Moody’s downgrades PNB on impact of Nirav Modi fraud

Mumbai, May 21: International rating agency Moody’s today said it has downgraded state-run Punjab National Bank’s (PNB) rating to Ba1/NP from Baa3/P-3, due to impact on the lender’s profitability following Nirav Modi-fraud case. It kept the ratings outlook as stable but also downgraded the bank’s baseline credit assessment (BCA) and Adjusted BCA to b1 from […]

Bajaj Auto to infuse Rs 300 crore for new products, R&D

Bajaj Auto to infuse Rs 300 crore for new products, R&D

New Delhi, May 21: Bajaj Auto, the country’s fourth largest two-wheeler maker, plans to spend up to Rs 300 crore this financial year towards new launches, and research and development (R&D). The Pune-based company that makes bikes and three-wheelers under the brand Pulsar and RE respectively, said it would look to expand and strengthen the […]

UltraTech to buy Century Textiles’ cement biz through share-swap deal

UltraTech to buy Century Textiles’ cement biz through share-swap deal

New Delhi, May 21: Aditya Birla group company UltraTech Cement has said it will acquire the cement business of B K Birla firm Century Textiles through a share-swap deal. Under the arrangement, Kumar Mangalam Birla-led UltraTech will merge Century Textiles’ 13.4 million cement capacity with itself, taking UltraTech’s capacity to 105.9 million tonnes per annum […]

Two more Fortis Healthcare independent directors quit ahead of EGM

Two more Fortis Healthcare independent directors quit ahead of EGM

Mumbai, May 21: Two more independent directors of the Fortis Healthcare board — Sabina Vaisoha and Harpal Singh — have resigned ahead of an extraordinary general body meeting on Tuesday. Tejinder Gill, another independent director, stepped down, day before a shareholders’ meeting to decide the fate of four directors. Two large institutional shareholders — Eastbridge […]

Bring petrol, diesel under GST, says ASSOCHAM

Mangaluru, May 21: While cut in excise duty on petrol and diesel may provide temporary relief to the consumers, the sustainable solution lies in the automobile fuel coming under the Goods and Services Tax, which can happen only after the Centre and states together reduce their dependence on the fuel considerably, said ASSOCHAM Secretary General […]

Militants attack police post in Pulwama

Militants attack police post in Pulwama

Srinagar, May 21: Suspected militants on Monday attacked a police post guarding the Sikh minority community at Saidpora village in south Kashmir’s Pulwama district. SSP Pulwama Muhammad Aslam Choudary told GNS that a group of militants attacked the post this afternoon. “Fire was retaliated by the policemen. The timely retaliatory action by the cops foiled […]

Indo-Pak armies trade fire in Jammu sector

Indo-Pak armies trade fire in Jammu sector

Jammu: In yet another cross firing incident, Indian and Pakistani troops today fired mortar shells on each other’s border outposts at several places in Jammu and Kashmir’s Arnia sector. The mortar firing from across the border started around 0700 hours in Arnia sector of Jammu and was still continuing when last reports were received, a […]