Reliance Industries (RIL) is expected to continue with its momentum of double-digit gross refining margins (GRMs) for the next few quarters on the back of the winter effect and strong fundamentals, analysts say.

Reliance Industries (RIL) is expected to continue with its momentum of double-digit gross refining margins (GRMs) for the next few quarters on the back of the winter effect and strong fundamentals, analysts say.

Within days of Essar Group signing a mega $12.9-billion asset sale in its oil business, three top lenders — ICICI Bank, Axis Bank and StanChart — have got back an estimated $2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate.

The two Indian lenders — which together had an exposure of $1.5 billion — will get back nearly half of their money or about $770 million in cash while further $750 million of debt will get transferred to Rosneft-led consortium and Essar's ports and other businesses, according to the terms agreed upon by them.

Mumbai: Indian stocks dropped, with the benchmark gauge paring a weekly gain, as some investors sold lenders and energy companies after recent advances.

Reliance Industries Ltd., which has a 7% weighting on the S&P BSE Sensex, was the biggest drag on the gauge. The stock dropped 2.2%, the most in a week. Axis Bank Ltd. was the top loser on the Sensex, while a gauge of lenders capped its best week since July after Essar Group’s $13 billion deal with a group involving Russia’s Rosneft PJSC improved prospects for loan recoveries at local banks.

Chennai: Tamil Nadu governor Ch Vidyasagar Rao on Saturday visited Apollo Hospital, where chief minister J. Jayalalithaa is undergoing treatment, and was happy to note that she was “progressing well”.

Rao’s visit, the second this month, comes a day after the hospital announced that Jayalalithaa, admitted on 22 September after she complained of fever and dehydration, was interacting and progressing gradually.

State Bank of India (SBI) has advised its customers not to use automated teller machines (ATMs) of other banks for the time being for safe transactions following reports of the biggest-ever cyber security breach in the country’s banking system.

The bank is aiming at replacing around six lakh debit cards, which have been blocked by it as a proactive measure, within 10 days, a senior SBI official has said.“We have set an internal target of seven to ten days for issuing new debit cards to customers whose cards have been blocked,” said chief general manager (Kolkata Circle) Partha Pratim Sengupta.

Mirroring the subdued mood currently prevalent in the Indian IT industry, Wipro too posted flat revenue growth for the three months to September with net profit rising marginally due to cost optimisation measures and higher utilisation of its employees. Wipro’s net profit at the end of the second quarter rose 2.6% in dollar terms sequentially and the expectation for the December quarter is also muted, with the IT major providing a revenue growth guidance of 0-2%.

HDFC ERGO General Insurance Company, India’s leading private sector non-life insurance provider, announced the tie-up with Maruti Insurance Broking Private Limited, India’s largest provider of motor insurance brokerage services, to offer motor insurance products to buyers of Maruti Suzuki cars.

This strategic alliance will now enable instant policy issuance and efficient claims settlement services to Maruti car owners.

The Telecom Regulatory Authority of India on Friday recommended a fine of R50 crore per circle against the top three incumbent operators — Bharti Airtel, Vodafone India and Idea Cellular — for denying sufficient points of interconnect to Reliance Jio Infocomm resulting in inconvenience to RJio’s consumers as a large number of call attempts resulted in failure.

While a fine of R50 crore each for 21 circles has been recommended for Bharti and Vodafone, for Idea the same is for 19 circles.

Samajwadi Party MLC Udayveer Singh was removed from the party for six years on Saturday after he wrote a letter to Mulayam demanding that Akhilesh Yadav be made the national president.

Citing sources, News18 reported that the letter angered Mulayam, who was also upset with Akhilesh for shielding Udayveer.

The Securities and Exchange Board of India (Sebi) on Friday barred as many as eight “vanishing” companies and 40 directors from accessing the capital market for the next five years for violating listing agreement.

Vanishing companies are those that failed to file statutory returns with the Registrar of Companies and stock exchanges for two years. Besides, the companies and their directors are not traceable.

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