Fraud-hit Punjab National Bank (PNB) recovered a record Rs11,378 crore from defaulters in the first five months of this fiscal, which is more than the state-run lender’s total recovery in the two years through 2017-18, according to the bank’s data.

Desperate to return to profitability and avoid featuring on the Reserve Bank of India’s watchlist after record losses last fiscal, mainly due to the Rs14,357-crore fraud involving jewellers Nirav Modi and Mehul Choksi, PNB has stepped up efforts to get back money from defaulters.

Ford won’t be moving production of a hatchback wagon to the United States from China — despite President Donald Trump’s claim on Sunday that his taxes on Chinese imports mean the Focus Active can be built in America.

Citing Trump’s new tariffs, Ford on August 31 said it was dropping plans to ship the Focus Active from China to America.

Bengaluru-based property developer RMZ is in the final round of negotiations to acquire 14-acre land of engineering and construction major Larsen & Toubro (L&T) in Bengaluru. If the deal goes through, it will become the largest land deal in south India this year.

RMZ has quoted around Rs 8.15 billion (Rs 0.58 billion per acre) for the land parcel in Hebbal area of Bengaluru, said sources in the know.

In a bid to push sales in digital space, India’s second largest IT services company, Infosys, is embedding ‘digital specialists’ to select base of clients who are in the advanced stage of adopting newer technologies for transforming their businesses.

The Bengaluru-based firm, which started this practice last quarter, said it was helping it to be precise on its offerings with greater understanding of the client needs.

The second round of bids for Essar Steel will be opened in the presence of lenders on Monday, sources close to the development said.

The offers by three bidders — Numetal (minus Aurora Enterprises), ArcelorMittal, and Vedanta — will be opened in line with the September 7 order of the National Company Law Appellate Tribunal (NCLAT). Numetal was joined by JSW as an investor in a step-down subsidiary and ArcelorMittal with Nippon Steel.

Axis Bank rallied 5% to Rs 676 on the BSE in early morning deals after the private sector lender on Saturday appointed Amitabh Chaudhry as Managing Director & CEO (MD& CEO) effective January 1, 2019.

“The board of directors of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Shri Amitabh Chaudhry as the Managing Director & CEO of the Bank

Kotak Mahindra Life Insurance Company Saturday said it has rolled out three mobile medical vans under the corporate social responsibility initiative ‘Life First’, in association with Wockhardt Foundation. As part of the agreement, three medical vans which act as primary health care centres on wheels would be managed by the Wockhardt Foundation, a press release said.

Markets remained in better form for the second straight session on Friday, with the Sensex closing over 147 points higher as auto shares zoomed on sustained buying by domestic institutional investors amid the rupee staging a recovery.

The rupee was trading higher by 29 paise at 71.70 (intra-day) against the dollar at the forex market. The domestic unit had hit a fresh life-time low of 72.11 before settling at 71.99 Thursday.

India’s second largest IT services firm Infosys on Friday said it had teamed up with Temasek to form a joint venture that will support the Singapore-based company’s digital transformation journey.

The joint venture — in which Infosys Consulting (Infosys subsidiary) holds 60 per cent stake — will be headquartered in Singapore, Infosys said in a statement.

New Delhi: Who cares about buying travel insurance for train journeys? You should, especially when you can get insurance coverage of up to Rs 10 lakh for financial protection against train accidents and other untoward incidents, including robbery, at a near-zero premium of 68 paise.

You may have overlooked it, but the Indian Railway Catering and Tourism Corp (IRCTC) was so far providing you free and mandatory travel insurance each time you booked a ticket through its website or mobile app. Not anymore.

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