MUMBAI: In a highly volatile trading session, the BSE Sensex dipped over 60 points after surging by more than 224 points in early morning trade with markets showing signs of uncertainly after the Rajya Sabha on Wednesday passed the historic GST bill.

Selling was seen in consumer durables, oil&gas, banking, FMCG, teck and IT sector stocks, dragged the down key indices.

Mumbai: The state-run Bharat Petroleum Corporation Ltd (BPCL) would soon begin selling financial products, insurance and remittances from its fuel retail outlets along with its partner Fino Paytech.

BPCL brought 21% stake in Fino Paytech, a payments bank, for Rs.251 crore last week.

While Indian IT industry body Nasscom said that the Goods and Services Tax (GST) Bill is a welcome move, it has also voiced some concerns on the GST Model Law. Nasscom has suggested certain changes to the finance ministry on self-declaration procedures, instead of multiple paper-work for registrations by the IT companies for ease of doing business.

State Bank India (SBI), the country’s largest lender, will draft a circle-wise plan to rationalise the group’s branch network. The plan, which includes relocation of bank branches, is in view of the proposed merger of associate banks with SBI.

Work on this rationalisation had begun about a year ago, even before the merger decisions were taken. The expansion of alternate platforms, including digital banking channels, has made SBI rethink on the location of branches.

State-owned Bharat Sanchar Nigam Ltd (BSNL) may launch its 4G services during the next financial year, based on the outcome of a tender to upgrade its network for such services, Lok Sabha was informed on Wednesday.

However, the telecom PSU does not intend to participate in the upcoming spectrum auctions for 4G due to financial and other reasons, Minister of State for Communications Manoj Sinha said in a written reply.

State Bank of India (SBI) will offer overdraft facility to nearly 7,00,000 account holders enrolled under the Pradhan Mantri Jan Dhan Yojana (PMJDY). The bank has opened nearly 100 million accounts under PMJDY so far.

"We are looking at the transactions of the accounts under PMJDY, and gauging the number of accounts which can be provided overdraft facility.

Mumbai: India’s largest carmaker, Maruti Suzuki India Ltd, is the second-most expensive auto stock among the top 20 global auto stocks after Tesla Motors, with the premium based on a double digit sales growth outlook, and strong valuations for Indian equity markets.

According to Bloomberg’s Best Estimates, Maruti trades at 21.22 times fiscal year 2018 price-to-earnings (P/E), after US’s Tesla Motors, which trades at 33.42 times.

Bengaluru: Infosys Ltd has invested $4 million to pick up a minority stake in Cloudyn Ltd, an Israeli company that makes software for monitoring and optimizing cloud computing, marking the Bengaluru-headquartered firm’s second investment in an Israel-based cloud-computing start-up from the company’s $500 million innovation fund.

Kotak Mahindra Bank plans to raise Rs 5,000 crore by issuing bonds for fulfil its general corporate business. The plan is within the bank’s Rs 50,000 crore borrowing limit approved last year.

The bank said in a regulatory filing that at the Board of Directors meeting held on July 21, it had sought consent of the shareholders to borrow the money.

Global software major Wipro Ltd disagreed with the findings of the Comptroller and Auditor General of India (CAG) that the Unique Identification Authority of India (UIDAI) had shown undue favour to it, the company said on Wednesday.

“We disagree with the findings of the (CAG) report that UIDAI extended undue favor to us. We draw attention to the latter’s response in the report that the acceptance of goods was given by the competent authority in UIDAI after commissioning the equipment,” the IT major said in a statement here.

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