Business

Oyo and Highgate will spend $20 million in total to renovate the hotel, which will remain open during the transformation, the source said.

The rupee for the first time in nine months breached the 72-mark against the US dollar in opening trade due to heavy losses in stock markets. The rupee opened lower at 71.93 and touched a low of 72.05 later.

As per the IBC, there are various thresholds for 'Fresh Start', including that the gross annual income of the debtor does not exceed Rs 60,000.

GE — which already had disclosed investigations by US regulators into the company's accounting — called the claims 'meritless,' and stands behind its financial reporting.

The 30-share index pared some opening losses to trade 248.25 points or 0.67 per cent lower at 37,063.28 at 0930 hours; and the broader Nifty too fell 67.45 points or 0.61 per cent to 10,961.95 in morning trade.

Saudi Arabia, which traditionally has been India's top oil source, lost the slot to Iraq during the last two financial years.

The transaction will be completed once Blackstone finishes its due diligence which should be completed in the next 30-45 days.

At 10:27 am, Sun Pharma shares were trading at Rs 415.05, down 5.5%, after hitting an intra-day low of Rs 412. The stock had risen over 4% in the previous session.

The discussions between the two players have been going on for a few months. However, the talks seemed to have been halted after the Indian government tightened FDI rules for e-commerce marketplaces earlier this year.

At 3:10 pm, the Reliance Capital stock was trading lower by 6% at Rs 45.80 compared with its previous close of Rs 48.75.

At 9.28 am, the RIL stock was trading at Rs 1,260.70, up 8.5%, at BSE after hitting an intra-day high of Rs 1,270. Notably, as of Friday’s close, RIL shares had rallied 20% since the company held its previous AGM last year.

On Sunday, Volcan Investment, Agarwal's investment company said it had submitted the expression of interest on Saturday-the last day of the extended bidding process—in an exploratory manner to buy stake in the airline.

Reliance has invested nearly Rs 5.4 lakh crore over the last five years to generate EBITDA in excess of $1 billion annually for over a decade.

After surging 285 points in opening trade, the 30-share index was trading 238.59 points or 0.64 per cent higher at 37,565.95 at 0945 hours; and the broader Nifty too rose 73.10 points or 0.66 per cent to 11,105.55.

With this move, SBI’s one-year MCLR rate stands at 8.25% per annum with effect from 10 August 2019 compared with 8.4% earlier.

The decision, the Reserve Bank of India said, 'is expected to revolutionise the retail payments system of the country.'