IFCI, the government-owned finance company, will reduce its stake in the National Stock Exchange (NSE) and divest its entire stake in the broking and financial product distribution arm, IFCI Financial Services Ltd (IFIN).

Malay Mukherjee, managing director, said: “The board had given a nod for partial divestment of stake in the bourse in April. We are starting the process.”

Prime Minister Narendra Modi on Friday took stock of the issue of domestic natural gas pricing, along with a host of other issues in the power, coal and new and renewable energy sectors. The two energy ministers — Dharmendra Pradhan, petroleum minister, and Piyush Goyal, who handles the other three energy ministries — along with the respective secretaries met Modi.

The Bombay High Court directed YES Bank on Friday to hand over all the documents pertaining to the bank’s communications with the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) on challenging Madhu Kapur’s promoter status, to her counsel by the evening.

On June 12, the bank had given the same direction but Kapur’s counsel said not all the letters were received.

Ashok Leyland Defence Systems has formed a consortium agreement with Larsen & Toubro (L&T) and Nexter Systems for the mounted gun systems (MGS) artillery programme of the Indian army.

The partnership was signed at Eurosasory, the world's largest defence exhibition, between Nexter, L&T and Ashok Leyland.

Power, coal and renewable energy minister Piyush Goyal on Friday announced a host of innovative measures to address the slump in investment in power projects, following an hour-long meeting with the heads of major power companies. Reliance Group Chairman Anil Ambani, Adani Enterprises Chairman Gautam Adani and Jindal Steel and Power (JSPL) Chairman Naveen Jindal were present at the meeting.

Pavan Trivedi, chief financial officer of Tata Motors’ subsidiary, Tata Motors Finance, has quit. This follows four other senior exits from Tata Motors in less than two months. The exit comes weeks before the commercial launch of its compact sedan Zest and hatchback Bolt.

Ankush Arora, senior vice-president (commercial) passenger car business; S Jayaraman, assistant general manager, product planning; V Mamillapalle, head of purchases; and Rajesh Bagga, head of human resources (HR) and legal, were the recent resignations. Prabir Jha, head of HR, had quit last year.

On June 14, Prime Minister Narendra Modi warned of taking bold decisions, ahead of the Budget Session of Parliament, to improve India's economy, adding these might not go down well with some sections. On Friday, the government followed the words with action, with Union Railway Minister Sadananda Gowda increasing passenger fares 14.62 per cent and freight rates 6.47 per cent.

The new fares will be effective June 25.

NEW DELHI: In the backdrop of current power crisis, Coal and Power Minister Piyush Goyal will today hold a meeting with leading producers like Anil Ambani, Gautam Adani and Naveen Jindal to take stock of the electricity supply scenario and availability of fuel for projects in the sector.

NEW DELHI: With non-performing assets on the rise, the country's largest bank — State Bank of IndiaBSE 0.02 % — along with 23 other government-owned banks, are no longer eligible for investments worth Rs 50,000 crore made in bank deposits each year by the Employees' Provident Fund Organisation, the country's largest retirement fund.

The Employees' Provident Fund Organisation (EPFO), which manages over Rs 6,00,000 crore of retirement savings entrusted to it mandatorily by 8.15 crore employees, can no longer invest in the bonds and deposit instruments of these banks as their bad loan levels have breached its internal threshold to define 'safe' investments.

KOLKATA: Leadership succession at state-run Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam LtdBSE 2.21 % continues to remain in limbo.

The Appointments Committee of the Cabinet (ACC) has refused to clear BSNL director (consumer mobility) Anupam Shrivastava's appointment as future chairman & managing director of the state-run telco after incumbent R K Upadhyay retires on June 30.

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