KOLKATA: Vodafone India and Idea Cellular appear to be trying to rapidly conform to the subscriber market share cap rules as their merger process gathers speed after recent key clearances, analysts said, pointing to their combined loss of 3.7 million customers in July.

The country’s No. 2 carrier Vodafone India lost nearly 1.4 million customers last month, while No. 3 Idea lost over 2.3 million, according data collated by the Cellular Operators Association of India (COAI).

Aiming to tap the digitally savvy customers, country’s largest car maker on Wednesday announced a revamp of its retail network across India with a new brand name -- Maruti Suzuki Arena.

The new showrooms will be a part of Maruti Suzuki India’s "Transformation 2.0 initiative" and is part of the company’s strategy to meet its target of selling two million cars by 2020.

At least seven people were killed and 15 others were injured after a ground plus five-storey Hussain building collapsed in South Mumbai on Thursday morning.

The incident took place at around 8:30 am in Bhendi Bazar area. At least 20 more people are feared to be trapped under the debris.

Fresh from winning its biggest defense contract in May, Larsen & Toubro Ltd. is planning to bid for $28 billion of orders including warships and submarines in India as Prime Minister Narendra Modi breaks with tradition to embrace private, local suppliers. India’s new defense purchase policy that allows non-state local firms to compete for orders from the military is helping the nation’s biggest engineering firm to become more ambitious, Jayant Patil, head of Larsen’s defense business, said in an interview. The company is building on its success with a $700 million order for artillery guns in May, unprecedented in size for a local contractor, he said.

India's third-largest software services firm Wipro today said its shareholders have approved the company's Rs 11,000-crore buyback proposal.

Last month, the Bengaluru-based firm had said it will purchase up to 343.75 million shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

Mumbai: The Reserve Bank of India (RBI) has sent commercial banks a second list of at least 26 defaulters with which it wants creditors to start the process of debt resolution before initiating bankruptcy proceedings, three bankers aware of the development said.

In a letter, the central bank said these accounts should first be resolved through any of RBI’s schemes before 13 December, failing which cases should be filed against these companies under the Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT) before 31 December.

Mumbai: The rupee on Wednesday strengthened marginally against the US dollar in the opening trade.

The rupee opened at 63.94 a dollar. At 9.10am, the rupee was trading at 63.97 a dollar, up 0.07% from its Tuesday’s close of 64.02.

Bengaluru: Infosys Ltd co-founder N.R. Narayana Murthy on Tuesday backed newly appointed chairman Nandan Nilekani to fix corporate governance lapses and also hailed last week’s overhaul of the board that resulted in the exit of four members, including previous chairman R. Seshasayee.

Murthy also took a direct shot at former and current board members, Jeffrey Lehman and Roopa Kudva, alleging that the board asked him to sign a non-disclosure agreement if he wanted to know the reason behind Infosys agreeing to pay Rs17.38 crore in severance to former chief financial officer Rajiv Bansal.

Government’s 7,000-14,000 crore stake sale in India’s biggest power producer NTPC via a two-day offer-for-sale (OFS) which opened for retail investors today got subscribed 1.87% as at 10:35 am. Retail investors, who will be offered a 5% discount, can bid for shares today till 3:30 pm as over 8.24 crore shares have been reserved for them. The government is selling over 41.22 crore shares, or 5% holding at a floor price of Rs 168 per share, through the two-day offer for sale (OFS), with an option to retain a similar portion in case of over-subscription. Shares of NTPC were trading little changed, up 0.33% at Rs 168.95 on BSE.

NEW DELHI: The country's largest car maker Maruti Suzuki India Limited (MSIL) on Wednesday announced the revamp of its retail network. The new showrooms will be christened Maruti Suzuki Arena.

Kenichi Ayukawa, managing director and chief executive officer, MSIL, said, "While we continue to bring technology and quality into products, alongside we are focused on the quality of our network...Technology will be a key differentiator (in Maruti Suzuki Arena) where we have aligned with the new age customers."

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