Finance Minister Arun Jaitley on Saturday warned borrowers who do not return money to lenders with dire consequences, saying that the unethical practice of not returning money has to stop and that tighter laws will be in place soon. “The old concept that the money that has been borrowed may or may not be returned has to end now. The law would be tightened to ensure criminal acts in business punished wherever the culprit is,” Arun Jaitley said at an event.

Idea Cellular on Friday announced the closure of its qualified institutional placement (QIP). The company has issued and allotted approximately 42.42 crore equity shares at an issue price of Rs 82.50 per share and raised about Rs 3,500 crore. The issue allocation is approximately 56% and 44% to Indian and foreign investors, respectively, a press release from Idea said.

Cellular Operators Association of India (COAI), which represents all major telcos, said it is reviewing the defamation notice sent by Reliance Jio Infocomm (Jio).

"We are reviewing the matter and giving it the careful consideration it deserves. We will respond once our membership decides how and whether it wishes to respond," said director general Rajan Mathews in an email to ET.

The Securities and Exchange Board of India (Sebi) on Friday directed HDFC Bank to probe the alleged leak of its June 2017 quarterly earnings on WhatsApp.

The order comes two months after the market regulator passed a similar advisory for Axis Bank. Both cases involved the leak of price-sensitive information over social media groups.

The Reserve Bank of India (RBI) on Friday brought non-banking financial companies (NBFC) under an Ombudsman Scheme, by which an aggrieved person can file a complaint against an NBFC.

The scheme, for now, will cover NBFCs that take deposits and will later include those with an asset size of Rs 1 billion and above with a customer interface. The scheme will not be applicable to infrastructure-related NBFCs and NBFCs under liquidation.

NEW DELHI: Equity markets opened on a positive footing on Friday as Sensex and Nifty were gaining nearly half a per cent each in initial trading.

Both the benchmark indices started trading with modest gains but soon extended them with all sectoral sub-indices in the green. The midcap stocks were outperforming with the Nifty Midcap index gaining almost a per cent on Friday morning.

In a notification to the stock exchanges on Wednesday, Siemens Ltd said it plans to sell its mobility division (which houses businesses linked to transport) along with the rail traction drives business and the mechanical drives business to its parent, Siemens AG or a wholly-owned subsidiary.

The facilities of VE Commercial Vehicles (VECV), a joint venture between the Volvo Group and Eicher Motors, are running at near-full capacity, thanks to the strong demand for commercial vehicles due to rising infrastructure activity and delivery of e-commerce shipments by leaders like Flipkart and Amazon. To address this, the company is planning to expand capacity in the coming fiscal.

2018 Hyundai Elite i20 was launched during the 2018 Auto Expo just this month, and as announced by the South Korean brand during the launch of the facelift, the i20 will now soon be available with an automatic gearbox. It comes both in petrol and diesel variants, but while the 1.2-litre petrol came with a five-speed manual and the diesel with a six-speed manual, a CVT version of the Elite i20 will be launched in May 2018.

The combined market value of all listed state-owned banks has plunged below that of just one private lender – HDFC Bank – after a massive sell-off in shares of public sector banks in the wake of the biggest banking fraud in India. The combined market capitalisation of the 21 listed public sector banks on Thursday stood at Rs 4.34 lakh crore, Rs 46,726 crore less than the valuation of HDFC Bank at Rs 4.81 lakh crore. Interestingly, these 21 banks account for about 70% of the total advances of all listed banks, according to Capitaline data. HDFC Bank’s share of advances of this set is about 7.5%.

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