The Street was little enthused with the RBI’s 25 basis points (bps) cut in repo rate. The Bank Nifty slid to a three-week low to 17,977.30 on Tuesday after the central bank announced its second bi-monthly policy for FY16.

The Bank Nifty lost 639.70 points or 3.4%, with all the index constituents ending the session in the red. State-owned lender Canara Bank fell the most with a 4.93% cut, followed by Axis Bank (4.4%), State Bank of India (4.3%), and IndusInd Bank (4%). The Reserve Bank of India cut repo rate by 25 bps to 7.25%, but kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4%.

For the struggling capital goods sector, the creation of Telangana state is proving to be a bright spark in an otherwise lacklustre order inflows outlook. Public sector equipment major Bharat Heavy Electricals Ltd (BHEL) on Tuesday announced that it had bagged a Rs 17,950 crore order from the new state — the single-largest order in BHEL’s 51-year history and one of the biggest orders ever placed in the country’s capital goods sector — for setting up a new thermal power project in the state.

Payment solutions provider AGS Transact Technologies has received the Securities and Exchange Board of India (Sebi)'s approval to raise up to Rs 1,350 crore through an initial public offering (IPO). This is the company's second attempt to hit the capital market.

The firm had filed a draft red herring prospectus with Sebi through its lead merchant banker Axis Capital in March this year. Sebi issued its final observations on the draft offer documents on May 28, which is necessary for companies to launch any public offer.

Brazil's state-run Petroleo Brasileiro SA found new deposits of light oil in deep waters off the coast of the northern state of Sergipe.

Petrobras is operator of the field with 75 per cent stake. India's state-run Oil and Natural Gas Corp is partner with 25 per cent stake.

The number of proposals received and approved for manufacturing of electronics has seen a big jump over the past year.

According to data from the department of electronics and information technology, the January-March period has seen a 900 per cent jump over the same period last year in the value of investment approvals under the Modified Special Incentive Proposal Scheme (M-SIPS).

Reliance Industries' return on equity from the sale of its Eagle Ford (EFS) Midstream joint venture with Pioneer Natural Resources in the US is five times of what it invested in the asset. RIL's realisation from the sale was $1 billion. It had spent $46 million in acquiring the 49.9 per cent stake in EFS and invested another $208 million over the years.

Reliance and Pioneer announced the sale of their joint venture to Enterprise Product Partners (EPD) for $2.15 billion. In June 2010, RIL had invested in the US shale gas business, where it bought a 45 per cent stake in the Eagle Ford shale gas fields, owned by Pioneer, for $1.315 billion. As part of the deal, RIL received a 49.9 per cent stake in the venture. Reliance has invested $8.2 billion in three shale assets so far and investments in the Eagle Ford shale acreage (including Midstream) stand at $4.3 billion.

Mobile subscribers of state-run telecom firm Bharat Sanchar Nigam Limited (BSNL) will be able to avail free roaming services across India from June 15, minister for communications and information technology Ravi Shankar Prasad said while talking about the one-year achievements of his ministry. BSNL had a mobile subscriber base of 77.2 million at the end of March.

At present, BSNL earns about Rs 150 crore from roaming rates, BSNL chairman and managing director Anupam Shrivastava said. He said, though the roaming revenues will come down, the company expects new subscriber additions going forward because of the free roaming facility. The company operates across India except Delhi and Mumbai where its sister concern Mahanagar Telephone Nigam (MTNL) operates.

Shares of Tata Motors have gained over 1% to Rs 477 on the NSE after the company’s total commercial and passenger vehicles sales (including exports) rose 5% to 39,496 units in May 2015 over May 2014.

Sales of Tata Motors passenger vehicles rose 21% to 11,138 units in May 2015 over May 2014. The growth trend was driven by the cars segment, specifically the new launches of Zest and Bolt and with positive early response to the new GenX Nano, Tata Motors said.

Markets continue their sharp downfall weighed down by rate-sensitive stocks after the Reserve Bank of India (RBI) at its monetary policy review indicated that the further rate cuts depend on the monsoon and inflation data.

At 1:05 PM, the 30 share Sensex shed 375 points or 1.31%, to 27,483 levels while the Nifty 50 slipped below 8,350 to 8,309 levels, down by 125 points or 1.5%.

Bajaj Auto today reported a 2% decline in total sales in May at 3,45,438 units against 3,51,436 units in the same month last year.

Motorcycle sales during the month dropped 4% at 3,01,862 units as against 3,13,020 units in May last year, the company said in a BSE filing.

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