Reliance Infrastructure (RInfra)-controlled Reliance Defence and Engineering Limited (RDEL) has signed the master ship repair agreement (MSRA) with the US Navy.

In January, the Reliance Shipyard was qualified by the US Navy as an approved contractor to perform complex repair and alternation services for the navy’s Seventh Fleet vessels operating in the region.

Mumbai: Market benchmark Sensex inched up by 17 points to close at 28,351.62 on Monday, while the NSE Nifty went past the 8,800 mark on fag-end buying in IT, metal and power stocks amid positive global cues. The 30-share Sensex resumed higher at 28,450.42 and advanced to 28,458.80 following initial buying by investors and sustained foreign fund inflows.

However, profit-booking took a toll, and the index slipped to touch a low of 28,197.38 before settling 17.37 points, or 0.06% higher at 28,351.62. The gauge has gained 44.33 points in the previous two sessions.

That the Street was not happy with Mahindra & Mahindra Ltd’s performance for the December quarter was seen by its stock closing lower on Friday, when the benchmark BSE Sensex closed higher. In any case, the stock was beaten down badly by investors as auto sales volume crumbled in the last two months.

For the quarter, the auto division’s sales fell by 7.7% year on year. The hope that prices could compensate for the lower volume was also negated, as net revenue of the division slid by 8%, mirroring weak realizations during the quarter.

After meeting finance minister Arun Jaitely on Saturday, the board of Securities and Exchange Board of India (Sebi) decided to take forward the issue of integration of the commodity spot markets and the derivatives markets, originally proposed in the Budget on February 1 by the finance minister. The move is significant as even futures market require the transparent price for relevant commodities traded in the spot market.

Shares of private sector banks were trading firm in otherwise range-bound market with IndusInd Bank and YES Bank hitting their respective record highs on the National Stock Exchange (NSE).

YES Bank, Kotak Mahindra Bank, IndusInd Bank, IDFC Bank and HDFC Bank were trading higher by up to 3% as compared 0.17% rise in the Nifty 50 index. At 03:11 pm; Nifty Private Bank index was up 0.75% against 3% decline in the Nifty PSU Bank index.

Even as Reliance Industries is creating ripples in the telecom industry, the net worth of Mukesh Ambani owned, Reliance Gas and Transportation Infrastructure Ltd (RGTIL) has eroded by a massive Rs 7,966 crore as on September 2016 as low gas supply from RIL’s Krishna Godavari basin hit the pipeline company’s financials. The company owns and operates a 1400 kilometers gas pipeline connecting Krishna Godavari basin to Gujarat and depends on gas production from RIL’s KG basin to earn revenues.

Engineering and construction major L&T today entered into a joint venture with European defence major MBDA Missile Systems for development of missiles in India.

L&T will own 51 per cent stake in the JV named L&T MBDA Missile Systems and the rest 49 with the European partner.

The country’s largest automobile maker Tata Motors Ltd (TML) has embarked on a massive restructuring of human resources (HR) that would transform the organisation into a much leaner one with a flat hierarchical structure. Effective April 1, the new structure would be in place.

From a 15-16 level hierarchy, the organisation is moving to a flat five-level hierarchy. Earlier, Tata Motors had three levels in the supervisory grade, five in the managerial grade and around six or seven in the executive grade. Now there would be five grades, L1 to L5, with L1 being the highest. Above these levels, there would be the executive directors, presidents and the managing director.

GVK-led Mumbai International Airport Limited and GMR Group, which run the country's busiest airports, today submitted financial bids for the Rs 16,000 crore Navi Mumbai international airport. Today was the last day for the bid submission after two extensions granted the City and Industrial and Development Corporation (CIDCO).

Bids were received on Monday afternoon, CIDCO officials said. MIAL has the right of first refusal and will be allowed to match the bid if it is 10% lower than competition.

New Delhi, Feb. 12: The government should be cautious with its plan to merge state-owned oil companies such as ONGC and IOC, analysts said.

They pointed out at the botched-up merger of Air India and Indian Airlines, which resulted in the national carrier looking for government support to survive.

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