The rupee on Tuesday opened 10 paise higher at 71.70 against the US dollar ahead of three-day RBI's monetary policy meeting, that starts later in the day today.

The domestic unit on Monday dropped by 55 paise to close at 71.80 to the US dollar, the lowest level since December 17. This was the second straight session of loss for the domestic unit, during which it lost a total 72 paise.

It’s been less than three months since Binny Bansal’s shock ouster from Flipkart, the e-commerce giant he founded over a decade ago. The entrepreneur once celebrated for jumpstarting India’s internet retail industry is now dedicating himself to helping other founders get their startups off the ground.

Bansal, who departed after Flipkart’s new owner Walmart Inc. investigated alleged personal misconduct, is now focused on xto10x Technologies, a startup he co-founded with former colleague Saikiran Krishnamurthy. It’s aimed at helping entrepreneurs navigate the often-tricky Indian startup scene.

With the Life Insurance Corporation of India (LIC) picking up 51 per cent stake in IDBI Bank, the lender's board wants to change its name to LIC IDBI Bank or LIC Bank.

The bank informed BSE that the board, at its meeting held on February 4, has approved a proposal for change of name of IDBI Bank.

State-owned power producer NTPC Ltd (National Thermal Power Corporation Limited) said it would “take up legally” the arbitration tribunal’s order against it to shell out over Rs 2,000-crore to Jindal ITF in interest payments.

Jindal ITF is a subsidiary of Jindal SAW.

Mumbai: The BSE benchmark Sensex Monday fell over 100 points tracking selloff in banking, auto and metal stocks amid mixed cues from global markets.

The 30-share index was trading 109.53 points, or 0.30 per cent, lower at 36,359.90.

New Delhi: Bajaj Auto on Monday reported 15 per cent increase in total sales in January at 4,07,150 units as against 3,53,147 units in the same month previous year.

Motorcycle sales grew 21 per cent to 3,50,460 units in January 2019 against 2,88,936 units in January 2018, the company said in a BSE filing.

MSIL’s Q3FY19 Ebitda at Rs19.3bn was significantly below our (-25%) and consensus (-27%) estimate. Ebitda margins at 9.8% (Nom 13%, Consensus 13.5%) was impacted by higher commodity (100bp), discounts (100 bp), adverse forex (50 bp), inventory adjustment (30 bp), one-time in staff (20 bp) and operating de-leverage. Management mentioned that weaker than expected sales resulted in high discounts to clear off inventory and led to higher fixed costs.

Amazon is working with brands across sectors to enable them to build skills on its Alexa platform. From daily news updates to smart-home integrations, banking services, food ordering and cab hailing, Alexa has been equipped with more than 10,000 skills, as the service expands in India.

In a highly volatile action-packed week, the broader Nifty clocked 1.05% gains closing at 10893 with buying spree in the heavyweights. However, the mid and small cap indices closed marginally lower.Among the sectors Media (+5.84%) and Information Technology (+4.56%) lead from the front with Zee rising 11.63% post losing 27% in the last week. Tata Consultancy Services (TCS) gained 6% and Wipro hit a new high by gaining 5%.

There is more bad news for Dewan Housing Finance Ltd (DHFL), whose shares have lost over half of their value in the last one month. CARE Ratings has downgraded ratings on debt worth over Rs 1 lakh crore issued by DHFL.

The rating outfit cited moderation in financial flexibility as evidenced by a sharp reduction in share price and a significant rise in bond spreads. The rating action will make fund-raising more expensive for the housing finance company (HFC) targeting low- and middle-income families in tier II and III cities.

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