L&T Finance Holdings has dipped over 5% to Rs 77.55 in early morning deals on the National Stock Exchange (NSE), after the promoter Larsen & Toubro (L&T) share sale programme for diluting 0.95% of its stake commenced today at bourses.

L&T, the promoter of the company, proposes to sell over 16.55 million shares in L&T Finance Holdings at a floor price of Rs 74 per share. This translates into about 10% discount over Tuesday's closing price of Rs 81.90 on the NSE.

All three listed subsidiaries of State Bank of India (SBI) - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM) and State Bank of Travancore (SBT) - have rallied by up 18% on the bourses on reports that SBI proposes to merge its five remaining subsidiaries with itself.

State Bank of India, the nation's biggest lender, will kick off consolidation in the banking industry by combining five associate banks as it prepares to fund the economy that is on the cusp of a strong growth like China two decades ago, the Economic Times report suggests.

Benchmark indices continue to trade in a narrow range with positive bias led by IT shares.

At 10:10 AM, the 30-share Sensex was up 18 points at 25,601 and the 50-share Nifty was up 4 points at 7,660.

On the global front, the euro came under mounting pressure on Wednesday as the European Central Bank's liquidity package encouraged flows out of the zone, while Asian shares consolidated near recent highs following a flat finish on Wall Street.

Car makers have started hiring from Gujarat's industrial training institutes (ITIs) for their factories across the country.

Maruti Suzuki India Ltd last year administered tests to 1,100 candidates at the Kubernagar ITI in northeast Ahmedabad. "Maruti Suzuki had recruited 40-45 candidates here for their Gurgaon plant. It has indicated it will test candidates again this month. Accordingly, we have prepared a list of around 1,000," said A J Pandey, placement coordinator for the Kubernagar ITI.

Infosys, the country's second biggest information technology company, going through a troubled leadership transition, has sent legal notices to three Indian newspapers for the first time in its history since seven entrepreneurs, including N R Narayana Murthy, set it up.

Mumbai: India’s largest engineering and construction company Larsen and Toubro Ltd (L&T) plans to raise Rs.3,600 crore, or $600 million, by selling equity shares to financial institutions, also known as qualified institutional placement (QlP).

In a notice to shareholders, L&T said the company is seeking approvals to authorize its board to raise funds through issue of equity shares through QlP, convertible bonds, equity shares through depository receipts of an amount not exceeding Rs.3,600 crore or $600 million, whichever is higher.

New Delhi: India may significantly reform the coal sector by allowing private firms to mine and sell the mineral since the state-owned monopoly is unable to meet demand, forcing many companies to import the fuel.

The country currently allows private companies to mine coal only for captive use, barring them from selling the fuel in the open market.

Mumbai: People wanting to open a bank account will now just need to submit a declaration detailing their current address, the Reserve Bank of India (RBI) said on Monday, a move that will benefit millions living in rented accommodation.

“No proof is required to be submitted for such address for correspondence. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc.,” RBI said in a notification.

Mumbai: The Allahabad high court has directed the Insurance Regulatory and Development Authority (Irda) to scrutinize every policy sold by SBI Life Insurance Co. Ltd, and order the company to discontinue its policies and wind up its business if it detects any regulatory breaches.

The 29 May order came in response to a petition filed by an SBI Life customer, Virendra Pal Kapoor, 72, who claimed he had invested Rs.50,000 in 2007 in the insurer’s Unit Plus II–Single, a unit-linked insurance product (Ulip) with an option of a limited term of five years, on the basic sum assured for life at Rs.3,12,500 (625% of the investment), with a choice of investment in a growth fund. But on maturity, he was paid a mere Rs.248.

Bangalore/New Delhi: India’s second largest software exporter Infosys Ltd has issued legal notices of Rs.2,000 crore each against at least three publications owned by Bennett, Coleman and Co. Ltd and The Indian Express Ltd, alleging that some articles they had published defamed the company.

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