The share price of Reliance Industries (RIL) rose 3.4% on Friday to hit a nine-year high. The company’s market capitalisation on Friday is Rs 4.84lakh crore. The petrochemicals giant recently forayed into the mobile telephony space via RJio and has managed to garner more than 70 million subscribers. A total of 88.71 lakh shares were traded in the counters of BSE and NSE, 1.97 times more than its three-month daily average of 44.95 lakh shares. The company is understood to be gearing up to launch a 4G VoLTE feature phone at a very attractive price.

Sebi has passed an interim order against Capquest Research, Aspen Industries and directors of both the companies. Capquest Research and its directors Gitesh Malik, Shashanka Sharma and Prashant Kumar are informed to cease and desist from acting as an investment advisor and cease to solicit or undertake such activity or any other activities in the securities market, including buy, sell or otherwise deal in securities market, either directly or indirectly, with immediate effect.

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked shareholders to vote against consumer goods giant ITC’s plan to pay a hefty salary to its chairperson Y C Deveshwar for his non-executive role. ITC shareholders would vote on the proposal to pay a monthly remuneration of Rs 1 crore in its upcoming AGM on July 28.

In a report titled “ITC succession plan: Letting it go”, released on Thursday, IiAS said it believed “the board structure, and the proposed remuneration, signal Deveshwar’s continuing control over the company, which undermines the recently appointed CEO Sanjiv Puri,” adding “Once Deveshwar has stepped down, he must let go.”

Insurance behemoth LIC has bought an additional stake of over 3 per cent in public sector Bank of India for about Rs 450.88 crore.

The Bank of India sold 33,500,000 shares equivalent to over 3.12 per cent equity to LIC through an open market purchase on a preference shares allotment on June 28, 2017, as per the bank's regulatory filing.

Mumbai/Chennai: The insurance regulator has approved SBI Life Insurance Co. Ltd’s application for an initial public offering (IPO) seeking to raise as much as Rs7,000 crore, the largest such share sale by a life insurer in India.

The Insurance Regulatory and Development Authority of India (IRDA) approved SBI Life’s IPO a few days ago, an IRDA official said on condition of anonymity.

Even as the National Company Law Tribunal (NCLT) takes a call on the RCom-Aircel merger later this month, it may consider an objection filed by a subsidiary of GTL against Aircel, an operational creditor. Meanwhile, lenders to Reliance Communications (RCom) will meet the firm’s management on Friday to review the telco’s financials. Chennai Network, a subsidiary of GTL, is believed to have objected to the merger in January this year. This was on the grounds that Aircel has not received an NOC (no objection certificate) from it for the merger with RCom, sources told FE. RCom is understood to have received NOCs from its lenders.

The pace of building highways has accelerated to 25 km a day in the first quarter of the current fiscal, as against 22.3 km per day in the entire 2016-17, keeping up with the gradual increase in highway construction in the initial two years of the Narendra Modi government. Sources said with several projects awarded in the last few years having reached the construction phase now and their “better monitoring” by the ministry of road transport and highways (MoRTH) and NHAI, the construction would outpace the last year’s average in the current year. The average construction in the first three months of the current fiscal at 25.14 km per day, is much higher than the 21.4 km a day clocked in the same period last fiscal.

After the 24% correction in the past two months, we believe incremental risk reward is turning favourable again for PNB. Our adjusted book valuation of 0.55x Mar-19 book factors in Rs 790 billion of total stress vs gross NPAs of Rs 554 billion (FY17) adequately captures any asset quality risks. Near-term provisioning will remain elevated given the lower coverage of 41%, but the large stock of prudentially written-off NPAs provides comfort on recoveries/ upgrades. Subsidiaries now contribute 33% of PNB’s valuation, and will continue to accrete value. We maintain our TP of Rs 180, which is based on 0.8x Mar-19 book and implies 32% upside from current levels.

MUMBAI: Offering post GST benefit in pre-GST era drove India's largest luxury car maker Mercedes Benz to register a significant 40 per cent growth in June, rallying the brand back to double-digit growth in April to June second quarter since the end of 2015.

The company sold record 3521 units in Q2 of 2017, registering a year on year growth of 18 per cent. For the first half of 2017, Mercedes Benz sale growth was recorded at 8.7 per cent to 7171 units. The growth in Indian market is in line with global trend, wherein the maker of S-Class posted a record half-yearly number at 1.14 million units growing by 13.7 per cent.

NEW DELHI: State-owned Air India today launched its first flight to Washington DC from New Delhi, thereby adding its fifth destination in the US.

Air India has deployed its 238-seater Boeing 777-200 LR aircraft to cater to the new direct service to the US. The plane offers eight seats in first class, 35 in business and 195 in economy class.

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