Opening bell: Asian markets gain in calendar 2017, PNB, India Oil and telcos in news
US and Asian equities end the year 2017 on a mixed note
US stocks closed lower Friday, the last trading day of the year, with no S&P 500 sectors ending higher.
Major markets in Asia closed narrowly mixed on the last trading day of the year. On the whole, however, most regional markets have recorded strong gains year-to-date.
PNB hikes interest rate on term deposits by up to 1.25%
Public sector Punjab National Bank has announced raising interest rates by up to 1.25% on domestic term deposits of up to Rs10 crore for different tenures, effective 1 January 2018.
Indian Oil looks to supply LPG to northeastern states via Bangladesh
State-owned Indian Oil Corp. Ltd is planning to adopt a new way of supplying cooking gas to the far-flung northeastern states by first exporting it to Bangladesh in a move that will drastically cut the refiner’s freight cost and help in integrating the energy markets in the two Asian nations, chairman Sanjiv Singh said.
Honda wary of electric tech, emission norms
India’s efforts to move to an all-electric fleet by 2030 and graduate vehicles to the stricter Bharat Stage VI (BS-VI) emission norms by 2020 have put Honda Motorcycles and Scooters India Pvt. Ltd in a spot of bother. It does not have the technology for electric two-wheelers, and the BS-VI norms will increase two-wheeler costs, leading to an overall decline in sales. Read more
Banks to refer 25 firms on RBI’s second list to NCLT
Lenders have decided to refer 25 of 28 companies on the Reserve Bank of India’s second list of large corporate defaulters to the National Company Law Tribunal (NCLT) for initiation of insolvency proceedings.
Shriram Transport Finance raises Rs400 crore by issuing bonds
Shriram Transport Finance Co. has raised Rs400 crore by issuing bonds on private placement basis.
DoT to issue notices to five telcos to recover Rs2,578 crore
The Department of Telecom (DoT) will issue notice to five telecom operators, including Tata Teleservices, Telenor and Reliance Jio, to recover Rs2,578 crore, in the wake of the CAG red-flagging understatement of revenues by the firms.