Benchmark indices started on a positive note on February 21 tracking gains on banking counters, after the government announced infusion ₹48,239 crore in 12 public sector banks, buying by foreign and domestic institutional investors, and positive global cues.

The 30-share index was trading 8.47 points, or 0.02%, at 35,764.73. Similarly, the 50-share NSE Nifty was trading 6.05 points, or 0.06%, higher at 10,741.50.

As part of a turnaround strategy for the loss-making Ssangyong Motor Company (SYMC), Mahindra & Mahindra (M&M), which owns 74.65% stake in the Korean automaker, is betting on a new product portfolio to ramp up volumes and increase revenues.

“Losses mean that revenue is less than expenses. Clearly we are working on all the levers that we need to have to reduce the expenses and the main lever is volume.

The Department of Telecommunications (DoT) will deliberate on revival of state-run BSNL and MTNL on Thursday as the financial condition of both the firms have deteriorated over the last couple of years due to increased competition.

According to sources, the Digital Communications Commission (DCC), the highest decision-making body of the DoT, will discuss various options to revive the sick telecom firms.

But increasingly, Amazon sells its own products, including private-label goods, that compete with the offerings of independent merchants on its platform. A recent paper by economists Feng Zhu and Qihong Liu observed Amazon’s behavior over time, and found that it tends to introduce products in niches that smaller merchants did the work of discovering by finding out what consumers like.

Maruti Suzuki and Hyundai India dominated the list of top 10 passenger vehicles sold in January, not leaving space for any other carmaker for the third consecutive month.

Data collated from the Society of Indian Automobile Manufacturer (SIAM) and independent research show that vehicles from Maruti Suzuki bagged seven positions, while Hyundai’s cars grabbed the remaining place in the monthly bestsellers chart.

Swedish network equipment firm Ericsson on Wednesday said it has won a contract from Vodafone Idea to deploy 5G-ready equipments in eight circles.

Currently, the equipments will be used for 4G services and can be upgraded to provide 5G services as per business requirement of Vodafone Idea, Ericsson said.

Azim Premji-promoted Wipro Group will expand its presence in Saudi Arabia through tie-ups with local companies. Wipro Technologies has entered into a memorandum of understanding (MoU) with the Ministry of communication and IT of Saudi Arabia.

“We have been working in that market for over 15 years. They are looking for transformation of industry in areas like oil and gas, health care, education and that would required a whole lot of talent,” said Anand Padmanabhan, president, strategic sales and geographies, Wipro. The company already has 1,200 IT professionals working in Saudi Arabia.

Reserve Bank of India (RBI) Governor Shaktikanta Das will meet bank chiefs on Thursday to impress upon the need to improve transmission within the confines of it being a business decision. However, certain indicators suggest that bankers won’t be wrong in disagreeing with Das on the all-important rates issue.

So far, only State Bank of India (SBI) has reduced its home loan rates (up to Rs 30 lakh) by only five basis points (bps) after the policy rate cut of 25 bps on February 7.

The Supreme Court on Wednesday held Reliance Communications (RCom) Chairman Anil Ambani (pictured) and two of his top executives guilty of contempt of court for wilfully failing to pay the dues to telecom equipment maker Ericsson.

The court directed Ambani, Reliance Telecom Chairman Satish Seth, and Reliance Infratel Chairperson Chhaya Virani to pay Rs 453 crore within four weeks or face a jail term of three months. It also slapped a fine of Rs 1 crore each for their “cavalier attitude” towards the court’s orders.

The Union government on Wednesday approved a capital infusion of Rs 48,239 crore into 12 public sector banks (PSBs), with the largest chunk of money flowing into Allahabad Bank and Corporation Bank to help them come out of the Reserve Bank of India’s (RBI’s) prompt corrective action (PCA) framework.

Financial Services Secretary Rajiv Kumar said the capital allocation had been done to equip better-performing PSBs to stay above the PCA triggers and ensure the minimum regulatory capital for all PCA banks, among other objectives. The recapitalisation will be in the form of bonds.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.