Mumbai: A SEBI working group has proposed a host of changes to make Portfolio Management Services (PMS) in India, more transparent and investor friendly.

Key changes include increasing the minimum investment in PMS from ₹25 lakh to ₹50 lakh, standardizing reporting requirement and moving distributors from upfront to trail model.

New Delhi: Hyundai Motor India Ltd - country’s second largest vehicle manufacturer- has taken over Maruti Suzuki India Ltd as the leading manufacturer of utility vehicles in the July, as a result of the overwhelming response received for Venue, the South Korean company’s first compact sport utility vehicle.

New Delhi: As many as 27 companies have evinced interest in National Highways Authority of India’s latest bundle of toll-operate-transfer (TOT) projects. The initial estimated concession value (IECV or reserve price) for the third bundle of TOT, which is up for bidding by private operators, is ₹4,995.48 crore.

BSNL prepaid recharge: State-owned telecom major Bharat Sanchar Nigam Limited (BSNL) has tweaked its hugely popular prepaid Abhinandan Plan. BSNL is now offering more data for its customer under this plan.

Launched nearly a month ago, BSNL Abhinandan plan offered 1 GB data and 100 free SMS to the subscribers. As per the latest plan update, customers will now get 1.5 GB data. The updated plan is now available across the BSNL circles.

State-owned Punjab National Bank (PNB) on Saturday said the RBI has imposed a penalty of Rs 50 lakh on it for delay in reporting of fraud in the account of Kingfisher Airlines. “RBI observed from the fraud monitoring report-1 submitted by Punjab National Bank on July, 10 2018 that the bank had delayed the reporting of fraud in the account of Kingfisher Airlines Limited,” PNB said in a regulatory filing.

State Bank of India (SBI) on Friday reported a net profit of Rs 2,312 crore in the June quarter of FY20, as against a loss of Rs 4,876 crore a year ago, as provisions dropped 52% year-on-year (y-o-y) to Rs 9,183 crore.

At the same time, asset quality remained a sticky point as slippages soared and large recoveries continued to elude the bank.

Bharti Airtel will completely shut down its 3G network by the end of the current financial year and utilise the spectrum in the band to offer 4G services. The 3G customers will be shifted to the 4G network.

Talking to analysts on a conference call a day after declaring its first quarter results, Gopal Vittal, MD and CEO, Bharti Airtel (India and South Asia), said that by September this year, 3G will be shut down in 6-7 circles, and all the remaining circles will be done by March next year.

Largely in line with market expectations, ITC on Friday reported a handsome 12.6% year-on-year increase in its standalone net profit to Rs 3,173.94 crore for the first quarter ended June 30, with its gross revenue soaring 6% y-o-y during the period. The diversified conglomerate had posted a net profit of Rs 2,818.68 crore in the corresponding quarter a year ago.

Tata Power and Tata Motors on Friday forged a partnership to install 300 fast charging stations by the end of this financial year in five key cities — Mumbai, Delhi, Pune, Bengaluru, and Hyderabad. The move will help in accelerating faster adoption to electric vehicles (EVs) in a market where an almost non-existent charging infrastructure has been one of the biggest deterrents.

A day after Larsen & Toubro (L&T) chairman AM Naik raised concerns of challenging times for the private sector, Housing Development Finance Corporation (HDFC) chairman Deepak Parekh took a similar stand, saying banks have turned risk averse and that there is a distinct slowdown in the economy.

“The challenge today is risk aversion. Banks are reluctant to lend.

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