The Bombay High Court Monday refused to grant stay on the December 31 deadline to private sector lender Kotak Mahindra Bank for promoter stake dilution.

A division bench of justices B P Dharmadhikari and S V Kotwal directed the Reserve Bank of India (RBI) to file its affidavit by January 17, 2019, on a petition filed by the Kotak Mahindra Bank against the dilution directive.

The Madras High Court Monday banned online sale of medicines till the Union Health Ministry and the Central Drugs Standard Control Organisation notified the proposed Drugs and Cosmetics Amendment Rules, 2018 in the gazette at the earliest by January 31.

Justice Pushpa Sathyanarayana directed online pharmacy traders to obtain licenses as per the prescribed rules that are going to be notified within a duration of two months.

The department of telecommunications (DoT) has set for itself an ambitious target of completing the procedure for auctioning 5G spectrum by August next year.

Speaking on the sidelines of a workshop done with states and union territories, Telecom Secretary Aruna Sundararajan said on Monday: “We expect to complete due process by July-August 2019.

Shares of information technology (IT) companies were under pressure with Nifty IT index falling over 1% on Tuesday after Wall Street’s all major indices slid more than 2% on Monday, amid concerns about slowing economic growth ahead of a highly anticipated decision from the Federal Reserve on the course of US interest-rate hikes. The FOMC is scheduled to meet on Tuesday and Wednesday.

The rupee on Tuesday opened 23 paise higher at 71.33 against the US dollar as oil prices dropped 1 per cent, amid reports of a big climb in US inventories and forecasts of record shale output stoked worries about oversupply.

The domestic unit on Monday recovered by 34 paise to close at 71.56 against the US dollar as forex market sentiments were driven by the country's narrowing trade deficit in November as also smart gains in domestic equities.

The death toll in Mumbai's Andheri hospital fire incident has increased to eight from six. One of the victims is a six-month-old baby, the police said. A massive fire broke out at ESIC Kamgar hospital on Monday injuring more than 140 people.

Ten fire tenders were pressed into service to douse the blaze while a rescue van and 16 ambulances were also rushed to the spot for necessary assistance.

Mumbai: Kotak Mahindra Bank shares fell over 3% on Monday after the Bombay high Court refused to grant stay on 31 December deadline given by the Reserve Bank of India for promoter stake dilution. The next hearing will be on 17 January, Bloomberg reported. In intraday, Kotak Mahindra Bank shares declined as much as 3.6% to hit a low of ₹1,209.30 apiece. The Kotak Bank stock closed at 1,223.90 per share, down 2.50% from its previous close, while the Sensex rose 0.85% to 36,270.07 points.

ONGC, OIL spent Rs 13,000 cr on 115 discoveries govt took away from them: Pradhan

New Delhi: State-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) spent over Rs 13,000 crore on 115 oil and gas discoveries which were taken away from them by the government for auctioning to private companies, Oil Minister Dharmendra Pradhan said Monday.

Despite the pace of highways projects undertaken by state-run National Highways Authority of India (NHAI) picking up in the last three years, it is likely to remain short by 33-37 per cent of its FY19 target of completing 6,000 km, says Icra.

With a strong unexecuted pipeline and concerted efforts on right of way, the NHAI is on a strong footing and is set to witness sustained growth in execution in FY2019, the highest ever over the last one decade (FY2010- FY2019), the agency said in a statement issued on Monday.

The Delhi High Court on Monday dismissed a plea challenging the LIC move to acquire 51 per cent stake in the Industrial Development Bank of India (IDBI).

Justice Vibhu Bakhru rejected the petition by the All India IDBI Officers Association, which had opposed the move of Life Insurance Corporation (LIC) on the ground that change in shareholding could take away the public sector bank status of IDBI.

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