Even as fugitive liquor baron Vijay Mallya has questioned the bailout of Jet Airways, but not Kingfisher Airways, Indian banks on Wednesday recovered Rs 1,008 crore after selling shares belonging to United Breweries Limited.

The shares were seized by investigation agencies and then disposed of to recover some of the Rs 9,000-crore in outstanding debt that Mallya owes to a consortium of banks, led by State Bank of India.

On Wednesday morning, 300 kilometres above the Odisha coast, a ballistic missile defence interceptor developed by the Defence Research and Development Organisation (DRDO) struck a satellite in a low earth orbit, smashing it into pieces. Prime Minister Narendra Modi announced the success of the test, codenamed Mission Shakti, on television and Twitter. Declaring that “there cannot be a greater moment of pride for any Indian”, he said:

New Delhi: A Delhi court has summoned as accused 11 top officials of the Punjab National Bank (PNB), including former and current executive officials and the current managing director, for alleged violation of banking regulations and criminal conspiracy.

Metropolitan Magistrate Dharmender Singh asked PNB Managing Director (MD) and CEO Sunil Mehta, Executive Director Sanjiv Sharan, former MD Usha Ananthasubramanian, former executive director RS Sangapure and seven others to appear before it on May 24 on the basis of a complaint filed by the Reserve Bank of India.

Mumbai: The benchmark BSE Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,500 mark in early trade on Wednesday led by gains in banking stocks amid sustained foreign fund inflows and positive global cues.

The 30-share index was trading 205.47 points, or 0.54 per cent, higher at 38,438.88. It had ended 424.50 points, or 1.12 per cent, higher in the previous session. The broader Nifty also rose 53.45 points, or 0.47 per cent, to 11,536.70 in morning trade.

The contract research and manufacturing services (CRAMS) business is the bread earner for the company, and has grown strongly over the past three years (CAGR 9 % FY15-18). This business has established a new base with the help of increased number of projects in phase II and phase I coupled with commercial/ pre-commercial supplies from FY14 onwards. Our analysis highlights that company’s earnings have reached a sustainable base (three drugs commercialised over past three years) and will continue to improve on this base going ahead.

When Google’s boss sits down with a top U.S. military official on Wednesday, the conversation will likely center on Google’s presence in China — particularly a lab that may be more trouble for the company than it’s worth.

Sundar Pichai, chief executive officer of Alphabet Inc.’s Google, will meet in Washington D.C. with General Joseph Dunford, chairman of the Joint Chiefs of Staff, according to a person familiar with the situation.

The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed two notices issued by the department of telecommunications (DoT) to debt-ridden Reliance Communications for cancellation of its spectrum licence for delay in payment.

A bench headed by chairman Justice SJ Mukhopadhaya also stayed DoT’s March 20 letter to Axis Bank to encash the bank guarantee of Rs 2,000 crore given by RCom.

Tech major Microsoft wants a relaxation in the data storage norms under the government’s proposed e-commerce policy and is in favour of allowing data to be shared among group companies, which it feels will help business development and help entities provide better services to customers.

The development relates to the first meeting of stakeholders, which took place earlier this month, after the department for promotion of industry and internal trade (DPIIT) came out with its draft e-commerce policy, government sources said, adding that during the deliberations some of the stakeholders wanted relaxation in data storage rules.

The Supreme Court will hear on Thursday Reliance Communications’ plea seeking permission to withdraw its appeal against initiation of insolvency proceedings by Ericsson India last year. A Bench led by Justice RF Nariman will also hear on Thursday another application by Ericsson which also wants to end the insolvency proceedings it had initiated against RCom and its two group firms – Reliance Infratel and Reliance Telecom – last year as the beleaguered telecom company had paid Rs 550 crore to Ericsson as per the apex court’s orders.

Cash-strapped telecom player BSNL, which faced issues with salary payments last month, plans to hive off its fibre assets into a separate company, which is expected to have a valuation of Rs 10,000-15,000 crore.

BSNL has about eight lakh route km of fibre infrastructure across India compared with Reliance Jio with 4.78 lakh route km (including 178,000 route km that it acquired from Reliance Communications) and Airtel’s 2.46 lakh route km and Vodafone Idea’s 1.56 lakh km, according to estimates.

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