The shares of Yes Bank plunged over 6% on Friday even after the company put off its plans to raise nearly $1 billion through QIP.

YES Bank had launched a QIP issue to raise $1 billion but deferred it soon after as its shares tanked over 5% on Thursday. The Bank said that a misintepretation of the new QIP guidelines led to a massive sell-off of its shares.

Markets were down as profit taking emerged in rate sensitive shares after sharp gains in the previous session which lifted the benchmarks to 18-month highs. Further, IT stocks staged a recovery in noon trades after weakness in early deals.

At 12:45pm, the S&P BSE Sensex was down by 221 points at 28,825 and the Nifty50 slipped 69 points at 8,884. In the broader markets, BSE Midcap and the Smallcap indices eased between 0.3%-0.6% each. Market breadth was weak with 1485 losers and 968 gainers on the BSE.

INFOMARK, a Korean company, well known globally as an expert in 3G/4G mobile communication devices is all set to make inroads into the Indian Market through BSNL, which has approved a trial run of its WiMax mobile routers in the Kerala Telecom Circle for two weeks.

INFOMARK, who developed mobile WiMax/WiFi routers for the first time in the world and have been leading 3G/4G Markets in Korea and other countries such as USA, Japan and Malaysia intend to cooperate with BSNL to provide cutting-edge technology product named "Compact Egg" to India.

India's third biggest crude oil refiner, Hindustan Petroleum Corp (HPCL), plans to expand its refining capacity to more than 60 million tonnes annually, or about 1.2 million barrels of oil per day by 2030, according to a senior company official.

This will not only help the company fill the yawning gap between the volume it refines and the volume it markets through its retail outlets, but also help in meeting the burgeoning fuel demand in the country, said HPCL Chairman Mukesh Kumar Surana at a conference late on Thursday.

A rangebound movement was witnessed as key benchmark indices languished in negative zone in morning trade. At 11:10 AM, the barometer index, the S&P BSE Sensex, was up 40 points at 28,967. The Nifty 50 index was currently up 9 points at 8,926.

The Sensex fell 71.80 points or 0.25% at the day's low of 28,854.56 at onset of the trading session, its lowest level since 6 September 2016. The barometer index rose 27.27 points or 0.09% at the day's high of 28,953.63 in early trade. The Nifty lost 21.95 points or 0.25% at the day's low of 8,896 at onset of the trading session, its lowest level since 6 September 2016.

The country’s largest carmaker Maruti Suzuki may look at splitting the stock, following a recent sharp run in prices.

At the company’s 35th annual general meeting, chairman R C Bhargava (pictured) said a proposal to this effect will be placed before the board for consideration. Bhargava was responding to a query from one of the shareholders.

BENGALURU: In a massive reorganization, Infosys is splitting itself into 12-15 smaller business units, each with revenue of $500-$700 million, its own sales heads and P&L (profit & loss) responsibilities. Currently, the organization is divided into four large verticals — banking & financial services and insurance, with $3 billion in revenue; retail & life sciences, with $2.3 billion; manufacturing & hi-tech, with $2.2 billion; and energy & utilities, communications and services, with $1.9 billion. Each of these will be split into smaller units.

Vientiane, Sep 8 (PTI): Prime Minister Narendra Modi on Thursday held bilateral talks with his Laotian counterpart Thongloun Sisoulith and discussed regional developments including the South China Sea issue.

The two sides shared the same perspective on South China Sea, a foreign ministry spokesperson said.

The country’s largest private lender ICICI Bank here on Thursday became the first bank in India to deploy ‘software robots, that emulate human action, in its over 200 business processes, thereby reducing the response time to customers by up to 60 per cent.

“The bank is the first in the country and among few, globally, to deploy ‘software robotics’ that emulates human actions to automate and perform repetitive, high volume and time consuming business tasks cutting across multiple applications,” ICICI Bank said.

IT stocks are in the news this month after Mindtree and Tata Consultancy Services (TCS) turned cautious on the sequential growth in Q2 earnings. Mindtree on September 2 informed bourses that it expects Q2 FY17 revenue to be lower than the previous quarter.

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