Bank of India said on Wednesday that the Reserve Bank of India (RBI) has initiated ‘prompt corrective action’ (PCA) against the lender over high bad loans.

High net non-performing assets (NPA), insufficient common equity tier 1 (CET1) capital and negative return on assets (ROA) for two consecutive years has prompted the action, the bank said in a statement.

NEW DELHI: India and China will hold the next round of border talks here on Friday, the first after the 73-day-long military standoff between the two countries in Doklam in summer months.

Issuing a brief statement on Wednesday, the external affairs ministry said at the invitation of Ajit Doval, the National Security Adviser and the Special Representative on the boundary question, Yang Jiechi, State Councillor and China's Special Representative on the issue will visit India on December 22 to hold the 20th SR-level meeting.

India’s National Association of Software and Services Companies (NASSCOM) and China’s Dalian city have signed an agreement to set up a platform for partnership between Indian and Chinese IT companies. The move will help Indian IT software companies enter Dalian, a cyber city in China’s northeast province Liaoning where over a dozen of Indian firms such as Infosys, TCS, HCL and others are already present. Under the agreement signed on Tuesday evening, Indian companies will get “preferential” entry into the Chinese market. “Today, the lines between hardware and software are merging very fast.

The benchmark indices ended lower after hitting fresh highs at open on Wednesday as Asian shares fell taking their cues from Wall Street with investor enthusiasm toward US tax changes ebbing as the long-awaited reform bill wound its way through Congress, while higher US Treasury yields underpinned the dollar.

Reliance Communications (RCom) rose as much as 45% in intra-day trade today after the National Company Law Tribunal (NCLT) adjourned the hearing of insolvency petitions filed against Reliance Communicationsto early next month after a group of the telecom operator's lenders sought time to consider converting the company's loans into equity.

The adjourned date comes as a breather for RCom as if the tribunal had accepted the insolvency petitions before December 28, by when the lenders need to decide on converting their RCom debt into equity, the process would have ended.

New Delhi, Dec 20 () Sebi has ordered forensic audit of Pincon Spirit Ltd, which figures in the list of suspected shell companies, to check misuse of funds even as the regulator lifted trading curbs imposed on it.

Trading in the securities of Pincon Spirit will be reverted to the status prior to August 7, when the curbs were imposed, the Securities and Exchange Board of India (Sebi) said in an interim order dated December 19.

Mumbai: The Indian rupee on Wednesday opened marginally higher against US dollar tracking gains in its Asian peers.

The rupee opened at 64.03 a dollar. At 9.15am, the home currency was trading at 64.02 a dollar, up 0.04% from its Tuesday’s close of 64.04.

Stocks made headway on Wednesday as key indices Sensex and Nifty jumped to new peaks on bets that the government would unveil more reforms to boost rural economy.

Asian stocks traded mixed as the final vote on U.S. tax-cut legislation entered a crucial phase.

Bharat Heavy Electricals’ (BHEL) order win of the Udangudi thermal power project vindicates our view of translation of L1 position into order inflow by March 2018. We had highlighted in our recent company update titled ‘Steady against all odds; pace of recovery key’, translation of L1 position in 4 projects into actual order inflow (including Udangudi) by March 2018. BHEL has bagged the Rs 73 billion EPC order from TANGEDCO for setting up the 2×660 mw Udangudi thermal power plant.

India’s most valuable lender HDFC Bank on Wednesday approved a mega-fundraising plan of Rs 24,000 crore to fund its growth. HDFC Bank had grown multifold in recent past as the bank has surpassed age-old financial conglomerate ICICI Bank in terms of assets and market capitalisation and is now is India’s second-biggest lender by assets behind India’s biggest bank State Bank of India. HDFC Bank has said that it would raise up to Rs 24,000 crore to fund its growth by selling shares to domestic and international investors including a preferential issue to its parent company HDFC Ltd.

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