MUMBAI: The board of ICICI Bank has begun looking for a new chairman as the term of the incumbent, MK Sharma, expires at the end of this month and he may not want a second term. Veteran banker and former Bank of Baroda chairman and managing director MD Mallya is the frontrunner to succeed Sharma, two people aware of the development said. Mallya was appointed to the ICICI Bank board on May 29.

The BSE Sensex surrendered early gains to trade over 137 points lower in opening trade as investors remained on the sidelines ahead of RBI’s monetary policy review meeting beginning today.

RBI’s second bi-monthly monetary policy meeting of 2018-19 will be held from June 4-6.

Loss-making, state-owned firm Bharat Sanchar Nigam (BSNL) has requested the department of telecommunications for allocation of an additional carrier (5 MHz) spectrum in the 2100 MHz band across 19 circles so that it can provide 4G services to shore up its revenues. To boost its case, since it does not want to pay Rs 12,955 crore which is the price of the spectrum as per the latest auction determined price, BSNL has said if it is enabled to provide 4G services

Expressing disappointment over Reliance Jio moving the Delhi High Court against COAI director general Rajan S Mathews, the industry body reiterated that the allegations made by the operator were without merit and that it will defend its stand in the court. COAI, which represents all the major telecom operators including Jio, maintained that the allegations are ‘patently misconceived’ as all communications were issued in good faith and in furtherance of its duty as an industry association.

Mahindra & Mahindra's (M&M) plan to venture into the Iranian automotive market, for which it recently partnered Azim Khodro, is facing some uncertainty after the US reimposed sanctions on the Persian Gulf country.

A company spokesperson, in response to DNA Money queries, said that the implications of the sanctions are being studied and a "considered decision will be made at an appropriate time".

South Korea has asked India to remove restrictions on gold and silver imports, which were imposed to check abuse of free trade agreement leading to significant surge in the inbound shipments.

In August 2017, India restricted imports of gold and silver items from South Korea to check spurt in the inbound shipments of the precious metals from that country.

In battleground India, caught in the middle of two giants Amazon and Walmart Inc worth more than a trillion dollars combined, are the large number of traditional bricks-and-mortar retailers fighting hard to stay relevant. Aiding them in this fight for survival are a few tech companies, who after being at the receiving end of Jeff Bezos’ ambitious plans globally are hoping to finally counter what is now known as the ‘Amazon Effect’.

New Delhi: State-run Indian Oil Corporation (IOC) on Saturday reduced diesel and petrol prices by 9 paise per litre after automobile fuel prices reached a record high on Tuesday.

Saturday marked the fourth day of meagre price reduction after prices were raised daily since 14 May following a hold during the Karnataka assembly election campaign.

Talks on Microsoft’s plan to acquire software developer platform GitHub has intensified in the past few week, the Business Insider reported.

The acquisition talks turning serious mark a change of strategy as just six months ago GitHub appeared committed to staying independent, the report said on Friday citing people close to the companies.

When asked about what could be the driver for Jeff Bezos’ Amazon business, he pointed out to three possibilities — and India was one of them. Amazon is the biggest e-tailer in India and Jeff Bezos said that investment in e-commerce and technology in India could turn the needle for the company. The other two are award-winning Amazon Studios and Amazon Alexa voice assistant.

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