National passenger carrier Air India has invited bids from banks for Rs 3,250 crore government guarantee backed Short Term Loans (STLs).

The airline has called for financial bids by September 19.

Air India is looking for Government Guarantee backed INR STLs totaling upto Rs 3,250 crore in the first phase to meet its urgent working capital requirements by 25th Sept 2017, the airline said in a tender document which was released on Wednesday.

Prime Minister Narendra Modi and his counterpart from Japan Shinzo Abe laid the foundation for the country’s first high speed train project Ahmedabad-Mumbai bullet train in Ahmedabad.

Prime Minister Modi described the bullet train as “symbol of New India” and stressed that the country must focus on creating high speed connectivity infrastructure as the transport is the future.

Shares of the IOC, BPCL, and HPCL tumbled on the news that government may ask the oil marketing companies to absorb further increase in global crude oil prices. The stock of the nation’s largest company Indian Oil Corporation fell as much as 6.2% to the day’s low of Rs 408; shares of another state-run refiner Bharat Petroleum Corporation plunged 8.4% to the day’s low of Rs 489. Shares of Hindustan Petroleum Corporation lost 8% to the day’s low of Rs 443.7.

Idea Cellular moved higher by 7% to Rs 84.50 on BSE after the counter recorded huge trading volumes. At 11:23 AM; around 4.9 million shares of telecom services provider have changed hands through block deal on BSE, the exchange data shows.

Till 01:16 PM; a combined 30.73 million equity shares representing 0.85% of total equity of Idea Cellular have changed hands on the BSE and NSE.

Leading two-wheeler manufacturer TVS Motor Company Ltd said it is prepared to export its latest bike model - TVS Victor Premium Edition depending on the market demand.

“As and when the demand happens, we would be keen to export this model. TVS is already exporting to 60 countries”, said Kendraj Joshi, senior manager, TVS Motor Company Ltd.

Two years after giving its in-principle nod, the Union Cabinet on Tuesday approved the hiving off of the mobile towers business of BSNL into a separate company with an intent to enable the state-owned, loss-making firm to monetise its tower infrastructure and earn higher revenues.

The Cabinet also approved a proposal to extend the benefit of a higher gratuity ceiling of Rs 20 lakh enjoyed by central government staff to employees of all PSUs, autonomous bodies and private-sector firms employing 10 or more persons, where the current limit on mandatory gratuity is Rs 10 lakh. This will require an amendment to the Payment of Gratuity Act, 1972, by Parliament.

Shares of HDFC Bank hit a fresh life-time high on the Bombay Stock Exchange (BSE) on Tuesday and surpassed Tata Consultancy Services (TCS) during the day’s trade to become the country’s second most valued firm in terms of market capitalisation.

The market capitalisation of HDFC Bank touched a high of Rs 4.73 lakh crore. However, in the afternoon trade, shares of TCS regained the lost ground and ended the session with a market capitalisation of Rs 4.76 lakh crore, data from the stock exchange showed.

Coal stocks in NTPC’s 13 (out of 22) power plants are at a critical level despite Coal India monitoring production, despatch and evacuation on a day-to-day basis to rush supply to the plants. NTPC’s director of finance Kulamani Biswal has said that stocks in these power plants were for less than three days, while the average stock of all the 22 plants was seven days.

“The stock should ideally be for 15 days but since CIL is producing less coal, the power plants are unable to build up their stock,” Biswal said on the sidelines of mjunction’s coal market conference.

Key indices on Wednesday open flat over release of macro economic data. According to the data released by the Central Statistics Office on Tuesday, the industrial output has gone up by 1.2% in July from a year earlier.

Factory output, measured in terms of Index of Industrial Production, the cumulative growth for the period April-July this year stood at 1.7% on y-o-y basis.

The government on Tuesday said that it would disqualify more than 1 lakh company directors over their association with shell firms.

The corporate affairs ministry has “identified 1,06,578 directors for disqualification under Section 164(2)(a) of the Companies Act, 2013 as on September 12, 2017,” an official release said.

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