New Delhi: The Department of Telecom (DoT) is “forcibly” taking over the land and building assets of BSNL under a Presidential directive, employees union of the state-owned telco has alleged.

Seeking the intervention of the Prime Minister’s Office, P Abhimanyu, general secretary of the BSNL employees union, said: “The DoT under a Presidential directive is taking away all the lands and buildings for housing its own offices.

New Delhi: Air India has slipped in its payments to key spare parts vendors, prompting many to stop supplies to the ailing airline.

According to sources, the dues of suppliers such as Airbus, Honeywell, Meggit International, Goodrich, Hamilton, Wesco Electrical remain unpaid, some for more than three quarters, leading to the shortage of parts that has resulted in a large part of the fleet being grounded.

Bengaluru: Housing Development Finance Corp. Ltd (HDFC), India’s largest mortgage lender, is setting up a new venture to raise capital for a special situations fund that will invest in stressed projects in real estate. HDFC, which will be a sponsor to the fund, is in talks with investors to raise capital through the alternative investment fund (AIF) route.

Mumbai: Bad prospects have forced state-run Hindustan Petroleum Corp. Ltd (HPCL) to relinquish 19 of its 21 exploration and production blocks, ending its upstream ambitions. In its 2017-18 annual report, HPCL also said the net worth of its fully owned exploration and production subsidiary Prize Petroleum Co. Ltd has partially eroded.

After a reasonably good start to the first quarter, Coal India Ltd’s outlook for the rest of the fiscal year also looks bright. Demand from the power sector is expected to be strong. Coal stocks at power plants are low. Analysts believe the adverse impact of wage provision and coal grade slippages have also been factored in. Consequently, Coal India is set to benefit from better volume and price increases going ahead.

Mumbai: China’s Alibaba Group Holding Ltd has initiated talks with Mukesh Ambani’s Reliance Retail Ltd to form a mega Indian retail joint venture (JV), with an investment of at least $5 billion to challenge the dominance of Flipkart and Amazon in the world’s fastest-growing economy, two people with direct knowledge of the matter said.

Recovering from its record low closing on Thursday, the Indian rupee rose by 38 paise to 69.77 against the US dollar in early morning trade on Monday. Weakness in the US Dollar, along with a higher opening of the domestic equity markets on Monday, helped the rupee to strengthen after scaling record low levels last week.

Infosys CFO exit: After Infosys CFO MD Ranganath announced his voluntary resignation, JP Morgan said that the development is likely to cause the shares to take a breather. Notably, Infosys CFO resignation comes just seven months after India’s second-biggest software services exporter appointed a new Chief Executive Officer at the helm following Vishal Sikka’s exit.

Yet another fraud of Rs 9.48 crore under the nose of the Brady House branch of the Punjab National Bank (PNB) has surfaced wherein the Central Bureau of Investigation (CBI) has accused unknown PNB officials.

The same branch has already been blotted for allegedly helping diamantaire Nirav Modi and Chairman & Managing Director of Gitanjali Group, Mehul Choksi in embezzling Rs 280 crore.

South Korean automaker Hyundai on Monday announced a partnership with self-drive car-sharing firm Revv in the country.

The partnership entails development of an innovative car sharing service and conducts creative marketing activities in India, the auto major said in a statement.

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