Kolkata-based lender United Bank of India (UBI) has asked Vijay Mallya and three other directors of the grounded Kingfisher Airlines to appear before a panel of the bank at the head office here on July 9.

“The recovery department of the bank has sent a letter to them asking chairman Vijay Mallya and three other directors of Kingfisher Airlines to appear on July 9 before the grievance redressal committee of UBI here,” bank’s Executive Director Sanjay Arya said here.

India's mutual fund industry, which has long been critical of Securities and Exchange Board of India's (Sebi) regulations in the past few years, seems to have no complaints from the regulator when it comes to speedy clearances of new fund offers (NFOs). In particular, the fast approvals to fund houses' new equity schemes is something which has impressed the industry players.

MUMBAI: Concerned about gullible investors being defrauded by certain companies existing only on paper, capital markets watchdog Sebi is planning to conduct surprise inspections of such entities to bring them to book.

Securities and Exchange Board of India (Sebi) is working on a comprehensive framework to deal with the listing and trading of only-on-paper companies and tackle this menace, a senior official said.

Mumbai: Bharat Petroleum Corp. Ltd (BPCL) is talking to companies in Japan and China for technology to manufacture propylene-based products at its proposed petrochemicals complex in Kochi in Kerala.

Two persons familiar with the talks confirmed that the country’s second biggest state-owned oil refiner was in discussions with one company each in Japan and China. A final decision is likely in two months, they said.

The benchmark BSE Sensex bounced back by 225 points in early trade on fresh buying in banking, capital goods, consumer durables, power and realty stocks on the back of higher Asian cues.

Asian stocks firmed up ahead of a packed week of economic data that will test investor hopes for a pick-up in the US as well as the global economy.

Shares in ITC, the country's largest cigarette manufacturer, is trading higher by 1.3% at Rs 324 on BSE on back of heavy volumes.

At 1045 hours, a combined 4.16 million shares have already changed hands on the counter against an average around 9 million shares that were traded daily in past two weeks on BSE and NSE.

To give a push to its “Housing for all by 2022” goal, the government has convened a meeting of housing and urban development secretaries and ministers to review various schemes and projects in this area.

The two-day meet from July 2 is to be presided by Union Urban Development and Housing Minister Venkaiah Naidu. The theme of the meet is Urban Governance and Housing For All: Opportunities and Challenges.

Power Grid Corporation of India Ltd (PGCIL) will invest Rs 5,800 crore for upgrading its network in Gujarat over the next three to four years, its Executive Director D K Singh has said.

"Power Grid will invest Rs 5,800 crore in Gujarat to increase the number of Extra High Voltage (EHV) substations to 12 from the existing five. It will also be used for increasing the transmission capacity to 19,000 mega volt ampere (MVA) from the existing 4,000 MVA. The transmission lines shall be expanded to 7,575 kms in Gujarat from the existing 5,610 kms," he said yesterday.

Reliance Industries Ltd (RIL), along with its partner British Petroleum (BP), plans to invest about Rs 800 crore to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast. The Mukesh Ambani-led company is the operator of the offshore block CY-DWN-2001/2, also known as CY-III-D5, with 70 per cent equity, while BP holds the remaining stake. Thus, of the total Rs 800-crore investment, BP's contribution would be Rs 240 crore.

Markets extended gains in morning trades with buying visible across all the sectors in today's trade. At 1030hrs, the Sensex was up 297 points at 25,396 and the Nifty advanced 87 points to trade at 7,595.

29 of 30 stocks are in green on the Sensex with TCS being the only exception, marginally down 0.06%

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