Mumbai: Engineering and construction company Larsen and Toubro (L&T) on Friday raised Rs.372.75 crore through sale of shares in its information technology (IT) services unit ahead of the Rs.1,233 crore initial public offering (IPO) next week, the company said in a stock exchange filing.

The public issue will open on 11 July and close on 13 July.

Mumbai: Indian stocks fell, with the benchmark index erasing a weekly advance, as energy and telecom shares dropped and investors focused on the start of the results season next week.

Bharti Airtel Ltd and Idea Cellular Ltd, the nation’s largest mobile-phone operators, slid more than 2% each after the government said it will recover money from them for understating revenues for four years. Oil and Natural Gas Corp. Ltd (ONGC), the biggest state explorer, retreated for a third day as crude oil traded below $46 a barrel.

Khadi and Village Industries Commission today said it has bagged a Rs 5.34 crore order from state-run National Thermal Power Corporation (NTPC).

"The power major has placed an order for 23,000 sleeveless jackets for its employees. The order would fetch KVIC a revenue of Rs 5.34 crore," KVIC said in a statement.

Bank employees have decided to go on strike, as earlier planned on July 12 and 13, since the conciliation meeting failed to yield any results. The Unions have called for a strike against the proposed closure of Associate Banks and merger with SBI, proposed privatisation of IDBI Bank, among other issues.

C H Venkatachalam, general secretary, All India Bank Employees Association (AIBEA) said that the Chief Labour Commissioner, Ministry of Labour, Government of India convened a conciliation meeting in his office in Delhi on Friday.

The Odisha State Pollution Control Board (SPCB) has extended the validity of the consent to establish order issued to DLF Ltd for a period of five years. The revised order is now valid till August 30, 2017.

The order is for DLF’s Cyber City project coming up at Patia on the outskirts of Bhubaneswar. DLF is investing Rs 1,000 crore on the commercial IT real estate project where apart from an IT park and ITes (IT enabled services) establishment, business centres, hotel and retail services as well as service apartments are being developed over an area measuring 54 acres.

LAHORE: Asserting that the fundamental principle of US diplomacy is that it wants improvement in relations between Pakistan and India, Chairman of US Senate's Armed Services Committee Senator John McCain asserted that it was Indian Prime Minister Narendra Modi's co-operation that made Indo-US ties stronger.

Quoting an interview with Ary news, the Dawn reports that the US senator who recently visited Pakistan countered the impression that the US is moving towards India or abandoning Pakistan and maintained that the Barack Obama-led government is not taking sides.

The BSE Telecom index fell 2.20% or 28.71 points on Friday after a Comptroller & Auditor General of India (CAG) report said six telecom service providers had under-reported revenues worth Rs 46,000 crore and the Department of Telecommunications (DoT) saying it would issue demand notices for Rs 12,500 crore to these companies. The index closed the session at 1,275.33 points.

Get ready to zip through national highways without stopping as the National Highways Authority of India (NHAI) aims to issue 200,000 FASTag by the end of the current financial year (2016-17) after it crossed the 10,000 mark last month.

FASTag offers near non-stop movement of vehicles through user plazas and convenience of cashless payments of toll fee with nationwide inter operable ETC services.

Seattle: Microsoft Corp. chief executive Satya Nadella announced a broad reorganization of the company’s senior executive ranks as long-time chief operating officer Kevin Turner prepares to leave for another job.

Instead of naming one new COO, Nadella appointed two executives to divvy up the sales responsibilities and report to him. Jean-Philippe Courtois will be in charge of global sales, marketing and operations spanning Microsoft’s 13 business areas, Nadella said in a note to employees on Thursday.

Government has invited merchant bankers to help it sell minority stakes in 51 companies, including RIL, ICICI Bank, Axis Bank and L&T, and is looking at exiting them within three years.

The Specified Undertaking of UTI (SUUTI) has investments in these 51 listed as well as unlisted companies, like Hindustan Unilever, ITC Ltd, Jaiprakash Associates and a host of Tata Group firms.

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