Maintain buy on Ashok Leyland (AL) and raise target price to Rs 77. We value the standalone business at R71.7 per share based on 9x FY17f ebitda of R2,560 crore. Our target price moves up due to 23% increase in our FY17f ebitda estimates; lower net debt of R2,650 crore in FY16f versus R3,380 crore earlier due to strong profitability and some non-core asset sale; roll forward to March 2016 from November 2015 earlier and inclusion of value of Optare and Hinduja Energy as the company is looking to unlock value by divesting stakes in these companies.

The benchmark BSE Sensex extended losses for the fifth straight day by falling over 58 points in early trade today on sustained selling by funds amid a mixed trend in other Asian markets.

The 30-share index, which has lost 798.66 points in the previous four sessions, fell further by 58.23 points, or 0.20 per cent, to 28,824.88.

If the Aditya Birla Group’s mobile telephony arm Idea Cellular is allowed to set up a payments bank, the entity would break even in seven years, the company has projected to the central bank.

Idea Cellular and its parent company, Aditya Birla Nuvo, on February 2 applied to the Reserve Bank of India (RBI) for a payments bank licence. AB Nuvo will hold 51% in the proposed bank while Idea Cellular will hold the rest.

The Madras High Court on Wednesday dismissed petitions by Hyundai and BMW questioning the Competition Commission of India’s (CCI) powers to expand the scope of investigations beyond the limit of the original complaint.

Mumbai: Tata Consultancy Services Ltd (TCS), India’s biggest software services exporter, is relaunching the TCS graduate programme in Australia to create new tech job opportunities for Australian graduates.

Inductees in the 2015 batch have been selected from leading universities and will participate in a three-month training programme in Australia and India that started on 31 January.

Taipei: A TransAsia Airways Corp. turboprop plane crashed into Keelung River near Taipei killing at least 12 people, the second accident in less than a year for the Taiwanese airline.

Sixteen people were injured and 30 people are missing from Flight 235, Taipei City government said on Wednesday. There were 53 people and five crew members on board. GE235 crashed at about 10:45 am local time, Thomas Wang, a spokesman for the Aviation Safety Council said.

MUMBAI: Snapping its three-day losing streak, the benchmark BSE sensex recovered over 133 points in early trade on Wednesday on emergence of buying by funds and retail investors amid a firm Asian trend.

The 30-share index, which had lost 681.63 points in the previous three sessions, recovered by 133.48 points, or 0.46 per cent, to 29,133.62.

BENGALURU: Infosys co-founders Kris Gopalakrishnan and S D Shibulal, along with the company's former board member Srinath Batni, are scripting a startup story.

The trio are co-investing $1 million (Rs 6 crore) in Bengaluru-based e-commerce platform SellerworX Online Services and $2 million (Rs 12 crore) in Mysuru-based clean energy company Vigyanlabs.

A consortium that includes Bharat Petroleum and Videocon Industries has made a significant crude oil discovery off the Brazil’s Northeast coast.

The discovery was made in a well drilled in the BM-SEAL-11 exploration block in the Sergipe basin off Brazil’s Northeast coast, the two companies said in regulatory filings.

Maruti Suzuki, the leading passenger carmaker of the country is once again ready for a major release this season – Maruti Celerio diesel variant may soon see the light of the day in the second quarter of this year. The petrol variant of the vehicle is already available in the market that has done very well as far as sales figures are concerned.

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