An Indian state-owned refiner has swooped in to buy American oil that was en route to China but due to arrive after new tariffs kicked in.

Bharat Petroleum bought one or two cargoes of US crude that were recently diverted from its original destination of China, Refineries Director R Ramachandran said in an interview.

Shares of metal companies rallied up to 6 per cent on the BSE on Thursday after a slew of positive global developments lifted investor sentiment.

Among individual stocks, Coal India zoomed 6 per cent, National Aluminium Company (Nalco) rose 4.8 per cent, JSW Steel, Tata Steel, Jindal Steel & Power, and Steel Authority of India all gained over 3 per cent, while Hindustan Zinc was up 2 per cent on the BSE.

Markets regulator Sebi has reconstituted its Primary Market Advisory Committee (PMAC) that advises it on policy framework and development of initial public offerings and other such segments.

The 23-member panel is chaired by T V Mohandas Pai, chairman of the Manipal Global Education Services, according to the Securities and Exchange Board of India (Sebi).

National Stock Exchange (NSE) has said it will conduct mock trading sessions for various segments on September 7. The mock trading (contingency) has been scheduled for capital market segment, securities lending and borrowing market, commodity derivatives, currency derivatives and futures and options segments, NSE said in separate circulars on Tuesday.

Normal working hours for capital market segment and futures and options will be between 1015 hours and 1530 hours.

Maruti Suzuki India Ltd, hit by a severe slowdown in demand for automobiles, has decided to keep its two plants in Haryana shut on 7th and 9th September. The company, in a notice to the stock exchanges today, said the two days will be counted as ‘no production days’.

NEW DELHI : Yes Bank, India’s fourth largest C, has partnered with Microsoft to strengthen its first of its kind, AI enabled chatbot, Yes Robot, with advanced neuro language programming (NLP) engine LUIS (Language Understanding Intelligent Service) and other cognitive services, capable of understanding and resolving the evolving banking needs of customers without the need for human intervention.

BENGALURU : Amazon.com Inc's India unit said on Wednesday it would replace all single use plastic in its packaging by June 2020 with paper cushions, the latest major company to join the country's fight against environmental pollution.

Amazon's move comes ahead of Prime Minister Narendra Modi's upcoming ban on plastic bags, cups and straws.

After India's biggest bank State Bank of India (SBI) launched India's first repo-linked home loan product in July many banks including Bank of Baroda have also come up with repo-linked home loan offers. Under this repo-linked home loan product, the effective home loan rates are linked to the banks' repo-linked lending rate, which in turn is linked to the RBI's repo rate.

NEW DELHI : India’s third-largest commercial vehicle maker, Ashok Leyland, plans to develop a range of light commercial vehicles (LCVs) in the sub-5 tonne category. The move will help the company further consolidate its position in the LCV segment, while reducing its dependency on medium and heavy commercial vehicles (MHCVs).

Privatisation more likely than stake sale to IOC: Press reports suggest government of India (GoI) is considering selling its entire stake in Bharat Petroleum Corp (BPCL) to Indian Oil Corp (IOC) or to a private player. Privatisation would realise a higher price, may help take politics out of auto fuel pricing, would ensure IOC’s ability to pay hefty dividend to GoI is not impaired, prevent further supply overhang in ONGC and may improve market sentiment as it would be seen as big bang reforms.

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