Opening bell: Asia opens on mixed note; ICICI Bank, Vedanta in news
In other news, the government is going to announce a Rs8,000 crore package to help sugar mills clear pending payments to sugarcane farmers
US stocks end higher; Asian markets see a mixed opening
ICICI Bank begins search to replace chairman M.K. Sharma
ICICI Bank Ltd has initiated the process of finding a non-executive chairman as the term of M. K. Sharma is coming to an end on 30 June.
Govt set to announce Rs8,000 crore plan to bail out sugarcane farmers
In a move to help sugar mills clear pending payments to sugarcane farmers, the centre is going to announce a Rs8,000 crore package which includes creation of a buffer stock, expanding ethanol production capacity and fixing a minimum sale price for sugar. Read more
Supreme Court directs Binani Cement lenders to proceed with debt resolution process
The Supreme Court directed the Committee of Creditors (CoC) of Binani Cement Ltd to proceed with its debt resolution process but said the same would be subject to the final outcome of the case.
Vedanta pays Rs5,320 crore for Electrosteel acquisition
Billionaire Anil Agarwal’s Vedanta Ltd has taken over control of bankrupt company Electrosteel Steels Ltd, the former said in a regulatory filing.
SBI, ICICI Bank, PNB beat RBI in raising lending rates
State Bank of India, ICICI Bank Ltd and Punjab National Bank are among the nation’s biggest banks that increased their benchmark lending rates last week. The Reserve Bank of India (RBI), on the other hand, is expected to keep its key rate unchanged for a fifth straight meeting when it decides on policy Wednesday.
DHFL raises nearly Rs11,000 crore via bonds
Housing financier Dewan Housing Finance Corp. Ltd (DHFL) has raised over Rs10,944 crore through public issue of bonds, which had open for subscription in May.