The State Bank of India has asked its customers to stop using cheque books of its 6 subsidiary banks as they would be invalid from September 30 onwards.

The country's biggest public lender has asked the account holders of State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank to submit the application to change the cheque book and said that Old cheque books and IFSC codes will be invalid after September 30.

Larsen & Toubro (L&T) was up by 1.5% to Rs 1,244 on BSE after the company announced that it has won contract valued around Rs 1,700 crore to build crude oil pipeline from Kuwait Oil Company (KOC), Kuwait.

“L&T’s hydrocarbon division has bagged a major pipeline contract with a value close to Rs 1,700 crore from Kuwait Oil Company (KOC) for engineering , procurement and construction of new 48” crude transit line (TL-5) from North Kuwait to Ahmadi,” the company said in a press release.

The latest discovery of India's largest oil explorer Oil and Natural Gas Corp to the west of its Mumbai High offshore fields is estimated to hold in-place reserves of about 20 million tonnes, sources with knowledge of the matter said.

The Mumbai High field annually produces oil and natural gas of about 9 million to 10 million tonnes of oil equivalent. The company discovered hydrocarbon reserves west of Mumbai High at well WO 24-3 in July.

New Delhi: State-owned fuel retailers Indian Oil Corp. (IOC), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) will go in for increased borrowings to sustain high dividend payments and capital spending this fiscal, keeping their credit metrics weak, Moody’s Investors Service said on Tuesday.

The rating agency expected dividend payments by the three companies to drop modestly in 2017-18, but remain higher than in 2015-16. The government expects to receive Rs67,500 crore of dividends from all state-owned companies in 2017-18, less than Rs77,000 crore estimated to have been received in 2016-17, but more than double than Rs30,800 crore in 2015-16.

The BSE Sensex turned flat paring initial gains, easing 16.36 points at 32,407.40 following mild bouts of profit-booking in capital goods, power, energy and financials sectors amid lower Asian trend.

Broader Nifty was trading below the 10,150-level.

Noting that the economy has been on a downslide since September 2016, SBI Research today said the slowdown is real and not technical and called for more public spending to arrest the slide. “We certainly believe that we are in a slowdown mode since September 2016 and a slowdown that has been prolonged to Q1 of this fiscal year is technically not short-term in nature or even transient,” SBI Research said in a report. The report said continuing slowdown has “raised the specter of whether the slowdown is temporary or not” but stopped short of answering the question.

The second quarter of 2017 has been a busy time for the German auto-maker Mercedes-Benz. The company launched the facelift of S-Class sedan globally and started the manufacturing of E-Class Cabriolet. At Auto Shanghai, Mercedes-Benz showcased its futuristic concept A sedan on which its future small products like the Mercedes-Benz A-Class, GLA, A-Class sedan will be based on. The company also reported an increase in revenue by 7% to euro 23.6 billion in the second quarter. Overall the car sales increased by 9% among which SUVs saw the major hike in global sales. The company has now already started planning for the 2018 calendar year and confirms the global debut of production version of A-Class sedan and will also be bringing in the long wheelbase version of the sedan.

Tata Motors stock advanced nearly 5% on Tuesday on news reports that Tata Sons bought 1.7% stake in the automaker through multiple block deals executed on both BSE and NSE today. Today about 4.44 crore shares of Tata Motors were exchanged in a series of block deals for an amount aggregating to Rs 1,871.79 crore on both BSE and NSE. The stock of the automaker rose as much as 4.93% to the day’s high of Rs 424.9 on NSE and was the top gainer on both the main exchanges.

Coal India on Monday said it has stepped up supplies to support thermal power units, which were facing coal crunch. In August, the country had faced energy crunch with growth in hydro, nuclear and others sources declining 12%, 36% and 7%, respectively. The demand for electricity from thermal power plants went up substantially, which prompted an additional 17% generation compared to August 2016. CIL supported the thermal power stations by increasing coal supplies by 20% to 34.4 million tonne compared to 28.6 million tonne during August 2016.

The board of Securities and Exchange Board of India (SEBI) on Monday made a number of changes in Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) regulations, to make these instruments attractive including allowing REITs and InvITs to raise capital by issuing debt securities. The market regulator also introduced the concept of strategic investor in REITs on similar lines of InvITs. SEBI also allowed single-asset REIT on similar lines of InvIT. Currently, a REIT requires two projects. Further REITs have been allowed to lend to underlying special purpose vehicle (SPV).

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