NEW DELHI: State-run generation utility NTPC is taking over the Raghunathpur project of DVC, once the powerhouse of the east with a capacity of 5,800 mw which has fallen into hard times and staring at financial dead end due to years of bad management.

Government sources told ToI power ministry has scheduled a meeting of NTPC and DVC managements on the terms and conditions for taking over the project located in Purulia district of Bengal.

Mumbai: Bajaj Auto Ltd’s net profit dropped 18.5% to Rs.622 crore from Rs.764 crore a year ago for the quarter ended 31 March, as it sold fewer motorcycles in domestic and overseas markets.

The earnings lagged market estimates. A Bloomberg poll of 31 brokerages had estimated a net profit of Rs.668 crore.

New Delhi: The department of telecommunication (DoT) is likely to abandon its plan to set up Wi-Fi hot spots in 25 cities as it is too expensive, a DoT official said on Wednesday.

It is now exploring other ways to execute it as its internal estimates found that it would need Rs.10,000 crore to implement and another Rs.2,000 crore a year for the first five years for maintenance.

Auto major Mahindra and Mahindra (M&M) today signed a definitive agreement with Tokyo-headquartered Mitsubishi Heavy Industries (MHI) to acquire 33% stake in its agri subsidiary for $25 million (approximately Rs 158 crore).

"Under the definitive agreement signed today, Mahindra will invest $25 million for acquiring 33% voting stake in MHI subsidiary, Mitsubishi Agricultural Machinery Company (MAM) Ltd, through fresh issue of common shares and Class A shares of (MAM)," Mahindra said in a BSE filing.

US President Barack Obama, who signed up for his Twitter account (@POTUS) two days ago, has broken a Guinness World Record, he gained 1 million followers in less than 5 hours. Previously, this record was formerly held by actor Robert Downey Jr., who hit 1 million in 23 hours and 22 minutes in back April 2014.

The US President already has the account @BarackObama, which has nearly 60 million followers. However, this new @POTUS account is associated with the presidential office. In his tweet Obama puts it as, “The handle comes with the house.”

State Bank of India is aggressively trying to grab a piece of the business in the digital commerce space.

The country's largest lender on Wednesday signed a memorandum of understanding with Amazon to develop payment and commerce solutions for customers and small businesses.

Leading real estate developer DLF posted a net profit of Rs 172 crore for the quarter ended March 2015, a drop of more than 20 per cent from Rs 220 crore in the same period last year. The company's consolidated revenue declined 17 per cent to Rs 2,101 crore from Rs 2,522 crore in the fourth quarter of the financial year 2014.

For the full financial year 2014-15, the company has shown a net profit of Rs 540 crore, down 16 per cent from Rs 646 crore in the previous year. The revenue has also dipped 17 per cent to Rs 8,168 crore for FY15 from Rs 9,790 crore in FY14.

The technology-savvy Narendra Modi government may have upset large software firms, especially Microsoft, in its bid to be more efficient and transparent. In March, the government announced an open-source policy that makes it mandatory for all future applications and services to be designed using the open-source software (OSS). In case of an exception, where proprietary or closed-source software (CSS) is deployed, officials have to justify their decision.

New Delhi: Scores of independent management institutes, including XLRI Jamshedpur, Birla Institute of Management Technology (Bimtech) Greater Noida and Management Development Institute (MDI) Gurgaon, are considering joining forces to demand from the government the power to grant degrees.

Some of these institutes also plan to seek deemed university status from the human resource development (HRD) ministry. This is because an institute can offer degree only if it is empowered by law, affiliated to a university or is itself a university.

Simplifying norms for domestic funds to manage offshore pooled assets, Sebi has dropped '20-25 rule', which required a minimum of 20 investors and a cap of 25 per cent on investment by an individual, for funds from low-risk foreign investors.

As per the existing norms, a fund manager who is managing a domestic scheme, is allowed to manage an offshore fund, subject to three specific conditions.

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