Mumbai: The rupee on Friday strengthened against the US dollar on improvement in trade deficit data. Gains in the local equity and Asian currencies markets also helped the currency.

The rupee closed at 66.985 per dollar, up 0.06% from its previous close of 67.03. The domestic currency opened at 66.87 per dollar and touched a high and a low of 66.84 and 67.0325, respectively.

Mumbai: Axis Bank Ltd will buy a 13.67% stake in Asset Care and Reconstruction Enterprise Ltd (ACRE) paying Rs22.72 crore, the private sector lender said in a stock exchange notice.

Axis Bank is buying the stake from IFCI Ltd, which is partly divesting its 19.34% stake in the asset reconstruction company.

The BSE Sensex and NSE Nifty ended the holiday truncated week on a disappointing note despite some recovery in the last three trading sessions. For the week ended September 16, the 30-share index shed 198.22 points or 0.69 per cent at 28599. Nifty 50 index also dropped by 86.85 points, or 0.98 per cent to 8779.85. The index was at 8866.70 on September 9. Market sentiments dampened on worries that the US Federal Reserve could be considering an imminent interest rate hike and a nuclear test by North Korea.

A cabin crew member of national carrier Air India has been arrested at international airport here for allegedly trying to smuggle about 300 bottles of a banned drug to the US.

The crew member, who was intending to depart to New York, was intercepted by the customs officials on Friday. On his personal and baggage search, 300 bottles of 'Phensedyl new cough Linctus 50 ml' were allegedly recovered.

In view of rising non-performing assets (NPAs) in the corporate sector, State Bank of India (SBI) has moved towards a projected-cash-flow financing from the earlier practice of balance-sheet financing.

“We have moved to cash-flow financing from balance-sheet funding,” said Rajnish Kumar, managing director, SBI.

Mumbai: Indian equities climbed the most in 10 days, led by automakers, as Asian stocks ended a six-day run of losses after investor expectations for an US interest-rate increase eased and foreigners turned buyers of local shares for the first time in four days.

The gains helped the S&P BSE Sensex and the NSE Nifty 50 Index pare this week’s loss, the first in three weeks. Reports on Thursday showed US factory output fell more than forecast, while retail sales unexpectedly slid, sending the odds for a rate increase from the Federal Reserve next week to below 20%.

Mumbai: The Securities and Exchange Board of India (Sebi) is examining whether its listing norms were breached in Yes Bank’s aborted $1 billion qualified institutional placement (QIP), said five people familiar with the matter, including officials of the capital markets regulator.

Sebi is also looking into the possibility of entities trading the stock on the basis of insider information, the people said on condition of anonymity.

Amid simmering tension and ongoing parleys between new entrant and private incumbent operators over connectivity, state-owned telecom firm BSNL has said it has provided “sufficient points of interconnect” to Reliance Jio and can augment it more based on requirement.

Bharat Sanchar Nigam Ltd (BSNL) CMD Anupam Shrivastava said that there has been no fresh request from Jio for increasing the capacity at points of interconnect, and added “should they make an enquiry, we will augment the capacity.”

Ratnagiri Gas and Power Private Limited’s (RGPPL) efforts to build a breakwater facility and ramp up production at an LNG regasification unit have been stalled, with key promoter NTPC declining to pump in the required R600 crore. Bankers told FE the state-owned energy major is reluctant to put in its share of money unless a long-term power purchase agreement (PPA) is signed with Indian Railways.

Shares of oil marketing companies (OMCs) such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) were trading higher in the early trade on Friday after they revised fuel prices. Petrol prices increased by 0.58 per litre while diesel prices decreased by Rs 0.31 per litre.

IOC shares advanced as much as 0.9 per cent in the early trade. At 9.35 am, the scrip was trading 0.60 per cent up at Rs 561.85.

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