Buoyed by the success of the gradual increases in the price of diesel that has led to the under-recovery on the fuel being nearly wiped out, the government is considering similar price increases for domestic cooking gas and PDS kerosene. If implemented, this could result in the most potent subsidy reform the country has ever witnessed and significantly improve government finances over two to three years.

The World Bank has painted a bleak picture of the Indian power sector. It has put together worrisome findings in its report on the performance of distribution companies (discoms), state electricity regulators and central public sector undertakings (PSUs).

Key reforms mandated by the Electricity Act have not been implemented, corporatisation has been unable to shield utilities from state interference, regulators have not pushed utilities to improve performance and mounting regulatory assets have increased the discoms’ cash-flow problems, said the report More power to India: The challenge of distribution.

The government plans to set up a finance corporation with a corpus of Rs 1 lakh crore, in partnership with Japanese investors, to fund projects in the road sector. The Japanese partners are likely to have a 26 per cent stake in the corporation, with assured returns of nine per cent, according to a highly-placed road ministry source.

The high court on Tuesday directed YES Bank to give it a video recording of the bank's AGM held on June 14 by Wednesday morning. The order pertains to a plea filed by Madhu Kapur, wife of the bank's late co-promoter, Ashok Kapur. In the plea, Madhu Kapur claimed her right as co-promoter was violated, adding she wasn't consulted before the lender had appointed directors on its board.

Fair trade regulator Competition Commission of India (CCI) has ordered a probe against a DLF group company for allegedly imposing unfair and unreasonable conditions on office buyers at one of its commercial projects in Gurgaon. Some other group entities of the real estate major have already faced probe by the CCI with regard to various other cases of anti-competitive practices.

One out of every five Mercedes-Benz sold in India is either an ‘A Class’ or ‘B Class’. The German luxury giant is confident of growing in double digits this year, on the back of a lowered entry price for the two new hatchbacks.

Priced at Rs 25 lakh-26 lakh and launched a year ago, more than 2,500 units of the A and B Class are running on Indian roads. A major chunk of the buyers are those who have never bought a luxury car before, followed by those who already have a Mercedes car in the family.

Capital market regulator Securities and Exchange Board of India (Sebi) has put a spoke in the wheel of AstraZeneca Pharma India's plan to take the company private.

It has said AstraZeneca can purchase shares in the delisting offer only after seeking approval of the stock exchanges. And, directed the two exchanges, BSE and the National Stock Exchange, to "closely monitor the entire delisting process…and allow the final delisting of its shares only after satisfying themselves that the process has been fair and transparent," said Rajeev Kumar Agarwal, wholetime member of Sebi in an order on Tuesday.

The Centre is close to finalising a short-term strategy to strengthen the burgeoning civil aviation sector, including slashing taxes on jet fuel, civil aviation minister P Ashok Gajapathi Raju said on Tuesday. The minister also formally announced Air India's membership into Star Alliance and added that the partnership is expected to boost the country's national carrier's revenue by five per cent. Air India passengers will enjoy alliance benefits from July 11.

Property giant DLF, which missed its debt reduction target in 2013-14, wishes to sell more properties and land parcels it considers “non-core”, said sources in the know.

As part of the plan, the company is selling its upcoming information technology park in Hinjewadi, Pune, aiming at Rs 300 crore from the sale, they said. DLF wants to use the proceeds to reduce its debt, of Rs 18,500 crore as of March-end. The two million sq ft IT park is under construction and DLF wants to sell as it is a “non-core asset”, said sources.

Reliance Communications Ltd, India's fourth-largest telecom operator, has raised over $800 million from sale of shares to institutional investors.

The company got total bids of more than Rs 12,000 crore, half of which it has decided to retain. About Rs 4,800 crore (over $800 million) came from sale of shares to institutional investors, sources said.

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