In a significant development in the ongoing war against bank fraud, Dubai authorities have reportedly arrested Nitin Sandesara, one of the co-accused in the Sterling Biotech loan fraud case amounting to Rs 5,383 crore.
Companies and Markets
Companies & Markets
The market snapped two-day losing spree with the S&P BSE Sensex gaining 207.10 points, or 0.55 per cent, to end at 37,852. The Nifty 50 Index rose 79.35 points, or 0.70 per cent, to close at 11,435.10.
The broad market also witnessed strong buying with the BSE Mid-Cap Index rising 0.89 per cent and the Small-cap Index up 0.53 per cent. Domestic market will remain shut today on account of Independence Day.
In a major cyber fraud, hackers stole Rs 94.42 crore over two days by hacking into the ATM Switch (servers) of the Pune-based Cosmos Cooperative Bank, one of the oldest urban cooperative banks in the country.
The bank on Monday paid the entire amount of Rs 94.42 crore to the American Visa and Indian RuPay payment gateways and settled the liability.
Hackers cloned Cosmos Bank debit cards of Visa and RuPay internet payment firms.
There is nothing to be worried even if the rupee slides to 80 against the dollar so long as other currencies also depreciated, said a senior finance ministry official, even as the Indian currency hit an all-time low of 70.08 to a dollar on Tuesday.
Debt-laden Infrastructure Leasing & Financial Services (IL&FS), which is in news for its balance sheet problems, has hundreds of complex subsidiaries some of which are listed. A high leverage resulting from the sizeable capital requirements across subsidiaries, many of them are overseas, has landed the company in the current mess.
Sajjan Jindal-owned JSW Steel has emerged as the highest bidder for Bhushan Power and Steel (BPSL), overtaking Tata Steel that was most likely to bag the debt-ridden company earlier.
Iran has shown interest in investing in the Rs 30,000-crore expansion project of Chennai Refinery even though the gulf nation faces a complete squeeze of its oil supplies to India following US sanctions. The investment would, however, be contingent upon availability of banking channels post-November, when the US imposed restrictions come into full force.
“They (Iran) are open to investment in the refinery project but whether these channels (for investment) will be available post-sanctions is something we don't know," IOC chairman Sanjiv Singh said.
The share of Indian households in the total savings of the country has dropped by 20 per cent in the past few years. Also, household savings are growing the slowest compared to public sector and private sector savings.
Reliance Communications (RCom) has reinstated bank guarantees worth Rs 774 crore with the telecom department, much ahead of the timeline set by the telecom tribunal. With this move RCom has avoided a looming crisis that the company had faced after the telecom department's show-cause notice to it on spectrum and licence cancellation.
This BG now clears the way for the asset monetisation plan of the debt-ridden company.
The market ended lower as sentiments were hit by currency crisis in Turkey that could trigger contagion into other markets. The S&P BSE Sensex shed 224.33 points, or 0.59 per cent, to settle at 37,644.90, while the Nifty 50 Index was down 73.75 points, or 0.65 per cent, to close at 11,355.75.
The broad market also saw huge selling with as the BSE Mid-Cap Index ended 0.70 per cent lower, and the Small-Cap Index was down 0.78 per cent.