MUMBAI: Shares of Adani Power on Tuesday tumbled over 7 per cent after the company reported a 71.72 per cent plunge in its consolidated net profit for the quarter ended March 31, 2015.

After falling 7.48 per cent to Rs 40.15 in intra-day trade on the BSE, shares of the company finally ended 6.91 per cent lower at Rs 40.40.

NEW DELHI: The government is expected to provide a thrust to its ambitious disinvestment programme for the current financial year by clearing stake sale in over half-a-dozen companies including NTPC and IndianOil. The cabinet committee on economic affairs (CCEA) is expected to take a call on stake sale in these two companies on Wednesday.

Sources said the government is looking to sell 5% in NTPC and 10% in IndianOil, which could help mop up around Rs 14,000 crore based on current market price. Coal India too is back on the disinvestment radar although it is not clear if the 5% stake sale is on the agenda for Wednesday's meeting of CCEA.

India’s lenders, most of whom have remained reluctant to grow their credit card portfolios rapidly, are now willing to take on more risks as credit card usage picks up, making it a lucrative business.

As on 31 March, outstanding credit card loans rose 22.6% to Rs.30,500 crore from a year earlier, according to the Reserve Bank of India’s (RBI’s) sectoral credit data, making it one of the fastest growing segments. The increase has been partly driven by the growing popularity of e-commerce.

Apple has overtaken China’s Xiaomi to become the largest vendor of smartphones in the Chinese market. Apple had a 14.7% of market share in the first quarter of 2015, whereas Xiaomi had 13.7% share followed by state-owned Huawei, Samsung and Lenovo, as per a latest report.

The company is in talks with Chinese banks and Alibaba to launch its mobile payment system Apple Pay in China, as Chief Executive Tim Cook told the official Xinhua news agency in an interview.

Microsoft has announced its partnership with a group of telecom companies to build a new transpacific undersea cable that will connect a number of points in China, South Korea, Taiwan and Japan with the U.S. West Coast.

According to the company, the New Cross Pacific (NCP) Cable Network will provide faster connections for its customers and help it compete on cloud cost.

The benchmark BSE Sensex tumbled over 444.65 points in late morning trade today as participants locked in gains after two sessions of gains and ahead of IIP and inflation data to be released later in the day.

The 2-day pullback rally fizzled out as the benchmark S&P BSE Sensex today slumped 444 points to quote at 27062.65 in late-morning deals following weakness in global stocks amid profit-booking by wary operators ahead of the IIP and CPI data to be released later in the day.

BENGALURU: After declaring that Infosys aims to be a $20-billion company by 2020, Chief Executive Vishal Sikka has started laying down a blueprint towards achieving that goal. Plans include heavy-mining the company's top 100 clients with dedicated partners for each, driving up margins through automation, squeezing higher share of revenues from services such as consulting, and acquisitions.

Sikka, attempting to orchestrate a turnaround in the fortunes of Infosys, is personally spending more time with the company's top 100 customers such as Bank of America and Apple. He has made it a top priority for the company's senior management to help mine these accounts, according to three people familiar with the developments.

MUMBAI: Engineering major Larsen & Toubro has signed a technology transfer agreement with South Korea's Hyundai Heavy Industries to build carriers for liquefied natural gas (LNG) at its shipyard at Kattupalli, near Chennai.

While L&T aims to bag order from staterun GAIL which is likely to re-launch tender for nine LNG carriers with this tie-up, the company hopes to get more orders in India and abroad. GAIL had issued a Rs 42,370-tender to charter nine LNG carriers in August last year which was later scrapped due to dismal response.

The Securities and Exchange Board of India (Sebi) has been going slow on giving approvals to balanced funds, with only one getting the regulator’s nod in three years.

Since January 2012, at least seven fund houses have filed offer documents for launching these but are yet to get a nod.

At least 14 passengers were injured when an explosion took place inside a compartment of Sealdah- Krishnanagar local train early this morning, an Eastern Railway official said.

R N Mahapatra, CPRO Eastern Railway, said the train left Sealdah station at 03:20 a.m and reached Titagarh station at 03:55 a.m. The blast took place just after a person boarded the train at Titagarh station.

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.