Mumbai: Lenders to bankrupt Essar Steel Ltd are considering increasing a payout to Standard Chartered Plc to expedite the sale of the company to ArcelorMittal, according to people with knowledge of the matter.

The move by the lenders is part of an attempt to complete Essar Steel's sale by the end of March, the people said asking not to be named as the information is not public.

A consortium of lenders led by Bank of Baroda (BoB) has put on sale their exposure to Garden Silk Mills on a 100% cash basis, according to a bid document. As on February 21, the company owed Rs 2,311 crore to banks. All bank facilities of the textile manufacturer are in the default category.

“The highest bid may be further negotiated with the bidder. The lenders will have right for inter-se bidding/ Swiss challenge/ e-auction between the bidders,” the document said.

First-year premium of life insurance companies between April 2018 and February 2019 grew 7.6% to Rs 1.77 lakh crore against Rs 1.64 lakh crore during the corresponding period in the previous financial year.

Private players continued to grow faster at 22.31% compared to state-run Life Insurance Corporation of India (LIC) which posted a growth of only 1.39% during the period, showed data from the Insurance Regulatory and Development Authority of India (Irdai).

We had downgraded L&T Infotech (LTI) post Q3FY19 results (Limited catalysts for re-rating) given client-specific issues, peak margins and near full valuation. Stock is since down ~9%, which appropriately captures our concerns. NIFTY IT index is up 4% in comparison. We also see it less likely for any stake acquisition in Mindtree, if at all, to happen from LTI’s balance sheet. As a result, we upgrade the stock to ‘Buy’, with a revised target price of rS 1,905 based on 18x FY21E EPS.

State-owned telecom firm BSNL plans to raise Rs 5,000 crore through soft loans immediately in order to meet its operational expenses.

Department of Telecommunications (DoT) has given a letter of comfort to the cash-starved BSNL for raising loans, which is a guarantee from the government.

In a major step towards income-tax proceedings becoming completely faceless, the Income Tax Department under the finance ministry will launch a new mechanism to verify taxpayers' returns shortly.

A notification in this regard was issued by the finance ministry on Wednesday.

Mumbai: The Reserve Bank of India (RBI) on Thursday named State Bank of India (SBI), ICICI Bank and HDFC Bank as Domestic Systemically Important Banks (D-SIBs), which in other words mean banks that are too big to fail.

As per the norms, these banks will have to set aside more capital for their continued operation. RBI comes with the list every year since 2015.

Five people, including three women, were killed and over 30 injured after major portion of a foot overbridge near a busy train station in south Mumbai collapsed on Thursday evening, officials said.

The bridge, which connected the area near the Times of India building with the iconic Chhatrapati Shivaji Terminus railway station station, was commonly called 'Kasab bridge' as the 26/11 Mumbai attack terrorist passed through it during the strike.

Chile has found another use for dams that hold the liquid waste from massive copper-mining operations: power generation.

Calling it the first project of its kind in the world, Anglo American Plc has installed 256 photovoltaic panels at the tailings dam for its Los Bronces complex in Chile. The panels are floating atop the sometimes-toxic ground minerals and effluents blasted out of rocks dug up at the mine. The pilot project is expected to generate 150,000 kilowatt-hours a year and help power the operations there, the company said in a statement on Thursday.

Multiple fatalities were inflicted at two mosques in the New Zealand city of Christchurch on Friday when at least one gunman opened fire on worshippers, police said.

Witnesses told media that a man dressed in a military-style, camouflage outfit, and carrying an automatic rifle had started randomly shooting people in the Al Noor mosque.

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