The State Bank of India (SBI) has informed the stock exchanges that its board is looking to sell 4 per cent of its existing shareholding in SBI General Insurance to a non-promoter entity through small parcel share sale (SPSS). SBI General, formed in 2010, is a joint venture between SBI and the Insurance Australia Group.

A committee on fair market conduct has suggested that market regulator, Securities and Exchange Board of India (Sebi), should seek powers to tap telephones and other electronic communication devices to check insider trading and other frauds.

Currently, Sebi has the power to only ask for call records, which includes numbers called and the duration of calls made.

Mumbai: Buoyed by the Union Cabinet clearing a policy allowing operators to explore all unconventional hydrocarbons in the existing field, Essar Oil and Gas Exploration and Production Ltd (EOGEPL) plans to invest 7,000 crore to develop shale gas potential in its existing coal-bed methane (CBM) block at Raniganj, West Bengal, said a company executive.

The family investment arm of Azim Premji — Premji Invest — has pumped Rs 400 crore in domestic floating glass manufacturer Gold Plus Glass Industry Ltd. With this investment, Premji Invest is looking to gain from the expansion plan of Gold Plus Glass industry, which is a leader in the architectural glass segment.

In India, the world’s second-biggest smartphone market, Apple Inc’s normally deft management of government relations is being put to a fresh high-stakes test. For almost two years, Apple has battled India’s telecom regulator over a demand that it allow the use of the government’s anti-spam app. Non-compliance, the watchdog threatened last month, could result in phones being “derecognised” from the country’s networks, meaning they would no longer function.

Mumbai: The Indian rupee and bond prices on Thursday gained after the Reserve Bank of India (RBI) announced payment of Rs 50,000 crore dividend to government, helping the centre to stick its fiscal road map. Overnight, a drop in the crude oil prices also supported the rally. At 9.10am, the rupee was trading at 68.47 a dollar, up 0.24% from its previous close of 68.63. The currency opened at 68.47 a dollar and touched a high of 68.46.

The life insurance industry collectively has 15,166.47 crore of unclaimed money that belongs to policyholders. Last year, the Insurance Regulatory and Development Authority of India (Irdai) asked insurance companies to make provisions to reach out to the policyholders and pay them their dues, now the regulator itself is taking steps to make it easier for policyholders to claim their money.

New Delhi: Paytm, the digital payments provider run by One97 Communications Pvt. Ltd, has acquired savings management application Balance Tech for an undisclosed sum, the company said on Thursday.

As part of the acquisition, Balance Tech’s six-member team, including founders Ankit Kumar and Abhishek Malik, will join Paytm’s product and design department, the company said in a statement.

State-run oil marketer and refiner Hindustan Petroleum Corp (HPCL) on Wednesday reported an 86% increase in net profit to Rs 1,719 crore in the April-June 2018 period, from Rs 925 crore in the comparable period a year ago, driven mainly by strong refining margins. The company, now a subsidiary of the national explorer ONGC, reported a revenue of Rs 72,923 crore for the June 2018 quarter, compared with Rs 59,891 crore a year ago.

Punjab National Bank (PNB) expects to raise Rs 8,600 crore from sale of assets in 2018-2019, its managing director and chief executive officer Sunil Mehta said on Wednesday. “We have a small battery of non-core assets which will be unlocked. In the first quarter, we have done Rs 167 crore. We have a target of Rs 8,600 crore during the (current) financial year. It includes both investments as well as sale of real estate,” the MD& CEO said.

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