Mumbai: ICICI Bank Ltd issued hundreds of letters of credit (LCs) to entities related to its troubled corporate borrowers to help them avoid loan default, a whistleblower complaint said, pre-empting the need to set aside money for non-performing assets (NPAs).

Banks often extend loans to debt-laden companies to help them repay previous loans, a practice known as evergreening. This buys time to run down bad loans slowly so the companies can earn their way out of trouble.

The below-cost pricing in the telecom sector continues to take its toll, with the industry’s adjusted gross revenue (AGR) declining 7.4% Q-o-Q and 12.6% Y-o-Y to Rs 35,697 crore during the January-March quarter of 2018, which is also the industry’s worst performance in the last five years.

According to Trai’s latest revenue collection numbers for the period, even though the gross revenue (GR) rose 1.82% Q-o-Q to `62,198 crore, it fell 1.76% on a year-on-year basis.

GMR-Megawide, a 40:60 joint venture between Indian airport operator GMR and the Philippines’ Megawide, is all set to welcome airlines and passengers at its newly-constructed Terminal 2 (T2), the international terminal of the Mactan Cebu International Airport (MCIA), from July 1.

The $600-million project is part of the first ‘airport resort’ in the world that GMR-Megawide has been managing since 2015 after winning the concession agreement.

A Securities and Exchange Board (Sebi) order saying the 10-year loan advanced in 2009 by Vishvapradhan Commercial private (VCPL) to NDTV’s promoters was ‘not a normal investment transaction’ and that the primary purpose of the loan was to acquire the shares of NDTV, sent the television broadcasters stock soaring on Wednesday.

KOLKATA: Aashirvaad atta, Sunfeast cookies, and Bingo snacks are helping cement ITC’s credentials on the Indian packaged foods leaderboard, helping the segment log about half the annual sales of the conglomerate’s traditional mainstay — cigarettes.

At the tobacco products-FMCG-hotels major, which just published its annual report, the branded packaged food business made up 22.1% of the net turnover in FY18, compared with the 46% contribution from cigarettes, which also had a far higher base.

The rupee collapsed to a lifetime low of 69.10 against the US dollar by plunging 49 paise in early trade today as rising crude oil prices deepened concerns about the country's current account deficit and inflation dynamics.

Consistent dollar demand from banks and importers, mainly oil refiners, following higher crude oil prices kept the rupee under pressure.

State Bank of India (SBI) has closed six foreign branches and is in the process of closing down another nine branches as part of rationalisation of overseas operations, said Managing Director Pravin K Gupta.

SBI, country's largest lender, has operations in about 36 countries with nearly 190 branches.

Shares of Infosys hit a new high of Rs 1,298 per share, up 2% on the BSE in early morning trade in an otherwise flat market. With Rs 2.83-trillion market capitalisation, Infosys is 6% or Rs 164 billion away to touch Rs 3-trillion mark.

Thus far in the calendar year 2018 (CY18), Infosys has outperformed the market by gaining 25% as compared to 3.3% rise in the S&P BSE Sensex.

China’s Baidu continues to make inroads in the automotive space after it inked an agreement with Ford China that will see the two companies work together to make the driving experience smarter in China.

The two companies have collaborated before, most notably by jointly investing $150 million into LiDAR sensors startup Velodyne, and this China initiative will bring help technologies like connectivity, artificial intelligence and digital marketing into the car.

Bharat Heavy Electricals Ltd’s (BHEL’s) stock price has fallen by almost a fifth since January. Weak revenue growth, high receivables (customer dues) and low customer advances have taken the sparkle off this state-owned Maharatna. At the current market price, its price-earnings multiple has tumbled to around 14 times estimated FY19 earnings, from 20 times until a few months ago. Strangely, even the 74% spike in its FY18 order flows failed to enthuse the Street, due to concerns on sustainability.

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