Shares of Maruti Suzuki India rallied 1 percent intraday on Monday. The car manufacturer which agreed to let parent Suzuki Motor Corporation own an upcoming plant in Gujarat, expects to save about Rs 10,500 crore in the first 15 years by not investing in the facility.

In a presentation filed to the BSE related to the contentious Gujarat plant, the company said it proposes to enter into a contract manufacturing agreement (CMA) with Suzuki Motor Gujarat (SMG), a fully owned subsidiary of Suzuki Motor Corporation (SMC).

MUMBAI: Automobile makers in India have lined up more than Rs 10,000 crore of investment to develop new passenger vehicles and soup up existing ones despite a slowdown in sales, as they strive to meet changing customer demands in a market where products become outdated fast, according to industry executives.

Companies such as Mahindra & Mahindra, Tata Motors, Maruti SuzukiBSE 0.56 % as well as the local units of Hyundai Motor, Renault and Nissan Motor are working on all-new platforms to bring out new products.

NEW DELHI: Cash-strapped Air India will seek an additional Rs 1,600 crore as equity in 2014-15, asking for Rs 7,100 crore instead of Rs 5,500 crore as per the original financial restructuring plan (FRP) approved by UPA.

The additional funds in the coming Budget are being sought on three grounds — shortfall of Rs 500 crore in the government's equity infusion last fiscal, interest cost incurred by the airline to raise this amount as loan from banks and finally the fluctuation in $-re exchange rate last year from the assumed value of Rs 40-45 when the FRP was approved.

NEW DELHI: With addition of over 10,000 jobs last fiscal, ICICI Bank has overtaken rival HDFC Bank as the biggest employer in the private banking space with more than 72,000 employees.

Incidentally, HDFC Bank saw its employee headcount decline by 900 during the fiscal ended March 31, 2014, while at least five other major private sector banks saw their workforces grow during the year.

New Delhi: Country’s largest power producer NTPC Ltd has invited bids for construction of the 1,320-MW Khargone thermal project, estimated to cost Rs.7,000 crore.

Bids have been sought for EPC (Engineering Procurement and Construction) package for the Khargone super thermal power plant coming up in Madhya Pradesh. The plant would have two units, each having a generation capacity of 660 MW.

NEW DELHI: The S&P BSE Sensex rallied over 200 points in trade on Monday to touch its fresh lifetime high of 25604.33, while Nifty also managed to hit its crucial psychological level of 7600 in trade today.

Benchmark indices hit record all-time high led by gains in capital goods, oil & gas, realty and power sectors as foreign institutional investors continued to pump in dollars on hopes of a reformist budget. The indices are likely to move higher in the trade taking cues from supportive Asian markets as well.

Volvo-Eicher joint venture VE Commercial Vehicle (VECV) is bullish on the Uttar Pradesh truck market.

The company on Friday launched its new Eicher Pro series of light- and medium-duty trucks in the UP market, which had clocked total sales of about 19,300 units in 2013.

Ernst & Young has named Kotak Mahindra Bank Executive Vice-Chairman & Managing Director Uday Kotak its ‘world entrepreneur of the year’ for 2014. For the award, announced in Monaco on Saturday, Kotak was chosen from among 60 finalists from 51 countries, each of whom had been named EY ‘entrepreneur of the year’ in home country.

Despite a significant reduction in the current account deficit, curbs on gold imports are unlikely to be fully removed this Budget. Instead, the finance ministry may lower the import duty on the precious metal by two per cent.

“The current account deficit situation is still being closely monitored. The curb on gold imports was one of the main reasons that the CAD was controlled. Until a more sustainable roadmap is worked out for keeping the deficit in check, gold imports will have to be kept under control,” said a senior government official.

MUMBAI: After raising $500 million (Rs 2,942 crore) through a qualified institutional placement (QIP), Rana Kapoor, MD & CEO, YES Bank, is keeping an eye on acquisition opportunities in the nature of a retail bank, with the right people at the right price.

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