BUSINESS HIGHLIGHTS
New Delhi, Aug 16 (PTI) Following are the top business stories at 2030 hours: DEL63 BIZ-LD-STOCKS **** Sensex jumps 1,330 pts to 2-week high on easing US recession fears, rate cut hopes Mumbai: Benchmark Sensex spurted by 1,330 points to close at a two-week high while Nifty jumped 397 points to settle above the 24,500 level on Friday as easing fears of a recession in the US triggered buying in IT shares amid a sharp global stocks rally. **** DEL68 BIZ-FOREX **** India's forex reserves drop USD 4.8 bn to USD 670.11 bn Mumbai: India's forex reserves dropped by USD 4.8 billion to USD 670.119 billion for the week ended August 9, the Reserve Bank of India said on Friday. **** DCM22 BIZ-STERLITE-US COURT **** US court orders Vedanta Group-backed Sterlite Tech to pay USD 96.5 mn to Prysmian New Delhi: An American court has ordered Vedanta Group-backed Sterlite Technologies' overseas arm to pay USD 96.5 million, about Rs 810 crore, in damages to US-based Prysmian for violating trade secrets norms, according to a regulatory filing and plaintiff's statement. **** DCM23 BIZ-SBI-LOAN **** SBI hikes lending rate by 10 bps across tenors, raising EMIs for borrowers New Delhi: State Bank of India, the country's biggest lender, has raised the Marginal Cost of Funds-based Lending Rate (MCLR) by 10 basis points (0.1 percentage point), across tenors, making most of the consumer loans costlier. **** DEL113 BIZ-LD RUPEE **** Rupee settles almost flat against US dollar Mumbai: The rupee moved in a tight range and settled just 1 paisa lower at 83.95 against the American currency on Friday, as the support from a rally in domestic equities and weak greenback was negated by geopolitical tensions in the Middle East. **** DCM25 BIZ-AADHAAR-KYC **** Finance ministry permits 15 securities firms to undertake Aadhaar-based verification of clients New Delhi: The finance ministry has permitted 15 securities firms, including SBICAP Securities, IIFL Securities, and Angel One, to conduct Aadhaar authentication of their customers. **** DCM39 BIZ-STOCKS-LD OLA **** Ola Electric shares surge 20 pc; hit upper circuit limit New Delhi: Shares of Ola Electric Mobility Ltd surged 20 per cent on Friday to hit the upper circuit limit after the Ola Group announced its foray into the electric motorcycle segment with the launch of three models and two more in the pipeline. **** DCM63 BIZ-RBI-P2P-LENDING **** RBI tightens norms for P2P lending platforms Mumbai: The Reserve Bank on Friday tightened norms for Non-Banking Financial Company – Peer to Peer Lending Platforms (NBFC-P2P Lending Platform) to improve transparency and compliance. **** DEL67 BIZ-GOLD-PRICE **** Gold plunges Rs 400; silver rallies Rs 800 New Delhi: Gold prices plunged Rs 400 to Rs 72,750 per 10 grams in the national capital on Friday, according to the All India Sarafa Association. **** PTI SGC SHW
