New Delhi: The board of National Highways Authority of India (NHAI) has approved the formation of an entity similar to an asset reconstruction company (ARC) to take over bank loans extended to road projects that are likely to turn bad.

This decision was taken at a meeting held on Thursday, two government officials said on condition of anonymity. The objective is to keep bank balance sheets healthy and at the same time revive road projects.

The benchmark BSE Sensex rose over 111 points and the NSE Nifty soared to a new life-time high of 7,924.90 in early trade today as IT, oil & gas, power and consumer durable stocks led the rally on sustained capital inflows. Besides, a firming trend overseas also buoyed market sentiments.

The BSE 30-share barometer spurted by 111.09 points, or 0.42 per cent, to trade at 26,471.20, approaching its life-time high of 26,530.67 reached on August 19. It had gained 45.82 points in yesterday's session.

India's NSE Nifty index rises as much as 0.43 percent to a record high of 7,924.90.

That marks its fourth record high this week, surpassing the previous all-time high on Wednesday

Tata Consultancy Services (TCS), the country’s largest IT services exporter, has regained revenue parity with its nearest competitor Cognizant in the key North American market, after trailing the latter for over three quarters, setting the stage for an interesting battle between the two companies in the world's largest technology market.

Some of the flagship listed companies of Tata Group hold significant investments in other group companies and in Tata Sons, the promoter company. While the book value of these investments is miniscule, their current market value is equal to 1% to 135% of the market capitalisation of these investor Tata companies, says IIFL Institutional Equities.

MUMBAI: Bangalore-based IT firm Wipro expects to land bigger deals for solutions based on digital technologies like social, mobility, analytics and cloud, a sign that companies are willing to increase their spend on these discretionary areas.

"While our sweet spot is deals in the $2.5-3.5 million (Rs 15-21 crore) range, we are seeing deals worth $5-10 million (about Rs 30-60 crore) in the pipeline," Jeff Heenan-Jalil, global head of Wipro's advanced technology solutions unit said in an interview to ET.

An Air India flight from Delhi to Ahmedabad carrying 103 passengers was forced to land in Jaipur after a suspected problem in its landing gear. The Airbus 321, which left Delhi at 6 AM, landed in Jaipur after a technical problem was suspected in its landing gear, officials said. Another aircraft was sent from Delhi take the passengers on their onward journey and the flight reached Ahmedabad at 9 AM.

Oil and Natural Gas Corporation plans to search for oil and gas in Himachal Pradesh's Kangra valley early next month, ONGC officials said.

The spot chosen for drilling is Surani, about 10 km from the temple town of Jwalamukhi.

NEW DELHI: The government has ordered state gas utility GAIL India Ltd to cut natural gas supplies of non- priority sectors like steel and petrochemicals so as to meet full requirement of CNG retailers like Indraprastha Gas Ltd.

The petroleum ministry in an order today said it has revised guidelines for allocation/supply of domestic natural gas to city gas distribution (CGD) entities for CNG and piped cooking gas sector.

NEW DELHI: BSNL lost over 21 lakh wireless subscribers in June as the state-run telecom company cleaned up its base of non-active users.

According to the figures released by sectoral regulator Trai, BSNL lost 21.40 lakh subscribers in June and its user base has shrunk to 8.94 crore at the end of month.

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