India News

Sensex slips 130 points on weak global cues, Nifty tests 10,300

The benchmark BSE Sensex fell over 130 points in early trade on Friday amid weak Asian cues and selling on oil & gas, metals, power, PSU and IT counters.

Brokers said persistent selling by investors, capital outflows by foreign funds and a weak trend in Asian bourses due to increased concerns over the prospect of a global trade war dampened market sentiment.

HDFC Bank prices 7-year masala bonds at 8.1 per cent

HDFC Bank has priced its seven-year masala bonds at 8.1% to raise $350 million, investment bankers close to the deal told FE. A masala bond is a rupee-denominated bond issued in the overseas market. This is the first masala bond offering by HDFC Bank. The initial price target on the issue was at 8.15% which got compressed by five bps by the time of final pricing. “There were 40 plus investors in the issue consisting of asset managers, private banks, long-only funds etc.

DoT wants BSNL, MTNL to work together to strengthen network

The department of telecom (DoT) wants BSNL and MTNL to join hands on not just ramping up the latter’s 3G network in the National Capital Region (NCR) to ramp up service experience for customers, but also wants both the operators to pitch together for enterprise customers on a pan-India basis, utilising each other’s networks across the country. “Several areas of cooperation between the two have been identified under Synergy.

Trai asks Bharti Airtel to report on segmented offers

The Telecom Regulatory Authority of India (Trai) has asked Bharti Airtel to furnish details of all the segmented tariff plans that the operator has offered to its subscribers by March 25. In a letter to the country’s largest telecom operator on Thursday, Trai asked whether the operator has offered such segmented tariff plans to its customers and in which circles of the total 22 that Bharti operates in.

HPCL, GSPC deals to hit oil PSU dividends in FY18 by at least 17%

India’s largest hydrocarbon producer, Oil and Natural Gas Corporation (ONGC), has told the government it will not raise the dividend payout for 2017-18.

The reason is that it had to go for two major deals, both on government order. Of acquiring a majority stake in Hindustan Petroleum Corporation (HPCL) and Gujarat State Petroleum Corporation’s (GSPC’s) KG basin gas block.

Hyundai to invest Rs 65 bn in developing e-SUV, 8 other products over 3 yrs

Korean automobile major Hyundai is planning to invest around Rs 65 billion over the next three years in developing new products, including an electricsports utility vehicle (SUV). The company also plans expand its capacity by 50,000 units at its facility near Chennai through debottlenecking.

Hyundai Motor India Ltd (HMIL) Managing Director & Chief Executive Y K Koo said the proposed investment would be towards developing nine new products over the next three years. The company has so far invested Rs 210 billion in India.

Except for PNB, no unauthorised LoUs issued by PSBs: SBI official

All public sector banks have verified LoUs issued by them, and there are no other unauthorised authority letters except for those issued by Punjab National Bank, a senior SBI official said here today.

Billionaire jeweller designer Nirav Modi and his uncle Mehul Choksi in connivance with certain bank officials allegedly cheated the PNB of Rs 12,968 crore through fraudulent Letters of Undertaking (LoUs).

Paytm launches 2 new services under wealth management offering

Bengaluru: Mobile application based financial services platform Paytm has announced the launch of two new services—Gold Gifting and Gold Savings Plan as part of its wealth management offering, Paytm Gold.

The company said the customers can now send 24K 999.9 purity gold to each other instantly - offering them a convenient gifting solution. It said that more than 60% of Paytm Gold purchases are from tier two and three cities with millennial constituting the majority.