State Bank of India on Monday said it will adopt repo rate as the external benchmark for all floating rate loans for MSME, home and retail loans, from October 1, 2019.

On September 4, the Reserve Bank of India (RBI) had mandated all banks to link all new floating rate personal or retail loans and floating rate loans to micro, small and medium enterprises (MSMEs) to an external benchmark from October 1 onwards.

The Rupee opened marginally lower by 9 paise to 71.03 against the U.S. Dollar in opening trade on September 23, as rising crude oil prices and concerns regarding U.S.-China trade war kept investors edgy.

Forex traders said reports that the U.S. is likely to ramp up pressure on China by raising existing tariffs if a trade deal is not reached soon between the two countries, weighed on the domestic currency.

The power ministry has asked state-run NTPC to bid for potentially viable projects in the National Company Law Tribunal (NCLT) and acquire them if the prices are attractive.

Power minister RK Singh told FE that he had asked NTPC to take a look at all the plants undergoing the CIRP process. “I have asked them to identify the ones with good machinery,” Singh said.

Hyundai Motor India (HMI), the country’s second-largest automaker, expanded its profits by 21.5% to Rs 2,582 crore in the previous fiscal. The profit growth is much better than that of market leader Maruti Suzuki, which reported a 3% decline to Rs 7,500 crore for the year ended March 31, 2019.

A product mix which includes high-segment cars like Creta and next gen Verna ensured a healthy profit growth in FY19. Hyundai also relaunched hatchback Santro in October 2018.

Thomas Cook, the world's oldest travel firm, collapsed on Monday, stranding hundreds of thousands of travellers around the globe and launching the biggest peacetime repatriation effort in British history.

Thomas Cook has entered into compulsory liquidation. Speaking on the crisis, Thomas Cook CEO said, "I apologise".

Following the central government's recent move to slash corporate tax rates, domestic equity indices continued to rise on Monday, signalling a healthy gain in the market and cheering investor sentiments. At 11:20 AM, the BSE SENSEX index surged 1,126.85 points in early trade to stand at 39,141.47, while the NSE NIFTY 50 crossed the 11,600 mark, indicating a 339.35 point increase.

Taking the stage during the gala-event of 'Howdy Modi!' at NRG stadium that was attended by more than 50,000 people gathered there to witness two great world leaders, US President Donald Trump that the ties between India and USA are stronger than ever, marked by dedicated deals in various sectors, including defence.

Ever since Amazon.com Inc. bought Whole Foods in 2017 for $13.7 billion, shoppers and investors alike have wondered how the e-commerce giant would integrate the upscale grocer into its sprawling online operation. Now, after two years of tinkering, Amazon is betting big on quick delivery from Whole Foods.

New Delhi: Chandrayaan 2 orbiter continues to perform the mission to complete satisfaction while experts are still analysing the communication loss with Vikram lander, informed Indian Space Research Organisation (ISRO) on Thursday.

Corporate loan is likely to pick up from October due to the sharp cut in corporate tax rates and festive season sales, State Bank of India’s deputy managing director Sujit Kumar Varma said on Friday.

Varma said in first two quarters of the current fiscal, the loan growth was mainly driven by retail credit, while there was a negative growth in corporate loan. Private sector investment was largely muted in the last 12-18 months.

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