India News

Srinath, Tata Teleservices MD, emerges frontrunner for Tata Trusts CEO post

At a time when Tata Trusts is caught in a legal tangle over the cancellation of registration of six trusts, it's set to get a chief executive officer (CEO). After a search process stretching over more than eight months, an old-timer from the group, N Srinath, managing director, Tata Teleservices, has emerged a frontrunner for the CEO's post, according to sources in the know.

Tata Trusts does not have any comment to make, a spokesperson told Business Standard on the matter.

Tata Motors plans to add 100 new passenger vehicle outlets by FY 20 end

Auto major Tata Motors plans to add 100 sales outlets for passenger vehicles by the end of the current fiscal as it aims to enhance its reach in the country, a senior company official said.

The company, which has around 860 sales outlets spread across the country, has already added up around 100 outlets in the current financial year till now.

Yes Bank objects to Blackstone's buyout of Coffee Day's tech park

Beleaguered Coffee Day Enterprises Ltd.'s sale of its technology park to Blackstone Group Inc. is stalled as one of its creditors hasn't approved the deal, people with the knowledge of the matter said.

Yes Bank Ltd. hasn't issued the so-called no objection certificate as it's seeking assurances on repayments of other loans taken by Coffee Day, said the people, asking not to be identified as the information isn't public. All other creditors have approved the transaction, the people said.

In 8th cut this year, SBI reduces MCLR by 10 bps across all tenors

Country's largest lender State Bank of India has reduced its MCLR (Marginal Cost of Funds based Lending Rate) by 10 basis points across all tenors.

The one year MCLR has come down to 7.90 per cent per annum from 8.00 per cent per annum with effect from December 10, 2019.

Sonia Gandhi turns 73; PM Modi wishes Congress president

Top Congress leaders extended birthday wishes to party chief Sonia Gandhi, who turned 73 on Monday.

Prime Minister Narendra Modi also wished Gandhi, tweeting, Birthday wishes to Mrs. Sonia Gandhi Ji. Praying for her long life and good health.

Maharshtra Seamless surges 4% on bagging order from ONGC

Shares of Maharashtra Seamless rose 3.7 per cent to Rs 373 on the BSE on Monday on receipt of an order from Oil and Natural Gas Corporation (ONGC) worth Rs 500 crore.

In an exchange filing, the company said it has bagged order for supply of seamless castings to ONGC.

Dish TV India zooms 15% after clarification on CARE ratings downgrade

Shares of Dish TV India surged 15 per cent to Rs 14.44 on the BSE on Monday after the company said the default in debt repayment was on account of a temporary cash shortfall due to peak payment commitments to suppliers.

The Company's deferral to service the loan amount is due to bunching of repayment obligations and utilization of funds for other business requirements including, both capital expenditure and payment of operating liabilities to broadcasters and suppliers, Dish TV India said in a regulatory filing.

Auto stocks gain as Maruti Suzuki increases production in November

Shares of automobile companies gained on Monday after Maruti Suzuki India (MSI) increased its production in November. At 10:30 AM, the S&P BSE Auto index climbed 1.5 per cent as compared to a flat benchmark S&P BSE Sensex and was the top gainer among BSE sectoral indices.

Among individual stocks, Maruti Suzuki India, Tata Motors, and Motherson Sumi rose over 2 per cent each. Eicher Motors, Ashok Leyland, Mahindra & Mahindra, TVS Motor, Hero MotoCorp were all up in the range of 1-2 per cent, while Bajaj-Auto was also trading higher.

Hyderabad Encounter: Telangana HC to hear matter today, state govt forms SIT to probe extrajudicial killings

The Telangana High Court will hear the case of Friday's encounter of four men accused of raping and murdering a veterinarian in Hyderabad.

A bench headed by Chief Justice will hear the matter at 10:30 am.

Cyberabad Police had on Friday killed all the four accused in the gangrape and murder of a Hyderbad-based veterinary doctor.

Citizenship (Amendment) Bill to be tabled in Lok Sabha for passage today

The controversial Citizenship (Amendment) Bill, 2019, which seeks to grant Indian citizenship to non-Muslim refugees from Pakistan, Bangladesh and Afghanistan, will be tabled in Lok Sabha on Monday.

The Bill, which proposes to amend the Citizenship Act, 1955, will be tabled by Union Home Minister Amit Shah in the lower house of the Parliament and will be taken up for discussion and passage, according to the Lok Sabha's List of Business for Monday.