Mumbai: The six-member Monetary Policy Commitee (MPC), chaired by RBI Governor Urjit Patel, started its three-day discussions from 3rd September, 2018, for decision on key interest rates amid rising oil prices, rupee woes and inflation floating around 3.69 per cent.

The MPC was meeting for its fourth bi-monthly Monetary Policy Statement for the year 2018-19. Reserve Bank of India has decided to keep the repo rate same at 6.50 per cent.

New Delhi: LIC on Thursday came out with an open offer for acquiring 26 per cent equity in IDBI Bank at a price of Rs 61.73 per share, entailing a total payout of over Rs 12,602 crore.

Earlier in the day, the IDBI Bank board approved the proposal for issuance of preferential shares in favour of LIC with a view to increase the insurer’s share in the bank up to 51 per cent.

New Delhi: The government is likely to finalise a revival package for debt-laden Air India in 10 to 15 days, a senior official said on Thursday.

Earlier this year, efforts for strategic disinvestment of the airline failed to take off. The national carrier is estimated to have a debt burden of more than Rs 50,000 crore.

Bengaluru: India’s biggest online retailers Flipkart and Amazon are pulling out all the stops to woo top smartphone brands such as Apple, Samsung, Xiaomi and Huawei to exclusively sell their wares on their online marketplaces, as they joust for an edge during the Diwali shopping season.

German luxury carmaker Mercedes-Benz Friday launched a new version of its premium SUV AMG G 63 priced at Rs 21.9 million (ex-showroom).

The model comes powered by a 4-litre V8 bi-turbo diesel engine that generates 585 hp of power.

Reliance Health Insurance, a wholly owned subsidiary of Anil Ambani-led Reliance Capital, has received final approval from the insurance regulator IRDAI to begin operations. The firm will start its operations by December quarter of 2018. “Reliance Health Insurance, a wholly owned subsidiary of Reliance Capital,announced that it has received R3 approval from IRDAI for its new health insurance business,” company said in an exchange filing.

Chanda Kochhar, who helmed the country’s second-largest private lender ICICI Bank for nine years since 2009, on Thursday stepped down as managing director (MD) and chief executive officer (CEO) amid allegations of irregularities in loans given to the Videocon Group. Shares of ICICI Bank ended 4.07% higher than their previous close on the BSE at Rs 315.95.

Anil Agarwal's Vedanta group has emerged the dark horse in the race to buy Essar Steel considering that the acquisition cost of ArcelorMittal has gone up by at least Rs 70 billion when compared to other bidders and that Numetal is now almost out of the competition, say lenders.

Vedanta had offered Rs 350 billion for Essar Steel in the second round of bidding.

Shares of state-owned oil & gas companies, including oil marketing companies (OMCs), are reeling under pressure falling by up to 29% on the BSE in intra-day deals, extending their Thursday’s fall after the government, on Thursday, asked the them to absorb a Re 1 a litre cut in excise duty on petrol and diesel. The government also cut the excise duty on petroleum products by Rs 1.50 a litre with immediate effect. This is the first time in over four years that prices of either petrol or diesel are being controlled.

Global software major Tata Consultancy Services (TCS) on Thursday said it signed a Memorandum of Understanding (MoU) with the Institute of Industrial Science (IIS) at University of Tokyo to collaborate on technology research and facilitate inter-personnel exchange.

The MoU opens the prospect of TCS and the IIS working together on fundamental research, technology validation and the real-world applications and commercialisation of technologies in the area of robotics.

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