HYDERABAD: GMR Infrastructure has announced securing the contract to build a greenfield commercial port near Kakinada through the Swiss Challenge mode. In a statement, the infrastructure firm said that the all-weather, deep-draft and multi-cargo port will come up at some 30 km north of Kakinada, located as one of the nodes of the proposed Visakhapatnam-Chennai Industrial Corridor.

BENGALURU: Tata Consultancy Services grew its revenue in the double-digit range in France to $200 million in FY18, the first time those figures have been disclosed, and expects growth to rev up as the European economy improves.

Indian IT companies have been focusing on Europe to reduce their US dependence, where protectionist economic policies and slower spending by large banks is putting a crimp on growth.

Multinational companies like Amazon Inc and H&M are lobbying to soften a ban against single-use plastic imposed by an Indian state last week, according to four sources familiar with the matter.

The ban by the state of Maharashtra, home to India's financial capital of Mumbai, could sharply raise costs for companies that rely heavily on plastic for packaging, such as retailers, beverage makers and sellers of bottled water.

Dubbing Iran as a "threat" and "the next North Korea", US Ambassador to the UN Nikki Haley on Thursday said her country will encourage India to rethink its relationship with Iran and decide whether it wants to continue doing business with it.

Her remarks assume significance as they come after the US told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone.

BHEL on Thursday said it has inked a pact with South Korean firm NANO Co Ltd for design and manufacture of emission controlling devices for coal-based power plants.

The Technology Collaboration Agreement (TCA) with NANO Co is for design and manufacture of SCR Catalysts for De-NOx application in coal-fired plants, BHEL said in a statement.

Olympic Bronze medallist Saina Nehwal's run in the Malaysia Open ended with a straight-game loss to Japan's Akane Yamaguchi in the women's singles competition of the USD 700,000 world tour super 750 tournament at Kuala Lumpur on Thursday.

The former world no 1 Saina went down 15-21 13-21 to world no 2 Yamaguchi in 36 minutes at the Axiata Arena in Bukit Jalil, a suburb in Kuala Lumpur.

The saying, or at least the sentiment, sounds familiar in any language: “Shirtsleeves to shirtsleeves in three generations.”

The adage is often attributed to Andrew Carnegie, but the notion that family wealth ends up squandered travels far. “Stable to stars to stable,” an Italian version goes. “From paddy to paddy in three generations,” runs the Chinese saying.

Shares of smallcap companies continue to be under pressure with the S&P BSE Smallcap index hitting nine-month low, down for the fourth straight trading day on the BSE on Thursday.

At 11:40 am; the S&P BSE Smallcap index was down 1% at 15,808, as compared to 0.25% decline in the S&P BSE Sensex. The smallcap index hit an intra-day low of 15,806, its lowest level since September 28, 2017, as global trade war concerns between US and other major economies and weak rupee dampened the sentiments.

Mumbai: ICICI Bank Ltd issued hundreds of letters of credit (LCs) to entities related to its troubled corporate borrowers to help them avoid loan default, a whistleblower complaint said, pre-empting the need to set aside money for non-performing assets (NPAs).

Banks often extend loans to debt-laden companies to help them repay previous loans, a practice known as evergreening. This buys time to run down bad loans slowly so the companies can earn their way out of trouble.

The below-cost pricing in the telecom sector continues to take its toll, with the industry’s adjusted gross revenue (AGR) declining 7.4% Q-o-Q and 12.6% Y-o-Y to Rs 35,697 crore during the January-March quarter of 2018, which is also the industry’s worst performance in the last five years.

According to Trai’s latest revenue collection numbers for the period, even though the gross revenue (GR) rose 1.82% Q-o-Q to `62,198 crore, it fell 1.76% on a year-on-year basis.

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