All public sector and private banks have been asked by the Reserve Bank of India to conduct a “thorough internal audit” and put the report before their respective audit committees, as part of the central bank's efforts to check fraudulent foreign exchange transactions. The move comes in the wake of irregularities that came to light last year in Rs 6,100-crore import remittances effected by Bank of Baroda’s Ashok Vihar branch in New Delhi.

MUMBAI: Market regulator Sebi on Friday reduced position limits in the agri commodities derivatives trading segment which, market players said, would make the segment safer and reduce volatility. But the move may also hit all those participants who want to hedge their risks through commodity exchanges (comexes).

The decision follows National Commodity & Derivatives Exchange (NCDEX) on Wednesday suspending trading in castor seeds futures as it feared concentration of positions among a handful of participants and chances of default by a few members. The new rules will be effective March 1, a release from the regulator said.

New Delhi, Jan. 29: Thermal power major NTPC's third-quarter standalone net profit declined 18.90 per cent to Rs 2,492.87 crore from Rs 3,074 crore a year ago, because of a drop in revenue from the power generation segment.

Net profit in the April-December period of this fiscal rose to Rs 7,526.50 crore from Rs 7,346.83 crore a year ago.

Mumbai: Delna Avari, marketing head for passenger vehicles at Tata Motors Ltd has resigned from the company, according to two people familiar with the matter. Both of them declined to be identified.

A Tata Motors spokesperson confirmed she has resigned to start her own venture. “She will be serving her full notice period and be with the company till April.

Chennai: TVS Motor Co. Ltd on Friday reported a lower-than-expected 19.4% profit in the December quarter, crimped by expenses incurred on account of the November-December flooding in Chennai and a retrospective increase in employee bonuses.

The Chennai-based two-wheeler maker posted net profit of Rs.107.7 crore, compared with Rs.90.18 crore a year ago. The earnings fell below the estimate of Rs.124 crore in a Bloomberg survey.

In reporting better-than-expected fiscal second-quarter earnings on Thursday, Microsoft Corp. CEO Satya Nadella touted his company’s success in the cloud.

“Businesses everywhere are using the Microsoft Cloud as their digital platform to drive their ambitious transformation agendas,” he said.

With the sales of residential units having fallen in eight of the past nine quarters, DLF is looking to change the way it sells to customers. The company said it plans to complete the super-structure first before it puts any property on sale.

In the first half of FY16, DLF has been able to sell only 0.5 million sq ft of residential real estate, a 50% decline compared to sale of 1 million sq ft in the same period last year.

Despite crude oil price dipping to a 13-year low and explorers globally reducing investments, state-run ONGC has lined up a capital expenditure programme of Rs 29,507 crore for FY17, reports Siddhartha P Saikia in New Delhi.

Though this is sharply lower than its capex levels in recent years, the cut is milder than most analysts expected.

Amazon, which registered its biggest ever profits in the December quarter, has said sellers on its Indian marketplace sold more goods in the festive period stretching from October to December than the combined sales for all of 2014.

“We continue to like what we see happening in India. According to comScore data, Amazon India in Q4 was the top e-commerce site and it was a very busy Diwali shopping season in India,” CFO Brian Olsasvky said during the investors/analysts call Thursday following its financial results.

The Narendra Modi-led Centre is planning to make all government services available to the people on mobile phones. The move has been proposed to give a push to the Digital India initiative and ensure that people can avail nearly every service at the touch of a button. This will help eliminate the need to visit government offices, the government has said.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.