Mumbai: State-run Bharat Petroleum Corp. Ltd (BPCL) will shortly hit the market to raise $500 million to partly fund its planned capital expenditure of Rs8,000 crore for this fiscal, two people aware of the development said.

“We are planning to raise $500 million shortly. We are still working on the timeline and the instrument we would be using to raise the funds,” a senior BPCL official said on condition of anonymity as he is not allowed to speak to reporters.

The list of accounts which the Reserve Bank of India (RBI) has recently asked Axis Bank to classify as non-performing exposures includes Essar Power Gujarat, Jindal Steel & Power (JSPL), Jindal Stainless, Shree Renuka Sugars, Lanco Kondapalli Power, Lanco Amarkantak Power and Ballarpur Industries, people familiar with the development told FE. These seven exposures are worth close to Rs 90,000 crore, across all lenders to these companies and special purpose vehicles, data from Capitaline showed. Bankers FE spoke to said most lenders were yet to classify these accounts as non-performing assets (NPAs). An email sent to Axis Bank seeking comments remained unanswered till the time of going to press.

The BSE benchmark fell by over 200 points, pulling back from its record highs, on heavy profit booking in banking, FMCG, oil and gas, pharma and capital goods stocks after a recent rally. Offloading of positions by participants with today being the last trading session of October series contracts in the derivatives segment pulled the index back from record levels, a broker said.

Larsen & Toubro (L&T) was up 3% at Rs 1,243 on the BSE after the company announced that its construction arm has won orders worth Rs 3,551 crore across various segment. The stock had rallied 6% on Wednesday.

“The company’s transportation infrastructure & water effluent treatment business have jointly bagged an order worth Rs 1,123 crore from a prestigious government client for design and construction of smart trunk infrastructure with roads, storm water drains, water supply network, sewerage network and others,” L&T said in a press release.

In a new directive, the Trump administration has made it more difficult for the renewal of non-immigrant visas such as H-1B and L1, popular among Indian IT professionals, saying that the burden of proof lies on the applicant even when an extension is sought.

Rescinding its more than 13-year-old policy, the US Citizenship and Immigration Services (USCIS) said that the burden of proof in establishing eligibility is, at all times, on the petitioner.

Anil Ambani-led Reliance Communications (RCom) has asked 60 per cent of its 81 million customers to migrate from using second generation (2G) services to 4G services, as it was shutting down the 2G business. This comes a day after the beleaguered company said it was shutting down its direct-to-home TV business.

The company has also asked around 1,000 employees to leave by the end of November.

Mumbai: Benchmark Sensex breached the 33,000-mark for the first time, while the Nifty ended at a fresh life high on Wednesday after the government’s Rs9 trillion package lit up banking and infra stocks. The 30-share Sensex surged 435.16 points, or 1.33%—its biggest single session gain since 25 May when it had surged 448.39 points—to close at a new peak of 33,042.50. The broader 50-share Nifty finished at its fresh lifetime high of 10,295.35, up by 87.65 points, or 0.86%.

New Delhi: Canadian solar energy developer SkyPower Ltd has hired Yes Bank to sell a stake in its solar power projects in India, said two people aware of the development.

The move by one of the world’s largest utility-scale solar project developer to sell a stake in its India portfolio is representative of the investment thesis adopted by foreign developers in India’s clean energy space. With financing at the lowest cost becoming key to success, given record low solar and wind power tariffs, the deal-making activity in the Indian clean energy space has gathered pace.

Mumbai: Kotak Mahindra Bank Ltd on Wednesday reported a 22.26% rise in its September quarter net profit, beating analyst estimates, due to higher net interest income and other income.

The private lender reported standalone net profit of Rs994.31 crore in the quarter against Rs813.29 crore a year ago.

New Delhi: The Election Commission on Wednesday said Gujarat elections will be held in two phases on 9 and 14 December while the results will be announced on 18 December.

The first phase of Gujarat elections will see polling in 89 seats while the second phase of polling will witness polling in the remaining 93 constituencies. The counting of votes will take place on 18 December together with the counting of votes with Himachal Pradesh which goes to polls on 9 November.

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