Sat, 14 Dec, 2019

Business

The RCOM lenders have appealed to the five directors to continue in their positions and cooperate in the debt and insolvency process.

The Reserve Bank of India has cut policy rates by 135 basis points since early 2019 and maintains an accommodative stance

Muthoot Finance Ltd, largest gold loan non-banking finance company entered into a definitive agreement to acquire IDBI Asset Management Ltd and IDBI Mutual Fund Trustee Company Ltd

Index heavyweight Reliance Industries also added gains of 1.7 per cent while the other gainers included Power Grid Corporation, Zee Entertainment, Sun Pharma, ITC, Vedanta and Tata Steel.

Among stocks, Zee Entertainment gained by 6.84 per cent at Rs 328 per share following reports that the parent Essel Group is planning to sell 16.5 per cent stake in the subsidiary company to financial investors. The group plans to repay loan obligations to certain lenders.

Airtel with 28 crore users and Vodafone Idea with 31 crore subscribers have backed the idea of setting a floor price to offset financial stress in the sector. The current low tariffs and the need to invest in networks to keep up with surging data demand are the main reasons for their move to hike tariffs.

MSCI's broadest index of Asia Pacific shares outside Japan inched 0.2 per cent higher as hopes for stimulus in China lifted Shanghai blue chips by 0.8 per cent and Hong Kong's Hang Seng by 1 per cent.

The development helped Shanghai blue chips recoup early losses to rise by 0.3 per cent. MSCI's broadest index of Asia Pacific shares outside Japan also moved up by 0.3 per cent.

Reliance Communications is under corporate insolvency resolution process under provisions of the Insolvency and Bankruptcy Code 2016.