Tata Power Company subsidiary CGPL repays Rs1,550cr bank loans
Thu, Dec 3, 2020 3:48 PM

Tata Power Company subsidiary CGPL repays Rs1,550cr bank loans

Tata Power Company Limited informed the exchanges Thursday that its wholly owned subsidiary Coastal Gujarat Power Limited (CGPL) has repaid Rs1,550cr bank loans on December 2, 2020. With this repayment and the earlier repayment of Rs2,600cr of bank loans made in October 2020, the entire bank loans of CGPL aggregating to Rs4,150cr have been fully repaid.

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SBI Cards jumps 5% after HDFC asked to pause sourcing new credit card users
Thu, Dec 3, 2020 2:48 PM

SBI Cards jumps 5% after HDFC asked to pause sourcing new credit card users

SBI Cards & Payments Services jumped nearly 5 per cent on Thursday after the Reserve Bank of India (RBI) asked top private lender HDFC Bank to temporarily stop launch of new digital business activities and not to add new credit card customers following repeated outages in its electronic banking services. The central bank has also asked the bank’s board to examine the lapses and fix accordingly.

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Indian economy witnessing V-shaped recovery: Finance Ministry report
Thu, Dec 3, 2020 2:32 PM

Indian economy witnessing V-shaped recovery: Finance Ministry report

The Indian economy is witnessing a V-shaped recovery as the Gross Domestic Product (GDP) has recorded a quarter-on-quarter growth of 23 percent in the July-September quarter of this fiscal, according to the Finance Ministry''s latest Monthly Economic Review. The decline in the GDP narrowed to 7.5 percent in the second quarter of this financial year, over 23.9 percent in April-June quarter.

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The iconic figure of MDH ads, Mahashay Dharampal Gulati passes away at 97
Thu, Dec 3, 2020 2:22 PM

The iconic figure of MDH ads, Mahashay Dharampal Gulati passes away at 97

'Mahashay' Dharampal Gulati, the owner of Mahashian Di Hatti (popularly known as MDH), passed away Thursday morning at the age of 97. According to reports, he was undergoing treatment at Chanan Devi Hospital for the past few weeks and suffered a cardiac arrest on Thursday morning. MDH is a homegrown brand which has more than 60 products.

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PhonePe hived off Flipkart, valued at $5.5 billion
Thu, Dec 3, 2020 1:56 PM

PhonePe hived off Flipkart, valued at $5.5 billion

Digital payments major PhonePe has been hived off from parent entity, Walmart-owned Flipkart Group, and will be valued at $5.5 billion, the company said on Thursday. Flipkart, however, will continue to own majority share of 87% in the hived-off entity PhonePe Private Ltd., with US-retail giant Walmart owning 10% stake, and existing investors including Tiger Global Management holding remaining 3%.

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Radhakishan Damani trims stake in Trent
Thu, Dec 3, 2020 1:45 PM

Radhakishan Damani trims stake in Trent

Ace investor Radhakishan Damani, promoter of Avenue Supermarts, and persons acting in concert (PACs), have trimmed stake in Tata group's retail arm Trent by selling over 28.22 lakh shares in the open market for an estimated sum of over Rs 202 crore. . The shares were sold on November 27, 2020, and, based on the weighted average price of the stock at Rs 717.92 apiece.

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Retail investors splurge on trading in cryptocurrency
Thu, Dec 3, 2020 1:43 PM

Retail investors splurge on trading in cryptocurrency

Retail investors aged 25-40 years are spending millions on trading in cryptocurrency in India every day, according to two of the top exchanges in the country. The country’s largest crypto exchange, WazirX, said it has seen a 125% increase in user signups in the past six months, while rival CoinDCX said there’s been an 85% growth in traders in its exchange in the last quarter.

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Alembic Pharma share price rises after US FDA nod to metolazone tablets
Thu, Dec 3, 2020 1:34 PM

Alembic Pharma share price rises after US FDA nod to metolazone tablets

Alembic Pharmaceuticals share price gained on December 3 after the company received the US health regulator's nod for metolazone tablets used to reduce swelling and water retention caused by heart failure or kidney diseases. The company received Food & Drug Administration's final approval for metolazone tablets USP 2.5 mg, 5 mg, and 10 mg, it said in an exchange filing.

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HDFC Bank falls after RBI bars it from issuing fresh credit cards
Thu, Dec 3, 2020 1:32 PM

HDFC Bank falls after RBI bars it from issuing fresh credit cards

Shares of HDFC Bank drifted lower on Thursday after the RBI temporarily barred it from all launches under upcoming Digital 2.0 offering and issuing fresh credit cards in light of incidents of outages in the last two years. The order was issued on Wednesday after the banking regulator took note of recent outages in the bank’s internet banking and payment system on November 21, 2020.

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Reliance Capital soars 5% as bidders submit Expressions of Interest (EOI)
Thu, Dec 3, 2020 1:25 PM

Reliance Capital soars 5% as bidders submit Expressions of Interest (EOI)

Anil Ambani-backed Reliance Capital freezes on the upper circuit limit during Thursday's trading session as the company receives massive interest for acquisition. At around 12.30 pm, Reliance Capital traded at the upper price band of Rs9.49 per piece higher by 4.98% on Sensex. As many as 8 suitors, including the US-based Oaktree and J C Flower, have expressed their interest to acquire RCL.

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Burger King IPO subscribed nearly 5 times on day 2 so far
Thu, Dec 3, 2020 1:22 PM

Burger King IPO subscribed nearly 5 times on day 2 so far

The initial public offering of Burger King India, a quick service restaurant chain, was subscribed nearly five times till 12.20pm on Thursday, the second day of bidding. The ₹810 crore IPO has received bids of 364.19 million against 74.49 million shares issued, according to NSE website. The issue subscribed 4.89 times.

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Union Bank of India Refuses to Provide Information on Wilful Defaulters
Thu, Dec 3, 2020 7:30 AM

Union Bank of India Refuses to Provide Information on Wilful Defaulters

In yet another example of thwarting a query under the Right to Information (RTI) Act, the Union Bank of India (UBI) has refused to share information on wilful defaulters. Earlier, UBI, which had written off Rs26,027 crore as bad loans in past years have stalled an RTI query on recoveries and sharing names of big defaulters’ whose bad debt of Rs100 crore and above were written off.

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Reliance tops Fortune 500 list of Indian firms, IOC at second spot
Thu, Dec 3, 2020 7:00 AM

Reliance tops Fortune 500 list of Indian firms, IOC at second spot

Oil-to-telecom conglomerate Reliance Industries Ltd topped the Fortune 500 list of Indian companies, Fortune India announced on Wednesday. Indian Oil Corporation Ltd (IOC), the nation's biggest oil firm, bagged the second spot, followed by Oil and Natural Gas Corporation (ONGC) at the third, it said. The country's largest lender State Bank of India was in the fourth position.

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Two Sahara group firms move Supreme Court, file contempt plea against SEBI
Thu, Dec 3, 2020 3:42 AM

Two Sahara group firms move Supreme Court, file contempt plea against SEBI

Two Sahara group firms have moved the Supreme Court seeking initiation of contempt proceedings against SEBI alleging that the market regulator's demand of Rs 62,602 crore from them was not only contemptuous but a mischievous attempt to overreach the directions of the apex court.Eaelier SEBI had moved the apex court seeking direction to the firms to pay the amount.

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BSE executes physical deliveries of gold under India good delivery standard
Thu, Dec 3, 2020 3:14 AM

BSE executes physical deliveries of gold under India good delivery standard

Leading stock exchange BSE on Wednesday said it has completed another round of physical deliveries of gold under the India Good Delivery standard. The exchange executed delivery of gold and silver to the tune of Rs 1 crore in the 'options in goods' framework, marking the sixth consecutive month of delivery at its designated vault in Ahmedabad, Gujarat, BSE said in a statement.

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