Mumbai: The markets shrugged off SBI’s massive quarterly loss after the bank’s chairman, Rajnish Kumar, said the worst on bad loans was behind the lender. The bank’s stock went up 3.7 per cent. While some financial parameters worsened, other key data points showed an improvement.

The Securities and Exchange Board of India (Sebi) is probing suspected insider trading by some institutional investors and other regulatory lapses at Fortis Healthcare amid a takeover battle and boardroom upheaval at the hospital chain, officials said.

Apart from the Sebi probe that also includes investigation into suspected disclosure lapses, the Serious Fraud Investigation Office (SFIO) and registrar of companies are also looking into alleged financial irregularities at Fortis and other promoter group entities including Religare, they added.

New Delhi: Paytm, the brand owned by One97 Communications, has acquired Orbgen Technologies, the entity that operates Chennai-based online ticketing platform TicketNew. Sources put the deal size at around $40 million. Last year TicketNew raised Rs 1.2 billion from Chinese e-commerce giant Alibaba.

With this acquisition, Paytm hopes to take on major players such as BookMyShow. According to the company, the acquisition will help it attain leadership status in south India.

Mumbai: L&T Technology Services posted an annual revenue growth of 15.4 per cent to Rs 37.47 billion and profit rose 19 per cent to Rs 5.060 billion for the year ended March 31.

For the March quarter, the company posted year-on-year (y-o-y) revenue growth of 30 per cent to Rs 10.54 billion. It reported a 65.6 per cent growth in quarterly profit to Rs 1.58 billion compared to the year-ago period.

India’s second-largest information technology company, Infosys, is relying more on experienced hands than fresh graduates even though it weighs to its costs, according to the company’s latest annual report. This is happening when the sector is witnessing slower growth with increasing pressure on profit margins.

New Delhi: Indian Oil Corp. Ltd (IOC) on Tuesday reported a 40% jump in the March 2018 quarter net profit to Rs5,218 crore, compared to a profit Rs3,720.62 crore in the year ago quarter.

IOC’s turnover rose to Rs1.36 trillion in the fourth quarter of 2018 from Rs1.24 trillion in the year-ago period.

Bengaluru: A new chairman and a new chief executive officer at Infosys Ltd have led to a shift in the way the company perceives risks to its business.

Last year, Infosys told shareholders that activist shareholders were one of the challenges, as the company said: “Actions of activist shareholders may adversely affect our ability to execute our strategic priorities, and could impact the trading value of our securities.”

Mumbai: The National Company Law Appellate Tribunal (NCLAT) on Tuesday directed the insolvency resolution professional and committee of creditors (CoC) for Essar Steel Ltd as well as National Company Law Tribunal’s (NCLT) Ahmedabad bench to not pass any order, including an order of liquidation, with respect to Essar Steel’s insolvency.

Shortly after pulling the plug on most hatchbacks in the US and Europe, Ford has announced that they have started working on a new crossover that they will be calling the Mach1. The car is scheduled to be unveiled later next year with a production model scheduled for deliveries as early as 2020. According to reports on Autocar UK the car is scheduled to use the C2 platform that will also underpin the new Ford Focus.

In what can come as a respite as for the flyers, Minister of State for Civil Aviation on Tuesday announced that no cancellation fee will be charged on flight tickets cancelled within 24 hours of booking.

"No cancellation charges will be levied if the tickets are cancelled within 24 hours of booking, provided the ticket is booked 96 hours before flight departure," said Jayant Sinha, Minister of State for Aviation.

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