Mumbai/New Delhi: Swedish manufacturing company AB Volvo is looking to sell its remaining 3.71% stake in Eicher Motors Ltd and monetize 1.01 million shares of the Indian company that it currently holds. Shares of Eicher Motors were trading at Rs.18,210 apiece on Wednesday.

According to a term sheet reviewed by Mint, the company will look to sell its stake in a block deal on Thursday. The shares, if sold in the range of Rs.17,190-18,190 apiece, taking into account a maximum discount of 5.5%, could fetch Volvo as much as Rs.1,820 crore.

Good news for India! The native mobile phone maker Micromax ranks among the top 10 global handset vendors with 1.8% market share during the January-March quarter with 8,158,000 units sold, reports Gartner.

In a press release, Micromax stated that it has received overwhelming responses toward the Canvas series including new handsets like Canvas Spark, Canvas Knight and Canvas Fire among others.

Volatility ruled as benchmark BSE Sensex struggled to recover from the day’s low in morning trade. The benchmark BSE Sensex wiped off its initial gains and was trading marginally down 5.93 points to 26831.27 at 11:40 am. While NSE Nifty too regained 10.80 points to 8145.90.

The Sensex failed to maintain initial gains and was trading lower in late morning trade as it came marginally under pressure due to selling at FMCG, healthcare, auto and consumer durable counters.

Tanu Weds Manu Returns box office collections, Rs 108.12 crore in domestic markets and Rs 144.36 crore when the global take is added, has put Kangana Ranaut on top of the world, almost.

The best part for Kangana Ranaut, and Tanu Weds Manu Returns, is that the film, which received fulsome praise from both the critics and the audiences, is still doing brisk business – this may well have to do with the fact that there is virtually no competition in theatres with ‘Karachi’ having fallen into an abyss on release.

IT major Infosys plans to introduce stock options as part of its sales incentivisation strategy as it focuses on generating more revenue from existing clients.

At the BofA Merrill Lynch Global Tech Conference in the US on Wednesday, Infosys CEO Vishal Sikka said, “We are focusing on sales efficiency and mining accounts,” while admitting that the company had significantly underperformed in this respect. Account mining is a key strategy for Indian IT services companies that typically generate over 95% of their revenue through repeat business.

Two leading banks Punjab National Bank (PNB) and Axis Bank today slashed interest rate on fixed deposits by 0.25% on select maturities, a move which could be seen as precursor to a cut in lending rates.

The reduction will be effective from June 8, state-owned PNB said in a statement.

Government carrier Air India said it will not buy five Boeing 787-9 aircraft anymore. The decision to stick to the original model of inducting Boeing Dreamliner (787-8) aircraft was taken at a board meeting held recently. The 787-9 variant has a longer flying range and 40 more seats over the 787-8.

Air India, which has 20 Dreamliners, had signed a deal in 2005 to acquire 68 Boeings, including 27 787s. At present, it uses both narrow-body Airbus A320 and wide-body Boeing 747-400s, 777s and 787-8 on international routes.

Maruti Suzuki on Wednesday launched the diesel variant of its 14-month-old Celerio hatchback at an entry price of Rs 4.65 lakh (ex-showroom, Delhi). The top-end diesel model of Celerio will sell for Rs 5.71 lakh. The variant, however, will not have the auto gear shift option available in the petrol version.

Celerio’s diesel engine (793cc) is the smallest in the market and claims to offer 27.62 km a litre. Some other hatchbacks that sport a diesel engine are the Chevrolet Beat, Ford Figo and Tata Indica. Maruti also sells its Ritz hatchback with a diesel variant and Swift also has options in diesel.

Wipro, India’s third-largest information technology (IT) services company, announced a salary increase for its employees largely in line with those offered by its peers. The Azim Premji-led company, which follows a June appraisal cycle, said the average increase in salary for employees located in offshore locations was in the range of seven per cent while for those in onshore locations it was two per cent.

For high-performers, the quantum of raise was substantially higher, Saurabh Govil, global head (human resources), Wipro, said in a statement.

Shares of Nestle have dropped 7% to Rs 6,310 on the Bombay Stock Exchange (BSE) after the Delhi government summoned officials of Nestle India claiming that the samples of Maggi noodles fail to meet food safety norms and are unsafe.

The samples of Maggi noodles tested in Delhi were found dangerous for consumption carrying lead more than the permissible limit. The Delhi government is likely to impose a heavy fine against Nestle for selling unsafe products.

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.