Locked in a direct fight to acquire Essar Steel, ArcelorMittal on Thursday sought disqualification of Russia’s VTB Capital-backed NuMetal Ltd, alleging that the firm was acting in concert with delinquent promoters of Essar group.

When first bids for loan defaulter Essar Steel were called in February, Rewant owned 25 per cent in Mauritius-based investment vehicle NuMetal.

Mumbai: Indian benchmark indices BSE Sensex and NSE’s Nifty 50 opened lower but soon recovered to trade higher despite faltering Asian markets as US tariffs on $34 billion in Chinese imports took effect on Friday. However, the Indian rupee weakened marginally against the US dollar and was trading past 69 a dollar, tracking losses in Asian peers.

New Delhi: On Amazon Prime Day sale 2018 which kicks off on 16 July, multinationals will be competing with a gang of 18 start-ups to woo shoppers with new and innovative product launches at discounted prices. Start-ups from Amazon Launchpad will launch their products across categories like healthy food products, electronics, luggage & backpacks, beauty care, home decor, coffee and toys & games with exciting deals and offers.

The rupee fell 8 paise to trade at 69.03 against the US dollar in early trade on Friday on appreciation of the American currency overseas and sustained foreign capital outflows.

This is the rupee’s third straight slide, which dealers say is mostly due to demand for the US currency and a lower opening in the domestic equity market.

Bank of Baroda (BoB) followed larger rival Punjab National Bank (PNB) in lending rate hikes, raising its marginal cost of funds-based lending rates (MCLRs) by five basis points (bps) across tenors on Thursday. The revised rates will come into effect on Saturday.

BoB’s one-year MCLR now stands at 8.5%. MCLRs for other tenures range between 8% and 8.35%. “The increase is attributed to higher cost of fund and rising interest rate scenario,” the bank said in a release.

Major e-commerce and retail players, including Paytm, Future Group and Flipkart, are set to invest close to $100 million in procuring and incorporating entertainment content, in a bid to take on Amazon India.

According to sources, Paytm, which recently announced a host of new features in ‘Inbox’, its in-app messaging service, including live TV, news, cricket, entertainment videos and games, is planning to invest close to $30 million in this sector.

Consumer-centric businesses would be the focus of Reliance Industries (RIL) in the coming years, indicated its chairman, Mukesh Ambani, while addressing shareholders at the company’s 41st Annual General Meeting on Thursday.

“As the ‘golden decade’ rolls on, our consumer businesses (Reliance Retail and Jio) will contribute nearly as much to the overall earnings of the company as our energy and petrochemical businesses,” he said.

Infosys shares fell 4.55 per cent on Thursday, the most since August 21, 2017. The stock ended at Rs 1,284 after climbing to a lifetime high of Rs 1,354 on Tuesday.

The stock is still up 24 per cent this year. In comparison, the benchmark Nifty has gained two per cent and the Nifty IT index, a gauge for the performance of technology stocks, has gained 20 per cent in 2018.

Nearly two months after it sought the industry's views on the matter, telecom regulator Trai on Thursday prescribed amendments to the interconnect regulations, proposing certain changes in terms and conditions for an operator to seek fresh call connect ports from other telcos.

The Telecom Regulatory Authority of India (Trai) had sought views and comments from the industry by May 18 on these draft regulations.

HDFC Bank has gone past Russia's Sberbank to become the most valuable bank in the emerging market outside China. HDFC Bank’s current market capitalisation is $78.4 billion against Sberbank's $74.4 billion.

Chinese banks are leading the pecking order in the emerging market, with Industrial & Commercial Bank of China topping the list with a market cap of $273.4 billion, followed by China Construction Bank ($225.1 billion).

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