Shares of Indiabulls Real Estate surged 9 per cent to Rs 112.40 on the BSE in Tuesday’s intra-day trade in an otherwise weak market on the back of heavy volumes after the company clarified that Enforcement Directorate (ED) investigation did not pertain to the company and has no bearing on the business and operations of the company.

At 10:33 am; the stock traded 8 per cent higher at Rs 110.75, as compared to a 1.6 per cent decline on the S&P BSE Sensex.

State-owned Bank of India (BOI) has said it can absorb any burden of marking down recapitalisation bonds issued in lieu of equity shares to the government without fresh capital infusion. The discounting, to be done by fair-value method, could halve the bonds' value to about Rs 1,500 crore.

The lender’s Capital Adequacy Ratio was 16.66 with Common Equity tier I ratio of 13.16 per cent. On Monday. BOI stock closed 2.1 per cent lower at 51.4 per share on BSE.

SBI Life Insurance Company (SBI Life) on Monday said its promoter BNP Paribas Cardif, holding 0.2 per cent share capital, has requested to be reclassified as a public shareholder.

The company has received request from BNP Paribas Cardif, one of the promoters of the company, holding 0.20 per cent of the paid-up share capital of the company, vide letter dated February 21, 2022 for reclassifying its shareholding in the company from the promoter and promoter group category to public category, SBI Life said in a regulatory filing.

The Supreme Court has agreed to hear in open court a review plea filed by Cyrus Investments Limited against its order setting aside appellate tribunal NCLAT's order which had restored Cyrus Mistry as the executive chairman of the Tata group.

A three-judge bench of Chief Justice N V Ramana, Justice A S Bopanna, and Justice V Ramasubramanian said the petitions will be heard in open court on March 9.

Tata Consultancy Services (TCS) on Monday announced the launch of its Sydney Digital Garage to help customers in Australia and New Zealand leverage co-innovation and accelerate digital transformation.

The advanced research hub is designed to holistically look at innovation, helping businesses establish their competitive differentiation, increase speed to market, and navigate their growth and transformation journeys.

Sistema Group company Binnopharm Group will acquire Dr Reddy's Laboratories' anti-bacterial medicines under the Ciprolet and Levolet brands in Russia, Uzbekistan and Belarus, the companies said in a joint statement on Monday.

The Binnopharm Group, which is one of the leading pharmaceutical production companies in Russia, has inked a deal with Dr Reddy's in this regard.

Bharti Airtel on Monday announced it has joined SEA-ME-WE-6 undersea cable consortium, participating as a major investor, while Reliance Jio said it will land its India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives.

In a day of twin developments, the two large operators came out with separate announcements related to undersea cable projects.

Adani Group and Ballard Power Systems have joined hands to evaluate a joint investment in hydrogen fuel cells manufacturing in India.

Under the MoU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India, Adani group said in a statement.

The Enforcement Directorate (ED) on Monday raided the premises of Indiabulls Finance Centre in Delhi and Mumbai. This is in connection with money laundering allegations made against the firm and promoter Sameer Gehlot in April 2021.

Last year, a case was lodged against the company and its promoter at Palghar, Maharashtra, where it was alleged that the company siphoned off money invested in its own shares to boost prices.

India logged 16,051 new coronavirus infections, taking the virus tally to 4,28,38,524, while the active cases dipped to 2,02,131, according to the Union Health Ministry data updated on Monday.

The death toll climbed to 5,12,109 with 206 fresh fatalities, the data updated at 8 am stated.

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