Ahmedabad: Adani Ports and Special Economic Zone (APSEZ), India’s largest port developer and operator, on Monday said it will acquire the Kattupalli Port in Tamil Nadu from L&T Shipbuilding Ltd (LTSB) a subsidiary of Larsen and Toubro Ltd. The company did not disclose the financial details of the transaction.

Adani Ports said in a stock exchange filing that its subsidiary Adani Kattupalli Port Pvt. Ltd has entered into an in-principle agreement for the strategic acquisition. The transaction is subject to necessary approvals from the government of Tamil Nadu and the central government, and the port being demerged from LTSB, it said.

Even as the grand alliance went on to win the most watched Bihar elections, the Rupee on Monday fell to 66.47 levels, as was anticipated by analysts with the BJP led NDA government losing for the second time post losing Delhi.

Last week had seen significant sell-offs from foreign portfolio investors to the tune of $548 million in a matter of six days.

The benchmark BSE Sensex and NSE Nifty pared some of the day’s losses and closed in red for the third consecutive trading session on Monday. The sell-off was triggered by the setback suffered by the BJP-led NDA in Bihar assembly elections. Sensex closed 143.84 points down at 26,121, while Nifty closed 39.10 points down at 7,915.20.

Sensex opened the day at 25,809 and touched a high and low of 26,193.17 and 25,656.90, respectively, in trade on Monday. Similarly, Nifty opened at 7,788.25 and touched a high and low of 7,937.75 and 7,771.70, respectively in trade.

New Delhi: As much as the grand victory by the Grand Alliance, it is the severe drubbing the National Democratic Alliance (NDA), led by the Bharatiya Janata Party (BJP), has received in Bihar that has drawn attention of the media pundits. One pointed question is about the influence that Prime Minister Narendra Modi, who went out of his way to campaign extensively in the state, wields over India’s electorate and within his own party, following the debacle.

Mumbai: To ring-fence the capital markets from any possible systemic issues and manipulations, regulator Securities and Exchange Board of India (Sebi) and the stock exchanges have beefed up their surveillance and risk management systems to tackle expected volatility in markets due to trouncing of Bharatiya Janata Party-led alliance in the Bihar elections. The Bihar assembly election results on Sunday showed the Nitish Kumar-led Grand Alliance getting a huge majority after defeating the BJP-led National Democratic Alliance (NDA) in the politically important state.

Human Resource Development Minister Smriti Irani said here on Sunday that just because Indian higher education institutes do not figure in global rankings it does not mean that the country is lagging behind in higher education and quality research.

“A hue and cry is often raised about our higher education institutes not figuring in global rankings. The reason is not lack of high quality research work but the fact that in India a large section of research work is done in vernacular languages whereas global rankings only consider research in English,” Ms. Irani said.

KOLKATA: State-run Coal India (CIL) will invest Rs 6,000 crore to set up 1,000 MW of solar power generation capacity over the next five to six years, according to a senior company executive. "We will fund 70% of the project cost through debt, which will come mostly from banks, while the rest will be through internal resources," said the executive, who did not wish to be named adding that land for the plants will be provided by the states. As a first step, Coal India has prepared a detailed project report for setting up 200 MW of solar generation capacity.

Oil and Natural Gas Corporation (ONGC) has slipped 1.5% to Rs 247.9 on the Bombay Stock Exchange (BSE) as its net profit for the second quarter dropped 11.1% to Rs 4842.02 crore year-on-year.

The oil exploration major reported a 1% increase in net sales to Rs 20563.19 crore in Q2 September 2015 over Q2 September 2014. ONGC's crude oil, condensate and natural gas production increased 1.4% to 12.976 million tonne of oil equivalent in the second quarter when compared year-on-year.

Shares of Tata Motors have surged over 3% to Rs 409 on the BSE in an otherwise weak market after Tata Motors-owned Jaguar Land Rover launched a new 4.5 billion pounds cost-cutting plan to offset rising emissions cost and the slowdown in China. CLICK FOR FULL STORY.

The project — known as Leap 4.5 — will scrutinise almost every area of spending at Britain’s luxury car manufacturer. The £3-billion-a-year capital budget, focused on research and development and new plants, will be spared.

Arundhati Bhattacharya, Chairman of the country’s largest bank SBI, remains the most powerful woman in the Indian business sector, according to Fortune India. ICICI Bank’s Chanda Kochhar and Shikha Sharma of Axis Bank follow Bhattacharya at the second and third places, respectively.

Hindistan Petroleum Corporation Limited Chairperson and Managing Director (MD), Nishi Vasudeva, has bagged the fourth position, while AZB & Partners Co-Founder Zia Mody and Aruna Jayanthi Chief Executive of Capgemini India shared the fifth rank.

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