Business

Syndicate Bank will be merged with Canara Bank, thereby creating India’s fourth largest public sector bank.

Deferred spectrum dues are essentially instalment payments that are made by telcos for airwaves bought in past auctions and are separate from their AGR liabilities.

After a highly volatile session, the 30-share index surged 479.68 points or 1.26 per cent to end at 38,623.70 with 28 of its constituents ending in green.

VIL has so far paid Rs 3,500 crore in two tranches towards its AGR liabilities. The sources in the Department of Telecommunications confirmed that the company has made the payment of around Rs 3,043 crore towards deferred spectrum liability.

The SBI Cards IPO is expected to receive bumper response as brokerages are extremely positive on the issue and advising investors to subscribe.

VIL said a floor price needs to be immediately made effective, say from April 1, 2020 to ensure that the sector is fully sustainable and in a position to pay deferred spectrum and AGR dues and still invest to create world-class network and services.

RITES Ltd shares dropped 5.7% after the government decided to sell up to 5% stake in the company via OFS (offer for sale), setting the floor price at Rs 298 per share.

On the BSE, the stock gained 4.8 per cent to trade at Rs 423.25. Later, it was trading with marginal gains of 0.78 per cent at Rs 407 per unit.

The warning letter reportedly said that the pharma company may continue to sell existing drugs from the Goa facility, but newer approvals will be held if corrective measures are not taken.

India began importing crude oil from the US in 2017 as it looked to diversify its import basket beyond the OPEC nations. It bought 1.9 million tonnes of crude oil from the US in 2017-18 and another 6.2MT in 2018-19.

Though, the report noted that it is not clear whether the undisclosed RPTs found by Sebi are the same as those highlighted by Rakesh Gangwal.

The 30-share BSE gauge settled at 40,363.23, dropping 806.89 points or 1.96 per cent. While, the broader NSE Nifty sank 251.45 points or 2.08 per cent to 11,829.40.

According to the minutes of the MPC released by the central bank on Thursday, member and RBI Deputy Governor Michael Debabrata Patra observed that economic activity remains weak.

During the winters, LPG consumption increases, which creates a pressure on the sector. This month, the price increased while next month it will reduce, he said.

The stock has surged nearly six times from its IPO (initial public offering) price of Rs 320 per share in less than six months.

Spot gold was little changed at $1,601.77 per ounce by 0244 GMT. In the previous session, bullion prices surged 1.3% to their highest since January 8 at $1,605.10.