YES BANK SHARES SURGE 30% AFTER CENTRAL BANK GIVES CLEAN CHIT
BENGALURU: Yes Bank Ltd’s shares surged 30% early on Thursday in their sharpest ever intraday jump, a day after the Indian central bank cleared the private sector lender of any divergences in bad loan reporting practices. More than 101 million shares changed hands by 0418 GMT, double the 30-day average trading volume, and making them the most heavily traded on the National Stock Exchange. The central bank did not find any divergences in the asset classification and provisioning by Yes Bank for the fiscal year ending 2018, the bank said in a statement on Wednesday. This came as a relief for Yes Bank, which reeled under pressure last year to bring in a new chief executive officer amid an increasingly assertive approach by the Reserve Bank of India to tackle domestic banks’ bad debts. Yes Bank hired Deutsche Bank India’s chief Ravneet Gill as its new chief executive after the central bank denied twice last year Rana Kapoor an extension to his term.
L&T Infotech to acquire Germany’s Nielsen+partner
NEW DELHI: Information technology firm Larsen & Toubro lnfotech (LTI) on Thursday announced the acquisition of Germany’s Nielsen+partner for €28 million (about ₹224.15 crore). “The company, through its whollyowned subsidiary, Larsen & Toubro lnfotech Gmbh, Germany, has signed a definitive agreement to acquire Nielsen+partner Unternehmensberater Gmbh headquartered in Hamburg, Germany, along with its identified subsidiaries in Luxembourg, Switzerland, Thailand, Singapore and Australia and branch office in Belgium,” LTI said in a regulatory filing. The enterprise value payable for the acquisition of 100% share capital of Nielsen+partner is €28 million on a cash-free, debt-free basis, which includes upfront consideration and a performance based earnout, LTI said. Shares of LTI were trading 0.61% lower at ₹1,772.05 apiece on BSE.
WPI inflation declines to 10-month low in January
NEW DELHI : Inflation based on wholesale prices fell to a 10month low of 2.76% in January over the previous month on softening prices of fuel and some food items, according to government data released on Thursday. The Wholesale Price Index (Wpi)-based inflation stood at 3.8% in December, 2018, and 3.02% in January 2018. WPI inflation stood at 2.74% in March 2018. Inflation in kitchen essentials like potato, onion, fruits, and milk softened in January over the previous month, the data revealed. However, the rate of price rise in the food basket, as a whole, rose to 2.34% in the month under review compared to a deflation (-0.07%) in the previous month. The retail inflation, released earlier this week, too declined marginally to 2.05% in January over the previous month.
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