Buoyed by retail participation in recent Coal India divestment programme through OFS, India’s leading bourse NSE on Wednesday said brokerages and investors need to keep adequate funds ready to buy shares in such issues as they are announced in a short notice.

The offer for sale (OFS) mechanism facilitates the promoters of listed companies to sell their existing shareholding through an exchange-based bidding platform.

New Delhi: The government’s appointments regulator has turned down a request by the civil aviation ministry, sent at the behest of the Prime Minister’s Office (PMO), to allow it to select the next chief of the state-owned Air India through a search committee, bypassing the usual process.

The Public Enterprises Selection Board (PESB) has told the aviation ministry it does not see any merit in constituting a search committee as the board, which makes appointments to top managerial posts in the public sector, has already started the process of choosing the Air India chairman and managing director (CMD).

Infosys, the country's second largest information technology (IT) services company, has undertaken an organisational realignment to ensure stronger effectiveness of the "new & renew" strategy laid out by chief executive officer Vishal Sikka.

Among other things, the company has decided to consolidate its delivery functions horizontally, as against the current structure, where delivery teams were in many cases linked to the several business verticals.

Struggling Indian operations and slowing sales of Jaguar Land Rover (JLR) weighed on the consolidated performance of Tata Motors, India’s biggest automobile manufacturer, with the company’s net profit for the December 2014 quarter missing estimates by a huge margin. Though a few one-offs impacted profits during the quarter, profits at the operating and net levels would have been lower than Street expectations.

HDFC Bank on Thursday raised Rs 9,840 crore by selling shares in the domestic market and offering 22 million American depository receipts (ADRs) in the US, opening the floodgates for other companies and banks to raise funds from investors keen to bet on the India growth story.

For domestic investors, the shares were priced at the upper band of Rs 1,067 a share. The bank raised Rs 2,000 crore through a qualified institutional placement (QIP) and Rs 7,840 crore ($1.27 billion) from US-based investors. The ADRs were priced at $56.76 each.

Mumbai: After falling for four consecutive sessions, India’s benchmark Sensex rose over 350 points on Thursday, led by gains in shares of information technology and banking companies.

At 2.20pm, Bombay Stock Exchange’s 30-share Sensex was up 1.24%, or 358.52 points, at 29,241.62 points, while the National Stock Exchange’s broader 50-share Nifty was up 1.2%, or 101.50 points, at 8,825.20 points.

Country’s largest lender by market value HDFC Bank today raised Rs 9,880 crore in the largest share sale in the secondary market by a private entity to overseas and domestic investors through a mix of qualified institutional placement and American depository shares.

Merchant bankers said the issue has been successfully closed and the final pricing is expected shortly.

India has for the first time managed to find a place among the top three countries generating most number of billionaires in the world with Reliance Industries’ Mukesh Ambani, heading the Hurun Global Rich List-India 2015 of wealthiest in the country.

The India list gives details of the richest people in the country with a cut off wealth of Rs 6,000 crore. Mukesh Ambani with a a wealth of Rs 1.2 lakh crore tops the list among billionaires in the country, followed by Dilip Shanghvi of Sun Pharma with an estimated wealth of Rs 1.02 lakh crore.

Shares of all three listed state-owned oil marketing companies – Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) are trading higher between 1-3% on BSE after Brent crude dropped to $48.44 a barrel.

Brent crude oil futures edged higher after big losses in the previous session, after China took steps to pour fresh liquidity into the world's second-biggest economy to spur activity. Brent for March settlement was up 50 cents at $54.66 a barrel.

The government's move to relax regulations governing Offer for Sale (OFS) may hit a Sebi roadblock.

Sources close to the development indicate that Sebi may not be able to accept all the considerations for OFS mechanism while divesting stake in Public Sector Undertakings (PSU).

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