Punjab National Bank (PNB) has dipped 9% to Rs 133 in early morning trade on Thursday, extending its previous day’s 10% decline on BSE, after the state-owned bank said on Wednesday it had been defrauded of about Rs 114 billion by jeweller Nirav Modi, his maternal uncle Mehul Chinubhai Choksi, and other relatives through a clutch of companies they own.

Amid the debate on whether procurement of grains under price deficiency scheme with the newly announced formula of 1.5 times over the A2+FL cost will balloon public expenditure, a report by State Bank of India (SBI) presents a contrarian view.

The report prepared by its Chief Group Economic Advisor Soumya Kanti Ghosh shows that combined cost if a price deficiency based market intervention scheme is implemented for wheat, paddy, bajra and maize on a conservative basis would be less than Rs 115 billion.

The Securities and Exchange Board of India (Sebi) is readying a framework for issuance of participatory notes (p-notes) from the international financial services centres (IFSCs) such as GIFT City. P-notes are derivative instruments that allow overseas investors to invest in a domestic security without having to directly register with Sebi. The market regulator is in talks with foreign portfolio investors (FPIs), which act as issuers of P-notes, according to sources.

One of India’s leading telecom operator, BSNL has announced a new prepaid plan dubbed ‘Maximum’ on the occasion of Maha Shivaratri. Under this new prepaid plan which is priced at Rs 999, BSNL offers 1GB data per day and unlimited calling for six months. This new Maximum plan is applicable across all the circles, except NE, Jammu & Kashmir and Assam. It offers voice calling, SMS and data benefits like every other tariff plan launching these days from all the operators.

Power equipment maker BHEL has bagged an order worth Rs 560 crore for supply and installation of the flue gas desulphurisation (FGD) system from NTPC for 2×490 MW National Capital Power Station (NCPS) at Dadri in Uttar Pradesh. The order has been secured by BHEL against stiff competition from Indian and multinational companies, a BHEL statement said. The notification calls for installation of equipment to control various harmful emissions, both in existing as well as new thermal power plants.

India regained the top spot in the ICC ODI Rankings after the 73-run win against South Africa on Tuesday at Port Elizabeth.

The win that gave India an unassailable 4-1 lead in the six-match ODI series also saw India take a good lead over South Africa in the rankings. It also means that even if India lose the final ODI of the series they will remain at the top.

NEW DELHI: Realty major DLF's net sales bookings rose by 78 per cent to Rs 480 crore in the third quarter of this fiscal mainly on improved demand for ready-to-move-in homes.

The company's net sales bookings stood at Rs 270 crore in the year-ago period.

New Delhi: NTPC Ltd will supply 300 MW of power to Bangladesh for 15 years at an estimated tariff of Rs 3.42 per unit.

NTPC Vidyut Vyapar Nigam (NVVN), a subsidiary of the state-owned thermal power producer, has emerged as the lowest bidder for the tender floated by the, Bangladesh Power Development Board (BPDB).

Bangalore: An explosion on a dry-docked drillship owned by the ONGC killed five workers and injured eight others at the Cochin Shipyard Ltd in Kerala on Tuesday.

Officials said the ship, Sagar Bhushan, was under repair at the shipyard when an explosion rocked a section of the vessel around 9.15am following an apparent gas leak near an air-conditioned compartment.

New Delhi: Idea Cellular Ltd’s board of directors has approved the issuance of equity shares worth up to Rs3,500 crore by way of qualified institutional placement (QIP) to eligible investors, the company said in a filing to the stock exchanges on Wednesday.

“The board has authorised the committee of directors to decide on the timing, price and exact quantum of equity shares to be issued,” the company said.

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