Business highlights of the day


New Delhi, May 3 (PTI) Following are the top business stories at 1905 hours:

Insurers asked to make provisions for IL&FS, RCap defaults
Mumbai: Like banks, insurance companies will also have to make full provisions for their defaulting exposure to cash-strapped IL&FS group and the two Reliance Capital arms which were downgraded recently, the insurance regulator Irdai said Friday.

Creditors reject Suraksha Realty’s bid for Jaypee Infratech
New Delhi: Financial creditors of Jaypee Infratech Friday rejected Suraksha Realty’s bid for the debt-laden firm as the offer was low on upfront cash payment, sources said.

HUL Q4 net profit up 13.8 pc to Rs 1,538 crore
New Delhi: FMCG major Hindustan Unilever Friday reported a 13.84 per cent rise in net profit to Rs 1,538 crore for the quarter ended March 31, helped by improvement in margins and volume growth.

Markets end marginally lower; IT stocks drag
Mumbai: Market benchmarks surrendered early gains to end with modest losses Friday, led by selling in IT bluechips, as investors awaited fresh buying triggers amid frothy valuations.

Rupee maintains form, spurts 15 paise to 69.22 vs dollar on sliding oil prices
Mumbai: Rising for the fourth straight session, the rupee strengthened by 15 paise to close at 69.22 against the US dollar Friday, bolstered by easing crude oil prices.

IOC says arrangements in place for uninterrupted fuel supply in Odisha, WB
New Delhi: Indian Oil Corporation (IOC), the country’s biggest fuel retailer, Friday said it has made arrangements to ensure uninterrupted supply of petrol, diesel, LPG and jet fuel in Odisha and West Bengal that faced a category-4 cyclone.

Chief economic advisor included in Finance Commission’s Advisory Council
New Delhi: Chief Economic Advisor Krishnamurthy Subramanian has been included in the Advisory Council of the 15th Finance Commission as its member.

Vodafone Idea signs multi-million dollar IT deal with IBM
New Delhi: India’s largest telecom operator Vodafone Idea Ltd Friday announced a five-year multi-million-dollar IT outsourcing deal with tech giant IBM.

India again extends retaliatory tariff deadline on US products till May 16
New Delhi: The government has again extended its deadline to impose retaliatory import duties on 29 US products, including almond, walnut and pulses, till May 16.


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