MUMBAI: In a major relief for DLF, the Securities Appellate Tribunal on Friday quashed a Sebi order against the realty giant that had barred the company and its six top executives from capital markets for three years.

Soon after the tribunal pronounced its order, the shares of DLF soared higher by about 8 per cent. The stock was trading 7.75 per cent up at Rs 160.5 at the BSE in early afternoon trade.

The CBI on Thursday night arrested a Mumbai-based chartered accountant and two government officials for allegedly selling confidential documents related to foreign investment policy to corporate groups after it carried out searches in offices of Finance and Commerce Ministries here and in Mumbai.

CBI’s action came after registering a case of criminal conspiracy, theft under IPC and misuse of official position under the provisions of the Prevention of Corruption Act against Chartered Accountant Khemchand Gandhi, Under Secretary in Department of Disinvestment and Grievances Ashok Kumar Singh and Section Officer in the Department of Economic Affairs Lala Ram Sharma.

India and Sri Lanka on Friday signed four agreements during Narendra Modi's maiden visit to the country, the first bilateral tour by an Indian premier in 28 years, with the Prime Minister announcing a slew of measures aimed at resetting ties with the strategic neighbour.

Reliance Industries Ltd , which operates the world's biggest refining complex, will shut half of its 660,000 barrels per day (bpd) refinery in India for a four-week planned maintenance from Sunday, a source familiar with the matter said.

Reliance, controlled by billionaire Mukesh Ambani, has two advanced refineries at Jamanagar in western Gujarat state which can jointly process 1.2 million bpd of oil, or about 28 percent of India's overall capacity.

Hindustan Petroleum Corp aims to restart a catalytic reformer (CCR) petrol-making unit by Saturday following a minor fire caused by a leak, its head of refineries BK Namdeo told Reuters.

HPCL's 166,000 barrels-per-day (bpd) Vizag refinery in southern India has one CCR and an isomerisation unit.

Mumbai: After gaining 250 points in the morning trade, the 30-share benchmark S&P BSE Sensex erased all the gains and was trading over 300 points lower on Friday, led by losses in the shares of capital goods, banking, auto, pharma, realty and energy companies.

At 12.08pm, the Sensex was trading lower by 1%, or 309 points, at 28,625, while the 50-share CNX Nifty of the National Stock Exchange fell 1.06%, or 92.75 points, to 8,680.

India’s largest bank, the State Bank of India (SBI), will hold a record online auction this weekend to sell repossessed property like flats, warehouses and offices worth a total of nearly $200 million as the state lender seeks to chip away at its $10 billion mountain of bad debt.

The SBI auction will be the biggest nationwide online sale to date and is a rare public move to turn distressed loans into ready cash.

The passage of the Insurance Law Amendment Bill by Parliament will pave way for not just global companies to step up their presence in India but also give a push to the trade pacts, which are being currently negotiated by the country. Experts say that it would also give India more head room for bilateral negotiations.

One major proposal that is likely to get a thrust is the ongoing EU-India Bilateral Trade and Investment Agreement (BTIA) negotiations.

Infosys Limited is targeting around 900 clients globally for its IAP (Infosys Automation Platform), according to Shyam Doddavula, assistant vice president and principal product architect at Infosys.

“The IAP enabled us to create intelligent robots, who are resolving incidents related to customer’s orders for a large telco. It saved $1.3 million to the client. IAP is being leveraged by 18 clients at present. And, 900 clients are in the pipeline," he said.

Tata Consultancy Services has elevated a woman onto its board of directors, earning the distinction of the being the only top Indian information technology (IT) services company to have a woman as an executive director. The Mumbai-headquartered company said, Aarthi Subramanian, who currently heads the global delivery excellence group had been appointed the executive director to the board for three years.

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