Hindustan Petroleum Corp aims to restart a catalytic reformer (CCR) petrol-making unit by Saturday following a minor fire caused by a leak, its head of refineries BK Namdeo told Reuters.

HPCL's 166,000 barrels-per-day (bpd) Vizag refinery in southern India has one CCR and an isomerisation unit.

Mumbai: After gaining 250 points in the morning trade, the 30-share benchmark S&P BSE Sensex erased all the gains and was trading over 300 points lower on Friday, led by losses in the shares of capital goods, banking, auto, pharma, realty and energy companies.

At 12.08pm, the Sensex was trading lower by 1%, or 309 points, at 28,625, while the 50-share CNX Nifty of the National Stock Exchange fell 1.06%, or 92.75 points, to 8,680.

India’s largest bank, the State Bank of India (SBI), will hold a record online auction this weekend to sell repossessed property like flats, warehouses and offices worth a total of nearly $200 million as the state lender seeks to chip away at its $10 billion mountain of bad debt.

The SBI auction will be the biggest nationwide online sale to date and is a rare public move to turn distressed loans into ready cash.

The passage of the Insurance Law Amendment Bill by Parliament will pave way for not just global companies to step up their presence in India but also give a push to the trade pacts, which are being currently negotiated by the country. Experts say that it would also give India more head room for bilateral negotiations.

One major proposal that is likely to get a thrust is the ongoing EU-India Bilateral Trade and Investment Agreement (BTIA) negotiations.

Infosys Limited is targeting around 900 clients globally for its IAP (Infosys Automation Platform), according to Shyam Doddavula, assistant vice president and principal product architect at Infosys.

“The IAP enabled us to create intelligent robots, who are resolving incidents related to customer’s orders for a large telco. It saved $1.3 million to the client. IAP is being leveraged by 18 clients at present. And, 900 clients are in the pipeline," he said.

Tata Consultancy Services has elevated a woman onto its board of directors, earning the distinction of the being the only top Indian information technology (IT) services company to have a woman as an executive director. The Mumbai-headquartered company said, Aarthi Subramanian, who currently heads the global delivery excellence group had been appointed the executive director to the board for three years.

After a gloomy period, ITC’s pricing power finally lit up the stock, as the company seems to have decided to raise the buck from customers.

The scrip closed on Thursday at Rs 346.25, up by 2.35 per cent. According to market sources, the company has decided to undertake a price increase of 15 per cent across cigarettes of various lengths.

NTPC, the state-owned thermal power generator, has issued bonus debentures of Rs 10,307 crore, the largest ever by any Indian company.

It is also the first public sector company to adopt this instrument to reward shareholders, said its executives.

MUMBAI: State Bank of India is offering a bonanza to its existing home loan customers. They can take personal, or top-up, loans at the same rate that they are paying on home loans under a limited-period offer from the nation's top lender.

In effect, an existing borrower can take a personal loan at 10.15%, provided he had been paying his home loan EMIs on time. For women, this will be even cheaper at 10.10%. The rates imply a 0.35-0.40 percentage point cut in the top-up loan rates that SBI has been charging. It charges 13.50-18.50% on personal loans to other customers.

The Life Insurance Corporation of India (LIC) will provide Rs.1.50 lakh crore in the next five years to the Railways for funding projects. The move is in line with Railway Minister Suresh Prabhu’s plan to look for funds outside of budgetary support and tap low-cost long-term funds. The Railways will need Rs.8.50 lakh crore in the next five years for various projects.

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