Shares of PSU banks rallied heavily on Wednesday following Modi government’s plan to recapitalise the lenders with a huge capital size of Rs 2.11 lakh crore. The stocks of all the listed state-run banks on the PSU bank index of NSE traded in green today with a maximum rise of up to 40%. About Rs 7,300 crore worth of shares exchanged hands on the Nifty PSU Bank index within an hour trade which is Rs 2,300 crore (approx) short of Rs 9,600 crore turnover of Nifty as at 10:17 am. India’s largest bank by asset size and loan book — State Bank of India — jumped as much as 24.56% to hit the 52-week high of Rs 316.95.

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 2 crore on IDFC Bank Limited for contravention of regulatory restrictions pertaining to loans and advances.

The RBI in a release said the action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

Collections under the goods and services tax (GST) rose by Rs 1,481 crore to Rs 92,150 crore in September against Rs 90,669 crore in the previous month. However, these were marginally lower by Rs 133 crore than Rs 92,283 crore in July.

Little over 50 per cent of the assessees filed summary returns for September. Of eight million assessees, 4.29 million filed GSTR-3B. As many as 3.94 million had filed GSTR 3B by Friday, the deadline for September filing. To enable late filing, the authorities have waived late fee for August and September.

Reliance Communications, which is in the midst of a debt restructuring, is shutting down its direct-to-home television business from next month after it failed to find any buyer for the business.

“DTH operations are a no-core area for RCom, and we are currently working with three leading DTH operators for seamless migration of our customers, for them to enjoy uninterrupted services. A new scheme without any additional costs will be communicated to our customers in the next few days,” said an official spokesperson of Reliance Communications.

Reliance Industries (RIL) has had a dream run over the past one year, with its market value almost doubling and the firm leapfrogging 66 places in the league table of the world’s most valuable firms.

The Mukesh Ambani-led firm ranks 111, against last year’s 177, Bloomberg data show. Some of the global majors Reliance overtook include Nike, Starbucks, Vodafone and Volkswagen. It also surpassed TCS, which ranked 122 last year.

Private lender HDFC Bank on Tuesday reported a rise in net profit by 20.1 per cent to Rs 4,151 crore for the September quarter against Rs 3,455 crore in the year-ago quarter.

Provisions, predominantly for bad loans, surged 97.09 per cent to Rs 1,476.19 crore from Rs 748.99 crore a year ago.

The ongoing rounds of nonperforming loan resolutions initiated by the Reserve Bank of India hold the key to the State Bank of India's credit profile, said Moody's Investors Service.

"The resultant haircut on SBI's assets will likely show a substantial impact. Our scenario analysis concludes that SBI can absorb haircuts of up to 50-55 per cent, while maintaining a common equity Tier 1 ratio of above 9.5 per cent at the end of March 2019," it said in a report.

The Indian Railways just can't seem to catch a break, be it unfortunate accidents that have cost lives or contaminated and poor quality food being served to passengers.

Coming on the heels of the food poisoning incident aboard the Tejas Express, the UT consumer forum has imposed a penalty of Rs 30,000 on the Indian Railway Catering and Tourism Corporation Ltd (IRCTC) in a case related to serving a Kalka-New Delhi Shatabdi Express passenger his meal in an unhygienic manner, the Indian Express reported on Tuesday. According to the report, the passenger had alleged that the meal was contaminated with dead insects.

Hyundai Motor India on Tuesday said it has received order for 10,501 units of its recently launched all-new Verna from the West Asia.

The all new Verna, which was introduced in the country in August this year, will be sold as Next Gen Accent in the West Asia markets, including Saudi Arabia and Oman.

Microsoft said it will drop its lawsuit against the Department of Justice over gag orders placed on companies that prevent them from telling customers when their personal data has been accessed by investigators. Its decision comes after the DOJ issued a new binding policy that requires prosecutors to give more detailed reasons when applying for a gag order and makes it much harder to seek one that lasts indefinitely.

In a blog post about the company’s decision to withdraw the lawsuit, which was filed against the U.S. government in April 2016, Microsoft president and chief legal officer Brad Smith wrote that the DOJ’s new policy “is an important step for both privacy and free expression.

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