Axis Bank has cut retail deposit rates by 15-25 basis points (bps) in select maturities. The bank has cut rates by 25 bps for deposits of 18 to 36 months and by 15 bps for deposits up to 18 months. The revised rate stands at 8.50 per cent across all categories in the 6 months to 10 years bucket. These rates are valid for deposits below Rs 1 crore.

On March 4, the Reserve Bank of India (RBI) cut the repo rate by 25 basis points to 7.50 per cent. It had cut the repo rate by 25 bps in January as well. With interest rates going down, it was expected that deposit rates offered by banks would go down as well.

Benchmark share indices extended losses for the third straight day as investors booked profits at higher levels with ICICI Bank and FMCG majors leading the decline.

The 30-share Sensex ended down 208 points at 28,261 and the 50-share Nifty closed 64 points lower at 8,571.

After acquiring Johnson & Johnson’s brands Savlon and Shower-to-Shower, ITC is working on plans to expand its presence in the personal care segment by leveraging its distribution infrastructure.

With the acquisition of Savlon, ITC now directly competes with Reckitt Benckiser’s Dettol which has moved from antiseptic liquids into soaps, hand wash and hand sanitisers. ITC is now looking at brand extensions of Savlon (antiseptic liquid) to fight multinational competition in India.

Even as the process of auctioning 33 coal blocks has been wrapped up, the government is planning to shortly auction coal produced by state-run collieries to players in sectors such as power and steel. It is likely to invite competitive bids for auctioning fuel linkages given by Coal India Ltd to its buyers in these sectors, thereby extending the auction mechanism to even fuel supply pacts.

At least 22 people were killed and around 150 others injured when the engine and two coaches of the Dehradun-Varanasi Janta Express derailed near Bachrawan Railway Station in the district on Friday.

Mumbai: Securities and Exchange Board of India (Sebi) chairman U.K. Sinha said on Friday the capital markets regulator expected to have a new policy for initial public offerings for start-up companies in three to four months.

Reuters had reported this week Sebi was planning rule changes that will make it easier for home-grown start-ups to list their shares on local bourses, citing sources involved in the process.

Bengaluru: Ten months. Five candidates. Three countries. That is the journey Wipro Ltd chief executive officer T.K. Kurien and human resources head Saurabh Govil undertook before the company named Abid Ali Neemuchwala as chief operating officer (COO) on 16 March.

Kurien and Govil, who flew to London, Seattle, Dallas and New York between April and November on this mission, had at least a dozen meetings with external candidates.

New Delhi, March 19: The CBI today told a Delhi court that Reliance Industries vice-president (finance) K.V. Mohanan and the managing partner of Mumbai-based law firm Chitale and Associates, Rajendra Chitale, were "suspects" in the corporate espionage case the agency is probing.

Agency officials began questioning Mohanan and Chitale at the CBI headquarters this afternoon. Mohanan had been questioned for nine hours yesterday too.

The government is likely to table in the Lok Sabha tomorrow a Bill to make non-disclosure of overseas income and assets a predicate offence that will attract punitive action including up to 10 years jail time.

The Bill will provide a small window to overseas asset holders to declare their wealth, pay taxes and penalties to escape punitive action.

Infosys, India’s second largest IT services company, had decided not to go ahead with a separate leader to manage its venture capital investments. Instead, the Bengaluru-based company has decided to manage the $500 million Innovation Fund with the help of Ritika Suri, who presently heads its Merger & Acquisitions (M&A) initiatives.

“She will be responsible for managing the Innovation Fund as well as our investments in the start-up space, apart from being responsible for M&As. May be at some point of time, we may look at having a person under her to manage the fund. But the person will only report to her,” said a senior official of the company.

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