Amid ongoing political slugfest over accepting foreign aid for relief work in Kerala, the UAE Ambassador has said that there has been no official announcement on the amount of financial aid.

The Ambassador's remark comes amid the Home Ministry statement that the governments will not take any financial assistance from foreign governments in sync with an existing policy.

Indian rowers won a gold and two bronze medals in an incredible start to the sixth day of competitions at the 18th Asian Games in Palembang, making up for the disappointment in the days gone by.

The team comprising Sawarn Singh, Dattu Bhokanal, Om Prakash and Sukhmeet Singh clocked 6:17.13 to win the gold medal in men’s quadruple sculls.

Reliance Industries (RIL) on Thursday became the first Indian company to cross Rs 8 trillion in market capitalisation. The stock gained 1.9 per cent to close at Rs 1,270, valuing the Mukesh Ambani-led firm at Rs 8.05 trillion ($115 billion at current exchange rate of Rs 70.11 for a dollar).

Shares of RIL have rallied 34 per cent from their recent low of Rs 945 on June 28 amid big-bang announcements during its annual general meeting (AGM) in early July. During the same period, the benchmark BSE Sensex gained 9.5 per cent.

Engineering conglomerate Larsen & Toubro’s board on Thursday approved the company’s first buyback in its 80 years, for up to 4.29 per cent of its paid-up equity capital, aggregating to a value of about Rs 90 billion. In terms of amount proposed, the buyback is the fifth largest by any Indian company.

State Bank of India (SBI) has chalked out resolution plans for about half a dozen stressed power assets. But their future is still uncertain as other lenders are yet to come on board even as the Reserve Bank of India’s deadline for beginning insolvency proceedings ends on August 27. SBI is the lead lender, with an exposure of Rs 700 billion to these companies.

TVS Radeon 110cc: TVS Motor has launched the new Radeon premium commuter motorcycle in India at a price of Rs 48,400 (ex-showroom). The Radeon, which has been positioned as a premium commuter motorcycle will address a section of the Indian market that is yet unaddressed according to TVS Motor. The Radeon will employ a 110cc Duralife motor that is designed to deliver 8hp @ 7000 rpm and 8.7Nm of torque at 5000 rpm.

The World Bank has priced the world’s first public bond created and managed using only blockchain in a A$100 million ($73.16 million) deal designed to test how the technology might improve decades-old bond sales practices.

Commonwealth Bank of Australia, the sole manager of the deal, said in a statement that the two-year bonds had priced to yield 2.251 percent and would settle Aug. 28.

Reliance Communications on Thursday said it has completed the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 20 billion, to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO).

The transaction entailed 248 nodes covering close to 5 million sq. ft. of the area, used for hosting the telecom infrastructure, all of which now stands transferred to Jio, RCom said in a statement.

Lending major State Bank of India (SBI) on Wednesday said that its Composite Leading Indicator (CLI) has hinted a GDP growth of 7.7 per cent during the first quarter of 2018-19.

The bank has developed -- SBI CLI -- to detect early signals of turning-points in economic activity by taking the basket of 18 leading indicators.

Shares of Larsen & Toubro (L&T) have moved higher by 2% to Rs 1,349 on the BSE after its board approved the proposal for buyback of equity shares of upto Rs 90 billion at a maximum price of Rs 1,500 per share.

“The board of directors of the Company at its meeting held today has approved a proposal to buyback up to 60 million equity shares of the Company being 4.29% of the total paid up equity share capital, at a maximum price of Rs 1,500 per share for an aggregate amount of Rs 90 billion,” L&T said in a statement.

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