New Delhi: State-run NTPC Ltd., India’s biggest power producer, is seeking to terminate a long-term supply contract for imported natural gas as it says the fuel is too expensive to be used in power generation, according to people with knowledge of the situation.

The New Delhi-based electricity generator has written to state-run GAIL India Ltd., which supplies the fuel sourced overseas by its affiliate Petronet LNG Ltd., saying it’s become impossible to execute the contract as the company is unable to sell the power it generates from the fuel, officials from all three companies said who asked not to be identified, citing policy.

India will be more appealing to Chinese firms after the clearance of much awaited Goods and Services Tax Bill in the upper house of Parliament, a state-run daily said on Friday.

An op-ed piece in Global Times said China was willing to work with India to make GST Bill a “reality”.

As part of a larger strategy to restructure its business, Larsen & Toubro (L&T) will soon shift all its operational roads assets into a new entity and invite other pension funds to invest in it. The road assets are currently housed in L&T IDPL, in which L&T owns 97.45%; the Canada Pension Plan Investment Board invested R2,000 crore via preference shares that are compulsorily convertible into equity shares by 2018.

NEW DELHI: Technology majors do it globally, and, for a while now, Indian tech players have also been hiring the best architects in the business to make their offices Gen-Y friendly. But now, a bank wants to turn the idea of a 'traditional bank' on its head. Yes Bank is designing its upcoming facility in Chennai to encourage more collaboration among its growing millennial workforce.

Market benchmark Sensex rallied over 31 points to 27,945.40 and its counterpart NSE Nifty regained the 8,600-mark in early session on Friday on a fresh spell of buying in select blue-chips by investors amid sustained foreign fund inflows.

Besides, a firming trend in rest of Asia after the Bank of England announced a interest rate cut and fresh stimulus package to counter the fallout from Britain's vote to quit the European Union also lifted sentiment here, brokers said.

Mukesh Ambani’s Reliance Industries (RIL) has fired a salvo at the government expressing displeasure over the pricing mechanism for domestic natural gas.

In its annual report, the company said, “In RIL’s view, the methodology used for valuation of gas under these guidelines, does not reflect true arms- length market price…as required under the production sharing contract (PSC) signed with the government.

In a bid to accelerate digital transformation in India, IBM in partnership with Apple on Thursday launched a global development hub called Garage for iOS apps in Bengaluru that will work with existing design locations in Atlanta, Chicago, Cupertino in the US and Toronto in Canada.

The Garage will enable clients to complete digital mobility projects as quickly as possible.

The Securities and Exchange Board of India (Sebi) is planning to a recruitment drive to shore up its legal department. Sebi is also open to hiring young legal professionals on contractual basis in entry and mid-level positions and soon plans to issue an advertisement, said people in the know. The market regulator has been facing crunch as several of its officers are quitting after a few years of service as there is a huge demand for legal heads, who have worked with Sebi. Besides strengthening its existing workforce, Sebi is open to move personnel from other departments to the legal vertical in an event there is excess load due to crucial cases.

Mumbai: The Indian rupee on Thursday strengthened against the US dollar, after the Rajya Sabha passed the Constitution amendment bill for the goods and services tax (GST). Traders are cautious ahead of non-farm payrolls data on Friday.

The home currency closed at 66.92 a dollar, up 0.11% from its previous close of 66.99. The rupee opened at 66.85 a dollar and touched a high and a low of 66.85 and 66.99, respectively.

Software giant Microsoft will host the maiden edition of its Machine Learning and Data Sciences Conference in India this year, highlighting importance of the Indian market in terms of future deployment of these new emerging technologies.

The 2-day event, to be held in Bengaluru on August 8-9, is expected to see participation from over 600 people, including government officials, start-ups, developers, students and industry executives.

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