MUMBAI: State Bank of India, the country's largest lender, and a few other banks are expected to announce a cut in lending rates effective early January, said people with knowledge of the matter.

That could give consumption a much-needed boost, having slumped in the wake of demonetisation as people are unwilling to spend on non-essential items amid a currency shortage. People considering home and car purchases can look forward to cheaper rates due to the liquidity that's flooded the banking system with the deposit of old notes, especially since corporate loan demand remains weak. SBI couldn't be reached for comment.

The Securities and Exchange Board of India (Sebi) has initiated proceedings against Gurgaon-based Vishvapradhan Commercial, for not having made a public announcement in 2009 of a ‘change of control’ in television company NDTV.

The markets regulator told the Delhi High Court last week that proceedings had been approved under the Sebi takeover regulations and relevant provisions of the Sebi Act. The show cause notice is yet to be issued.

Aiming to raise awareness about online safety, Google India in collaboration with Ministry of Consumer Affairs on Saturday announced a nationwide ‘Digitally Safe Consumer campaign, as part of a larger effort to help better protect consumer interest online.

As part of this collaboration, Google along with the Department of Consumer Affairs will undertake a yearlong campaign focused on building capacities of consumer organisations, personnel of consumer affairs department and counsellors of National Consumer Helpline on Internet safety and related issues, a statement said here.

Breaking his silence over the feud with ousted Tata Sons chairman Cyrus Mistry, Ratan Tata on Friday said there has been a "definite move" to damage his personal reputation in the last two months but truth will eventually prevail howsoever painful the process may be.

Tata, who came back as interim chairman of Tata Sons - the holding company of the USD 103 billion salt-to-software conglomerate after Mistry was abruptly ousted on October 24, made a brief intervention at the meeting of shareholders of Tata Chemicals here to express his views.

MUMBAI: The BSE benchmark Sensex marked biggest loss not seen since five weeks, dropping 448.86 points to finish at 26,040.70, while the broader Nifty dipped below the psychological 8,000-level.

Bearishness tagged the trading momentum from day-one of the week, borne by cascading effect of demonitization, it was further restricted by mute sentiment across the globe due to long Christmas and New Year holidays.

Washington: US President Barack Obama has signed into law the $618 billion defence budget for 2017, which enhances security cooperation with India and conditions nearly half of the funding to Pakistan on a certification that it is taking demonstrable steps against the Haqqani Network.

Currently vacationing in Hawaii, Obama on Friday signed the National Defence Authorisation Act (NDAA) 2017, which asks defence secretary and secretary of state to take steps necessary to recognise India as America’s “major defence partner”.

New Delhi: Private sector Yes Bank on Saturday said it has raised Rs3,000 crore from bonds to fund business expansion. With this capital raising, the bank’s Tier-1 Capital Ratio will be at 12% including profits and adjusted for pro-rata dividends, Yes Bank said in a statement.

The Basel-III compliant additional Tier-1 (AT1) Bonds will be listed on the Bombay Stock Exchange (BSE) and its proceeds will qualify for Basel III Tier-I Capital. The bonds, carrying a coupon rate of 9.50%, witnessed participation from insurance companies, mutual funds, pension funds, provident funds, banks amongst others.

New Delhi: India’s largest car maker Maruti Suzuki India Ltd on Friday said that it has started to see an uptick in demand for its vehicles after weeks of sluggishness caused by demonetization.

The combined retail sales for Maruti in the festive months of October and November were 6-7% higher than the year-ago period but bookings in November fell drastically, company chairman R.C. Bhargava said.

Markets regulator Sebi has barred Sunshine AgroInfra Ltd (SAIL) and its directors from mobilising funds from investors through issuance of securities till further orders.

The entities have also been restrained from accessing the market, the Securities and Exchange Board of India (Sebi) said in an interim order.

State-run Oil and Natural Gas Corporation Ltd (ONGC) on Friday approved the plan to acquire the entire 80 per cent participating interest of Gujarat State Petroleum Corporation Ltd’s (GSPC) block in the Krishna- Godavari basin at $995.26 million.

ONGC will also pay part consideration of $200 million to GSPC towards future consideration for six discoveries other than the Deen Dayal West Field, which will be adjusted upon valuation of the discoveries subsequent to approval their field development plans by the Directorate General of Hydrocarbons. The transaction would be documented by signing a farm-in agreement with GSPC.

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