The first meeting of the high-powered committee (HPC) for resolving stress in the power sector did not see any attendance from the Reserve Bank of India (RBI) on Friday. Key lenders like State Bank of India (SBI) and Punjab National Bank (PNB), however, sought more time for resolution of 9,500 MW power assets that could see about 40-50 per cent haircuts on the outstanding amount.

The nation's largest lender State Bank on Friday said banks will have to "abort" lending to infrastructure projects, especially to the power sector, because of the harrowing experience of the past decade as most such loans have turned sour.

The power sector loans are facing a slew of problems due to a changes in non-performing assets recognition after the February 12 RBI circular, which was upheld by the Allahabad High Court last week.

Shares of information technology (IT) companies continued their upward journey with Nifty IT and the S&P BSE IT index hitting their respective new highs on weak rupee against the US dollar.

Nifty IT index (15,796) and the S&P BSE IT index (15,578), up nearly 2% each have touched new high on Friday. In comparison, the benchmark indices were up 0.4% each.

The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

DLF Cyber City Developers (DCCDL), the rental arm of leading real estate company DLF, will work on achieving mid-teen growth in Ebidta, company’s chairman KP Singh said in the annual report of 2017-18 financial year.

“The free cash flow generated from DCCDL annuity income shall be judiciously utilised for capital expenditure, deleveraging and increasing dividend flow to its shareholders,” Singh said.

Mumbai: Reversing early losses, the benchmark BSE Sensex recovered over 100 points and NSE Nifty reclaimed the 11,700-mark ahead of the release of key GDP data scheduled later in the day.

The 30-share Sensex rose 138.06 points, or 0.36 per cent, to 38,828.16 in early trade, after hitting a low of 38,611.46 at the outset. It lost 206.53 points in the previous two sessions.

Delhi’s Patiala House Court on Friday granted bail to former Bihar chief minister Rabri Devi and her son and Rashtriya Janata Dal (RJD) leader Tejashwi Yadav in the IRCTC land scam case. The accused have to furnish a personal bond and surety amount of Rs 1 lakh each.

The CBI court also issued a production warrant against Lalu Prasad Yadav for October 6.

Paytm Mall, the e-commerce venture backed by China’s Alibaba Group, is looking to deepen ties with regional retailers as well as partner with top online grocer BigBasket to compete with Walmart-controlled Flipkart and Amazon’s local unit, a company executive said. Patym Mall, owned by Paytm E-Commerce, is currently the third biggest player in India’s rapidly-growing online retail space.

With the National Company Law Tribunal (NCLT) on Thursday giving its approval to the merger of Vodafone and Idea Cellular, the decks have been cleared for the two to now function as a single entity. An announcement of the date from which the new entity by the name of Vodafone Idea Limited will start functioning will be made as early as Friday.

State Bank of India (SBI) has completed the sale of its Rs 2,261-crore exposure to Bombay Rayon Fashions (BRFL) to JM Financial Asset Reconstruction Company (ARC) for Rs 900 crore, according to persons familiar with the development.

The lender has taken a 40% haircut on the transaction but is hoping for an upside from its 29% equity stake in the company. SBI has received Rs 840 crore in cash while the remaining Rs 60 crore is in the form of security receipts redeemable over three years.

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