MUMBAI: State Bank of IndiaBSE 0.26 %, the biggest bank in the country, is considering a proposal to either relocate or shut down about 30% of its nearly 24,000 branches (SBI Group) to remain competitive as advised by global management consultant McKinsey.

While Mckinsey did not respond to ET's query, SBI MD Rajnish Kumar confirmed that the bank had hired Mckinsey for branch optimisation but did not offer any comment or detail about the size of the rationalization.

The BSE Sensex recovered by almost 67 points in early trade on fresh buying by investors and foreign funds buoyed by a pick up in infrastructure sector in June coupled with rising hopes of GST Bill passage this week.

The 30-share index rose 66.94 points or 0.23% to 28,070.06 with all the sectoral indices led by FMCG, capital goods, auto, healthcare and banking, advancing by up to 1.11%. The gauge had lost 205.48 points in the previous two sessions.

Shares of Maruti Suzuki India touched Rs 5,000 mark, a fresh record high on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), crossing the market capitalisation (m-cap) of Rs 150,000 crore on Tuesday.

At 09:57am, the stock was up 2% at Rs 4,968 with the m-cap of Rs 150,067 crore on the BSE. Maruti Suzuki India became the 13th Indian company to achieve a market capitalisation of Rs 1,50,000 crore.

TVS Motor announced that the company has commenced manufacturing products for BMW at its Hosur facility.

K N Radhakrishnan, president & CEO, TVS Motor said that first product will be launched after October by BMW, and TVS will launch its product by end of fiscal.

ICICI Bank, the country’s largest private sector lender, has tied up with private equity firm Apollo Global Management and Aion Capital Management to set up an asset reconstruction company (ARC) in India.

In a statement, the lender said they have entered into a memorandum of understanding (MoU) to work together for debt resolution in the country, in an effort to revitalise and turn around over-leveraged borrowers.

Power generator NTPC, with an installed capacity of 47,178 Mw, in a serious bid to maintain its 25 per cent market share, is aggressively pursuing thermal and solar power addition.

The thermal strategy is domestic coal-driven. Projects of 24,000 Mw, with an investment of Rs 1.5 lakh crore, are under various stages of construction. The company hopes to commission projects of 4,500 Mw capacity during 2016-17.

Mumbai, July 29: Engineering major Larsen & Toubro's June-quarter net profit increased 45.51 per cent to Rs 609.6 crore from Rs 418.94 crore a year ago on the back of an improved performance in various segments.

Total income during the quarter rose 9.10 per cent to Rs 21,873.8 crore from Rs 20,048.24 crore a year ago. Total expenses were higher at Rs 20,434 crore compared with Rs 18,873 crore a year ago.

New Delhi: Gold prices spurted to Rs.31,340 per 10 grams, a 29-month high, by surging Rs.540 in the bullion market on Saturday, tracking a firm trend overseas amid increased buying by jewellers at the domestic spot market.

Bullion traders said sentiment bolstered after gold gained overseas as the dollar weakened and the US economy grew less-than-expected in the second quarter, boosting demand for safe-haven assets.

Mumbai: Indian stocks dropped, paring a monthly advance, amid concern that the recent rally may have outpaced the outlook for earnings growth and as most Asian equities decreased after the Bank of Japan’s policy decision.

ICICI Bank Ltd. had the steepest fall in more than a month before its earnings, the worst performance on the S&P BSE Sensex. Bharti Airtel Ltd. decreased the most in two weeks. Larsen & Toubro Ltd., the nation’s engineering firm, retreated for a second day before its June-quarter results.

New Delhi: Prime Minister Narendra Modi on Friday refused to intervene on the issue of Kerala and Tamil Nadu developing competing port projects 30km apart, but agreed to favourably consider many industrial projects proposed by the Kerala government, chief minister Pinarayi Vijayan told reporters.

Vijayan, who separately met Modi, civil aviation minister Ashok Gajapathi Raju, chemicals and fertilizers minister Ananth Kumar and women and child development minister Maneka Gandhi, said the central ministers have positively responded to his proposals.

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