Goldman Sachs on Tuesday upgraded private lenders Axis Bank, ICICI Bank and YES Bank to ‘Buy’ from ‘Neutral’ citing attractive entry after recent underperformance on bad loans concerns.

Axis Bank, ICICI Bank and YES Bank closed 2.67 per cent, 1.12 per cent and 0.28 per cent lower at Rs 482.75, Rs 269 and Rs 729.35, respectively, on Tuesday.

The country's largest bank, SBI, has taken yet another e-initiative to revamp its image and connect with the natty Gen Y consumer. After the launch of mobile app, State Bank Buddy, last month, SBI Card has launched SimplyCLICK, a credit card targeted at the online shopper.

In collaboration with seven leading e-retailers -- Amazon India, Cleartrip, FabFurnish, Food Panda, BookMyShow, Lenskart and Ola Cabs -- it has brought out a card to leverage the popularity of e-commerce in India and expand its existing base of 3.2 million credit card holders.

Markets ended lower, amid weak global cues, as investors booked profits in financial shares which had gained in the previous session on rate cut hopes by the RBI amid easing consumer price inflation for August.

Further, traders maintained cautious stance ahead of the two-day US Federal Reserve meet which begins tomorrow.

New Delhi: On one of the world’s highest mountain passes where bikers gasp for breath stands an eatery that serves hot snacks to travellers.

At 17,590 ft, Chang La Cafeteria, named after the intimidating pass in Leh, has a limited menu: chocolates, tea, coffee and noodles.

Mumbai: The capital market regulator has asked asset management companies to explain the principle behind their corporate bond investments, as it seeks to avoid a redemption crisis in the fixed-income plans of mutual funds (MFs) similar to the one JP Morgan Asset Management Co. Ltd is battling.

In a cautionary note issued to fund houses, the Securities and Exchange Board of India (Sebi) also asked fund managers to closely monitor companies in their mutual fund portfolios that have been downgraded recently, two people familiar with the note sent out by the regulator said on condition of anonymity.

After Facebook launched its Instant Articles, Google and Twitter are working together on their own. But unlike Facebook’s Instant articles, or Apple’s News app, Google and Twitter won’t be a branded product. The plan is currently called ‘accelerated mobile pages’ which is likely to be changed before the launch.

It is strongly speculated that the project will be an open source so that other companies could adopt it as well. It will not host publisher content,but it will show users cached copies of the publishers’ websites. The question of how publishers will be able to monetize the content, is still not clear.

PSU explorer ONGC and private firm Reliance Industries (RIL), which are expected to commence production from coal bed methane (CBM) blocks this fiscal, may get a ‘better price’ than the prevailing domestic gas price. The price of natural gas, based on a formula approved by the Modi government last October, would further reduce to $4.15-$4.20/mBtu from October 1 against $5.18/mBtu now, given the movements in benchmark prices in the relevant period. At this price, commencing CBM production from a new block seems economically unviable, forcing the petroleum ministry to look for better options for monetisation of CBM resources.

Reserve Bank of India (RBI) Deputy Governor R. Gandhi said on Tuesday there was an “urgent” need for banks to reduce their stressed assets, given the impact on liquidity and capital in the sector.

The RBI had received a proposal to limit the number of banks in a lending consortium as a way to improve recovery of loans, Gandhi said in a speech at an industry event in Mumbai.

German carmaker Mercedes-Benz sees business potential in offering on-demand limousine services using driverless cars, Daimler Chief Executive Dieter Zetsche said, in what amounts to a direct challenge to Uber.

Germany's oldest carmaker is considering setting up large fleets of autonomous cars to cater to a new customer base which is less attracted to vehicle ownership but still interested in using premium transportation services like limousines.

Maruti Suzuki India is trading higher by 2% at Rs 4,414 on the NSE in early morning trade after the Reserve Bank of India (RBI) has allowed foreign investors to invest up to 40% of the paid up capital of the company under the portfolio investment scheme.

The Reserve Bank of India has on Monday notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs)/qualified foreign investors (QFIs) can now invest up to 40% of the paid up capital of Maruti Suzuki India Limited under the Portfolio Investment Scheme (PIS).

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