Business

Ghamdi and some 1.2 million Saudis in a similar financial position manage to do so will be vital if Crown Prince Mohammed bin Salman is to convince his people that the reform plan will benefit not just the super-rich.

"There seems to be a lack of conviction in the market, particularly after the North Korean summit... and that's come at a time when we are looking at another rate hike in the U.S.," said ANZ analyst Daniel Hynes.

On Wall Street, the S&P 500 ended 0.2 percent lower on Thursday, though it clawed back a large part of its earlier loss of 0.95 percent.

A total of 24 accused have been listed in the charge sheet, including Nirav Modi, his father, brother Neeshal Modi, sister Purvi Modi, brother-in-law Mayank Mehta and the designer jewellers' firms.

In a notice issued on Wednesday, SEBI said SBI Capital Markets will auction 17 properties of Pancard Clubs and three properties of its late CMD Sudhir Moravekar on June 27 at a reserve price of about Rs 1,733 crore.

Asian shares drifted lower after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week.

Investors were wary after BJP's B S Yeddyurappa resigned as the chief minister of Karnataka on Saturday minutes before he was to face a floor test, paving the way for the JD(S)-Congress combine to form the government.

Last week, Tata Group acquired controlling stake of 72.65 percent in the debt-ridden Bhushan Steel Ltd for around Rs 36,000 crore. This will help in cleansing the banking system as well as boost lenders profitability.

The acquisition of Aferpi, which owns the second largest steel plant in Italy, will help JSW expand its reach in the specialised steel market, particularly in the automobile sector, the Indian steel maker said in a statement.

Brokers said sentiment remained weak largely on sustained capital outflows by foreign funds and rising global crude oil prices, which went past the USD 80 per barrel mark.

According to Infosys, the network is being used by the banks to run a successful pilot of Finacle Trade Connect, a blockchain technology based solution developed specifically to address the trade finance process requirements of banks.

On May 9, Walmart Inc said it is buying a 77 per cent stake in Indian e-commerce retailer Flipkart for about USD 16 billion, but it is yet to disclose financing plans.

The bank had registered a net profit of Rs 111.16 crore in the same quarter of preceding fiscal 2016-17. The bank had reported a loss of Rs 1,263.79 crore in the previous December quarter.

Vodafone said adding Liberty's cable TV and broadband services to its mobile operations would create the first truly converged pan-European company able to take on former incumbents like Deutsche Telekom.

When asked what would be the government stance on ICICI bank case, sources said it would take stand based on regulatory and investigative report.

Walmart and Google parent Alphabet Inc will buy up to 75 percent of Flipkart, the two sources familiar with the matter said, declining to be named as the talks are private.