Mumbai: India’s first auction of coal mines has presented an opportunity for smaller regional companies that have grabbed the opportunity, and some mines, although analysts question the ability of some of them to pay up the huge amounts they have bid.

On Monday, bids for the Lohari block closed at Rs.2,438 per tonne, the highest bid made in the second round of auctions of so-called Schedule III category coal mines (those ready to produce but underdeveloped, with even the land having to be acquired in some cases). This bid came from a relatively unknown company, Araanya Mines Pvt. Ltd. Mint could not independently ascertain the provenance of Araanya Mines or contact it.

New Delhi: In an indication of growing investor interest in India’s power sector, Sembcorp Industries Ltd of Singapore and Korea Electric Power Corp. (Kepco) are in separate talks to buy GMR group’s 1,400 MW power project in Odisha.

The GMR group has sold several of its power, road and airport projects as part of its “asset light, asset right” strategy. The project in question is GMR Kamalanga Energy Ltd at Kamalanga in Dhenkanal.

Finance Minister Arun Jaitley Tuesday said Prime Minister Narendra Modi’s Lok Sabha poll campaign contention that huge amounts of black money are stashed abroad and once they are brought back each citizen could get Rs 15 lakh each was an “illustrative” statement.

In the run-up to the assembly elections in Delhi, the BJP president had called Modi’s pronouncement an election “jumla”. Today, the finance minister avoided spelling out the quantum of black money stashed abroad.

Microsoft in India on Tuesday announced a exchange offer for existing Asha, (a brand formed under erstwhile Nokia which was recently acquired by Microsoft) consumers with the aim of offering the latest OS experience to its consumers through the Lumia 435.

The offer will enable existing Asha consumers to upgrade to a brand new Lumia 435. The ‘Smart Exchange’ offer as Microsoft calls it is valid from till April 15, 2015 or till stocks last across the country, giving existing consumers of Asha 500, Asha 501, Asha 502 and Asha 503 an assured discount of Rs. 1,500/- and an assured discount of Rs. 1,000/- for Asha 305, Asha 306, Asha 308, Asha 309, Asha 310 and Asha 311 consumers. This discount is applicable on MRP of Lumia 435 which is Rs. 5,999/-.

MUMBAI: The tax office is exploring all avenues to mop up revenue collection before March 31. In an unusual development, hundreds of companies have received letters from the income-tax department, "requesting" them to deposit the amount from tax deductions before the financial year closes — as against the normal practice of companies depositing the tax deducted at source (TDS) by the seventh of next month.

State-owned carrier Air India (AI), which began its recruitment process recently, is finding it hard to get the right kind of candidates, compelling it to re-advertise its requirement for 197 commander and senior trainee pilots.

A spokesperson of the national flag carrier said there were just not enough qualified candidates available in the market.

Former Prime Minister Manmohan Singh, industrialist Kumar Mangalam Birla, ex-coal secretary P C Parakh and three others were today summoned as accused by a special court in a coal scam case pertaining to allocation of Talabira-II coal block in Odisha in 2005 and asked to appear before it on April 8.

pecial CBI Judge Bharat Parashar summoned the six accused on April 8 for the alleged offences punishable under Sections 120B (criminal conspiracy) and 409 (criminal breach of trust by public servant, or by banker, merchant or agent) of the IPC and under the provisions of the Prevention of Corruption Act (PCA).

Maruti Suzuki India, India’s largest car maker, on Tuesday said it would be recalling 33,098 vehicles, including its popular models Alto 800 and Alto K10.

According to the company’s statement to the stock exchanges, the recall is to inspect and replace the ‘right hand door latch assembly’. Maruti Suzuki dealers in the domestic market will contact customers who have cars manufactured between December 8, 2014 and February 18, 2015, it stated.

Stock markets fell for the second straight session with the benchmark Sensex today sliding 134.91 points to one-month low of 28,709.87 as investors sold realty, power and oil&gas shares amid lingering worries over an earlier-than-expected hike in US interest rates.

After yesterday's over 604-point crash, the 30-share BSE Sensex opened in positive terrain but soon succumbed to selling pressure. It touched day's low of 28,584.49.

Prime Minister Narendra Modi on Tuesday congratulated Indian cricket team for winning the World Cup match against Ireland at Hamilton.

Prime Minister Modi took to Twitter to send his congratulatory message.

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