The Reserve Bank of India has given its nod to Fairfax to acquire 51 per cent stake in Kerala-based Catholic Syrian Bank (CSB).

This is the first stake sale of an Indian bank to a foreign non-banking entity since the Banking regulator tweaked ownership norms in May 2017.

Microsoft Corp on Friday called for government regulation of facial recognition technology and for laws governing its acceptable uses. “We believe Congress should create a bipartisan expert commission to assess the best way to regulate the use of facial recognition technology in the United States,” Microsoft President Brad Smith wrote in a blog https://blogs.microsoft.com/on-the-issues/2018/07/13/facial-recognition-technology-the-need-for-public-regulation-and-corporate-responsibility post.

Vedanta quoted the highest offer of Rs 2,500 crore for GMR’s 1,370-MW thermal power plant in Raikheda, Chhattisgarh, sources told FE. The offered price estimates the cost of the plant at Rs 1.8 crore/MW, significantly lower than the Rs 6 crore/MW needed to set up a coal-based power generation asset. Adani Power is said to have quoted the second highest price, but it could not be immediately ascertained.

Public sector lender Bank of Baroda on Friday said it had received approval from shareholders to raise up to Rs 6,000 crore through equity capital by way of either qualified institutional placement (QIP), a follow-on public offer (FPO), preferential issue, rights issue, ADR-GDR, private placement, compulsorily convertible debentures or a combination of these.

Infosys, India’s second-largest IT services company, failed to enthuse the street with its numbers, strengthening the belief that the company is yet to return to a stable phase.

The Bengaluru-headquartered company, which a new chief executive officer (CEO) is leading since January this year, mostly delivered an in-line financial performance though it missed the estimates on a couple of parameters.

Berger Paints India is considering acquisition of competing paint companies in Russia after the 2018 FIFA World Cup instilled it with fresh hopes to scale up the hitherto loss making operation in this country.

Its Russian subsidiary, together with a local partner recently painted three World Cup soccer venues - Rostov Arena, Volgograd Arena and Kaliningrad apart from two airports which led to the Russian subsidiary breaking even this fiscal year.

Drop in oil prices and sharp gains in blue-chip stocks, such as Reliance Industries, saw the benchmark Nifty post its highest weekly gain in 16 months.

The 50-share index gained 2.3 per cent during the week, the highest since the week ended March 19, 2017.

Remuneration of top executives and independent directors at Tata Motors, including that of its managing director and chief executive Guenter Butschek, saw a drop in fiscal 2018 over the last year amid company's efforts to contain costs and turnaround the domestic operations, according to company's latest annual report.

New Delhi: Suzuki Motor Corp. will fit premium cars sold by its Indian unit with lithium-ion batteries sourced from the parent’s upcoming Gujarat battery plant, starting FY21, two people aware of the development said.

The longer-lasting lithium-ion batteries will replace the traditional lead-based ones in cars sold by unit Maruti Suzuki India Ltd. The lithium-ion batteries will be fitted in the Swift hatchback and all models that are more expensive than it, these people said, requesting anonymity.

Amazon Prime Day is scheduled to begin on July 16 at 12 noon. This is the second edition of the sale in India and it aligns with the Prime Day sales across other countries. With just three days to go, Amazon has now revealed the offers and discounts on the smartphones during the Prime Day sale. Besides smartphones, the sale will see huge discounts on other products such as home appliances, smart devices, clothing, home interiors, and more.

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