State Bank of India, the country’s largest lender by assets, led state-run banks higher in Mumbai trading after an official said the government is working on creating a holding company to infuse capital into them.

The holding company will be a repository of government equity in all state-run banks, said the official, who wasn’t authorized to speak publicly.

New Delhi:Rural development minister Gopinath Munde died on Tuesday morning after a road accident in New Delhi, said Union transport minister and Bharatiya Janata Party (BJP) leader Nitin Gadkari.

Munde, who met with an accident around 6:30am, died in AIIMS hospital in New Delhi. “He was brought to the hospital at 6:30am by his driver and personal assistant. His car was hit by another vehicle at the side he was sitting,” an AIIMS spokesperson said.

Mumbai: May sales at Bajaj Auto Ltd, India’s largest exporter of motorcycles and three-wheelers, rose 4% to 351,436 units compared with a year ago, the company said in a statement on Monday.

Exports, which expanded 40% to 156,179 units, drove volume growth. The company’s commercial vehicle sales also jumped 11% to 38,416 units.

Bangalore: Indian factory activity expanded at a slightly faster pace in May, while input prices rose at their slowest rate in over a year, a business survey showed on Monday.

The HSBC Manufacturing Purchasing Managers’ Index (PMI), compiled by Markit, edged up to 51.4 in May from 51.3 in April.

The rupee weakened by 15 paise to 59.26 against the US dollar in early trade on Monday at the Interbank Foreign Exchange market due to appreciation of the American unit against other currencies overseas amid the country’s subdued economic growth in FY14.

India’s economic growth remained subdued at 4.7 per cent in FY14 and at 4.6 per cent in the fourth quarter of 2013—14 which weighed on the rupee, forex dealers said.

Prime Minister Narendra Modi Monday expressed sadness over the death of BJP leader and former union minister Tapan Sikdar, and said that he will be remembered for his “rich contribution in building the BJP”.

“Tapan Sikdar ji’s demise is extremely saddening. May his soul rest in peace,” Mr. Modi said in a tweet.

The IT industry in India today is worth more than $100 billion and is employing over 3 million employees. This is one of the largest private sector employers in the country. It also contributes close to 10% of India’s GDP and is one of the highest forex earners for the country.

NEW DELHI: Country's largest car-maker Maruti Suzuki India (MSI) today reported 19.2 per cent rise in total sales in May to 1,00,925 units as against 84,677 units in the same month last year.

The company said its domestic sales rose 16.4 per cent during the month to 90,560 units as against 77,821 units in May 2013.

NEW DELHI: Hyundai Motor India Ltd (HMIL) today reported nine per cent decline in total sales to 51,718 units in May 2014.

The company had sold 56,856 units in the same month last year, it said in a statement.

MUMBAI: Shares of infrastructure and engineering major L&T are in demand after the company impressed the street with margins during Jan-March quarter. Most brokerages remain bullish on the stock and have raised their target price by revising EPS guidance upwards.

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