Markets gained for the fifth straight session to end the customary 'Muhurat' trading session held to usher in the new year Samvat 2071 on a firm note post the slew of reforms announced by the government over the past few days.
Among the seizures were Indian masters such as FN Souza, VS Gaitonde, SH Raza, Amrita Sher-Gil and Akbar Padamsee, sculptures from Italy and the US, Chinese artwork and masterpieces by Xu Lei and Zeng Xiaojun.
The S&P BSE Midcap and the S&P BSE Smallcap indices under-performed to lose 0.8% and 1.6%
Nirav Modi and his uncle Mehul Choksi are being investigated by the Enforcement Directorate for allegedly cheating the PNB, the country's second largest lender, to the tune of more than $2 billion.
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw issued notice to the airline and the central government seeking their replies within a week on PNB's plea.
The annual Amarnath yatra to the 3,880-metre high cave shrine in the south Kashmir Himalayas will commence on June 28 and culminate, as per the tradition, on the day of Raskha Bandhan festival on August 22, officials said.
A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
What connects P S Jayakumar of Bank of Baroda, V Vaidyanathan of Capital First Ltd and Chandra Shekhar Ghosh of Bandhan?
The Rs 11,400 crore PNB fraud saga unfolded after a bribery complaint by the Hong Kong branch of an Indian bank.
According to the revised plan, promoter Naresh Goyal, his wife Anita Goyal and the directors nominated by the promoter would be asked to step down from the board, and the lenders, as part of the resolution process, will infuse around Rs 1,200 crore into the airline as emergency funding.
In its RCN issued against a fugitive, the Interpol asks its 192 member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
The event will also hurt PNB's asset quality in the March 2018 quarter. While the finer details of the fraud have not been provided, making it difficult to gauge the exact impact, analysts say it will dent the bank's financials.
Historically, the RBI has tried to keep the crooks at bay by issuing a circular a day. What it needs is more onsite supervision. Merely checking high-frequency data with the help of technology is insufficient, notes Tamal Bandyopadhyay.
In line with a weak stock market where benchmark Sensex plunged nearly 300 points, as many as 263 stocks hit their respective one-year lows on BSE on Monday.
Diamantaire Mehul Choksi will "only" return to Dominica to face trial for illegal entry into that country when a doctor "certifies" that he is fit to stand trial, the media there reported citing conditions laid down by the Dominica high court while granting him bail. In a major setback to Indian efforts to bring him from the Caribbean country, Dominica high court Judge Bernie Stephenson allowed the businessman to return to Antigua and Barbuda, where he has been living as a citizen since 2018 after leaving India, to seek medical advice from neurologist Hayden Osborne at the Mount St. John's Medical Centre, Dominica News Online reported. Choksi is having a clot in brain besides other health issues such as diabetes and hypertension, his legal team has submitted.
The NSE 50-share Nifty also closed higher by 61.60 points, or 0.59 per cent, at 10,504.80 after shuttling between 10,513 and 10,441.45.
While some states like Kerala and Telangana were badly hit by the strike, the impact was partial in Punjab, Haryana and Maharashtra
In the broader market, the S&P BSE Midcap ended 0.1% down, while the S&P BSE Smallcap index gained 0.3%.
State Bank of India hikes lending rates, and other banks pick up the signal.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Modi has been relentless in building his brand regardless of banks having a problem of fraudulent and unauthorised transactions with his companies.
Hailing the Congress manifesto as a visionary document promising to shape a better future for Punjab, Dr Singh said the Parkash Singh Badal-led government mismanaged the state and failed to harness its full potential.
For the second straight week, the Sensex rose, notching up a significant gain of 528.34 points, or 1.59 per cent. The Nifty was up 129.45 points, or 1.25 per cent, during the week.
The time is ripe for a merger of eight fund houses indirectly owned and controlled by the central government, says N Sundaresha Subramanian.
'This is for the first time home loan rates have dropped below 7 per cent,' notes Tamal Bandyopadhyay.
'If the new rate is lower than your current rate, ask your bank to shift you to it.' 'This can be done by paying a fee of Rs 5,000 to Rs 6,000.'
The court also allowed Indian Banks' Association, another respondent, to file a response.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Financial shares were the top losers.
There was a massive 24% decline in India's gems and jewelry exports to $2,321 million for September 2018 as against $3,053.38 million in the same period last year.
According to a source, banks have decided to infuse funds after Purnendu Chatterjee, chairman of The Chatterjee Group, agreed to invest Rs 100 crore (Rs 1 billion) as margin amount into the ailing plant.
The notice, the sources said, was issued on Tuesday to Anita Singhvi and that she was asked to explain how much she had paid in cash and through cheque to purchase the valuables and jewellery a few years back. It is understood that the I-T feels that about Rs 1.5 crore was paid by cheque for the purchase of the jewellery, while about Rs 4.8 crore was paid in cash by Anita Singhvi.
'There are so many issues that the CVC is examining both with reference to the PNB and RBI,' K V Chowdary said.
The wider Nifty hit a low of 10,033.35 before finishing at 10,044.10, down 74.15 points or 0.73 per cent.
'We feel there is definitely something murky in the system.' 'Will anyone believe that Nirav Modi will go to a branch and bribe a low-level officer?' 'Just look at the people with whom he had moved around.'
On the sectoral map, consumer durables stayed in the lead by surging 2.39 per cent, followed by realty index, oil and gas and infra.
Heads of various public and private sector banks on Thursday sought to present a counter-narrative on RBI Governor Shaktikanta Das warning lenders about the perils of extreme risk aversion in the pandemic-stricken environment where credit demand is on the wane.
Modi's defence team doubled the bail security to 2 million pounds and offered he would stay on 24-hour curfew at his London flat.
New borrowers should go for banks over housing finance companies as the new benchmark -- MCLR -- is more transparent.
The Eastern Caribbean Supreme Court in the High Court of Justice Commonwealth of Dominica on Friday put a stay on the repatriation of India-born fugitive Mehul Choksi from Dominica. "This order is to be served immediately on the defendants by email and fax and in person, and the head of immigration at the Douglas Charles airport by email and fax," read the court order. The court will hold the next hearing in the matter on May 28 at 9 am local time.
