DLF, the country’s largest real estate entity, has put on hold the delivery of its DLF Riverside luxury project in Kochi, after the Kerala government cancelled its CRZ (coastal regulation zone) clearance, for alleged breaches.

DLF did not officially comment. Sources close to the development said the company was to give possession to the buyers in a few weeks but this would now be delayed by a few months, as the company would have to re-apply for CRZ clearance.

Reliance Industries Ltd (RIL), India’s largest private-sector company, will invest Rs 1.8 lakh crore ($30 billion) across businesses — petrochemicals, refining, retail and telecom — over the next three years. The company, aspiring to break into the Fortune 50 club, will also launch its 4G broadband services in 2015 and strengthen its management team.

Bangalore: Infosys Ltd is finalizing a new board for its recently hived-off products and platforms unit, Edgeverve Systems Ltd, even as India’s second largest software services exporter looks to create a road map for more product launches in the next few years from the unit.

“We realized that we needed to fine-tune the operating model. We decided we had to give it an environment in which the R&D (research and development) and engineering of the products and platforms is done attuned to a products and platforms organization which requires its own processes, own culture and, at the same time, we wanted to create something that can connect better with clients,” Sanjay Purohit, head of Edgeverve, said on the sidelines of last week’s annual shareholder meeting.

New Delhi: India’s new petroleum and natural gas minister Dharmendra Pradhan on Tuesday signalled that the government was reworking the incentive regime governing hydrocarbon exploration.

The government’s intent, aimed at reviving investor interest in the sector, was articulated by Pradhan at the 21st World Petroleum Congress in Moscow.

The benchmark BSE Sensex on Wednesday rose over 54 points in early trade, extending gains for the second straight day, as participants made selective buying in shares of RIL, ONGC, SBI and Infosys.

The 30-share index gained 54.14 points, or 0.21 per cent, to 25,575.33. The gauge had gained 330.71 points in the last session on late heavy fund-based buying.

A lot is at stake for Tata Motors as far as two new launches from the carmaker, expected later this year, are concerned. The company is pinning its hopes on Zest — a new sedan — and Bolt — a new hatchback — to revive its flagging fortunes in the passenger car market. Pratap Bose, head of design at Tata Motors, speaks to Geeta Nair, and says that chairman Cyrus Mistry is personally reviewing the new cars being designed, and his involvement is reminiscent of Tata Sons’ previous chairman Ratan Tata’s passionate engagement with the launch of the Nano, the cheapest car in the world, produced by the company. Edited excerpts.

Kotak Mahindra Bank has moved higher by nearly 4% to Rs 972, also its record high on NSE, after the private sector lender proposes to increase the ceiling limit of overseas investment to 40%.

Kotak Mahindra Bank in its notice to shareholders for the upcoming annual general meeting (AGM) on July 16 has sought members’ approval to pass a resolution to this effect.

Communications and Information Technology (IT) Minister Ravi Shankar Prasad on Tuesday said the government would develop new manufacturing clusters for electronic goods in eight cities as part of its agenda to boost manufacturing.

Prasad said manufacturing was a priority for the government and the sector had the potential to employ 28 million.

Reserve Bank of India (RBI) Governor Raghuram Rajan on Tuesday tagged as schizophrenic some of the recommendations of the Financial Sector Legislative Reforms Commission (FSLRC), which had proposed a unified regulatory framework by merging regulation of trading under a Unified Financial Agency. The commission was chaired by former Supreme Court judge B N Srikrishna.

“FSLRC’s recommendations (on the size and scope of regulators) seem somewhat schizophrenic,” Rajan said while delivering his speech at the State Bank of India Banking Conclave.

The Narendra Modi-led central government on Tuesday swung into action to rein in increasing prices of essential commodities. While it imposed minimum export price (MEP) of $300 a tonne on onions, it assured a similar step for potatoes to bring down exports of the commodity and augment domestic supplies. The Centre advised states to freely allow movement of fruit and vegetables by delisting those from Agricultural Produce Market Committee (APMC) Act. The delisting process will start on Wednesday from Delhi, which is currently under the Central rule.

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