Air India Express, the international budget arm of Air India, is examining the possibility of leasing some Boeing 737 aircraft of grounded carrier Jet Airways, which are parked at different airports due to non-payment, through a firm decision is yet to be taken, a top company official said Sunday.

Before halting operations temporarily mid-last week due to severe cash-drought, the private carrier was forced to ground 69 planes owing to non-payment of rentals to lessors.

South Korean auto major Hyundai is looking at various options for sourcing electric vehicle (EV) components in India, including local manufacturing of battery parts, a top company official said.

The automaker, which is present in India through its wholly-owned subsidiary Hyundai Motor India Ltd (HMIL), said it is also looking for further clarity in Government policy to drive in hybrid models in the country.

India’s HDFC Bank Ltd reported a record quarterly net profit of 58.85 billion rupees (USD 848 million) on Saturday, meeting market expectations as the country’s biggest lender by market value raked in higher interest and fee income.

The bank also said its board had approved raising up to 500 billion rupees by issuing debt over the next 12 months.

The benchmark BSE Sensex cracked over 300 points in early trade on Monday tracking losses in index heavyweights RIL, HDFC and ICICI Bank, amid weak global cues, sinking rupee and soaring crude oil prices.

The 30-share index was trading 309.56 points or 0.79% lower at 38,830.72. The NSE Nifty too plunged to 101.80 points, or 0.87%, to 11,651.

The rupee fell sharply by 47 paise to 69.82 against the US dollar in early trade Monday on higher demand for the greenback from importers and banks.

Forex dealers said besides increased demand of the US currency from importers, lower opening of the equity markets weighed on the rupee.

The toll in a series of eight blasts targeting mostly churches and hotels in Sri Lanka on Sunday has risen to 290, a police spokesman said Monday.

More than 500 people were wounded in the blasts, he added, in the deadliest violence since the end of the country's long-running civil war a decade ago.

Maruti Suzuki has started lowering discounts on several models to drive up sales before it phases out the practice later this year. Dealers FE spoke to said discounts on popular models such as Alto and Dzire were trimmed from Rs 60,000 earlier to Rs 40,000 in April. The discounts would be further lowered and fully phased out by around August or September.

Similarly, discounts on compact SUV Brezza and premium hatchback Swift have been cut this month by around Rs15,000-Rs 30,000 and Rs 35,000, respectively.

Shares of billionaire Mukesh Ambani-led Reliance Industries slumped in trade on Monday morning, after the firm’s GRMs came in at the lowest level since Q3FY15. Reliance Industries shares slumped nearly 3% to hit the day’s low at Rs 1,345.30 on BSE. Notably, the firm has reported a drop in standalone net profit for the first time in 17 quarters.

Indian banks, which are struggling to resolve a stockpile of Rs 10 lakh crore of bad loans, have asked the Reserve Bank of India (RBI) to reinstate its February 12 circular with amendments. After the Supreme Court quashed the February 12 circular, bankers say that resolution processes are in a limbo, particularly with no clarity from the central bank on a new prescription to deal with non-performing assets (NPAs).

Procter and Gamble (P&G), a top consumer goods firm, has been charged with profiteering in a probe conducted by the Director General of Anti-Profiteering (DGAP).

The company, which sells Tide detergent, Gillette razors, Head and Shoulder shampoos among other products, is found to have profiteered a total of around Rs 250 crore by not passing the benefit of tax rate cuts onto its customers, sources said.

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