Mumbai: India’s largest engineering and construction company Larsen and Toubro Ltd (L&T) plans to raise Rs.3,600 crore, or $600 million, by selling equity shares to financial institutions, also known as qualified institutional placement (QlP).

In a notice to shareholders, L&T said the company is seeking approvals to authorize its board to raise funds through issue of equity shares through QlP, convertible bonds, equity shares through depository receipts of an amount not exceeding Rs.3,600 crore or $600 million, whichever is higher.

New Delhi: India may significantly reform the coal sector by allowing private firms to mine and sell the mineral since the state-owned monopoly is unable to meet demand, forcing many companies to import the fuel.

The country currently allows private companies to mine coal only for captive use, barring them from selling the fuel in the open market.

Mumbai: People wanting to open a bank account will now just need to submit a declaration detailing their current address, the Reserve Bank of India (RBI) said on Monday, a move that will benefit millions living in rented accommodation.

“No proof is required to be submitted for such address for correspondence. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc.,” RBI said in a notification.

Mumbai: The Allahabad high court has directed the Insurance Regulatory and Development Authority (Irda) to scrutinize every policy sold by SBI Life Insurance Co. Ltd, and order the company to discontinue its policies and wind up its business if it detects any regulatory breaches.

The 29 May order came in response to a petition filed by an SBI Life customer, Virendra Pal Kapoor, 72, who claimed he had invested Rs.50,000 in 2007 in the insurer’s Unit Plus II–Single, a unit-linked insurance product (Ulip) with an option of a limited term of five years, on the basic sum assured for life at Rs.3,12,500 (625% of the investment), with a choice of investment in a growth fund. But on maturity, he was paid a mere Rs.248.

Bangalore/New Delhi: India’s second largest software exporter Infosys Ltd has issued legal notices of Rs.2,000 crore each against at least three publications owned by Bennett, Coleman and Co. Ltd and The Indian Express Ltd, alleging that some articles they had published defamed the company.

The Team that ran Narendra Modi’s poll campaign is back at work, its next target being assembly elections due this year. Prime Minister Modi, it has been learnt, has asked his campaign strategists to stop celebrating the victory and begin ground work for the upcoming “challenges”. They have been advised to replicate the campaign and communication strategy they followed in the general elections. The big target is Maharashtra, which goes to polls in December.

Recognising the growth potential in the Indian male grooming sector, FMCG companies Hindustan Unilever (HUL), Dabur and ITC are extending their women care brands to male grooming range.

For instance, HUL has launched Pond’s Men, its international range of premium face care products for men, in India. While Dabur India is planning to extend its skin care portfolio for men under Oxylife brand, ITC is sharpening focus on innovations to woo males in India.

Raising capital through the qualified institutional placement (QIP) route has been a hit this calendar year, with four issues already mopping up Rs 11,455 crore in the first five months - nearly 30 per cent more the Rs 8,075 crore 10 companies raised in full 2013. In fact, the amount raised this year has been the highest since 2010 (see chart).

Soon, you may be able to deposit cash or order a cheque book through an automated teller machine (ATM) of a bank, of which you are not a customer. At present, one can withdraw money, check account balance and get a mini statement from non home-bank ATMs, but no other transaction is allowed.

The National Payments Corporation of India, along with some private and public-sector banks, has embarked on a pilot project to test the feasibility if several services could be offered by non-home bank ATMs. Bankers have also sought the Reserve Bank of India’s (RBI) approval to roll out the same if the results of the pilot projects are positive.

Markets have marginally come off morning lows with the Sensex down 158 points at 25,421 and the Nifty gave off 55 points to trade at 7,599.

Sell-off was visible in the broader markets as well with both the mid and small cap indices down over 1% each, taking a breather after several weeks of outperformance.

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