Mahindra Finance said global insurance major XL Group will take a 20% stake in its subsidiary Mahindra Insurance Brokers Ltd, including the 15% currently held by LeapFrog Financial Inclusion Fund."XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in underpenetrated markets and across under-served customers
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Karnataka Bank's second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year.However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr.The Net Interest Income rose to 440 cr from 397 cr last year.Gross non-performing assets
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Prakash Industries, one of India's biggest PVC pipe manufacturers, said it has decided to double its production capacity over the next two years.The investment will be entirely funded from the company's internal funds."Over the (last 37) years, the company has enhanced its product portfolio and has grown to a
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Fitch Ratings affirmed property developer Indiabulls Real Estate Limited's Long-Term Foreign-Currency Issuer Default Rating at 'B+' with a 'stable' outlook, noting that conditions for the real estate developer are improving."The Stable Outlook reflects the recovery in IBREL's contracted sales following India's currency demonetisation last year," it said.However, it said
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PVR Cinemas, India's largest theater chain, has launched a new loyalty program to retain, attract and reward high-value customers.The program, known as PVR Privilege, will entitle its members to get reward points for all their spends, and these points can in turn be used to buy tickets and food.The
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PC Jeweller, the Delhi-based jewellery chain, said it signed up Bollywood stars Akshay Kumar and Twinkle Khanna as it gets ready for a pan-India expansion.The brand, which started 12 years ago with a single shop in Karol Bagh in New Delhi, today has close to 80 outlets. Most, however,
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Crompton Greaves, one of India's biggest electrical durables makers, said it has not executed any binding transaction documents with Videocon Industries on the acquisition of the Kenstar brand in India.Responding to a report in the Economic Times that said a binding offer at Rs 1,400 cr has been submitted,
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Inox Wind Limited, which manufacturers wind turbines and constructs wind power farms, said it intends to put up a 250 MW wind farm in Kutch in Gujarat in the next 12 months and will continue to bid aggressively in upcoming auctions.Inox Wind had won the project as part of
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ONGC Videsh Limited, the overseas subsidiary of ONGC, said it completed the acquisition of 30% interest in Namibia's offshore block, as announced earlier.The acquisition involves blocks 2112A, 2012B and 2113B.The stake was purchased from Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc. TTullow with continue
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Piramal Enterprises Limited said it will invest Rs 280 crore in Puranik Builders' “Puranik City Reserva” project in Thane. The investment, routed through Piramel Finance, will be modeled on the ‘financial partnership’ model, it said.Puranik City Reserva is a theme-based ongoing project at Ghodbunder Road in Thane and is
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Godrej Properties Ltd, one of the few real estate players still actively launching new projects, announced the beginning of a new project in Pune.It said it will develop a residential project on approximately 59 acres in Mamurdi, West Pune, within the municipal corporation limit.The project will offer approximately 418,000
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Indraprastha Gas Ltd, which sells CNG to the National Capital Region, said it has raised the price of CNG by 95 paise per kg in Delhi and by Rs 1.26 per kg in the consumer price of CNG in Noida, Greater Noida and Ghaziabad.In Rewari, the price will be increased
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Acharya Balkrishna of Patanjali has emerged as the latest addition to the list of the top ten richest people in India, which is still headed by Mukesh Ambani, chairman of Reliance Industries.Haridwar-based Acharya Balkrishna, age 45, rose to 8th position from 25th last year after seeing his wealth grow by
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Capital equipment maker Siemens today said it has transferred its lease for its Worli building to a joint venture K. Raheja Corp Group and GIC, Singapore for a consideration of Rs 610 cr.The deal was originally announced in December and is one of the biggest land deals in India
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Representatives of apparel exports met commerce minister Suresh Prabhu and sought certain changes in the tax reimbursement scheme under the current Goods and Services Tax regime.Apparel exporters are eligible for reimbursement of various state and central taxes under two schemes meant to promote exports: Rebate of State Levies (ROSL)
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In one of the biggest film acquisitions in recent times, NFAI has added 162 films to its collection.The entire collection came from Famous Cine Laboratory in Mumbai.NFAI or the National Film Archive of India is aimed at preserving Indian film heritage."We thank them for depositing these films at
Read MoreOil minister Dharmendra Pradhan today said that the current spike in petrol and diesel price is 'temporary' and related to the impact of Hurricane Harvey in the US."The prices have gone up because some of the refining capacity has been shut down (in the US). It is temporary," Pradhan
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Bajaj Finance said it will offer 8.10% on fixed deposits to senior citizens, making it among the highest interest rates offered on fixed deposits in the country. For others, it will be 7.85% per year.The non-banking finance company claims to have the highest credit ranking in the sector
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Tata Motors has denied media reports that the production of commercial vehicles at its Jamshedpur plant was disrupted last week due to a strike.Media had reported that around 6,000 of the 10,000 workers at the company's Jamshedpur plant were protesting, and that this had brought down production of commercial
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Indian promoters are unwilling to give total management control to professional boards and managers, a survey by Assocham has revealed.A majority of the corporate firms have promoters' holding well over 50 per cent and even those with much lower stake are not willing to bet fully on professionals, found
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