Mumbai: Deutsche Bank AG and ICICI Securities were among firms selected to help manage the sale of the Indian government’s stakes in five state-run companies including NTPC Ltd, the nation’s largest power generator, people familiar with the matter said.

SBI Capital Markets Ltd and Edelweiss Financial Services Ltd also were chosen to work on the divestments, the people said, asking not to be identified as they weren’t authorized to speak before a public announcement.

Wegilant, a mobile app security company has raised $500,000 in a pre-series A round. The investors include NASSCOM Product Council chairman Ravi Gururaj, Yahoo director Gaurav Sharma, Viswanath Ramachandran-Ex-Gupshup CTO, SINE-IIT Bombay Business Incubator, RippleWave and an unnamed global IT Security company.

Toshendra Sharma, CEO, Wegilant said, “The funds will be used towards technology expansion, research and development and customer acquisition. Previously, we were offering app security solutions in the Android environment only and now as a natural business extension, are expanding to iOS & Windows operating systems as well.”

In an effort to revive the loss-making telecom PSUs BSNL and MTNL, the Union Cabinet on Wednesday approved certain financial incentives for them, reports fe Bureau in New Delhi. Accordingly, it gave its nod to BSNL to hive off its towers into a separate company, which

would help it monetise it. In addition, both PSUs will get refunds for surrendering part of their CDMA spectrum that was put up for auction this year in March. The compensation works out to R169.16 crore for BSNL and R458.04 crore for MTNL. While the compensation for.

Employees’ Provident Fund Organisation (EPFO) could invest more into equities in the next fiscal year starting April by raising the current limit set at 5 percent of total investible assets, Labour Minister Bandaru Dattatreya said on Thursday.

The comments come as state pension fund said on Thursday it would invest in stocks this year for the first time.

To be ahead of Reliance Industries in the 4G battle, Bharti Airtel on Thursday announced the commercial launch of 4G services in 296 towns across India after testing the market in select cities. Reliance Industries plans to start pan-India 4G services in December. Bharti Airtel has exclusively partnered with Samsung to roll out this service.

Airtel customers can enjoy 4G at 3G data prices with packs starting at Rs 25, the company said.

State-owned Coal India (CIL) will invest Rs 13,900 crore to take its production to 908 million tonnes (MT) by 2019-20, the government said today.

"Coal India (CIL) has prepared a roadmap for achieving a coal production level of about 908 MT in 2019-20 from the current level of production of 494.23 MT," Coal and Power Minister Piyush Goyal said in a written reply to Lok Sabha.

Maruti Suzuki launched a diesel-powered S-Cross, priced between Rs 8.34 lakh and Rs 13.74 lakh (ex-showroom, Delhi) to expand its premium range and populate Nexa, the recently launched premium dealerships.

This is the first crossover (a car with features of a sports utility vehicle) experiment by the country’s largest car maker. In fact, there are other firsts that Maruti is attempting with this. One, the S-Cross will be only retailed through Nexa outlets. Second, to appeal to premium customers, the company has dropped the Maruti Suzuki badge; the S-Cross will only sport the ‘S’ logo. It will also have a Nexa branding on the exterior body. Going forward, premium offerings of Maruti will only have the ‘S’ logo at the rear.

Markets continued to remain range bound in late trades on Thursday as gains in pharma and capital goods shares helped offset losses in index heavyweights.

India which deferred the talks with the European Union on the proposed free trade agreement expressing disappointment and concern over the EU banning sale of around 700 pharma products clinically tested by GVK Biosciences also aided sentiment.

IT infrastructure and data centre services provider Netmagic, an NTT Communications firm, is gearing up its offering in the Indian market as global biggies like Microsoft, IBM and Amazon set up their data centres in the country.

With the company's largest data centre (DC) going live by the end of this month in Mumbai, Netmagic will have a total DC space of 600,000 sq.ft spread across nine DCs.

NEW DELHI: RBI Governor Raghuram Rajan today said the central bank will cut interest rate provided it feels confident that inflation will remain below 6 per cent even after the reduction.

"We will cut rate when we see that even after the rate cut, inflation will remain below 6 per cent," Rajan said.

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