New Delhi: Punjab National Bank, Ind­ia’s second largest lender, which has Rs 6,000 crore of power NPAs has decided to take the insolvency (IBC) ro­ute to resolve the issue, said an official.

It indicates that PNB will go for the NCLT route of recovery rather than debt restructuring with companies.

Mumbai: In volatile trade, the benchmark BSE Sensex hit a new life-time high of 38,989.65, extending its record-setting spree for a third session on buying by domestic investors amid short-covering ahead of August futures and options (F&O) expiry and mixed Asian cues.

The 30-share index rose by 93.02 points, or 0.23 per cent, to hit a new high of 38,989.65, bettering its previous intra-day record of 38,938.91 hit on Tuesday.

Mumbai: Indian Oil Corp. Ltd, the country’s largest oil marketing company, has sought shareholder approval to raise up to 20,000 crore through a private placement of debentures in 2018-19, said two people aware of the development.

The company plans to approve issuance of debentures through private placement at its annual general meeting on 29 August, it said in its annual report for 2017-18.

New Delhi: In the first week of February Paytm’s founder and chief executive officer Vijay Shekhar Sharma met board member Mark Schwartz in Canada. Schwartz, who’s also on the board of SoftBank Group Corp., had a proposal for him. Schwartz wanted to introduce Sharma to the world’s most renowned investor, Warren Buffett’s Berkshire Hathaway Inc.

With cash crunch likely to continue in Air India (AI) due to rising fuel costs, the Centre may infuse additional Rs 2,200 crore in the debt-ridden national carrier later in the current financial year to meet an estimated shortfall in working capital requirement to service loans and pay salary in time.

Reliance Communications (RCom) has moved the telecom tribunal against the telecom department’s demand for spectrum usage charges (SUC) of about Rs 3,000 crore, a move which could be the start of a lengthy legal battle that could further delay the company’s spectrum sale to Reliance Jio Infocomm and repayment to lenders.

BENGALURU: Wipro has bagged a multi-year business process services and finance transformation contract from Denmark-based Falck.

The Bengaluru-headquartered software services exporter said it would help Falck, international supplier of ambulance services, employee health care and roadside assistance, in their transformation journey to establish a scalable and efficient finance operating model.

Better credit metrics and a zero default track record with banks is helping large conglomerates, led by Adani group, Mukesh Ambani’s Reliance Industries (RIL), and Tata group, snap up bankrupt companies. They are fast emerging winners under the Insolvency and Bankruptcy Code (IBC), 2016. The Sajjan Jindal-owned JSW Group is also in the race to buy stressed assets, but so far it has had limited success.

The Insurance and Regulatory Authority of India (Irdai), in a circular issued on Tuesday, allowed inclusion of 10 more insurers for medical treatments from its list of optional covers that were offered by health insurance companies.

In its guidelines on the Standardisation of Health Insurance, the insurance regulator has listed various medical procedures and equipment that are offered in a policy.

The premises of Power Grid Corporation in Madhya Pradesh will be getting the cheapest solar power at Rs 1.58 a kilowatt per hour (unit), which is the lowest in the country so far. New Delhi-based AMPSOLAR India has bid the lowest for 10 sites of the central government PSUs. It has bid Rs 1.67 for some other central government buildings in the state.

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