ICICI Bank has surged nearly 6% to Rs 256 on the BSE in intra-day trade after the Ruias of the Essar group on Saturday signed a binding agreement with Russia’s Rosneft, United Capital Partners and Trafigura Group Pte. to sell 98% in its most priced asset, the 20 million tonnes per annum Vadinar refinery and Vadinar port in Gujarat.

According to Business Standard report, the proceeds of the sale will be used to repay loans of both foreign and local lenders, which was around Rs 88,000 crore, Ruia said.

Air India's plans to grow its maintenance, repair and overhaul (MRO) business faces a big risk as it faces a severe shortage of aircraft engineers.

Air India hived off its engineering department into a separate unit last January to tap business from other airlines. Primarily, it still caters to Air India's aircraft maintenance but aims to double its third party business to Rs 130 crore in FY 17.

Commercial vehicle major Ashok Leyland on Monday launched ‘Circuit’ Series – first Electric Bus Made in India.

Designed and engineered in India, for India, by Indians – the 100 per cent electric bus is a zero-emission, non-polluting vehicle, created specifically for Indian roads and passenger conditions, the company said in a statement.

Largest mortgage lender Housing Development Finance Corporation (HDFC) has raised another Rs 500 crore by issuing rupee-denominated masala bonds to overseas investors, taking the tally to Rs 5,000 crore so far.

"With reference to the earlier letter dated October 12, 2016, informing about the opening of the fourth issue of rupee-denominated bonds to overseas investors, aggregating an amount up to Rs 500 crore," it said in a filing.

Mumbai, Oct. 14: Infosys today slashed its annual revenue growth forecast for the second time this year amid cautious client behaviour and pricing pressures, signalling that the scenario continues to remain lacklustre for the domestic IT services industry at least for the next six months.

The Bangalore-based company, however, beat analyst estimates to post a 6 per cent growth in net profit at Rs 3,606 crore during the second quarter ended September 30 compared with Rs 3,398 crore in the year-ago period.

Mumbai: With ICICI Bank having successfully executed its first two transactions using blockchain technology, other Indian private sector banks are also gradually warming up to the concept.

Two private sector lenders, Axis Bank Ltd and Kotak Mahindra Bank Ltd, are conducting pilot transactions. They are experimenting in various business segments, to establish whether there is a business model for blockchain in India.

Singapore/Mumbai: Blackstone Group LP and Singapore sovereign fund GIC Pte were shortlisted to purchase a 40% stake in the rental property arm of DLF Ltd., India’s largest listed developer, people with knowledge of the matter said.

The funds were chosen to proceed in the bidding for the interest in DLF Cyber City Developers Ltd. being sold by DLF chairman K. P. Singh’s family, according to the people.

Stocks: The curtailed trading week saw the Sensex falling below the psychological 28k-level amid intense volatility, losing 387.54 points, while the broader Nifty going below the key 8,600-level.

The heavily curtailed three session trading week saw the market opening on lacklustre note as sentiment bridled due to holidays and government release of key economic data like IIP, CPI and WPI and keenly watched corporate results, while the key indices started positive and traded choppy later part of week.

For the first time in a decade, Air India has reported an operating profit of Rs 105 crore in the last fiscal aided by lower fuel costs and rise in passenger numbers. The state-owned airline, which is working on ways to improve its financials, had an operating loss of Rs 2,636 crore in 2014-15.

During its meeting on Friday, the Air India board approved the financial numbers for 2015-16 and the carrier has reported an operating profit of Rs 105 crore, sources said.

State Bank of India will sell upto five per cent stake in SBI Life Insurance to non-promoter entity for price discovery for and monetise holding.

The country's largest lender expects to complete sale process in this financial year. This transaction would help to discover pricing for life insurer which would be listed in the future, Senior SBI executives.

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