Moody’s places PNB’s ratings under review for downgrade

Moody’s Investors Service on Tuesday placed under review for downgrade Punjab National Bank’s (PNB) local and foreign currency deposit rating of Baa3/P-3 and foreign currency issuer rating Baa3, an official statement said here. It said “likely financial impact of the fraudulent transactions is the key driver for the review for downgrade.” At the same time, …

Equity indices trade higher; metals, IT stocks gain (Lead)

Key Indian equity indices on Tuesday traded on a higher note during the mid-afternoon session — amid volatility — with healthy buying in metals, consumer durables, IT and banking stocks. Around 12.35 p.m., the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 30.45 points or 0.29 per cent to trade at 10,408.85 …

Fitch places PNB on ‘Rating Watch Negative’, may downgrade

Fitch Ratings has placed Punjab National Bank’s (PNB) Viability Rating of ‘bb’ on Rating Watch Negative (RWN), following the $1.8 billion fraud detected in the bank, an official statement said here on Tuesday. Fitch clarified that it would resolve the Rating Watch once more clarity emerges on the extent of control failures and the impact …

Reliance Energy’s ‘YES’ initiative educates 250,000 students

Nine years since its launch, Reliance Energy’s ‘Young Energy Saver’ (YES) programme, to reduce energy consumption has educated over 250,000 students in 300 schools here, a company spokesperson said on Monday. The schools covered the Reliance Energy’s distribution areas in Mumbai suburbs and parts of Thane like Bandra to Bhayander and Kurla to Mankhurd and …

News about Indian banks taking hit of $3 bn is false: Finance Ministry

The finance ministry on Monday clarified that news circulating that tax department has estimated Indian banks could take a hit of more than $3 billion pertaining to $1.8 billion Punjab National Bank (PNB) fraud, is false. “News appearing in certain section of media that Tax Department has estimated that Indian banks could take a hit …

Banking fraud subdues risk-taking appetite, equities close lower (Roundup)

The recent turbulent developments in the country’s banking sector kept investors’ risk-taking appetite low, leading the key Indian equity indices to close in the negative territory for the fourth consecutive trade session on Monday. According to market observers, heavy selling pressure in capital goods, auto, metals and banking stocks, along with continued outflow of foreign …

India-Canada trade has potential to grow: Canadian Minister

The bilateral trade between Canada and India which is currently at 10 billion Canadian dollars (US $7.97 billion) is set to grow in the coming years as there is a “lot of potential” for it, a Canadian Minister said here on Monday. According to Amarjeet Sohi, Canadian Minister of Infrastructure and Communities, the North American …

Share price of Gitanjali Gems hit lower circuit, PNB slips over 7% (Lead)

Shares of Gitanjali Gems extended losses for the fourth consecutive session on Monday — plunging almost 10 per cent to its lower circuit level at Rs 33.80 per scrip — while those of Punjab National Bank (PNB) slipped over 7 per cent. On a closing basis, PNB’s scrips fell by Rs 9.25 per share, or …

Manipur villagers cry foul over compensation, block work on rail tracks

Residents of a tribal village in Manipur on Monday said they will not allow the construction of railway tracks in the area since they did not get compensation, which they claimed had been cornered by two villagers. Residents of Marangching in Tamenglong district in Manipur said they will not lift the ban imposed on the …

Ficci joins chorus for privatising state-run banks

Noting that recapitalisation of state-run banks over the last decade has had little impact on improving their health, industry chamber Ficci on Monday called for their privatisation in the interest of creating “a dynamic banking sector” in the country. The Federation of Indian Chambers of Commerce and Industry’s (Ficci) demand follows another industry body Assocham’s …

Selling pressure drags equities lower (Second Lead)

Heavy selling pressure in capital goods, auto, metals, banking and oil and gas stocks subdued the key Indian equity indices on Monday. The key indices recouped some losses during the late afternoon trade session, however, failing to exit the negative territory. Index heavyweights like Tata Steel, Asian Paints, Dr Reddy’s Lab, Adani Ports and Larsen …

Google Arts and Culture unveils 3D-printed vases

Google Arts and Culture on Monday unveiled 10 3D-printed ceramic vases at the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (CSMVS) museum here to mark the culmination of its ‘Future Relics’ project — the first-ever lab experiment in India. The “Future Relics” project, which was announced in November 2017, blends ancient craft and modern technology to build …

Selling every handset, not dumping units in secret warehouses: Xiaomi India (Lead, correcting name in first para)

Xiaomi, the Chinese electronics and software company, does not have big, secret warehouses in India where it is dumping unsold inventory and is actually selling smartphones faster than any other brand in the country, Xiaomi India Managing Director and Global Vice President Manu Kumar Jain has emphasised. The exponential growth of Xiaomi in India, especially …

Gitanjali Gems plunge 10%, PNB stocks trade 8% lower

Shares of Gitanjali Gems extended losses for the fourth consecutive session on Monday — plunging almost 10 per cent to its lower circuit level at Rs 33.80 per scrip. The shares continued the plunge a day after the Enforcement Directorate (ED) conducted search operations in six franchise-based outlets located in four malls in Kolkata in …

L&T Construction bags orders worth Rs 1,680cr

Industrial conglomerate Larsen and Toubro (L&T) on Monday said its construction arm has bagged orders worth Rs 1,680 crore from the Pune Municipal Corporation to revamp the water supply system in the city. “The water and effluent treatment business of L&T Construction has secured…orders worth Rs 1,680 crore… for ‘study, survey, investigation, assessment, design validation …

Metals, banks drag equities lower; Sensex tanks over 300 points (Lead)

Heavy selling pressure in metals, banking, capital goods, auto and oil and gas stocks dragged the key Indian equity indices lower on Monday, with the benchmark Sensex tanking over 300 points. At one point of time, the Sensex dropped over 400 points to touch a low of 33,581.10 points. Index heavyweights like Tata Steel, State …

Selling every handset, not dumping units in secret warehouses: Xiaomi India

Xiaomi, the Chinese electronics and software company, does not have big, secret warehouses in India where it is dumping unsold inventory and is actually selling smartphones faster than any other brand in the country, Xiaomi India Managing Director and Global Vice President Manoj Kumar Jain has emphasised. The exponential growth of Xiaomi in India, especially …

Quoting WhatsApp message renders ‘delete’ feature ineffective

If someone has quoted your message on WhatsApp before you delete it, you will still be able to see that message — rendering the ‘Delete for Everyone’ feature ineffective, a media report said. Last year, WhatsApp rolled out this feature to allow its over one billion user base to revoke messages in case they sent …

Balance sheets, electronic data of Gitanjali group under CBI scrutiny

The CBI has set up a team to examine balance sheets and electronic data of Gitanjali group of companies and its India-based 18 subsidiaries headed by Mehul C. Choksi who is accused along with diamond merchant Nirav Modi in the multi-crore Punjab National Bank (PNB) fraud, officials privy to the case said on Sunday. The …