The shares of Reliance Industries shot up by 4.31% on Tuesday following a global brokerage firm CLSA’s prediction that the company’s refining margins may rise to six year high. The report, however, has warned about the rising expenditure in telecom which is pulling down the company's valuation.

Driven by improvement in naphtha crackers, petcoke spreads, higher light-heavy crude differentials and shrinkage in internal loss due to the lower Brent price, RIL's March quarter’s refining margin could rise $3 per barrel on quarter to quarter basis to a six-year high of $10.3 a barrel.

Finance Minister Arun Jaitley has said that Indian economy needs to grow at 9-10 per cent and sustain that growth rate over the next decade and beyond to provide better infrastructure and bring down poverty rates.

Jaitley, who is here on a private visit, said India should aim to achieve 8 per cent growth rate this year and grow it to 9-10 per cent over the next 10 years and more.

India’s broader NSE Nifty index rose to a record high on Tuesday led by gains in Reliance Industries after CLSA said the conglomerate could report a record profit for the fourth quarter, while hopes of higher weightage in the MSCI index also helped.

The 50-share index rose as much as 0.45 pct to 8,996.80, surpassing its previous record high of 8,996.60 hit on Jan. 30.

Shares of Coal India Ltd tumbled nearly 6 per cent amid massive selling by investors as the stock went ex-dividend today.

The stock fell by 5.68 per cent to Rs 372.25 on the BSE. The blue-chip scrip was the biggest loser among the 30-Sensex constituents.

Mumbai: India’s biggest engineering and construction firm Larsen and Toubro Ltd (L&T) on Tuesday said it had won orders worth Rs.2,215 crore across various business segments over the last two months.

The power transmission and distribution business contributed Rs.1,137 crore of new orders, Rs.962 crore of orders went to the buildings and factories unit that includes a repeat order of Rs.732 crore for a commercial project in Oman.

BENGALURU: Infosys is realigning its R&D arm, Infosys Labs, to bring sharper focus to service lines and support differentiated platforms and solutions.

In the new structure, Infosys Labs will be decentralized to create solutions for its clients cutting across various service lines. The differentiated platforms group within Labs will report to the platforms group head Abdul Razack, while the IP cell will move to the legal team.

Yes Bank is planning to raise around $100 million from International Finance Corporation (IFC), a project report issued by IFC revealed. The investment by World Bank's investment arm comprises $50 million for a so-called Green Bond and an equal amount for the financing line for women-owned small and medium enterprises (SMEs), the IFC’s project disclosure report said.

This will be the first emerging market Green Bond investment by IFC, the proceeds of which will be lent to eligible climate change finance projects mainly in the renewable energy sector.

Bajaj Auto today reported a 21% decline in motorcycle sales at 2,16,077 units in February 2015.

The company had sold 2,73,323 units in the year ago period.

Slowing sales of Mahindra & Mahindra for its key product categories of utility vehicles and tractors is expected to continue over the near term due to a slowing rural economy and lack of new products.

While sales volumes for tractors was down 24% year on year in the December quarter, the company sales in the UV segment were 11% lower.

Tata Motors today reported 10.69 per cent increase in total sales at 44,225 units in February, as against 39,951 units in the same month last year.

Domestic sales of Tata commercial and passenger vehicles grew by 14.15 per cent at 40,314 units as compared to 35,315 units in February 2014, Tata Motors said in a BSE filing.

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