Seven months after the Supreme Court (SC) ordered the maintenance of status quo on insolvency proceedings against manufacturing firm Jayaswal Neco Industries, State Bank of India (SBI) on Thursday sought bids from asset reconstruction companies (ARCs) for the company. The lender said it already has a bid in hand from an investor interested in buying the asset and the auction will be through the Swiss challenge method, based on the existing bid.

Industry captains Anand Mahindra and Uday Kotak on Thursday came out against “proliferation” of regulations in business, stating that in the current environment they are forced to follow the rules in letter and not in spirit. The comments come days after industry veteran Rahul Bajaj expressed his displeasure on laws made by Sebi and corporate affairs ministry in the wake of fleeing defaulters.

Vedanta Resources wants US oilfield services companies to set up consortia to help develop the 41 blocks in India acquired this year by its Cairn Oil & Gas unit, the company's chairman said on Thursday.

Vedanta Chairman Anil Agarwal and Cairn Chief Executive Sudhir Mathur met with executives from 70 services companies this week in Houston to encourage the firms to organise consortia to compete for contracts, Agarwal said in a briefing.

Extending its gains, the rupee on Friday opened 18 paise higher at 69.67 against the US dollar on the back of free fall in crude oil prices and heavy buying by foreign institutional investors (FIIs).

The domestic unit on Thursday breached the 70-mark for the first time since August 27 to end at a three-month high of 69.85 per US dollar.

Blaming Reliance Jio for financial woes of the telecom sector, employee unions of BSNL on Wednesday alleged that the government was favouring the latest entrant over other firms and said they will go on an indefinite strike from December 3.

The employee unions claimed that the government has not allotted spectrum for 4G services to BSNL in order to prevent it from competing against Reliance Jio.

New Delhi: The second big merger of state lenders by the Narendra Modi government will be completed this financial year and the merged bank will start operations from the new fiscal.

Sources said the share swap ratio for the merger of Dena Bank and Vijaya Bank with the larger bank Bank of Baroda will be decided next month and the merged entity will kick off operations from April 1, 2019.

New Delhi: Country’s largest bank SBI or State Bank of India has increased fixed deposit or FD rates for some select maturity periods. This move comes after rate hikes by other major banks including ICICI Bank and HDFC Bank. The revised SBI rates on retail FDs of less than Rs 1 crore are effective from today. According to the revised rates, SBI is offering 6.8% interest rate on FDs with maturity period of one to two years, as compared to 6.7% earlier.

Bangalore: Shares of Yes Bank Ltd plunged to their lowest in more than two years on Thursday after credit rating agencies ICRA and CARE Ratings downgraded ratings on the lender’s debt instruments. India’s fifth largest private-sector lender by assets has had a tumultuous couple of months, with its stock nearly halving in value this year and a number of departures from its board, since the country’s central bank cut short its chief executive officer’s term in September.

Bengaluru: Some analysts have questioned the methodology used by investment bank Barclays to conclude that Amazon India generated significantly higher sales than Flipkart in the last financial year, sparking a fresh debate about who dominates India’s $18 billion online retail market. If the Barclays report is accurate, then Walmart Inc., which agreed to buy a 77% stake in Flipkart for $16 billion in May, may have overpaid for the online retailer, other analysts said.

The Indian Space Research Organisation's trusted workhorse PSLV-C43 successfully lifted off with earth observation satellite HysIS, along with 30 other customer satellites at 9:57 am on Thursday from the Satish Dhawan Space Centre at Sriharikota in Andhra Pradesh.

The Hyperspectral Imaging Satellite (HysIS), an earth-observation satellite developed by ISRO, is the primary satellite of the PSLV-C43 mission.

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