Business

Jet's board last week approved a plan by lenders, led by State Bank of India, for an equity infusion, debt restructuring and the sale or sale-and-lease-back of aircraft.

According to traders, investor sentiment turned weak after the Reserve Bank of India (RBI) Thursday released the minutes of its last monetary policy meet.

Anil Ambani-led Reliance Group companies have been trying to monetise some of their assets and bring down the debt significantly.

In a letter to Union Finance Minister Arun Jaitley, Manish Sisodia said that such 'crucial issues' cannot be discussed through a video conference and convening a physical meeting is important to take a consolidated decision.

Prices have been bolstered by a tightening market because of supply cuts organised by the OPEC and some non-affiliated producers like Russia.

The bankers were of the view that the recent recapitalisation plan of the government will further help in improving the balance sheets and then write-off some of their current bad loans, the survey said.

The central bank bought $837 million and sold $230 million in the spot market during the reporting month.

Overseas, most Asian stocks ended higher and European equities were in a better shape on growing optimism over the prospects for a resolution to the US-China trade dispute.

To address such difficulties, it has been decided to grant relaxation to the non-residents from furnishing PAN card details and allowing them to transfer equity shares held by them in the listed entities to their immediate relatives, Sebi said.

Speaking at MAIT's Electronics Manufacturing Summit 2019, Electronics and IT Secretary Ajay Prakash Sawhney said there has been a "widening and deepening" of the electronics manufacturing ecosystem in the country.

Forex dealers said weakness in the dollar against some other currencies overseas and foreign capital inflows in the domestic equity markets supported the rupee, but a lower opening of the domestic equity market capped the gains.

Foreign funds purchased shares worth Rs 694.97 crore on a net basis, and domestic institutional investors bought shares worth Rs 525.26 crore on Wednesday, provisional data showed.

The six-member Monetary Policy Committee (MPC) headed by RBI governor Shaktikanta Das will start its three-day meet in Mumbai on Tuesday and announce the policy on February 7.

"Within the next two years, the assessment of all tax returns should be done electronically without any personal interface," Goyal said, while delivering the interim Budget for 2019-20.

In case of Oriental Bank of Commerce, the net NPA has come down to less than 6 per cent as the government has infused sufficient capital, The RBI said.

The 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69. The broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95.