GMR Infrastructure's standalone net loss widened to Rs 2,478.7 crore for the quarter ended March 2017, mainly due to change in accounting norms.

"This loss what you are seeing is more of accounting entry or accounting adjustment," GMR Group CFO Madhu Terdal told.

Calcutta, June 2: The Reserve Bank of India has directed public sector lender Dena Bank to set its house in order, the third bank against which the apex bank has initiated the revised prompt corrective action (PCA) as the bad loan problem asphyxiates Indian banking.

Dena's high non-performing assets and its negative return on assets have prompted the apex bank to take action against the Mumbai-based bank.

Mumbai: Stretching its strong recovery momentum for the third straight day, the rupee today rose by 4 paise to a fresh one-week high of 64.44 against the US dollar on sustained selling of the American currency by exporters.

Despite bullish dollar sentiment overseas ahead of key US macro data release, the domestic unit showed abundant strength, largely helped by robust capital inflows into equity and debt markets.

St. Petersburg: The State Bank of India expects to complete a planned share sale by year-end, probably through a qualified institutional placement (QIP), bank Chairman Arundhati Bhattacharya said on Friday.

SBI, India’s biggest lender by assets, has shortlisted six banks to manage the sale that could be worth up to $2.3 billion.

Mahindra FirstChoice Wheels Ltd, the used car arm of the Mahindra group, plans to expand its sales network and double sales in fiscal 2018 as it expects robust demand for pre-owned vehicles on the back of strong new car sales, chief executive Nagendra Palle said.

The company, which sold 225,000 used cars in the year ended 31 March, expects to double the volume to 550,000 by the end of the current fiscal year, Palle said in an interview on Wednesday.

New entrant Reliance Jio Infocomm (Jio) has yet again topped the regulator Trai’s speed test for April 2017 clocking an average 4G download speed of 19.12 Mbps. This is the fourth consecutive month that RJio has topped the speed test. The top three incumbents — Bharti Airtel, Vodafone India and Idea Cellular — have also improved their performance in terms of data speed.

With a view to expanding international operations, Air India will add four Dreamliner aircraft to its fleet. Senior executives at the airline said it would use a $450 million bridge loan (Rs 2,900 crore) to part fund the purchase. The mandate for sourcing the loan has been given to Mashreque Bank and NABARD. The expansion of the Dreamliner fleet will help the airline operate on long haul routes.

Information technology (IT) services major Infosys on Friday said it will hire 20,000 people this year, against only 400 people being asked to leave on performance grounds and termed reports of large-scale job losses as “overstated”.

Infosys Chief Operating Officer U B Pravin Rao said the technology-driven transformation presents new opportunities for companies such as Infosys.

The Securities and Exchange Board of India (Sebi) has set up a committee to recommend on better corporate governance standards at listed companies.

The 21-member panel is to give its report in four months. It will be chaired by Uday Kotak, executive vice-chairman and managing director of Kotak Mahindra Bank. There will be representatives from corporate India, stock exchanges, legal firms, Sebi and proxy advisory firms.

Amid the growing clamour in the Indian IT industry over the techies staring at mass job losses in the face of various challenges to the business, there seems to have come across a good news. Bellwether Indian IT company Infosys plans to hire 20,000 people in India this year, ET Now reported citing a wire report, which in turn cited the company COO.

However, the net hiring could be less than the figure, due to attrition and potential layoffs. Infosys had hired 6,320 employees on a net basis in the last financial year 2016-17, down from 17,000 employees it hired in the year before that.

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