Business

New Delhi: Public sector Punjab National Bank (PNB) has raised Rs 5,000 crore by issuing equity shares to qualified institutional investors.PNB said in a statement that, The bank allotted around 48.19 crore equity shares at an issue price of Rs 103.75 per share, which was at a discount of 4.96 percent to the floor price of Rs 109.16 per share.The bank said its QIP issue is open for subscription from September 23 to 26, 2024.The bank said that "The Bank received bids of Rs 41,734 crore for the QIP issue from qualified institutional buyers (QIBs), including mutual funds, foreign portfolio investors (FPIs), insurance companies, etc., which is 16.7 times the base issue size of Rs 2,500 crore and 8.3 times the total issue size of Rs 5,000 crore".He said the capital raised through the QIP issue...

Shares of Tata Motors Ltd rose more than 2 per cent to Rs 986.4 in the afternoon on September 26 after its British arm, Jaguar Land Rover, announced plans to spend 500 million pounds ($669 million) on rebuilding one of its factories in England, which is set to start building electric SUVs.Jaguar Land Rover (JLR), maker of Range Rover and Land Rover vehicles, has announced plans to double its investment at its Halewood plant near Liverpool, taking total spending to £500 million over the coming years. The company has invested £250 million in the facility over the past 12 months, aiming to make it JLR's first fully electric plant.Despite its increased investment, JLR warned that the cost of its transition to electric vehicles (EVs) will be higher than initially estimated, because of waning c...

Shares of private lender Bandhan Bank Ltd fell on September 25 after its chief audit executive resigned to "explore alternative opportunities".In a stock exchange filing on September 24, Bandhan Bank said chief audit executive Ravi Lahoti has resigned and his last working day at the bank will be December 21, 2024."Ravi Lahoti, Chief Audit Executive of the Bank, has decided to explore alternative opportunities and has accordingly tendered his resignation from the services of the Bank vide a letter dated September 23, 2024," Bandhan Bank said in a stock exchange filing.At 10:55 am on September 25, Bandhan Bank shares were trading lower by 1.3 per cent at Rs 205.06 per share.Lahoti said in his resignation letter, "I have worked in the internal audit and AML domain for over 20 years, includin...

Moody's Analytics on Tuesday said that normalising growth in India will impact the performance of the Asia Pacific (APAC) region in 2025, as the Indian economy is projected to grow at 6.5 per cent in 2025 from an estimated 7.1 percent in 2024."Inflation in developing Asia will slow to 5.1 percent in 2024 and 4.9 percent in 2025, with sluggish economic inflation in China a key factor. Weak domestic demand will push Chinese domestic growth to 4.7 percent in 2024, well behind the official 5 percent target. Growth will slow to 4.6 percent in 2025," Moody's Ratings subsidiary said."Normalising growth in India will also impact the sector's performance. After a strong post-pandemic recovery to 7.8 percent in 2023, Indian gross domestic product (GDP) growth will slow to 7.1 percent in 2024 and 6....