The stock price of Reliance Communications (RCom) shot up by over 32.14 per cent to close at Rs 17.10 on Wednesday, possibly triggered by a joint lenders’ forum meeting scheduled for Thursday. The forum is expected to discuss the bids it has received for sale of the company’s assets.

Buoyed by the stock movement, RCom’s market capitalisation touched Rs 4,558 crore.

The second-largest private sector lender, HDFC Bank, would be raising up to Rs 24,000 crore in equity, its board approved on Wednesday.

If the entire amount is raised, it would be the biggest fundraising exercise by any Indian company ever. Coal India had raised Rs 22,613 crore through offer for sale in January 2015. Around that time, in February, HDFC Bank itself had raised Rs 9,840 crore through qualified institutional placement (QIP) and American Depositary Receipts (ADRs).

The Society of Indian Automobile Manufacturers (SIAM) on Wednesday presented a roadmap for the complete shift towards electric vehicle regime by 2047.

SIAM, which has suggested that forty per cent of all new vehicle sales in the country should be electric vehicles by 2030, noted that all new vehicle sales for intra-city public transport fleets should be electric by 2030.

Bank of India said on Wednesday that the Reserve Bank of India (RBI) has initiated ‘prompt corrective action’ (PCA) against the lender over high bad loans.

High net non-performing assets (NPA), insufficient common equity tier 1 (CET1) capital and negative return on assets (ROA) for two consecutive years has prompted the action, the bank said in a statement.

NEW DELHI: India and China will hold the next round of border talks here on Friday, the first after the 73-day-long military standoff between the two countries in Doklam in summer months.

Issuing a brief statement on Wednesday, the external affairs ministry said at the invitation of Ajit Doval, the National Security Adviser and the Special Representative on the boundary question, Yang Jiechi, State Councillor and China's Special Representative on the issue will visit India on December 22 to hold the 20th SR-level meeting.

India’s National Association of Software and Services Companies (NASSCOM) and China’s Dalian city have signed an agreement to set up a platform for partnership between Indian and Chinese IT companies. The move will help Indian IT software companies enter Dalian, a cyber city in China’s northeast province Liaoning where over a dozen of Indian firms such as Infosys, TCS, HCL and others are already present. Under the agreement signed on Tuesday evening, Indian companies will get “preferential” entry into the Chinese market. “Today, the lines between hardware and software are merging very fast.

The benchmark indices ended lower after hitting fresh highs at open on Wednesday as Asian shares fell taking their cues from Wall Street with investor enthusiasm toward US tax changes ebbing as the long-awaited reform bill wound its way through Congress, while higher US Treasury yields underpinned the dollar.

Reliance Communications (RCom) rose as much as 45% in intra-day trade today after the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communicationsto early next month after a group of the telecom operator's lenders sought time to consider converting the company's loans into equity.

The adjourned date comes as a breather for RCom as if the tribunal had accepted the insolvency petitions before December 28, by when the lenders need to decide on converting their RCom debt into equity, the process would have ended.

New Delhi, Dec 20 () Sebi has ordered forensic audit of Pincon Spirit Ltd, which figures in the list of suspected shell companies, to check misuse of funds even as the regulator lifted trading curbs imposed on it.

Trading in the securities of Pincon Spirit will be reverted to the status prior to August 7, when the curbs were imposed, the Securities and Exchange Board of India (Sebi) said in an interim order dated December 19.

Mumbai: The Indian rupee on Wednesday opened marginally higher against US dollar tracking gains in its Asian peers.

The rupee opened at 64.03 a dollar. At 9.15am, the home currency was trading at 64.02 a dollar, up 0.04% from its Tuesday’s close of 64.04.

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