Mumbai: State-run Hindustan Petroleum Corp. Ltd (HPCL), one of the promoters of Mangalore Refineries and Petrochemicals Ltd (MRPL), wants Oil and Natural Gas Corp. Ltd (ONGC) to divest a part of its stake in the refinery so that it can meet minimum public shareholding norms, said two HPCL officials aware of the development.

At the end of June, HPCL held a 16.95% stake in MRPL, and ONGC, the other promoter, owned 71.6%. The public shareholding in MRPL was 11.42%, less than half the 25% prescribed by the Securities and Exchange Board of India (Sebi).

Mumbai: The Securities and Exchange Board of India (Sebi) is considering allowing foreign portfolio investors (FPIs) who trade in the Indian markets through brokers to become members of stock exchanges in what could potentially be a big blow to local brokerages. The capital markets regulator is also considering asking companies to seek minority shareholder approval to grant special rights to private equity (PE) investors, a move that is unlikely to be popular with the latter.

In a digital initiative by State Bank of India subsidiary SBICAP Securities launched an upgraded version of its online trading platform - sbismart.com on Friday. The new HTML5 platform will be accessible across all devices such as smart phones, tablets and desktops.

The platform also offers customers other products and services, such as home and car loans apart from guides and educational content for investors.

NEW DELHI: Saddled with a debt of almost Rs 50,000 crore, Air India is trying to restructure the Rs 28,000 crore working capital portion of this burden. The airline's top brass had an informal meeting with State Bank of India management last week in Mumbai where the Maharaja requested that SBI Caps be asked to examine the possibility of converting a part of the working capital debt into equity.

BSE opened down nearly 546 points on Monday morning, continuing the downward streak, taking a hit from the weak cues from the international markets.

Markets opened down 546 points at 28,251.31 from Friday's close.

YES Bank has dipped nearly 6% to Rs 1,202 in intra-day trade, extending its over 10% decline in the past three trading sessions on the BSE, after the private sector lender said it has deferred its proposed qualified institutional placement (QIP) of shares.

At 10:56 am, the stock was down 4.5% at Rs 1,219, falling 15.4% in past four trading sessions from Rs 1,441 on September 9, wiping out nearly Rs 9,500 crore in investor wealth. The S&P BSE Sensex has declined 2% during the same period.

San Francisco: Ford Motor Co said on Friday it would acquire San Francisco-based shuttle service Chariot with plans to expand the service globally, as the carmaker expands beyond auto manufacturing and takes another step toward becoming a mobility company.

The Detroit automaker said Chariot plans to expand internationally, moving into five more markets in the next 18 months. Terms of the deal were not disclosed.

A delegation of leaders and experts in business, education and economic development recently visited Silicon Valley for scouting business opportunities for Indian tech companies, a top industry body said Saturday.

The Associated Chambers of Commerce and Industry of India (Assocham) delegation visited the Silicon Valley from August 31 to September 8, a statement from the industry body said.

Coal India Ltd's dismal output in August, its lowest in three years, is bad news not only for the country's mining behemoth but also for country's biggest transporter, Indian Railways.

With half of its freight movement dependent upon coal transportation, Railways is staring at goods trains lying idle impacting its revenues.

Around 200 entities having operations in West Bengal and have been collecting deposits in an unauthorised manner are under the scanner of the Reserve Bank of India.

The regulator is currently handling 200 cases cumulatively to follow, RBI officials said.

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