MUMBAI: Volvo Financial Services today announced the launch of its operations in India to provide a competitive and total one-stop shop solution of equipment, loans, leases, insurance, maintenance, and other aftermarket services, to customers and dealers of the Volvo Group and VE Commercial Vehicles -VECV.

VECV is a joint venture between the Volvo Group and Eicher Motors Limited in India.

After opening in the green by over 225 points, the benchmark BSE Sensex in a volatile trade pared all of its early gains and fell by over 50 points after IT bellwether Infosys slashed guidance for the fiscal despite posting 9.8% in profit for the second quarter.

Massive selling in IT and tech sectors, down 1.22% and 0.90%, respectively, after Infosys posted result for July-September quarter pulled down Sensex from day's high. The 30-share index was down by 54.60 points or 0.20 per cent to 27,024.91, with stocks of IT and teck sectors falling the most. The gauge had gained 233.70 points in Friday's session.

Private sector lender Yes Bank on Monday said it has got the Reserve Bank's approval to set up a mutual fund, asset management company (AMC) and a trustee company.

In a regulatory filing, Yes Bank said it "has received an approval from the RBI to sponsor a mutual fund, and to set up an asset management company and a trustee company." It further said: "In its twelfth year of operation, as Yes Bank accelerates into its next phase of growth, this new business initiative will provide further acceleration to Yes Bank's differentiated product offerings.

After increasing its user base during the past quarter from 35 million to 100 million, Truecaller, a Swedish app-based company that helps in identifying unknown numbers and blocks spam calls, is aiming to double its user base in India by next year. This week, the company crossed 100-million mark in India, where it has half its global users.

“By December (this year), our target is to have 150 million users. By the end of next year, we are expecting user base at 200 million,” Kari Krishnamurthy, vice-president of growth and partnerships, Asia & country manager for India, told Business Standard.

Bank of Baroda stock dipped as much as 8% to Rs 168 on the BSE in intra-day trade after the Central Bureau of Investigation (CBI) on Saturday carried out searches at the bank’s branches in New Delhi for alleged foreign exchange violations.

Besides alleged "illegal transfers" of foreign exchange of over Rs 6,000 crore from a branch in Delhi, a Rs 350-crore bill discounting scam in Gujarat has also damaged the bank's reputation.

The sale of promoter stake in DLF’s rental subsidiary and investments of the proceeds in reducing debt is a positive move.

Promoter’s have 40% stake in the rental subsidiary, DLF Cycber City Developers or DCCDL while DLF holds the rest. DLF board last week had accepted the audit committee’s report that the promoters sell their holdings in DCCDL to third party institutional investors.

Despite posting a strong financial quarter in terms of revenue growth and profitability, Infosys indicated some weakness ahead when it cut its revenue guidance for the full year.

The Bengaluru-based company said it is now expecting its dollar revenue for FY16 to grow between 6.4–8.4% as against the earlier projected 7.2–9.2%, indicating some weakness in deal flows going forward.

Twin explosions outside the main train station in the Turkish capital Ankara killed at least 30 people on Saturday as hundreds gathered for a peace rally, in what government officials described as a terrorist attack.

A Reuters reporter saw at least 30 bodies covered by flags and banners, including those of the pro-Kurdish opposition Peoples' Democratic Party (HDP), with bloodstains and body parts scattered on the road.

The Central Bureau of Investigation on Saturday carried out searches at Bank of Baroda branches in New Delhi in connection with the alleged transfer of Rs 6100 crore black money to Hong Kong.

The transactions were allegedly carried out with the collusion of bank officials. The unusual remittances were spotted in the audit report of the bank, CBI sources said.

NEW DELHI: Income Tax department on Saturdaysaid a tax demand notice has been served on Nokia India after it completed an assessment for 2010-11 in August this year in the existing dispute over royalty payments to its parent company.

"An assessment order was passed in the case of Nokia India Pvt Ltd for Assessment Year (AY) 2010-11 in August 2015. The tax demand raised by this order was primarily based on issues arising from earlier orders," a tax department statement said.

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