State Bank of India (SBI) has tightened lending terms dramatically for auto dealerships, according to a source and an internal memo seen by Reuters, seeking to reduce its exposure to risk from a sector in the midst of a sharp downturn.

The shadow banking crisis that began to unfold in India during mid-2018 has deepened this year.

Improvement in asset quality led ICICI Bank to report a consolidated net profit of Rs 2,513.69 crore for the June quarter on Saturday, against Rs 4.93 crore profit in the year-ago period.

On a standalone basis, the second largest private sector bank by assets reported a net profit of Rs 1,908 crore against a Rs 119 crore loss for June 2018.

New Delhi: Yes Bank on Friday said it has has acquired 18.55 per cent stake in Cox & Kings by invocation of pledged shares.

The bank has invoked pledge on 3.27 crore equity shares having nominal value of Rs 5 per share, constituting 18.55 per cent of the post-issue paid-up share capital, of Cox & Kings, Yes Bank said in a regulatory filing.

A unit of Reliance Communications Ltd., tycoon Anil Ambani’s distressed telecom firm, is seeking an extension from holders of its dollar-denominated bonds maturing Aug. 1, the company’s spokesman said.

Global Cloud Xchange is in discussions with holders of its 7% $350 million notes for a deal that would provide the issuer more time to discuss options on the maturity of the senior secured notes, the spokesman said in a statement.

US President Donald Trump on Friday ruled out a tariff waiver for Apple products made in China.

“I want Apple to build their plants in the United States. I do not want them to build them in China,” he told reporters in his Oval Office at the White House.

New Delhi: The high-powered GST Council on Saturday decided to reduce the tax rate on electric vehicles (EVs) to 5 per cent from the existing 12 per cent, a move aimed at accelerating the adoption of eco-friendly mobility solutions.

The new Goods and Services Tax (GST) rate on EVs will be effective from August 1, the finance ministry said in a statement after the 36th meeting of the GST Council.

Markets watchdog Sebi on Friday eased the conditions for exchanges to provide incentives under liquidity enhancement schemes (LES) in the first five years of operation.

Under the scheme, brokers and other market intermediaries are given incentives for a specified period of time to bring in liquidity and generate investor interest in securities, which have limited trading activity.

IT industry body Nasscom and property consultant CBRE on Friday said they will mentor and support three startups that offer tech-based solutions for the real estate market.

The startups — Touchwizard Technologies, XLSYS Technologies and WEGoT Utility Solutions — were declared winners post three stages of evaluation by industry leaders from across sectors, CBRE said in a statement.

Snapping its six-session falling streak, equity benchmark BSE Sensex ended 51.81 points higher on Friday, led by select finance and private bank stocks.

While subdued corporate earnings, foreign fund outflows and weak global cues continue to weigh on the markets, hopes of above-average rainfall in the next two weeks buoyed investor sentiment to some extent, traders said.

Telecom and IT minister Ravi Shankar Prasad on Friday told WhatsApp’s global head Will Cathcart to enable traceability of messages to prevent untoward incidents. The WhatsApp chief assured the minister of all possible help, reports Kiran Rathee in New Delhi.

“I have conveyed to them that traceability shall be their job. A mechanism should be developed by them and the request for that will also come from appropriately high level so that there is no tinkering in-between.

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