Mahindra & Mahindra (M&M), India's largest maker of utility vehicles and tractors, opened its extended automobile manufacturing facility at Zaheerabad in Telangana on Wednesday.

The facility, which was expanded with an investment of Rs 250 crore, comes with an enhanced production capacity of 92,000 vehicles a year, while the overall plant capacity will be 140,000 units per year.

Private sector lender YES Bank today reported a Q4 net profit of Rs 551 crore, an annual rise of 28%.

The asset quality ratios were flat, with net NPA at 0.12% compared to 0.10% in the previous quarter. Gross NPA came in at 0.41% compared to 0.42% in Q3.

ITC Ltd, India's largest cigarette maker, is in talks with Century Textile and Industries Ltd to buy its paper division in a bid to diversify revenue to non-tobacco businesses, said two sources directly involved in the deal.

In separate transactions, Century's textile division will be merged with Aditya Birla Nuvo Ltd and the cement unit will be merged with UltraTech Cement Ltd , as part of the company's restructuring, the sources said.

Companies are required to inform shareholders of their annual general meetings 21 days before the event. However, shareholders who watch stock exchange websites for this information might not always get this three-week notice, according to Shriram Subramanian, managing director of InGovern Research Services. Reason: only some companies make an exchange disclosure; many don’t.

This problem related to non-uniform disclosure standards by companies on issues such as the important dates (as above) and material developments such as getting large orders or trading in securities by insiders is likely to be addressed with finality by the regulator.

The Foreign Investment Promotion Board (FIPB), headed by Finance Secretary Rajiv Mehrishi, will meet on April 30 to discuss 41 proposals.

These including one from Kotak Mahindra Bank (KMB) to raise its foreign investment ceiling to 55 per cent. At present, foreign investors together hold 48.5 per cent in it, pursuant to its merger with ING Vysya Bank. Foreign investors can acquire up to 49 per cent stake in Indian lenders through the automatic route; beyond this, FIPB permission is required.

Credit rating agency Moody’s has said Reliance Communications (RCom), which has 66 per cent of its total debt in US dollars, does not have sufficient cushion against the risks from the possibility of the rupee depreciating up to 20 per cent from March 31 this year. Over the past 12 months, the rupee has depreciated 13 per cent against the dollar.

The global rating agency has found that six out of 49 non-financial high-yield companies it rates in South and Southeast Asia with dollar-denominated debt don’t have such ‘mitigants’. These 49 firms have dollar debt totalling $56.5 billion. Out of this, RCom has $4.6 billion outstanding dollar debt.

BENGALURU: The slump in global energy prices once again hit Wipro's financial performance in the quarter ended March.

The IT services company, which has a higher exposure to the oil & gas vertical compared to its peers, saw its sequential revenue growth drop by 1.2% to $1,774.5 million. In constant currency terms, revenue rose by 1.2%, but that figure was lower than that of TCS's 1.6% and HCL Technologies' 2.7%. It was however well within the company's revenue guidance of 1%-3%.

Life Insurance Corporation of India (LIC) boasts nearly a tenth of ownership in listed banks in the country. As per data compiled by FE, the insurance giant’s latest cumulative possession in 33 listed banks is more than 9% and valued at close to R83,069 crore, based on Friday’s closing prices.

The latest ownership as of March 2015 is considered for the compilation, barring six for which data were available as of December 2014.

The government will soon auction 69 marginal oil and gas fields owned by state explorers Oil and Natural Gas Corp and Oil India Ltd, oil secretary Saurabh Chandra said on Tuesday.

"Marginal field policy will have approval soon for 69 fields, which ONGC and Oil India have agreed to give. We hope to put them for bidding," Chandra told reporters in New Delhi.

Tata Motors, the country's fifth largest car maker, announced today the launch of an exclusive campaign for all existing Nano customers - Power of 1+1 programme.

Customers of Nano will have the privilege to be among the first to own the new GenX Nano with Easy Shift (automated manual transmission). Such a transmission set up is seen on the Zest and on models of rival like Maruti Alto and Celerio.

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