Indian Oil Corporation (IOC) on Wednesday announced a total investment of Rs 16,641 crore in Tamil Nadu. The announcement was made at the Tamil Nadu Global Investors Meet 2019.

For the marketing division investment, R Sitharthan, executive director and head for IndianOil (Tamil Nadu & Puducherry), signed an MoU with the state government for an investment of `7,941 crore in the next five years.

If the Congress hopes to regain lost ground in Uttar Pradesh by bringing Priyanka Gandhi into active politics, political adversaries claim she will have no impact on the crucial state ahead of the Lok Sabha polls.Her appointment Wednesday as Congress general secretary for Uttar Pradesh East was dubbed a non-starter by the state BJP head Mahendra Pandey.

India's Tata Consultancy Services (TCS) has been ranked third most-valued IT services brand globally in 2018-19, after Accenture and IBM, according to a report by Brand Finance.Four Indian IT services companies -- TCS, Infosys, HCL and Wipro -- clinched spots in the top-10 global tally.

The central government has decided to frame a rule that would mandate regulators and other autonomous bodies to transfer surplus funds to the exchequer, said two government sources privy to the development. The new guideline is expected to come in a month.

The move would make the Securities and Exchange Board of India (Sebi) and a dozen other regulators, such as the Insurance Regulatory and Development Authority of India (Irdai) and the Pension Fund Regulatory and Development Authority (PFRDA), to shell out a significant portion of their reserves into the Consolidated Fund of India.

The rupee opened 6 paise higher at 71.27 against the US dollar on Thursday. Minutes later, the currency recovered further to 71.20.

In the previous session, the domestic unit snapped its three-day losing streak and settled 11 paise higher at 71.33 on increased selling of the American currency by exporters and banks.

Stockholm: Volvo Cars, which is owned by China's Zhejiang Geely Holding Group, is voluntarily recalling about 200,000 cars after it found an engineering issue that could potentially cause fuel leakage in the engine compartment over time.

The group said its probe had identified that some vehicles may have small cracks inside one of the fuel lines in the engine compartment, which along with a pressurised fuel system may over time lead to fuel leakage in the engine compartment.

MUMBAI: Refining business that has traditionally done the heavy-lifting at Reliance Industries Ltd (RIL) is catching its breath, thanks to weak global demand and higher exports by the US and China. Until new shipping norms mandating higher-quality fuel take effect next year, conditions are not expected to improve much either.

TVS Motor on Tuesday reported a 16% year-on-year (y-o-y) rise in its net profit to Rs 178.39 crore for the three months to December, 2018. The growth in the bottom line was driven by 26% year-on-year rise in revenues to Rs 4,664 crore which in turn was driven by 19% y-o-y increase in volumes.

However, the operating profit margins shrank 7 bps year-on-year to 8.1%, impacted by an increase in the share of raw materials to revenue of 400 bps y-o-y.

In a clarification to reports that Raymond had received a show cause notice from the Securities and Exchange Board of India (Sebi) for alleged security market violations, the company on Tuesday told the stock exchanges that the notice was related to matters, which are “procedural and technical in nature”. The company is working with the legal advisors to resolve the issues, it added.

Mumbai: State Bank of India’s (SBI) latest effort to sell loans given to Essar Steel Ltd has stalled, as potential buyers baulk at the bank’s demand for a pound of flesh from the same loan’s bankruptcy resolution.

According to three people aware of the matter, the sale of Essar Steel loans worth ₹15,431 crore comes with a precondition that caps the profit a winning bidder can make through bankruptcy resolution at 18%; the difference accruing from any higher profit must go to SBI.

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