months and by 15 bps for deposits up to 18 months. The revised rate stands at 8.50 per cent across all categories in the 6 months to 10 years bucket. These rates are valid for deposits below Rs 1 crore.

On March 4, the Reserve Bank of India (RBI) cut the repo rate by 25 basis points to 7.50 per cent. It had cut the repo rate by 25 bps in January as well. With interest rates going down, it was expected that deposit rates offered by banks would go down as well.

Benchmark share indices extended losses for the third straight day as investors booked profits at higher levels with ICICI Bank and FMCG majors leading the decline.

The 30-share Sensex ended down 208 points at 28,261 and the 50-share Nifty closed 64 points lower at 8,571.

After acquiring Johnson & Johnson’s brands Savlon and Shower-to-Shower, ITC is working on plans to expand its presence in the personal care segment by leveraging its distribution infrastructure.

With the acquisition of Savlon, ITC now directly competes with Reckitt Benckiser’s Dettol which has moved from antiseptic liquids into soaps, hand wash and hand sanitisers. ITC is now looking at brand extensions of Savlon (antiseptic liquid) to fight multinational competition in India.

Even as the process of auctioning 33 coal blocks has been wrapped up, the government is planning to shortly auction coal produced by state-run collieries to players in sectors such as power and steel. It is likely to invite competitive bids for auctioning fuel linkages given by Coal India Ltd to its buyers in these sectors, thereby extending the auction mechanism to even fuel supply pacts.

At least 22 people were killed and around 150 others injured when the engine and two coaches of the Dehradun-Varanasi Janta Express derailed near Bachrawan Railway Station in the district on Friday.

Mumbai: Securities and Exchange Board of India (Sebi) chairman U.K. Sinha said on Friday the capital markets regulator expected to have a new policy for initial public offerings for start-up companies in three to four months.

Reuters had reported this week Sebi was planning rule changes that will make it easier for home-grown start-ups to list their shares on local bourses, citing sources involved in the process.

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