The country’s largest lender State Bank of India will sell eight non-performing assets to recover dues worth over Rs 3,900 crore and has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs). “In terms of the bank’s revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated,” the bank said in the bid document on its website.

ArcelorMittal, which is locked in a three-way fight for the acquisition of bankrupt Essar Steel, first wrote a letter to resolution professional Satish Kumar Gupta targeting rival bidder Vedanta over its alleged violation of environmental law and human rights but shortly withdrew it.

The Allahabad bench of the National Company Law Tribunal on Monday asked Jaiprakash Associates to reply by Tuesday regarding the notice it issued to the company on September 10 on the petition of ICICI Bank initiating insolvency proceedings against the company.

The two-member bench also asked ICICI Bank to file any rejoinder to JP Associates reply by September 20 and has scheduled the matter for hearing on September 26.

The benchmark indices ended in the red on Monday for the third time in the last five trading sessions as rupee woes and global trade war worries spooked investors despite the government announcing measures to stem a steep fall in the domestic currency.

The Sensex closed at 37,585.51 down 505.13 points or 1.3%, while the broader Nifty ended the session at 11,377.75 with a loss of 137.45 points or 1.2%.

Shares of state-run lender Bank of Baroda declined as much as 14 per cent in the early trade on Tuesday after the government on Monday announced it will will merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India's third largest lender.

Cheered by the news, Dena Bank hit an upper circuit limit of 20 per cent in the opening deals while Vijaya Bank was trading flat at Rs 60.20 apiece on BSE, up 0.67 per cent.

Even after multiple system failure, adverse weather conditions and lack of fuel while struggling to land at the John F Kennedy Airport in New York, an Air India pilot succeeded in saving the lives of 370 passengers on-board. It was September 11, when Air India’s AI-101 was flying from New Delhi to New York.

After the US, Infosys is planning to take its digital hub models to Europe and Australia as the Bengaluru-based company looks at expanding its onshore capabilities in order to serve these markets effectively. The company plans to begin by setting up one digital hub in the UK for which it has shortlisted four locations while it is also evaluating setting up such centres in two more European countries. In Australia, Infosys is looking at setting up two hubs initially before expanding further.

Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries in 13 cities on its own and another nine, including Allahabad, in a joint venture with IOC,

IT company Infosys on Monday said it has doubled its investment in US-based software firm TidalScale by putting in an additional $1.5 million (around Rs 110 million) through the Infosys Innovation Fund.

"Infosys...has made an additional investment of $1.5 million through the Infosys Innovation Fund in TidalScale Inc, the company at the heart of the software-defined server revolution," the Indian software major said in a statement.

The National Company Law Appellate Tribunal (NCLAT) on Monday amended its order on the Essar Steel, passed by it on September 7, to add the name of senior counsel Darius Khambata, which was left out.

Khambata had represented Resolution Professional of the debt-ridden firm Essar Steel in this matter before the appellate tribunal and his name was missing in the final order.

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