The Securities and Exchange Board of India (Sebi) will soon issue a discussion paper to formalise and address issues pertaining to the Private Investment in Public Equity (PIPE) funding.

"Work is going on to make lives easier for private equity players that invest in listed companies. The discussion paper will address issues the industry is facing, and after public consultation, formal guidelines would be issued," said a source.

Private sector lender ICICI Bank on Wednesday launched a savings account for minors above 10 years of age.

The account will offer a personalised cheque book and a debit card with a picture of his or her choice, the bank said in a statement.

Infosys’ new chief executive officer (CEO) has come up with a novel approach to reviving the financial fortunes of India’s trailblasing outsourcing firm: use Facebook at work, tweet, but get the job done.

Infosys has long been run as a conservative company known for keeping strict tabs on work hours and sometimes fining employees for not wearing ties on specific days. Such cheerless self-regard could not have come at a more challenging time, analysts say.

In a tragic incident, an overload private bus plunged into Gobind Sagar reservoir of Bhakra project in Bilaspur district of Himachal Pradesh on Wednesday morning. According to reports from Bilaspur, at least 30 persons are feared drowned and 16 person injured.

Director General of Police (DGP) Sanjay Kumar, who rushed to the spot alongwith Principal Secretary (Disaster Management) Tarun Shridhar in state helicopter, said, “So far 25 bodies have been fished out and the bus has also been brought out of the deep waters.”

Markets are trading flat in the noon trades with select metal and power stocks losing the most after the Supreme Court in its verdict today cancelled most of the coal blocks allocated. However, buying in the defensive stocks have limit losses.

At 2:38PM, the 30-share Sensex is up 27 points 26,803 and the 50-share Nifty has gained 1 point at 8,018.

The Supreme Court on Wednesday cancelled all coal block allocations except for government-run blocks that operate on a non-JV basis.

The criteria fits just four of the 218 blocks that were deemed illegal by the court in its August order.

Media reports said exempted coal blocks included allocations to NTPC, SAIL and Sasan UMPP.

The European Union's antitrust commissioner has said that Google could face a fine of up to $6 billion if it failed to come up with a better proposal to settle a four-year antitrust probe.

The amount estimated accounts for 10% of the company's global revenue.

Public sector undertaking Bhel will be executing two thermal projects in Telangana on an engineering, procurement and construction (EPC) basis.

The state government would be entering into a memorandum of understanding with Bhel for the execution of 800-Mw Kothagudem and 1,080-Mw Manuguru thermal power plants.

The GMR Group is in discussion with European airplane maker Airbus for a possible stake sale in its aircraft maintenance, repair and overhaul (MRO) unit in Hyderabad. A deal will help GMR raise cash as a part of its ‘asset light’ strategy and enable Airbus to fulfill its commitment of developing an MRO in India.

“Our MRO strategy is well documented and we have nothing to add,” an Airbus spokesperson said in an email response to this newspaper. GMR did not respond to an email query.

Markets opened marginally higher led by oil and select financials but upside gains are likely to be capped ahead of the expiry of September derivative contracts tomorrow. Further, selling by foreign funds also weighed on sentiment.

At 9:35AM, the 30-share Sensex was up 40 points at 26,816 and the 50-share Nifty was up 15 points at 8,032.

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