News highlights: PSBs recap plan insufficient to support credit growth, says Moody's
This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
June 07, 2018 / 22:39 IST
Moneycontrol.com
-->
That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
Telecom industry bodyCOAItoday said it has appointed Vodafone MD and Chief Executive Officer SunilSoodas its new Chairman andBhartiAirtelCOOAjaiPuri as vice-chairman.
A court here, hearing the brutal gang rape-and-murder case of an eight-year-old girl in Kathua in Jammu and Kashmir, today framed charges against seven of the eight accused, paving way for beginning of trial against them, officials said here.The district and sessions court has framed charges under various sections of the Ranbir Penal Code including 120-B (criminal conspiracy), 302 (murder) and 376-D (gang rape), special public prosecutor J K Chopra said here.
ACME Group today said it has won 50 MW solar power project at Gujrai solar park, Uttar Pradesh in an auction conducted by Solar Energy Corporation of India (SECI). ACME won the contract in the reverse auction held today, invited by the SECI for Gujrai solar park, a company statement said.
Tata Motors today said it plans to raise USD 250-500 million through overseas loans to refinance buy-back of bonds issued by the company in 2014. Tata Motors had issued senior notes worth USD 500 million on October 30, 2014 and due in 2020. Earlier this month, Tata Motors invited holders of the senior notes to sell their bonds to the company for cash consideration.
There is a global shortage of health workers trained in mental health and a lack of investment in community-based mental health facilities even though some countries have made progress in policy-making and planning for it, according to the WHO's Mental Health Atlas 2017.The report also highlighted that few countries have suicide prevention strategies despite WHO estimating that a little under 8,00,000 people die by suicide each year.
German chemicals and pharmaceuticals giant Bayer today sealed a USD 63-billion merger with US-based Monsanto, creating an agrichemical behemoth with lofty ambitions to feed the world but lambasted by environmentalists."We will be even better placed to help the world's farmers grow more healthy and affordable food in a sustainable manner," chief executive Werner Baumann said in a statement.The German firm will pay owners of Monsanto stock USD 128 per share immediately.
German chemicals and pharmaceuticals giant Bayer today sealed a USD 63-billion merger with US-based Monsanto, creating an agrichemical behemoth with lofty ambitions to feed the world but lambasted by environmentalists."We will be even better placed to help the world's farmers grow more healthy and affordable food in a sustainable manner," chief executive Werner Baumann said in a statement.The German firm will pay owners of Monsanto stock USD 128 per share immediately.
Global ratings agency Moody's today said the government's recapitalisation plan for 21 state-run banks will help them in meeting regulatory capital needs, but will be insufficient to support credit growth. In October 2017, the government had announced a bank recapitalisation plan of Rs 2.11 lakh crore over FY 18 and FY19. The government has budgeted a capital infusion of Rs 65,000 crore for the current fiscal.
Bharti Group entity Cedar Support Services today sold a 6 percent stake in Kishore Biyani-led Future Retail for nearly Rs 1,697 crore, through open market transactions.According to the bulk deal data available with the NSE, Cedar disposed of 3.03 crore shares, amounting to 6.04 percent stake in Future Retail.
Bharti Group entity Cedar Support Services today sold a 6 percent stake in Kishore Biyani-led Future Retail for nearly Rs 1,697 crore, through open market transactions.According to the bulk deal data available with the NSE, Cedar disposed of 3.03 crore shares, amounting to 6.04 percent stake in Future Retail.
The United States has reached a deal with Chinese telecommunications giant ZTE Corp that includes a USD 1 billion fine, according to Commerce Secretary Wilbur Ross.The fine comes on top of the roughly USD 1 billion ZTE has already paid for selling equipment to North Korea and Iran in violation of U.S. sanctions.
