Mumbai: State Bank of India has made a complete U-turn on stressed assets undergoing insolvency proceedings. Instead of initiating bankruptcy proceedings against the defaulting companies, the state-owned lender is now looking to sell them to asset reconstruction companies (ARCs), two senior bank officials said, requesting anonymity.

The key Indian equity indices — Sensex and Nifty — opened in the negative territory on Monday tracking weak Asian markets. The Sensex of the BSE plunged over 300 points to hit an intra-day low of 37,784.50 points in opening trade. The Nifty of the National Stock Exchange, too, fell 97 points to a low of 11,417.70 points.

Shares of Axis Bank, Tata Motors, SBI, IndusInd Bank, Yes Bank, Tata Steel Hero MotoCorp, HDFC, HDFC Bank and Asian Paints were amongst the top laggards on the BSE Sensex index.

The Niti Aayog has denied ‘permission’ to state-run Oil India (OIL) to venture into the country’s reinvigorated city gas distribution (CGD) business, arguing that exploration companies must focus on their core activities given the country’s stagnant oil production. An OIL-HPCL consortium had won bids for two geographical areas (GAs) — Ambala and Kurukshetra in Haryana, and Kolhapur in Maharashtra — during the eighth round of CGD bidding in 2017.

The Patiala Court on Monday will hear an important case pertaining to the charge sheet filed by the Enforcement Directorate against former railway minister Lalu Prasad Yadav and his family, who are accused in the IRCTC Scam case.

The ED has said that it has enough evidence to charge Lalu, his wife, Rabri, and Tejashwi Yadav, along with former minister Premchandra Gupta and his wife Sarla, as well as former IRCTC Managing Director BK Agarwal.

The rupee reclaimed the 72/$ mark in early trade on Monday, slipping nearly 82 paise to a low of 72.67 against the US dollar. Despite the government’s steps to stem a steep fall in the currency, the rupee depreciated amid reports that the US could announce a new round of tariffs on Chinese imports later in the day, PTI reported.

The rupee hit a low of 72.6725 per dollar, down almost 82 paise, from its Friday’s close at 71.8550 against the greenback, Bloomberg data showed.

Amazon is investigating allegations that some of its staff sold confidential customer data to third-party companies particularly in China, The Wall Street Journal reported Sunday.

According to the newspaper, which did not give figures, employees of the online giant sell internal data and other confidential information -- usually through intermediaries -- to merchants who sell their goods on the US giant's website.

Mumbai: The market extended its decline for second straight week with BSE Sensex lossing another 299.18 points to close 38,090.64 and the broader Nifty falling 73.90 points to finish at 11,515.20.

The truncated and volatile week saw the stock market enduring initial bitter losses as rupee stabilized during late session after initial record lows.

The Indian space agency expects to fly its first small rocket with a carrying capacity of about 500-700 kg sometime next year, according to a top official. “The developmental work for our small rocket that can carry satellites weighing around 500 kg is on. The first flight of the small rocket is expected to happen sometime next year,” ISRO Chairman, K.Sivan told IANS.

With one default behind it, the beleagured Infrastructure Leasing & Financial Services ( IL&FS) will be looking for a lifeline from its shareholders at the board meeting on Saturday. The company’s largest shareholder, Life Insurance Corporation (LIC), is understood to be considering a loan to the defaulting Mumbai-based firm.

Infosys on Friday announced a definitive agreement to acquire Fluido, a salesforce advisor and consulting partner in Nordics that has expertise in cloud consulting, implementation and training services. Infosys said the acquisition enhances its ability to provide clients an unparalleled cloud-first transformation. With offices in Finland, Denmark, Sweden, Norway and Slovakia, Fluido elevates Infosys’ presence across the Nordics region.

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