The committee of creditors (CoC) in the Essar Steel insolvency resolution case has decided to issue notices, in compliance with the National Company Law Tribunal (NCLT) Ahmedabad Bench’s order of April 19, to ArcelorMittal and Numetal to cure their ineligibility.

The notice, which has not yet been officially issued, will ask bidders ArcelorMittal and Numetal to comply with the NCLT Bench order, said a source.

The country’s top carmaker, Maruti Suzuki, on Friday reported 10 per cent growth in profit for the quarter ended March 31, 2018. Net profit for the three months stood at Rs 18.8 billion, lower than analysts’ expectations of over Rs 22 billion. The company said an increase in corporate tax rates affected profitability.

Maruti Suzuki also reported a record annual profit of Rs 77.21 billion for the year ended March 31.

North Korean leader Kim Jong Un and South Korean President Moon Jae-in agreed Friday to finally end a seven-decade war this year, and pursue the “complete denuclearisation” of the Korean Peninsula.

The two leaders embraced after signing the deal during a historic meeting on their shared border, the first time a North Korean leader has set foot on the southern side.

On Friday, Maruti Suzuki will report the financial performance for the January – March 2018 quarter (Q4FY18) and the full financial year 2017-18 (FY18).

The automobile sector, which witnessed a healthy sales growth in FY18 led by higher demand from rural markets and the fast-growing SUV segment, should continue to do well in the new fiscal year (FY19) as well, analysts say.

Hyundai Motor said it will cancel $890 million worth of treasury shares, its first stock cancellation in 14 years - a plan that comes amid heavy shareholder pressure to improve returns, restructure and bounce back from dismal earnings.

US activist hedge fund Elliott Management ramped up pressure on the South Korean automaker this week, calling for a holding company structure, a share cancellation as well as the addition of three independent board members.

Bengaluru: Wipro has ceded ground to HCL Technologies as the third biggest IT services exporter in terms of market capitalization, and the chasm between the two is getting bigger. That’s not good news for a company that was part of the troika – alongside TCS and Infosys – that helped make a name for India in the global outsourcing map.

Mumbai: Private lender Yes Bank on Thursday beat Street estimates with net profits rising 29 per cent for the fourth quarter ended March 31, 2018, to Rs 1,179.4 crore from Rs 914.12 crore in the year-ago period.

Analysts expected the bank to post net profits of around Rs 1,000 crore.

The Supreme Court has dismissed the appeal of Reliance Communication, challenging the Gujarat government’s demand notices seeking to levy Rs 13-crore property tax on cell towers and telecom equipment installed on rooftops and building terraces in the state. A bench led by Justice Ranjan Gogoi, while dismissing the appeal, said, “If a competent court has passed the order, you (RCom) can not drag on for a year.”

Microsoft Corp topped Wall Street forecasts for quarterly profit as it signed up more businesses to its Azure cloud computing services and Office 365 productivity suite.

Much of Microsoft’s recent growth has been fueled by its cloud computing business as more enterprises seek to cut data storage costs by adopting cloud-based software and moving their applications to data centers.

NEW DELHI: Ford Motor, which is setting up a new technology and development centre in Chennai, will leverage the base further to increase Indian R&D content in its vehicles as the US carmaker scales up the technical capabilities of engineers employed here.

In Chennai, Ford has already appointed 800-1,000 employees including engineers who have worked on Figo Sports and EcoSport Platinum editions.

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