India is awaiting response from Hong Kong authorities on its request for provisional order of arrest of diamond merchant Nirav Modi, wanted in connection with the PNB loan fraud. Spokesperson of the Ministry of External Affairs, Raveesh Kumar, said India has requested the Hong Kong authorities to surrender Modi, based on the extradition agreement for surrender of fugitive offenders signed between the two sides in 1997.

The Central Bureau of Investigation (CBI) on Thursday questioned two international State Bank of India officials of deputy general manage rank in the Punjab National Bank scam estimated to be worth around Rs 13,910 crore. The agency refused to divulge names of the people who were questioned.

The Securities and Exchange Board of India (Sebi) has tightened norms pertaining to disclosure of performance track record of merged mutual fund (MF) schemes.

The market regulator on Thursday issued a circular for standardising performance disclosures following a merger of schemes.

Essar Oil UK, one of the leading downstream energy companies in the UK, which owns and operates Stanlow Manufacturing Complex refineries, has said it is planning to increase its jet fuel production as the country is moving towards having a large share of electric vehicles by 2040.

“Our share in the jet fuel business is going to increase. We are not looking at product diversification but plan to make higher value products,” said S Thangapandian, chief executive officer, Essar Oil UK.

GE Power on Wednesday announced the completion of first turnkey full flow wet flue gas desulphurization (WFGD) unit at state power giant NTPC’s 500 MW Super Thermal Power project site in Vindhyachal, Madhya Pradesh.

The FGD installation at Vindhyachal is the first limestone-based WFGD commissioned in an NTPC power plant suitable for continuous operation at 500 MW unit for 100 per cent gas flow, a GE Power statement said.

Double Olympic-medallist Sushil Kumar (74kg) and Rahul Aware claimed contrasting gold medals even as defending champion Babita phogat (53kg) settled for a silver on the opening day of the 21st Commonwealth Games' wrestling competition here today.

Sushil took a minute and 20 seconds to defeat Johannes Botha of South Africa on technical superiority to claim his third successive gold medal at the Games.

Former RBI governor Raghuram Rajan has said that the comparison between India and China is unfair because the latter has upper hand in building infrastructure as there the state owns every asset, while in India there are enormous pushbacks. He said that India’s economic growth, which was 7% for several years, pales only when compared with China.

Following the curtailment of Axis Bank CEO Shikha Sharma’s term, many top market voices including global brokerage firm Nomura believe that its an opportune moment for Uday Kotak-run Kotak Mahindra Bank to takeover the private lender. “With a very short time left in the CEO’s term at Axis Bank, RBI’s pressure on Axis Bank’s management and with an asset quality clean-up exercise continuing, we believe this is the best opportunity for Kotak Bank to acquire or merge with Axis Bank,” Nomura said in its report.

The National Stock Exchange (NSE) on Friday will auction investment limits for overseas investors for the purchase of corporate bonds worth Rs 82.95 billion.

The auction will be conducted on NSE's e-bid platform from 3.30 pm to 5.30 pm after the close of market hours, the exchange said in a circular issued today.

Reliance Industries Ltd (RIL) said today that it has bid jointly with JM Financial Asset Reconstruction Company to acquire the debt ridden textile manufacturer Alok Industries.

In a clarification to stock exchanges, RIL said it is awaiting the outcome of the process.

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