Renault aims at 5 per cent market share with sub-Rs. 4 lakh car

Renault India has said it is aiming to double its market share to 5 per cent over the next 3-4 years, riding its sub-Rs. 4 lakh car. "Our current market share is 2.6 per cent and in the mid-term (3-4 Years) we aim to double the market share," Renault country chief executive and managing director Sumit Sawhney said in Kolkata at the launch of the company's second showroom in the city.

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Orchid Pharma's debt restructuring pitch agreed by CDR cell

The Corporate Debt Restructuring Empowered Group (CDR EG) has approved Orchid Chemicals and Pharmaceuticals ' debt restructuring proposal, the pharma company said on Friday. "...the CDR EG has issued the letter of approval dated March 10, 2014 and the Board of Directors of the company have approved the same today," the Chennai-based company said in a filing to the BSE. As per the terms of debt restructuring,

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Govt hopeful of achieving revised divestment target

MUMBAI: The government is hopeful of achieving its revised target of Rs 16,000 crore from disinvestment during the curent fiscal, a top government official said here on Friday. "We are hopeful that the revised target for disinvestment will be achieved, as we hope to raise around Rs 3,000 crore from Central Public Sector Enterprises (CPSE) Exchange Traded Funds(ETF)," joint secretary in the disinvestment department Alok Tandon told reporters here.

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ONGC, Oil India complete $873 million stake buy in IOC

NEW DELHI: State-run Oil and Natural Gas Corp and Oil India have completed purchase of a 10 per cent stake in state refiner Indian Oil Corp for 53.4 billion rupees, senior executives at the two companies said on Friday. Oil India chairman Sunil Kumar Srivastava told Reuters that the company had completed the purchase of 5 per cent stake at 26.70 billion rupees. A senior executive at ONGC, who did not want to be named, said the explorer had also completed its 5 per cent stake buy in Indian Oil.

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Gold down on weak buying support, silver slips

Gold prices moved down modestly due to subdued buying from stockist and retailers at the existing levels despite bullish overseas sentiments. Silver dropped on heavy speculative unwinding coupled with poor industrial demand. Standard gold (99.5 purity) moved down by Rs 40 to Rs 30,320 per 10 grams at 1400 hrs from Rs 30,360 on Friday. Pure gold (99.9 purity) also fell by Rs 50 to Rs 30,490 per 10 grams as compared to Rs 30,540 yesterday, according to Riddisiddhi Bullions Ltd. Silver (0.999 fineness) declined by Rs 310 to Rs 46,890 per kg at 1400 hrs from Rs 47,200 previously.

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Banks invite bids for Rs 42,800 crore NPAs ahead of tough norms

Banks, most of them government-owned, are biting the bullet and seeking to sell a record $7 billion of bad loans to asset reconstruction companies as they rush to clean up their books ahead of stringent norms kicking in next year. About 40 banks have invited bids for bad loans worth Rs 42,800 crore, said bankers who did not want to be named. This is almost four times the amount that were put up for auction in past quarters. 

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Ruias go ahead with 70 pence/share offer for Essar Energy

Billionaire Ruia family stuck to the 70 pence per share it indicated earlier for buying out the minorities in its London-listed Essar Energy Plc, an offer slammed again by the company's independent committee. The committee said the offer from Essar Global Fund Ltd (EGFL) 'materially undervalued' the London-listed resources company. "EGFL, which is ideally placed to assess the value of Essar Energy and its prospects, itself recognised in November 2013 that the company was wort ..

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FTIL sells NBHC for Rs 242 crore

ignesh Shah-led Financial Technologies , which faces a CBI probe said it will sell National Bulk Handling Corporation (NBHC) for a consideration of Rs 241.74 crore. The company, which runs several exchanges, including the country's largest commodity exchange MCX and the stock exchange MCX-SX, today informed exchanges that the decision to sell its stake in NBHC follows the listing agreement of its exchanges, especially the equity exchange MCX-SX. "Financial Technologies and all other shareholders of NBHC have entered into a share purchase agreement for sale of 100

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Gold up by Rs 20 on global cues; silver gains Rs 200

NEW DELHI: Gold rose further by Rs 20 to Rs 30,830 per 10 grams in the national capital on Saturday on sustained buying driven by a firming global trend. Also, silver extended gains for the fifth-straight day by gaining Rs 200 to Rs 47,200 per kg on increased offtake by industrial units and coin makers. 

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Missing jet was victim of ‘deliberate action’ says Malaysian PM

The Malaysian Prime Minister this morning confirmed that investigators attempting to solve the mystery of Flight MA370 are looking at the possibility the missing jet may have been hijacked and steered off-course. Speaking at a press conference in Kuala Lumpur, Najib Razak said all known information suggested deliberate action had been taken to switch off the aircraft’s signalling systems somewhere between the Malaysian and Vietnamese border.

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