The High Court of England and Wales here on Friday will set the terms for the conditional order of a payment into court it had granted to three Chinese banks last year against Reliance Communications boss Anil Ambani.

The Industrial and Commercial Bank of China Ltd Mumbai Branch, on behalf of itself, China Development Bank and Exim Bank of China, had sought summary judgment against Ambani over an alleged breach of a personal guarantee on a debt refinancing loan of around $925 million in February 2012.

Shares of Aurobindo Pharma gained 5 per cent to Rs 538 on the BSE on Friday after the company’s operational revenues witnessed a strong growth of 11.9 per cent year-on-year (YoY) at Rs 5,895 crore in December quarter (Q3FY20). US revenue for Q3FY20 witnessed a growth of 22 per cent YoY to Rs 2,969 crore, accounting for 50.4 per cent of consolidated revenue.

The stock of the drug company was trading higher for the fifth straight day, up 14 per cent, against a 4 per cent rise in the S&P BSE Sensex during the period.

India's largest lender State Bank of India (SBI) has decided to reduce its Marginal Cost of Funds based Lending Rate (MCLR) by five bps across all tenors. The one year MCLR comes down to 7.85 per cent per annum (p.a) from 7.90 per cent per annum with effect from 10th February 2020. This is the ninth consecutive cut in MCLR in FY 2019-20, SBI said in statement. This will lead to a reduction in home and auto loan rates.

The lender also decided to slash interest rate on term deposits – retail and bulk – by 10-50 basis points (bps) across various tenors as it is sitting on a pool of surplus funds. The revised rates will come into effect from February 10, 2020.

Campaigning for the Delhi Assembly election ended on Thursday, with the two major parties - AAP and BJP - focusing on contrasting issues to sway the minds of the voters in the national capital.

The campaign ended at 6 pm on Thursday.

In the last day of the election campaign, Union Home Minister Amit Shah held three roadshows in Seemapuri constituency, Hari Nagar and Madipur assembly constituencies.

Six months after top leaders from Jammu and Kashmir were put under preventive custody, the Union Territory administration on Thursday slapped stringent Public Safety Act (PSA) on former chief ministers Mehbooba Mufti and Omar Abdullah and two other politicians from National Conference and PDP.

Their six-month preventive custody was ending on Thursday. They were put under detention following the abrogation of Article 370.

Rice export prices in India edged up to the highest level in more than four months this week, helped by healthy demand from African countries, while markets in Thailand and Vietnam grapple with the new coronavirus outbreak.

India's 5 percent broken parboiled variety was quoted around $370-$375 per tonne this week, the highest since the last week of September.

Realty major DLF on Thursday reported 55 per cent year-on-year growth in profit before tax in the third quarter of FY20 at Rs 368.6 crore, compared to Rs 237.5 crore posted in the corresponding period last year.

Its net profit stood at Rs 335.15 crore in the year-ago period. The total income fell 36 per cent to Rs 1,533.34 crore in the third quarter of 2019-20 from Rs 2,405.89 crore in the corresponding period previous year, DLF said.

Uber continued to lose money as it builds up its food delivery business and develops technology for driverless cars, but revenue for its rides business nearly tripled as the company picked up more passengers around the world.

The ride-hailing giant lost $1.1 billion in the fourth quarter of 2019, about 24 per cent more than the same time last year. The loss amounted to 64 cents per share, which was slightly better than what analysts were expecting.

In a major development, WhatsApp will be able to roll out its digital payment platform, WhatsApp Pay, across India after securing a key regulatory approval on Thursday.

The National Payments Corporation of India (NPCI) has granted WhatsApp a licence to operate its digital payment service in a phased manner, a Reserve Bank of India (RBI) executive told Business Standard on Friday. The official didn’t want to be quoted.

As the death toll crossed over 500 in the coronavirus outbreak, immigration officials have suspended all visas issued before February 5 to all Chinese passport holders from any part of the world, apart from Hong Kong, Macau and Taiwan.

All visas issued to Chinese passport holders coming from anywhere in the world, including regular (sticker) and e-visa issued before February 5, have been suspended with immediate effect, the officials said.

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