State-run oil marketer and refiner Hindustan Petroleum Corp (HPCL) on Wednesday reported an 86% increase in net profit to Rs 1,719 crore in the April-June 2018 period, from Rs 925 crore in the comparable period a year ago, driven mainly by strong refining margins. The company, now a subsidiary of the national explorer ONGC, reported a revenue of Rs 72,923 crore for the June 2018 quarter, compared with Rs 59,891 crore a year ago.

Punjab National Bank (PNB) expects to raise Rs 8,600 crore from sale of assets in 2018-2019, its managing director and chief executive officer Sunil Mehta said on Wednesday. “We have a small battery of non-core assets which will be unlocked. In the first quarter, we have done Rs 167 crore. We have a target of Rs 8,600 crore during the (current) financial year. It includes both investments as well as sale of real estate,” the MD& CEO said.

Sensex breached the 38,000 barrier for the first time in early trades on Thursday morning. The markets are in high spirits after IMF prediction that Indian economy is in good hands.

Sensex jumped 117.47 points to 38,005.03 and Nifty too opened at a fresh record high.

Ikea aims to reach 200 million people in India in the next three years and its journey is going to be based on affordability and accessibility, the Swedish home furnishings chain’s Group Chief Executive Officer Jesper Brodin said on Wednesday on the eve of the launch of the company’s first Indian store in Hyderabad.

State Bank of India (SBI) is planning to expand the user base for its Yono (you only need one) to 250 million in the next two years. The country’s largest lender is also planning to integrate Yono and buddy, its mobile wallet.

At present, 2.5 million users are registered under Yono, the digital platform offering financial services, lifestyle products and services of the SBI.

Shares of Cipla have rallied 4.6% to Rs 662 per share on the BSE in early morning trade after the pharmaceutical company reported a 10% increase in its consolidated net profit of Rs 4.51 billion for the first quarter ended June 30 (Q1FY19), driven by healthy growth in domestic market. It had profit of Rs 4.09 billion in the same quarter year ago.

The stock was trading close to its 52-week high of Rs 663 touched on November 11, 2017 on the BSE in intra-day trade. It hit an all-time high of Rs 752 on March 10, 2015.

Markets regulator Sebi will explore new initiatives to tackle the challenge posed by cyber security breaches happening globally as it gears up to deploy data analytics and new-age technologies for the marketplace while following necessary data privacy requirements, its chairman Ajay Tyagi has said.

Besides, the regulator intends to strengthen the algorithmic trading framework to make the capital market more fair, equitable and transparent,

Mumbai: A major fire broke out at Bharat Petroleum Corporation Ltd’s (BPCL) refinery complex in Chembur, suburban Mumbai on Wednesday afternoon.

Fire and smoke were seen emanating from the refinery. No casualties have been reported so far.

Axis Bank is likely to add between 350 to 400 branches to its network this year from the current about 3,800 branches, a top bank official said today. “National, totally we have about 3,800 branches currently. Last year, we added about 400 branches. Our anticipation is that we will add between 350 to 400 branches this year as well (FY19).

When it comes to the Indian stock market, analysts are not following investors’ exuberance. A booming economy and encouraging corporate results have sent the benchmark S&P BSE Sensex racing past 22 record highs this year. While gains have accelerated in the past six weeks, analysts have failed to keep up, and the average price estimate for members of the gauge is now just 14 percent above their stock prices, the narrowest gap since February, data compiled by Bloomberg show.

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