IDBI Bank Tuesday said government will not participate in LIC’s open offer to acquire 51 per cent stake in the bank.

IDBI Bank Tuesday said government will not participate in LIC’s open offer to acquire 51 per cent stake in the bank.

Auto major Tata Motors is planning a large-scale overhaul of its sales network across the country over the next one year as it prepares to bring in new products, including premium SUV Harrier, a top company official Tuesday said.

The company, which plans to have all its future products on just two platforms -- Omega and Alpha, currently has around 790 dealerships across the country.

Private sector lender YES Bank on Tuesday said its wholly-owned subsidiary YES Asset Management has received markets regulator Sebi's approval to launch two mutual fund schemes.

YES Asset Management (India) is the latest Indian company to enter the mutual fund segment.

The BSE benchmark Sensex dropped over 100 points in early trade Tuesday amid mixed cues from other Asian markets, rising crude prices, weak rupee and heavy selling by domestic institutional investors.

The 30-share index was trading 133.27 points, or 0.37 per cent, lower at 36,107.73 at 0945 hrs. The index had closed with a marginal gain of 47 points at 36,241 Monday.

Indian Oil Corporation (IOC) on Monday moved the Supreme Court seeking setting aside of the Allahabad High Court’s decision that had asked it to pay Rs 5,600 crore towards interest on deferred entry tax payable between 2001 and 2012 to the Uttar Pradesh government.

A Bench led by Justice AK Sikri posted the matter for further hearing on December 6.

ICICI Bank, the country’s third-largest lender by assets, raised its marginal cost of funds-based lending rates (MCLRs) by 10 basis points (bps) across tenures. Its one-year MCLR now stands at 8.8%.

MCLRs for other tenures range between 8.55% and 8.75%. The revised rates came into effect on Saturday.

We see upside across DuPont metrics for SBI that should see the bank’s ROEs reflate back to 13% by FY20E and 16% by FY21E. This, combined with valuation normalisation to last-cycle P/B levels (1.5x), could drive a significant re-rating over the next two years, in our view.

Our base view for the banking sector remains that deposit franchises will rerate vs. lending franchises and that NPLs across the system should start trending down from here.

A Delhi court on Monday said it would pronounce on December 5 its order on the sentencing of former coal secretary H C Gupta and five others convicted for irregularities in the allotment of coal blocks to a private firm in West Bengal.

Special Judge Bharat Parashar concluded hearing on arguments on the quantum of punishment. The CBI sought a maximum of seven years imprisonment for the five convicted persons and imposition of heavy fine on the private firm.

Market regulator Sebi on Monday extended the deadline for transfer of shares of listed companies only in demat form to April 1.

The last date has been extended after taking into consideration representations from shareholders as the initial deadline was to end on December 5.

Amazon.com briefly became the most valuable company on Wall Street in intraday trade on Monday, days after Microsoft Corp dethroned long-time leader Apple Inc .

Amazon rose as much as 4.7 percent, putting its market capitalisation at $865.0 billion. Apple traded up 2.1 percent, giving it a market capitalisation of $864.8 billion.

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