Axis Bank has picked banks, including Citigroup and JPMorgan Chase, to arrange a planned share sale of at least $1.3 billion, according to people with knowledge of the matter.

India’s third-largest private sector lender has also selected Credit Suisse Group, BNP Paribas, HSBC Holdings, UBS Group and Axis Capital for the proposed offering, the people said, asking not to be identified.

Amazon.com Inc is flirting with a $1 trillion valuation again after posting its longest winning streak since briefly surpassing that level in September.

Seven consecutive days of gains have boosted the e-commerce giant’s market value to $993 billion as of Wednesday’s close, according to data compiled by Bloomberg. A gain of less than 1% for the stock would push the market capitalization above the 10-figure mark.

Yes Bank shares have had a lousy run this year, losing a whopping 67% since April and underperforming benchmark indices by a massive margin.

Indeed, at the current price the stock trades at below its estimate book value for FY20. Even so, analysts are in no hurry to re-rate the stock.

The flood situation in Assam turned serious on Tuesday with over 62,000 people getting affected across eight districts. The Assam State Disaster Management Authority (ASDMA) said 145 villages are under water and 3,435 hectares of crop areas have been damaged.

Mumbai: Equity benchmark BSE Sensex ended 174 points lower after choppy trade on Wednesday, tracking losses in oil and gas, power, metal and auto stocks.

After swinging nearly 400 points during the day, the 30-share index settled 173.78 points or 0.45 per cent lower at 38,557.04. The index hit an intra-day low of 38,474.66 and a high of 38,854.85.

ICICI Bank has topped the list of banks with the highest number of fraud cases over the last three years, topping bigger rivals state-run State Bank of India and private HDFC Bank. ICICI Bank has recorded a total of 1,432 cases of frauds involving Rs 1 lakh or more, between fiscal year 2016-17 and FY 2018-19, Minister of State for Finance Anurag Thakur said in a written reply in Rajya Sabha.

NEW DELHI: Over 1,000 mobile towers and 500 telephone exchanges of cash-strapped Bharat Sanchar Nigam Ltd (BSNL) are not functional due to non-payment of electricity bills, Parliament was informed on Wednesday.

A comprehensive revival plan for two state-owned firms BSNL and Mahanagar Telephone Nigam Ltd (MTNL) is under preparation, Communications Minister Ravi Shankar Prasad said in a written reply to the Lok Sabha.

IBM closed its $34 billion purchase of Red Hat, sealing the world’s second-largest technology deal ever and setting up the iconic U.S. company on a path to try to compete with top software purveyors in the cloud.

The 108-year-old International Business Machines Corp., once synonymous with mainframe computing, has been struggling to adopt cloud-related technologies. It’s playing catch-up to market leaders Amazon.com Inc.

Mumbai: The Indian rupee on Wednesday weakened marginally against US dollar tracking losses in Asian currencies ahead of speeches from Federal Reserve officials.

The home currency opened at 68.65 a dollar. At 9:10 am, it was at 68.63 a dollar, down 0.11% from its previous close of 68.55.

State Bank of India (SBI), the country’s largest lender, on Tuesday cut its marginal cost of funds-based lending rates (MCLR) by 5 basis points across tenures.

“Interest rates on all loans linked to MCLR stand reduced by 5 bps with effect from July 10, 2019,” the bank said.

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