Business

Senior airline officials said the deadline for bids has been extended to October 31 but it could be closed earlier in case there are minimum three bids for providing the loans. The initial deadline for submission of bids was October 10.

The bank has registered credit growth more than the industry average, and appreciating the pace of recovery, the government has decided to provide Rs 5,431 crore capital support.

The senior BJP leader also said the nature of jobs in India is changing and that only government jobs could not provide growth.

Consistent dollar demand from importers, mainly oil refiners, following higher crude oil prices, have kept the rupee under pressure.

Benchmark indices extended losses in afternoon with the Sensex falling 503.80 points or 1.43 percent to 34,665.36. The Nifty plunged 191.50 points or 1.81 percent to 10,407.80.

The three PSU refiners continued to bear the brunt of the fuel price cut. GAIL cracked 10 percent and ONGC plunged 12 percent. MRPL was down 10 percent. HPCL, BPCL and IOC crashed another 20-25 percent on government move.

According to the open offer, LIC proposes to acquire more than 204 crore equity shares of Rs 10 each, equivalent to 26 per cent equity of IDBI Bank.

The Union Cabinet, chaired by Prime Minister Narendra Modi, in its meeting on Wednesday approved minimum support prices of Rabi crops, sources said.

Income Tax authorities, which had previously asked Walmart to explain the logic behind its tax deductions on the USD 16 billion Flipkart deal, have the option to seek more clarifications from the US retailer once they study the reply.

The rupee opened lower at 73.26 and weakened further to quote at 73.34 a dollar against its previous closing of 72.91 on Monday.

IL&FS used to be a sovereign-rated entity until early last month before it was hit by a series of downgrades by credit rating agencies, which pushed its debt ratings to junk within the span of a month.

In a notification dated September 28, the finance ministry exempted items such as printed circuit board (commonly known as motherboard) coating machine, PCB assembly loader, unloader from the customs duty.

The RBI took action because the bank failed to comply with promoter shareholding norms. Axis Capital believes this move by the RBI will impact Kotak Mahindra Bank (KMB) as well.

The company, a manufacturer of equipment for telecom and power sector, had availed working capital credit facilities on August 12, 2009 to the tune of Rs 1,010.50 crore, the bank said.

NCLAT had ruled that NuMetal's second bid for Essar Steel was eligible, but the same by ArcelorMittal would qualify only if it cleared the Rs 7,000 crore dues of the two firms it was previously associated with.

Banks recovered Rs 36,551 crore in the first quarter of 2018-19 and are expected to retrieve Rs 1.8 lakh crore in the whole year through the Insolvency and Bankruptcy Code and other means, a top finance ministry official said.