India's Ministry of Corporate Affairs has ordered an investigation to assess Hero MotoCorp's relationship with a third-party vendor in a case related to alleged diversion of funds, two government sources told Reuters on Thursday.

The investigation has been ordered in the "public interest" to probe the ownership structure of Hero MotoCorp and whether it controlled the third-party vendor, said the two sources, who are privy to the internal government directive.

Reliance Industries Ltd. is in talks with lenders for a foreign-currency loan of up to $2 billion to fuel the ongoing expansion of its oil-to-telecoms business, according to people familiar with the matter.

The sprawling firm, controlled by Asia’s richest man Mukesh Ambani, plans to use India’s dedicated external commercial borrowing route to secure the loan, the people said, asking not to be identified because the discussions are private.

Shares of Axis Bank were trading firm on the National Stock Exchange (NSE) in Thursday’s intra-day trade after over 20 million equity shares of the private sector lender changed hands via block deals in pre-opening deals, the exchange data shows.

The stock hit a high of Rs 989 and a low of Rs 979.15. At 09:19 AM; it was trading 0.4 per cent higher at Rs 981.35, as compared to 0.07 per cent decline in the Nifty 50. The stock had hit a record high of Rs 989.70 on Tuesday, June 13, 2023.

The Enforcement Directorate (ED) has arrested Basant Bansal and Pankaj Bansal, directors of Gurugram-based realty group M3M, in a money laundering matter linked to an anti-corruption bureau case against a Panchkula-based former special court judge, official sources said Thursday.

The two directors were taken into custody by the agency on Wednesday under the provisions of the Prevention of Money Laundering Act (PMLA).

Ahead of assembly elections in Telangana at the year-end, the Election Commission of India delegation will visit the state for a three-day assessment of poll preparedness.

CEO Vikas Raj convened a joint meeting today with Director General of Police (DGP) Anjani Kumar to discuss and assess the state's poll preparedness.

Gold price fell Rs 400 in Thursday's early trade with 10 grams of the yellow metal (24-carat) trading at Rs 60,050, according to the GoodReturns website. Silver price dipped Rs 100, with 1 kg of the precious metal selling at Rs 74,000.

The price of ten grams of 22-carat gold declined Rs 350 to Rs 55,050.

The Centre, in a late night development, lowered the import duty on refined soybean oil and refined sunflower oil to check food inflation.

The import duty on refined soybean oil has been brought down 17.5 per cent to 12.5 per cent, while that on refined sunflower oil has been brought down in a similar proportion.

France’s Renault has reached a peak by producing one million vehicles in India and has set a target of 2 million by 2030, which will be driven by new launches and a planned electric vehicle foray, said a top executive on Wednesday.

Renault India is working on a slew of new models, including two ICE (internal combustion engine) products and an A segment (small car) electric vehicle (EV). The new cars will start rolling out in 2025. The company’s manufacturing facility in Oragadam near Chennai has a capacity of 480,000 units per annum.

The Cabinet is likely to approve a Rs 25,000 crore scheme for semiconductor manufacturing in the country, ET Now reported on Wednesday. The announcement is expected to come out in the afternoon after a Cabinet meeting, which is underway, concludes.

In May, Finance Minister Nirmala Sitharaman said that the Centre is prioritising attracting more investments in India by expanding the production-linked incentive (PLI) schemes to include semiconductors and components.

The India Meteorological Department (IMD) on Wednesday sounded a Red alert as cyclone 'Biparjoy' warning for the Saurashtra and Kutch coasts in Gujarat.

It is very likely to move nearly northeastwards and cross Saurashtra and Kutch and adjoining Pakistan coasts between Mandvi (Gujarat) and Karachi (Pakistan) near Jakhau Port (Gujarat) by the evening of June 15, informed the IMD.

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