Mumbai: Rising for a third straight session, the BSE benchmark Sensex on Tuesday added another 166 points on the back of strong buying in banking, metal and energy stocks amid positive global cues.

After rallying nearly 300 points during the day, the BSE gauge settled 165.94 points, or 0.42 per cent, higher at 39,950.46. The index hit an intra-day high of 40,066.31 and a low of 40,066.31.

ONGC Videsh, the overseas arm of state-owned explorer ONGC, is unlikely to go ahead with its investments in Iran’s Farzad-B gas block because of the US sanctions on the Islamic nation.

Tehran has indicated that it could come out with a licensing round for the development of the field by an Iranian contractor if the Indian firm does not enter into an agreement soon.

Rating agency Moody’s on Tuesday placed Yes Bank under review for downgrade, owing to the private-sector lender’s exposure to weak companies in the financial sector. The ongoing liquidity pressure on the country’s finance companies is likely to impact credit profile, the rating agency also said in a note. The private sector lender has ‘sizeable exposure’ to weaker non banking financial companies (NBFCs), it added.

Facebook Inc plans to release new versions of its Portal video chatting devices this autumn, the company’s vice president of AR/VR, Andrew Bosworth, said during an interview at the Code Conference in Scottsdale, Arizona.”We have a lot more that we’re going to unveil later in this fall, new form factors that we’re going to be shipping,” Bosworth said of the new devices.

In a reflection of how weak consumer demand is, Maruti said it had cut production by over 18% year-on-year (y-o-y) in May, the fourth consecutive month in which it trimmed output. Despatches to dealers had fallen by 24% y-o-y, among the steepest monthly declines in at least seven years.

Market watchers said demand had flagged due to the increased prices of cars resulting from rising insurance premiums and hikes taken by manufacturers for new safety features.

In its quest for coking coal assets, government-owned Coal India Ltd is looking at acquiring a mine in Australia and will soon appoint a merchant banker to handle the transaction. The PSU board, which will meet here on June 19, will finalise the terms of the Notice Inviting Tender (NIT).

Currently, CIL is not able to met the entire demand for coking coal from local steel makers from its own mines and resorts to imports.

The State Bank of India's (SBI) loan sanction process to a subsidiary of debt-laden pharmaceutical company Sterling Biotech has come under a cloud. A consortium banks led by the SBI provided guarantees of Rs 1,298.10 crore to Sterling Biotech's overseas oil subsidiary when the promoters of the company, Nitin Sandesara, Chetan Sandesara, Dipti Sandesara and Hitesh Patel, were already in the Reserve Bank of India's (RBI) wilful defaulters' list.

India's second largest IT services firm Infosys on Monday said it has set up an experience design and innovation studio in Shoreditch, London.

The facility will provide space for Infosys and its clients to ideate, collaborate and innovate together by combining design and the latest technology offerings, including artificial intelligence, augmented reality/virtual reality, Internet of Things and 5G, Infosys said in a statement.

US President Donald Trump said that even though India has reduced its import tariff on American motorcycles from 100 percent to 50 percent, it is still too high and not acceptable to him.

Trump said the United States, under his leadership, is a country that can no longer be fooled.

NEW DELHI: IT major Wipro on Monday said it has rolled out Total Operations System (TOPS) CREW, a suite of solutions for global airlines.

Developed jointly by Wipro and Qatar Airways in an innovative co-investment model, TOPS is one of the most advanced products available in the aviation market, the company said in a statement.

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