The business wrap: Fitch says public banks need $65 billion more capital, and 6 other top stories
Other headlines: Oil companies hiked fuel prices in four metros, and the Sensex closed above the 32,000 mark before the release of macroeconomic data.
A look at the headlines in the sector:
- State-run banks need $65 billion additional capital to tackle NPAs, says Fitch Ratings: This additional money is required to raise loan growth and tackle weak provisionings for rising bad loans.
- Fuel rates rise in four metros, petrol price touches Rs 80 in Mumbai: Diesel rates also went up by 10-11 paise a litre.
- Sensex closes above 32,000 mark, Asian markets rally as Irma, North Korea tensions fade: Tata Steel, Tata Motors DVR, Sun Pharma, Tata Motors and Hindustan Unilever were the top five gainers at the BSE.
- After earlier model’s battery fires, Samsung says Galaxy Note 8 pre-orders are the series’ highest: The company is banking on its newest device to secure its market dominance and compete with Apple. Its sale will begin on September 15.
- Tata Sons will spend Rs 1,458.55 crore to increase stake in Tata Global and Tata Chemicals: This is likely to give Tata Sons better control over its companies.
- Force Motors, Rolls-Royce Power Systems tie up to produce engines for power generation and rail application: Under the joint venture, Force Motors will produce complete power generation systems, including associated spare parts for Indian and global markets, the company said.
- Larsen & Toubro’s construction arm wins orders worth Rs 2,525 crore: After the announcement, the company’s shares rose 0.58% to Rs 1,223.95.
