Mumbai: Yes Bank Ltd is planning to raise an additional $600 million from large investors to bolster its capital buffers, two people directly aware of the lender’s capital raising plans said.

The bank plans to raise more funds after its qualified institutional placement (QIP) offering that closed on Wednesday was oversubscribed, the people said on condition of anonymity. Yes Bank raised about $270 million in the fundraising.

Domestic equity benchmark BSE Sensex dropped over 300 points in early trade on Friday tracking losses in metal, auto, IT and banking stocks.

The 30-share index pared some opening losses to trade 248.25 points or 0.67 per cent lower at 37,063.28 at 0930 hours; and the broader Nifty too fell 67.45 points or 0.61 per cent to 10,961.95 in morning trade.

The Jamshedpur unit of Tata Motors will go for a third closure this month from today as the slowdown in the automotive sector shows no signs of abating.

Tata Motors earlier went for a day closure on August 1, followed by three block closure from August 8-10. Though the closure from August 16 will reportedly be for two days, it may last for four days.

Walmart International, the segment which consists of the retail giant’s operations outside US including retail websites, on Thursday posted 29.6 per cent decline in operational income on a reported basis and 27.3 per cent decline in constant currency, primarily due to Indian e-commerce firm Flipkart.

The Bentonville-based company (in Arkansas) is locked in a battle with US rival Amazon for dominance in India’s online retail market through Flipkart, which it acquired for $16 billion last year in May.

The rupee slipped 12 paise to 71.39 against the US dollar in the early morning trade on Friday. On Wednesday, the domestic currency rebounded from a six-month low to end at 71.27, up 13 paise.

The forex market was closed on Thursday on account of Independenece Day.

The country’s biggest oil firm Indian Oil Corporation (IOC) will invest Rs 2 lakh crore in next 5-7 years to expand refining and petrochemical capacities in order to maintain leadership position, its Chairman Sanjiv Singh said.

The plan is to almost double its oil refining capacity to 150 million tonnes per annum, expand fuels and LPG retailing network, jack up petrochemical production capacity and produce more crude oil and gas.

Reliance Industries shares zoomed nearly 10 per cent on Tuesday, adding Rs 71,638 crore to the company’s market valuation after the announcement of a host of investor-friendly proposals at its annual general meeting.

The oil-to-telecom giant saw its scrip jump 9.72 per cent to close at Rs 1,275 on the BSE. During the day, it climbed 12.09 per cent to Rs 1,302.50.

Life Insurance Corp of India has beaten all private-sector competitors by a wide margin, growing its first-year premium collections at double the pace of private life insurers so far this financial year, the data showed. State-run LIC’s new premium growth at 52%, on top of an already very high base, was almost double of all the private players’ growth of 27% during April-July 2019. Further, at Rs 60,106 crore in first-year premium collections, LIC captured almost three-quarters of the new market share, vis-a-vis all private companies, which together collected Rs 22,039 crore.

After a rap from market regulator Sebi, Hindustan Petroleum Corp Ltd (HPCL) has re-filed shareholding pattern of the company for last six quarters, listing its majority owner Oil and Natural Gas Corp (ONGC) as a 'promoter'.

The Securities and Exchange Board of India (Sebi) had asked HPCL to re-file shareholding pattern to stock exchanges by August 13, 2019 for all quarters since Oil and Natural Gas Corp (ONGC) acquired government's entire stake in the refiner in January 2018.

Infrastructure major Larsen and Toubro (L&T) on Wednesday said it plans to raise up to Rs 1,400 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

The company, however, did not elaborate on the reasons for raising funds.

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