MUMBAI: HDFC Life and Max Life merger received another regulatory setback with the Insurance Regulatory and Development Authority of India rejecting the proposed merger in the current form.

HDFC Life and Max Life proposed four-leg merger last August where in the first leg Max Financial Services, a holding company, was to be merged with Max Life. That was to be followed by a demerger of the life insurance business, which would subsequently be merged with HDFC Life.

Infosys Ltd on Friday denied a media report that the founders of India's second-biggest software services exporter were looking to sell their entire 12.75 percent stake in the company.

The Times of India newspaper on Friday had reported the Infosys founders were exploring such a sale, citing people familiar with the developments, although it carried a denial of such a move by one of the firm's founders, Narayana Murthy.

A month after IT giant Wipro reportedly fired hundreds of employees as part of its annual 'performance appraisal', the country's third largest software services company has now declared US President Donald Trump a potential threat to business.

According to an Economic Times report, the IT firm said this in its annual filing with the US Securities and Exchange Commission.

State-run oil marketing companies (OMCs) have decided to roll out the daily revision of fuel prices nationally from the second fortnight of June.

However, this has raised concerns about viability and inventory management among dealers. Currently, Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) review retail fuel prices every fortnight while taking global crude oil prices into account. "We are planning to have a national launch of the dynamic pricing system by the second half of this month. However, dates are yet to be finalised," said a top official from an OMC.

Farming provides livelihood to about 50 per cent of the workforce in the country. The government wants to double farmers’ income by 2022. ITC is trying to help this by attracting the next generation of farmers to sustainable activities as an aggregator.

Diversified conglomerate ITC plans to provide agricultural services through its showcase project, e-Choupal, which leverages information technology to empower farmers.

India’s coal imports in May declined by 6 per cent to 18.15 million tonne (MT), year-on- year due to lacklustre demand from the power sector and sufficient supply of domestic fuel. “Coal import (all type of coals) in May 2017 stood at 18.15 MT (provisional), against 19.38 MT in May 2016,” according to mjunction services, an online procurement and sales platform floated jointly by SAIL and Tata Steel.

Air India’s plans to expand its fleet have hit an air pocket, amid uncertainty after the government’s top policy-making body, NITI Aayog, proposed the total privatisation of the national carrier to the PMO. Decisions approved earlier by the airline’s board regarding aircraft acquisitions are currently “on hold” and tenders for procurement of new planes have been deferred till clarity emerges, an airline source said. In March, the Air India Board of Directors had approved a proposal to induct seven Boeing 787-9 aircraft in its fleet to improve connectivity to Canada, the US and Australia.

The market benchmark Sensex erased initial gains in late morning deals following emergence of selling in sectors like IT, teck, energy, telecom and realty. On the other hand, metal and healthcare stocks witnessed sustained buying. Cautious trade in global markets ahead of the UK elections and testimony from sacked FBI head James Comey on his probe into Donald Trump’s links to Russia also influenced sentiment, brokers said.

Tata Sons, the main promoter of Tata Consultancy Services (TCS), has raked in about Rs 10,278 crore by tendering in 3.61 crore shares in the recently concluded share buyback offer of TCS. The number of shares sold by Tata Sons represents almost two-thirds of the total shares on offer by TCS in the buy back scheme which ended on May 31.

MUMBAI: HDFC Bank has held back and will be reconsidering their decision to charge Unified Payments Interface based transactions, said a spokesperson of the bank on micro blogging site Twitter.

This comes in the wake of the bank getting embroiled in a major controversy two days back, when they sent a mail to its customers saying that all UPI payments will be charged from July 10.

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