Rating agency Fitch today downgraded Punjab National Bank's (PNB) Viability Rating by one notch to 'bb' on the growing risk to the bank's capital position from mounting stock of stressed assets. It warned IDBI Bank about vulnerability to a downgrade due to rise in the stressed asset ratio.

It affirmed the Long Term Issuer Default Rating (IDR) at "BBB-" for banks including State Bank of India (SBI), PNB, Canara Bank, IDBI Bank, ICICI Bank, Axis Bank, Bank of Baroda and its subsidiary in New Zealand. For Chennai-based India Bank IDR has been affirmed at "BB+". The outlook on IDRs is stable.

Prime Minister Narendra Modi on Tuesday addressed his fourth parivartan rally in Bhagalpur in an attempt to boost the Bharatiya Janata Party's chances in the upcoming Bihar polls.

Attacking Nitish Kumar & Lalu Yadav at the rally, Modi said, Those who have ruled the state for 25 years, they must give an account of the work done by them but they are questioning me​. Nitish and Lalu are spreading poison of casteism and communalism.

Engineering major Larsen & Toubro today said it has bagged a contract worth Rs 1,070 crore in Saudi Arabia for constructing ballastless tracks for Riyadh metro lines.

State-run Oil and Natural Gas Corporation may approach the government to seek premium pricing on natural gas produced from its KG basin.

Oil minister Dharmendra Pradhan had last week Friday said that premium pricing will only be available to developers of new blocks.

The rupee firmed up further by 24 paise to 66.24 against the US currency in late morning deals following sustained bouts of dollar selling by exporters and banks.

The rupee opened higher at 66.38 per dollar against yesterday's closing level of 66.48 at the Interbank Foreign Exchange (Forex) market.

At least three agitators have been killed and 14 others injured in a protest in Manipur over the passing of the inner line permit system (ILPS) bill on the floor of the assembly, on Monday night.

Six houses, those belonging to a minister in the Manipur government and five other MLAs, were set on fire this evening by agitators in Churachandpur district.

Maruti Suzuki India sold total of 1,17,864 vehicles in August 2015, a growth of 6.4 per cent. This includes 1,06,781 units in the domestic market and 11,083 units in exports.

The company had sold a total of 1,10,776 units in August 2014.

Public lender Canara Bank on Monday said the government will infuse equity capital of Rs 947 crore in the bank.

It said the board of the bank at a meeting held on Monday approved the proposal of issuing equity shares on preferential basis to the government in lieu of the capital infusion.

In a move that caught its competitors off guard, HDFC Bank, India’s second-largest private lender, has reduced its base rate, the benchmark to which all other lending rates are linked, by a steep 35 basis points to 9.35 per cent. The new rate, effective Tuesday, is much lower than those of its competitors.

ICICI Bank and State Bank of India (SBI) have a base rate of 9.7 per cent.

Honda Cars, the country’s fourth largest passenger vehicle maker, will announce a price increase this week for most of its products. It will follow the top two in the segment, Maruti Suzuki and Hyundai, which announced a price rise earlier this month.

It is likely to be a rise of one to two per cent. “The main driver is an increase in costs. The weakening rupee is also a factor. We are evaluating the increase that is required”, said Jnaneswar Sen, senior vice-president (marketing & sales) at Honda Cars India.

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