Microsoft, which bought Nokia’s handset business last year, has only 3% of the global smartphone market. By contrast, Android phones, led by Samsung, control 81% of the market and Apple 15%, according to Strategy Analytics. But in recent months, it has become clear that Microsoft is pumping in a lot of juice to change the momentum of its mobile business and drive itself towards the low-end, budget market segment to stay right in the middle of the competition in emerging markets like India.

The strategy continues to yield results as analysts say that nearly 78% of market demand is for phones in the sub-R10,000 range. This strategy has forced the Redmond, Washington-based technology firm to put out competitive low-end devices, like the Lumia 520 and Lumia 535. In other words, Microsoft is not just trying to stay relevant, it wants to takeover the segment altogether, at least in a high growth market like India, where people are increasingly looking to upgrade from a feature phone to a smartphone, with a growing aspiration for smarter experiences.

India’s manufacturing sector witnessed a modest growth in May, but going ahead “weak demand conditions” may persist that could have a negative impact on the industrial output numbers, says an SBI research report.

The SBI Monthly Composite Index, a leading indicator for manufacturing activity in Indian Economy, inched up from 46.8 in April 2015 to 53.8 in May 2015. However, the outlook is bearish.

State Bank of India (SBI) has agreed to refinance R5,000 crore of loans to Adani Power subsidiaries — Adani Power Maharashtra (APML) and Adani Power Rajasthan (APRL) — using the 5/25 scheme, sources aware of the development told FE. IDBI Bank is also expected to join the consortium to refinance a part of the debt.

“SBI has recently cleared the proposal with a 15-month moratorium on interest payments,” sources told FE.

BSE Sensex and NSE Nifty rose on Monday, on track for their second consecutive session of gains, as blue-chips rose after forecast of a timely monsoon raised hopes the central bank would lower interest rates in June.

India’s weather office said on Thursday it expects monsoon rains to hit the southern Kerala coast around May 30, a timely arrival for farmers worried about dry weather from an El Nino weather pattern this year.

MUMBAI: World's oldest comatose patient, nurse Aruna Shanbaug who had been in a vegetative state ever since she was raped, died in Mumbai's KEM Hospital on Monday morning after remaining in coma for almost 42 years, Dean Avinash Supe said.

He said police permissions and other formalities are being completed before finalizing Shanbaug's last rites later on Monday.

MUMBAI: Debashis Poddar may have a busy two years ahead. The global head of mergers and acquisitions at Tata Consultancy ServicesBSE -0.23 % is expected to help boost the company's appetite for M&A deals when its rivals are dipping deep into their wallets to buy growth.

TCS, the country's largest software services company, has always been a conservative player in the M&A space, a trait it used to share with others in the IT industry. However, over the past few months, Infosys and Cognizant Technology Solutions have become more aggressive in buying companies, while Wipro is boosting investments in startups.

Low-cost carrier Air Asia India has decided to go slow with its fleet expansion due to lack of clarity on international flying rules. It has also deferred its one-plane-per-month fleet expansion plan, and plans to end the year with 7-10 planes from the present five.

"We slowed down in adding one plane a month plan. I took the call of watching and waiting," airline's chief executive Mittu Chandilya told PTI, and blamed the decision to the lack of clarity on overseas flying rights for new airlines.

The Telecom Ministry has sought legal opinion on a Comptroller and Auditor General (CAG) report that stated undue benefits were extended to companies including Reliance Jio, Bharti Airtel, RCom and Tata Teleservices on a number of issues.

According to a source: "The Ministry has sought legal opinion on the matter so as to undertake further course of action."

In a milestone move, the government would hive off the central transmission utility (CTU) function of state-owned Power Grid Corporation Limited (PGCIL). This follows taking away of grid management from the Union government-owned transmission behemoth.

"We have already decided to do that (separate CTU from PGCIL). All the study and paperwork is going on. I agree that CTU should be a separate entity. PowerGrid acted like a support to these institutions till they become strong and centralised," Union power minister Piyush Goyal told Business Standard.

A little over 150 million new shares of Tata Motors have started trading at National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) with effect from today.

“The new securities of 150.49 million ordinary shares of Rs 2 each issued at a premium of Rs 448 per share on rights basis are listed and are permitted to trade on the exchange with effect from Monday, May 18, 2015,” Tata Motors said in a BSE notice dated May 15, 2015.

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