IDBI BANK BOARD TO WEIGH GIVING 51% STAKE TO LIC ON OCTOBER 4

MUMBAI: IDBI Bank on Friday said its board will meet on October 4 to consider preferential allotment of up to 51% shares to Life Insurance Corporation of India (LIC). LIC already holds a 7.98% stake in the bank. IDBI shares on the BSE closed at ₹50 on Monday, up 0.4% from its previous close. In a statement to the stock exchanges, IDBI Bank said it received a letter dated September 27 from LIC conveying approval of its board of directors for subscribing to the equity capital of IDBI Bank, through a preferential issue or open offer, to pick up a controlling stake as the promoter. “IDBI Bank’s board will meet on October 4 to consider the preferential allotment of equity shares to LIC aggregating up to 51% of post-issue paid up capital of the bank and for conducting postal ballot for obtaining shareholder’s approval for preferential issue of capital to LIC, under section 62(1)(c) of the Companies Act, 2013 and other consequential matters,” said IDBI Bank.

Govt announces 10% hike in natural gas price

NEW DELHI: The government Friday announced a 10% hike in price of domestic natural gas, a move that will translate into higher CNG price and increased cost of electricity and urea production. Price paid to most of the domestic producers of natural gas has been hiked to $3.36 per million British thermal unit (mmbtu) from October 1, from the current $3.06, according to Oil Ministry’s Petroleum Planning and Analysis Cell. Natural gas prices are set every six months based on average rates in gassurplus nations like the US, Russia and Canada. India imports half of its gas which costs more than double the domestic rate.

Power tariff climbs to 9yr high of ₹16.49 on IEX

NEW DELHI: Spot power price Friday touched over nine-year high of ₹16.49 per unit in the day ahead market (DAM) on Indian Energy Exchange (IEX) for supply on Saturday, mainly on account of higher demand. The spot power prices have seen an upward trend in the DAM at IEX since last Sunday when it touched to a new high of ₹14.09 per unit for supply on Monday, due to lower wind and hydro power generation coupled with coal shortages at power plants.

Forex reserves rise by $1.3 bn to $401.79 bn

MUMBAI: The country’s foreign exchange reserves increased by $1.3 billion to $401.790 billion in the week to September 21, helped by a rise in foreign currency assets, according to RBI (Reserve Bank of India) data. In the previous week, forex reserves had risen by $1.207 billion to $400.489 billion.

Gold slips ₹320 on low demand, weak global cues

MUMBAI: Gold prices slipped by ₹320 to ₹30,300 per 10 grams at the bullion market on Friday owing to slackened demand from the local jewellers along with subdued global cues. Silver prices too dropped by ₹320 to ₹37,020 per kg following persistent offtake from industrial units.

COMPILED FROM MINT REPORTERS AND AGENCIES