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.

Mumbai: The Reserve Bank of India’s (RBI) decision to tighten norms for resolution of stressed loans, currently estimated at over Rs10 trillion, will improve recovery prospects from bad loans but keep banks’ provisioning requirement at an elevated level, analysts said.

Late on Monday, the central bank withdrew a host of norms such as strategic debt restructuring (SDR) and scheme for sustainable structuring of stressed assets (S4A) among others, and made the process time-bound.

The benchmark BSE Sensex gained 173 points to 34,473.43 in early trade rising for the second straight session on back of positive macroeconomic data and sustained buying by domestic institutional investors (DIIs) amid appreciating rupee.

Besides, a mixed trend in other Asian markets following positive lead from Wall Street buoyed sentiment here.

In a major fillip to the State government’s plans to develop the electronics industry, Reliance Industries Limited (RIL) has come forward to invest in Andhra Pradesh.

Mukesh Ambani-led RIL has plans to manufacture 10 million mobile phones per annum in Andhra Pradesh. The RIL is looking for 150 acres of land to start a cellphone manufacturing unit near Tirupati in Chittoor district.

Amid reports that GAIL (India) may be split into marketing and gas pipeline verticals, Indian Oil (IOC)—which has shown interest in acquiring the gas utility—reckons that either divisions or the total business of GAIL offers synergies for the oil marketing company (OMC).

“Whatever plans GAIL has in future in terms of expanding infrastructure, we can do that and there is a possibility of integration to execute the plans faster.

MUMBAI: Capital market regulator Sebi will meet credit rating agencies this week to explore ways to have quicker access to information on loan defaults by corporates. With the Reserve Bank of India (RBI) having so far refused to share the sensitive information beyond the banking industry, Sebi is keen that all rating agencies take membership of credit information companies (CICs) to obtain default data that banks have to report to CICs.

State Bank of India's boss Rajnish Kumar has said that the country's largest lender is now at the more ease in order to adapt technology.

Kumar also recalled how permission from the unions was required for purchasing even an electronic typrewriter in the 1980s while making his point.

India's Punjab National Bank said on Wednesday it had detected "fraudulent and unauthorised" transactions worth about $1.77 billion at one of its branches in Mumbai.

The bank said in a statement the transactions were "for the benefit of a few select account holders with their apparent connivance" and that "based on these transactions other banks appear to have advanced money to these customers abroad."

The portfolio managers of the Employees’ Provident Fund Organisation (EPFO) have raised concerns over inadequate supply of corporate bonds in the market, which might lead to the EPFO deviating from its investment pattern.

“Portfolio managers during performance review meetings had expressed concern that at times there are inadequate corporate issuances (in debt and related instruments),” the EPFO said in a recent communique.

Coal India will supply 513 million tonnes of coal and offer 12 million tonnes more via e-auction to the power sector in 2018-19 (FY19). The remaining 90 million tonnes of the sector’s demand will come from Singareni Collieries and captive coal blocks, Coal India executives said.

After facing a deficit in the last quarter, the power ministry has asked Coal India and Indian Railways to ensure a supply of 615 million tonnes annually, with 288 rakes moving every day.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.