Infrastructure and engineering major Larsen & Toubro (L&T) is planning to sell 49 per cent stake in its general insurance company to a foreign entity. The deal is expected to be finalised in the next three to six months.

L&T General Insurance Company is a wholly owned subsidiary of L&T and among the few in the sector without a foreign partner. The Insurance Laws (Amendment) Act of 2015 has allowed foreign direct investment (FDI) up to 49 per cent in insurance companies. Earlier, only 26 per cent FDI was allowed. "The stake sale is primarily targeted at monetisation.

New Delhi: Gold prices dipped by Rs.40 to Rs.29,250 per ten gram on Saturday in Delhi bullion market on waning spot demand from jewellers amid a weak global trend.

Bullion traders said a weak trend overseas as the dollar ticked up and European shares extended their rally, reducing appeal of the precious metals, weighed on the prices. Besides, a fall in demand from jewellers in domestic spot market resulted in the slide.

Heaping praise on India's current streak of success in the T20 format, star opener Rohit Sharma has stressed that his side will aim to put arch-rivals Pakistan 'under-pressure' in the much-anticipated fourth Asia Cup contest on Saturday.

"Our team is currently playing a very good cricket in the T20 format. We have won last two series (against Australia and Sri Lanka). Now, our preparation is for the match against Pakistan.

MUMBAI: The National Highways Authority of India has approached the National Payments Corporation of India to set up an interbank clearing house to enable e-tolling across 350 toll plazas in the country.

The move is expected to help the country save thousands of crores of rupees annually in fuel consumption and speed up freight. The measure will help reduce congestion at toll gates and curb malpractices.

A new book declaring the end of the golden age of economic growth has set the wonky world of economics aflame. Robert Gordon’s The Rise and Fall of American Growth juxtaposes the world-altering impact of 19th century inventions with a disbelief that today’s digital transformation might foster growth on the same scale as refrigeration, aviation or the birth of telecommunication.

Mumbai, Feb. 26: The National Stock Exchange (NSE) today initiated a process of getting listed, but maintained its intention to self-list.

Market regulator Sebi has allowed bourses to get listed. However, the regulator has ruled that a stock exchange cannot list its shares on its own platform. It will have to get listed on another exchange.

Jalalabad, Afghanistan: At least 10 people were killed and over 40 injured in a suicide bombing in Afghanistan’s eastern province of Kunar on Saturday, officials said.

“A suicide bomber riding a motorcycle detonated his explosives in a market in Asadabad the provincial capital, 10 people were killed and over 40 were injured,” Ghani Mosamem, spokesman for the provincial governor, told AFP.

Nellore: The Transmission Corporation of Andhra Pradesh (AP Transco) has asked Anil Ambani-led Reliance Power to submit a “clear exit proposal” for termination of the 4,000 megawatt (MW) Krishnapatnam Ultra Mega Power Project (KUMPP) in the Nellore district.

Reliance Power had submitted a proposal to the Andhra Pradesh government last month seeking to exit KUMPP as it could not take up the project originally sanctioned way back in 2007.

NEW DELHI: With public sector bank officers threatening to go on strike on Monday, the country's largest lender SBI today said a section of its employees may take part in the said agitation on February 29 -- a day when Finance Minister Arun Jaitley will present the General Budget.

In a filing to the BSE, State Bank of India (SBI) said, "All India State Bank Officers' Federation (AISBOF) being affiliated to AIBOC, will also participate in the strike.

President Pranab Mukherjee on Saturday said India is desirous of once again emerging as a major centre for international trade and become a maritime power as he inaugurated the country's largest heritage conservation project here.

The initiative called the Muziris heritage project is an ambitious plan comprising development and conservation of palaces, museums, a synagogue and a number of archaeological monuments in the state and is being implemented by the Kerala Tourism department with support of its central counterpart.

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