Ashok Leyland has unsold stock of more than 10,664 units of commercials vehicles compliant to BSIII emission norms, however the loss will not be as big as expected as the brand plans to upgrade the engines for aftermarket sales, the company MD told PTI. The engines of the vehicles will be fitted with with a new intelligent exhaust gas recirculation (iEGR) technology, so as to bring them up to Bharat Stage IV emission standards. The cost of fitting this new tech on the engines will be Rs 20,000.

India’s third largest IT services exporter Wipro has decided to let go its 350-400 employees as part of the appraisal process, which the company termed as a part of plan to align its workforce with business objectives The IT major at the end of third quarter of FY17 had a total headcount of 179,129. It is not clear which divisions of the company will be affected the most.In response to a query from FE, Wipro said, “Wipro undertakes a rigorous performance appraisal process on a regular basis to align its workforce with the business objectives, strategic priorities of the organization, and requirements of our clients.

Engineering major Larsen & Toubro has signed a contract with South Korea’s Hanwha Techwin (HTW) for the supply of self propelled guns for the Indian army. Larsen & Toubro and Hanwha Techwin signed a contract for execution of the 155mm/ 52 cal tracked self propelled gun program for the Indian army, the company said in a BSE filing today.

Larsen was the sole qualified bidder based on the trials and performance of the K9 VAJRA-T gun, customised by L&T with HTW as the technology partner.

HDFC Bank posted an 18.3% rise in net profit in the January-March quarter at Rs 3,990 crore on Friday, beating street estimates.

At Rs 3,990 crore, the bank’s net profit grew 18.3% on higher interest income and income from fees. In the same period last year, HDFC Bank had posted a net profit of Rs 3,374.22 crore.

The Supreme Court today questioned the Centre for making Aadhaar mandatory for procuring Permanent Account Number (PAN) card.

Attorney General Mukul Rohatgi, appearing for the Centre, told a bench headed by Justice A K Sikri that they have found that people were giving details of PAN cards which have been procured on the basis of fake documents.

Reliance Industries (RIL) gained 3% to Rs 1,411 on BSE in intra-day trade in an otherwise range-bound market after the company on Thursday announced commissioning of the second and final phase of paraxylene project at Jamnagar in Gujarat.

"With the commissioning of this plant, RIL's PX capacity will be more than double. Reliance will emerge as the world's second largest producer of PX with about 11% of global production," the company said in a statement.

New telecom operator Reliance Jio's average download speed at 16.48 mbps was almost double of its rivals Idea Cellular and Bharti Airtel's in March, a report by telecom regulator Trai has showed.

Average download speed on Reliance Jio network was 16.48 megabit per second (mbps) in March against 8.33 mbps on Idea Cellular's and 7.66 mbps on Bharti Airtel's network, the monthly report by Trai showed.

The proposed merger of telecom giants Reliance Communication (RCom) and Aircel has triggered a debate over the kind of disclosures necessary on the valuation of companies.

RCom, the listed firm belonging to the Anil Ambani group, proposes to demerge its telecom business and transfer the same to Aircel. After this, the company will own a 50 per cent stake in Aircel. As required under law, the company has obtained a valuation report from an independent valuer and disclosed it. The court-convened meeting to approve the proposal is coming up next week.

For all the hurdles faced by lenders, there are bank bonds out there that investors can't get enough of. State Bank of India’s (SBI’s) perpetual notes — so called because they lack a fixed maturity date — are being hoarded and hunted by traders betting the nation's biggest lender will buy them back within the next 10 weeks as it puts its capital structure in line with Basel regulations.

That’s created a trading opportunity for investors like Carl Wong of Nexus Investment Advisors and Raj Kothari of Jay Capital, who say SBI’s perpetual bonds are the only notes that have yet to be redeemed as part of the revamp.

The 3 Municipal Corporations of Delhi will be heading to polls on April 23 (Sunday). The results of these polls are to be announced on April 26. The Municipal Corporation of Delhi governs over 1.90 crore people, according to India Today and is considered to be one of the largest civic bodies in the world. Around 132,00,000 voters would be casting their votes in the civic polls in 10,000 polling stations. The counting of the votes will be taking place in 34 counting stations. 114 out of 272 seats going for polls have been reserved for women in the civic body polls.

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