NEW DELHI: Girish Wagh, the man behind Tata Motors' much-touted budget car Nano, has blamed "external factors" for the poor run of the vehicle, while also linking the failure to the last-minute withdrawal of the factory from Singur in West Bengal that led to delays in deliveries.

Wagh, the main architect of Nano, also feels that the tag of "cheapest car in the world" badly hit the chances of the model, which actually was meant to be a low-cost innovation.

Mumbai: The Securities and Exchange Board of India (Sebi) is unlikely to relax the newly framed corporate governance norms which come into effect from 1 October, even though listed companies have sought concessions on related-party transactions and the appointment of women directors, according to two people familiar with the matter.

Corporate governance norms for listed firms come under listing agreement norms of Sebi.

The Delhi Development Authority’s 2014 housing scheme will be tabled in DDA’s meeting, chaired by Lt-Governor Najeeb Jung, for clearance on Thursday. Several new clauses have been included in the scheme, which will be the biggest housing scheme to be launched by the DDA in the capital. If the scheme is approved, sale of brochures will be announced soon after.

A 27-bank consortium, led by IDBI bank, has asked loss-making Lanco Infratech to sell more assets or raise capital through the qualified institutional placement (QIP) route to salvage its finances.

Recently, in the largest deal yet in the thermal power sector, Lanco Infratech had sold its 1,200-megawatt (MW) Udupi power plant to debt-laden Adani Power, part of the Adani Group, for R6,000 crore.

The benchmark BSE Sensex recovered over 56 points in early trade today on emergence of buying by funds and retail investors amid a mixed trend in global markets.

The 30-share index rose 56.30 points, or 0.21 per cent, to 26,370.59 with sectoral indices, led by consumer durables, IT, oil & gas, realty and auto gaining up to 1.95 per cent.

Mahindra & Mahindra (M&M) – the country's biggest tractor maker - launched a new tractor platform almost after 14 years catering to the 50-60 horsepower (hp) and above category.

The product was developed for over 3 years and the company invested about Rs 300 crore with inputs from over 100 engineers.

National Thermal Power Corporation (NTPC) has curtailed the power it had been supplying to Chhattisgarh plunging the state to face electricity crises.

The country’s largest power producer, NTPC, has two major power projects in Chhattisgarh. While the Korba power station had an installed capacity of 2600-Mw, the Sipat Power Project in Bilaspur district had been generating 2980-Mw power. The state had been getting about 1100-Mw of power from the NTPC.

The petroleum ministry is considering ordering Reliance Industries to stop selling KG-D6 crude oil to its Jamnagar refinery and instead sell it to Chennai Petroleum Corp Ltd (CPCL) at lower rates.

The Production Sharing Contract (PSC) mandates producers to sell crude oil at the best available market rate, to ensure highest profit petroleum and royalty to the government.

Kasturi & Sons Ltd, publisher of The Hindu, has inducted Vinita Bali, former managing director of Britannia and S Mahalingam, former CFO of Tata Consultancy Service (TCS), as independent directors.

Confirming the development, KSL's board in a statement said, "Vinita Bali and Mahalingam are seasoned stalwarts of corporate India. We are privileged and delighted to have them on our board. This is a significant milestone in our institutional journey."

A day after Prime Minister Narendra Modi said corruption was a bigger disease than cancer, news has surfaced that Union Health Minister Harsh Vardhan has removed All India Institute of Medical Sciences' (AIIMS') chief vigilance officer (CVO) Sanjiv Chaturvedi, who had unearthed a record number of corruption and financial scams in his two years at the country's premier hospital, in the middle of his tenure.

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