The U.S. Securities and Exchange Commission has sought details from India’s ICICI Bank Ltd. on its accounting and corporate governance practices, people familiar with the matter said.The SEC’s queries center on ICICI’s dealings with certain borrowers under Chief Executive Officer Chanda Kochhar and whether there had been is representations in the bank’s accounting, the people said, asking not to be identified.

SoftBank Group Corp today said it will launch a digital payments service in Japan, and has partnered Paytm for the service. The service PayPay will be launched by SoftBank’s joint venture PayPay Corporation (with Yahoo Japan) in fall this year, SoftBank said in a statement. “PayPay Corporation will team up with India’s largest digital payments company Paytm, a SoftBank Vision Fund portfolio company, to utilise Paytm’s technology and expertise in mobile payments,” it added.

To take the better of neck and neck competition in the telecom sector, Idea Cellular has launched a new offer for its prepaid customers. Idea Cellular is offering 300 minutes of free voice calls, 1GB of free 4g data in just Rs 75. Besides, users will also get up to 100 SMS messages per day. The plan will be valid for 28 days.

Hyundai Motor India Ltd (HMI), the Indian subsidiary of Korean automaker Hyundai Motor, plans to increase its Sriperumbudur facility's capacity by 37,000 units to 750,000 units.

Located near Chennai and spread over 535 acres of land, the plant is running at almost 100 per cent capacity utilisation. Its current capacity of 713,000 units will be expanded to 750,000 by 2019.

A Delhi court on Friday reserved for July 30 its order on whether to summon RJD supremo and former railway minister Lalu Prasad Yadav, his wife Rabri Devi and son Tejashwi Yadav as accused in a case related to alleged irregularities in granting operational contract of two IRCTC hotels to a private firm.

Mumbai: Reliance Industries Ltd (RIL) is likely to report an increase in its quarterly profit led by stronger petrochemical margins, offsetting weaker refining margins. RIL, which operates the world’s largest refining and petrochemicals complex at Jamnagar in Gujarat, will report its earnings on Friday. According to a Bloomberg poll of nine brokers, RIL is expected to post consolidated net sales of Rs 1.269 trillion crore for the first quarter ended 30 June.

Beating market expectations, cigarette-to-hotel-to-FMCG major ITC on Thursday reported a 10.08% year-on-year (y-o-y) rise in its standalone net profit to Rs 2,818.68 crore for the first quarter ended June 30, with total expenses falling and revenue from the non-cigarette FMCG business soaring during the period.

In the first quarter of the current financial year, Life Insurance Corporation of India (LIC), the largest investor in state-owned lenders, has pared its exposure in IDBI bank and Allahabad Bank.

LIC has reduced its stake in IDBI Bank from 10.82% in Q4FY18 to 7.98% in Q1FY19. In addition, it has trimmed its stake in Allahabad Bank from 12.37% to 9.89% in the said period.

KOLKATA: State-owned Coal India is exploring the possibility of restricting fuel supplies to power plants saddled with large stocks but operating at low capacity utilisation. The plan is to divert supplies from these plants to the ones running at higher capacity but faced with low stocks, a Coal India executive said.

NEW DELHI: State-run refiner Indian Oil Corp has opposed natural gas firm GAIL’s pitch for a unified tariff for its pipelines, saying such a move would raise input cost for its three refineries by Rs 1,000 crore and only help operators of old liquefied natural gas terminals and pipelines.

Indian Oil, BP and Shell have also demanded separation of GAIL’s natural gas transportation and marketing business before shifting to a unified tariff.

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