NEW DELHI: The forthcoming Budget is likely to set out a clear agenda for revival of banking sector, including setting up of a 'bad bank' and an aggressive roadmap for recapitalisation, SBI Research said in a note today.

State Bank of India in a research note said it is "time for a bad bank" as lenders are dealing with close to Rs 6.5 lakh crore of stressed assets, which do not include write-offs of bad debt.

BENGALURU: India's second largest software exporter Infosys has laid out an ambitious charter for next year under the leadership of Vishal Sikka and internally communicated to executives and employees that the company must grow revenues by 16% in the financial year ending March 2017, according to two people present at Infosys's annual strategy meeting last week.

The top brass at Infosys led by Sikka, who has laid out a broader vision of making Infosys a $20-billion company by 2020, wants Infosys to outpace all its top-tier rivals such as TCS and US-based Cognizant Technology Solutions, which has forecast revenue growth in the range of 10-14% for 2016.

NEW DELHI: ONGC has alleged that RIL in a "well-planned and deliberate strategy" produced about $1.4 billion worth of its gas over past six years and demanded that the Mukesh Ambani firm pay full compensation with 18 per cent interest.

Reliance Industries had in 2001 and again in 2007 acquired seismic data to study hydrocarbon reservoir lying several hundred meters below the sea-bed not just in its Bay of Bengal KG-D6 block but also of neighbouring blocks of ONGC without the knowledge of the state-owned firm, it alleged.

Extending its climb for the fourth consecutive session, the benchmark BSE Sensex traded over 70 points on Monday amid a firming trend in Asian bourses.

At 1016 hours, the 30-share index was trading up 70.29 points, or 0.30%, to 23,779.44, slightly lower from its early morning trade.

Reliance Communications (RCom) on Monday said fair trade regulator CCI has given a nod to its deal to acquire Russian conglomerate Sistema's Indian telecom unit, Sistema Shyam Teleservices that operates under the MTS brand.

"We wish to inform you that the Competition Commission of India (CCI) has approved the transfer of telecommunications undertaking of Sistema Shyam Teleservices Ltd (SSTL) to the company," Reliance Communications said in a BSE filing.

Shares of Maruti Suzuki India have dipped 2.4% to Rs 3,495 on the BSE in early morning trade after the company said it has temporarily suspended production at its Gurgaon and Manesar plants on account of the ongoing agitation.

“Owing to the agitation in Rohtak and nearby areas, supplies of certain components have been disrupted. As a consequence, the Company has had to temporarily suspend manufacture of cars at its facilities in Manesar and Gurgaon, starting Saturday (February 20) second half”, Maruti said in a statement.

Shares of Aditya Birla Nuvo were up over 1.5% at Rs 750 after the company said it has formed a joint venture company with Idea Cellular following the approval from the Reserve Bank of India's in-principle approval to set up a Payments Bank.

The new company for the aforesaid purpose will be in the name and style of Aditya Birla Idea Payments Bank Ltd, the company said in a release.

A state-run Indian firm is poised to seal a contract to build a $1.6 billion power plant in Bangladesh, beating out a Chinese competitor in the latest commercial tussle between the region's two dominant powers.

After years of negotiations, Bharat Heavy Electricals Ltd (BHEL) will sign a contract to build a 1,320-megawatt (MW) thermal power station in Khulna in southern Bangladesh on February 28, officials in New Delhi and Dhaka said.

The upcoming Budget will be citizen-centric with a focus on farm sector, job creation and eradication of poverty, Minister of State for Finance Jayant Sinha said today.

This will be the second full-fledged Budget of the ruling NDA government, and will be unveiled in Parliament on February 29.

L&T electrical and Automation, the $1 billion unit of Larson and Toubro, expects infrastructure projects by the government and investment in upgrading existing factories by corporates to drive business faster over the next few years. The firm says that business from upgrading switches and drives contributes to 13% of its revenue, up from 5% a few years ago.

"When somebody is not setting up new factories, they want to extend the life of their existing installations," said PK Bajaj, executive vice-president, L&T (Electrical & Automation) in an interview. "We hear words like upgrades, add one line, debottle-necking lot more than new capacities. These are efforts to release those capacity which otherwise they are not bothered," he added.

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