Business

In its most expensive acquisition ever, Oil and Natural Gas Corp (ONGC) last year paid Rs 36,915 crore to buy government's entire 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL).

At 11:19 am, shares of debt-laden DHFL were trading 5% higher at Rs 22.20 apiece. The stock has lost over 92% of its value in the last one year.

According to New Delhi-based PSB, Mehul Choksi's company, Gitanjali Gems Ltd, including its merged entity Gitanjali Exports Ltd, had availed the loan from the bank.

In the year-ago fortnight, the advances had stood at Rs 89.82 lakh crore. In the previous fortnight ending September 13, bank credit had grown 10.26 percent to Rs 97.01 lakh crore.

The Saudi Aramco board is expected to meet its advisers on the IPO around 17 October to gauge market conditions and assess feedback from a roadshow that ends this week before giving the final nod.

At the interbank foreign exchange the rupee opened at 70.82, then gained further ground and touched a high of 70.80, registering a rise of 27 paise over its previous close.

Hotstar has been launched in three key international markets — the US, Canada and the UK — and they aim to reach the majority of the 40 million South Asians living abroad.

Calling for encouraging savings if credit were to grow, Parekh said the savings rate at 30 percent of GDP has been showing a declining trend over the past decade.

Messages wrongly speculate about LIC's financial health and attempt to portray the largest life insurer in poor light in the eyes of its stakeholders, said the corporation.

Mohan Bhagwat added that while implementing many government schemes and welfare policies at the lower level, more alacrity and efficiency and avoiding unnecessary stringency can set many matters right.

At 12:15 pm, the 30-share S&P BSE Sensex rose 183.31 points, or 0.5%, to 37,856.62, while the Nifty 50 index jumped 34.35 points, or 0.3%, to 11,209.10.

The new move will give impetus to online payments, and help banks manage funds better.

Besides Choksi, his wife, Priti Choksi, and directors of Gitanjali Gems have also been given notices by the bank.

At 11:08 am, the benchmark S&P BSE Sensex was down 203.70 points, or 0.5%, to 38,101.71, while the Nifty 50 index fell 59.10 points, or 0.52%, to 11,300.80.

Lakshminarayanan comes with 35 years of experience in a broad range of leadership roles across industries and regions across the world, the company said in a statement.

Forex traders said weak opening in domestic equities and rising demand for the US dollar vis-a-vis other currencies overseas also weighed on the domestic currency.