The National Company Law Tribunal (NCLT) has rejected the proposal of Essar Power Jharkhand to settle its dues to the lenders, led by ICICI Bank. The NCLT will take up the matter for further hearing on June 7.

ICICI Bank moved the NCLT in January 2018 to recover its dues. Essar Power Jharkhand owes creditors (operational and financial) a total of around `4,393 crore.

Vijay Shekhar Sharma founded Paytm now dominates online transactions with it having half of the share of the market among rival gateways. Driving its growth are leading brands which include Reliance Jio, Uber, Zomato, OYO, Dominoes and IRCTC, and others, as the majority of the digital transactions are done for these brands, Paytm said in a statement. Also, Paytm Payments Gateway (PG) has seen a three-fold jump in the number of transactions in the last year.

L&T Infrastructure Project Development Company (IDPL), a subsidiary of Larsen & Toubro, plans to soon add two of its road assets to the portfolio of its infrastructure investment fund (InvIT), Indinfravit Trust, a senior official with knowledge of the matter said.

“We plan to keep generating deal flow for the InvIT, as we see no shortage of money coming from international players. The plan is to make two operational highway projects a part of the Indinfravit soon.

Coal India on Thursday beat analyst estimates by reporting a whopping 362% year-on-year jump in its consolidated net profit to Rs 6,024.23 crore for the March quarter of FY19.

For the entire year, the growth in profit was 148% to Rs 17,462.18 crore as against Rs 7,038.44 crore in the last fiscal.

Senior BJP leader Arun Jaitley, who opted out of the new government at the Centre, on Thursday congratulated Narendra Modi for taking oath as Prime Minister for a second consecutive term.

In a post on Twitter, Jaitley, who was the Finance Minister in the first Modi regime, stated that India is moving steadfast on the path of progress under the leadership of Prime Minister Modi.

India’s top education platform Byju’s on Thursday announced it has achieved profitability, a first in the consumer internet start-up space.

The eight-year-old Bengaluru firm said its sales in FY19 were Rs 1,430 crore ($21 million), up 186 per cent over the last year, enough for the firm to churn out a small profit on a full-year basis. It did not reveal the bottom line. In FY18, Byju’s had Rs 500 crore turnover and a loss of Rs 37 crore.

Shares of Hindustan Petroleum Corporation (HPCL) hit a 52-week high of Rs 330, up 4 per cent, after surging 20 per cent in two weeks on the BSE, lifted by strong earnings in March quarter (Q4FY19) and fall in crude oil prices. In comparison, the S&P BSE Sensex was up 5 per cent during the same period.

The stock surpassed its previous high of Rs 325 touched on June 18, 2018.

E-commerce major Amazon India on Thursday said it has expanded its grocery service Pantry to 110 cities in the country as it deepens focus on the category to drive further growth in business. Amazon competes with newly minted unicorn BigBasket, Grofers, and Flipkart’s Supermart.

Amazon’s has enhanced its focus on grocery segment as “consumables is a fast-growing category for Amazon.

Swedish telecom gear maker Ericsson is considering tweaking provisions in business deals to avoid situations like those it is facing with Reliance Communications. The company sued RCom and its promoter Anil Ambani to recover dues of about Rs 1,500 crore, of which it managed to receive only Rs 550 crore. “We think fairness sort of came true in the end. But of course, as we sell new deals…we try to avoid those things. But it is hard to tell because who could have seen that coming.

NEW DELHI: Should information technology (IT) services companies be re-rated?

Tata Consultancy Services Ltd believes that it is time money managers re-look at how they have valued the company, which in the year ended March 2019 overtook DXC Technology Co., to become the world’s third largest IT services firm.

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