The Securities and Exchange Board of India (Sebi) is working on rules to govern how and when promoters will be allowed to reclassify themselves as public shareholders.

The move follows instances of promoters reclassifying themselves to meet the minimum public shareholding (MPS) norms. A discussion paper for public comment is likely to be issued soon, multiple sources have said.

Tata Motor’s Zest is not able to match up to its competition sales figures mainly because of production constraints, which the company has failed to iron out even three months after launch of the sedan. The waiting period on all-new car from the struggling Mumbai-based company is several weeks, even as competing models in the segment are available off-the-shelf and even at a discount.

Zest buyers are forced to wait up to six weeks for the automated manual transmission (AMT) version, available only on this car in the compact sedan segment.

Adani Enterprises on Monday won support from a state-run bank and an Australian state to help it build a $7-billion coal mine, defying a slump in coal prices to five-and-a-half-year lows that has stalled rival projects.

The infrastructure conglomerate, whose founder, Gautam Adani, has close ties to Prime Minister Narendra Modi, has signed a memorandum of understanding (MoU) for a loan of up to $1 billion from State Bank of India (SBI) for the mine, rail and port project, which it aims to build by the end of 2017.

Mumbai: India’s benchmark 30-share Sensex index was trading 35 points lower on Monday morning, led by losses in IT and banking shares.

At 9.40am, the BSE Sensex was down 0.13%, or 37.81 points, at 28,008.85 points, while the National Stock Exchange’s broader barometer 50-share Nifty was trading down 0.22%, or 18.15 points, at 8,371.75 points.

NEW DELHI: Bombay Stock Exchange and the National Stock Exchange are looking to set up small banks in the country once the Reserve Bank of India opens the window for applications.

The move will help the two exchanges, which have cash transactions running into thousands of crores, manage some of the funds, but will come as bad news for the existing players, such as HDFC Bank, which manage this amount and benefit by way of low cost of funds.

Washington: A recall of Ford Motor Co. Ranger pickup trucks in the US was expanded to include more vehicles and more flawed Takata Corp. air bags after a fatal accident in Malaysia exposed a defect in the safety device that wasn’t previously known.

Ford will replace driver’s-side and passenger air bags in certain 2004 and 2005 model year Rangers, according to a National Highway Traffic Safety Administration (NHTSA) statement on Friday.

MUMBAI: The business process outsourcing (BPO) industry, which until a few years ago had thousands of youngsters joining it, is not so cool anymore, thanks to more glamorous competitors such as startups and IT firms with high-end profiles. The National Association for Software & Services Companies, along with 11 BPO companies, now plans to confront this unpopularity head-on — college by college. The 11 firms partnering Nasscom include WNS, Genpact, Dell BPO, EXL and Cognizant BPO.

After four quarters of double-digit growth in operating profits, Reliance Communications Ltd (RCom) has reported a reversal of fortunes. Earnings before interest, taxes, depreciation and amortization (Ebitda) fell 3.2% year-on-year (y-o-y) to Rs.1,827 crore in the September quarter. Ebitda, or operating profit, had risen at an average rate of about 12% in the preceding four quarters.

Mumbai: Axis Bank Ltd, India’s third largest private sector bank could raise at least $500 million by selling bonds to investors in Asia and Europe, two people with knowledge of the deal said.

“They are looking to raise at least $500 million but may keep more if demand is good,” one of the persons said, adding that the bond issue is likely to close later today. The bonds will be listed on the Singapore Stock Exchange.

New Delhi: Oil and Natural Gas Corp., India’s biggest energy explorer, will invest Rs.10,600 crore in raising production from its western offshore fields.

ONGC board has approved third phase of redevelopment of its prime Mumbai High South oil and gas field at a cost of Rs.6,069 crore and integrated development of Mukta, Bassein and Panna formations at an investment of Rs.4,620 crore, the company said in a statement.

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