News digest: Stock markets, IL&FS crisis, stressed power projects, and more

From Stock market to IL&FS crisis, BS brings you the top stories

Biggest gain for markets in 2 years
The equity markets recovered Thursday’s losses with an across-the-board buying on Friday. The benchmark indices posted their biggest single-day gain in over two years as the spurt in the rupee and the drop in global oil prices improved investor sentiment. Despite another sharp cut in US equities overnight, most markets rebounded globally, as a retreat in bond yields and the dollar helped trigger risk-on bets. Read More

IL&FS board orders full audit, cost-cutting
The government-appointed board of directors of Infrastructure Leasing & Financial Services (IL&FS) on Friday ordered a full audit of all group companies, nominated directors to key subsidiaries, and initiated austerity measures. Read More

Alibaba in talks to purchase minority stake in Spencer’s
RP-Sanjiv Goenka’s food and grocery retail chain, Spencer’s Retail, is in talks with Alibaba for a minority stake sale, said sources close to the development. Read More
 
Bandhan Bank gets Sebi exemption on lock-in period
Bandhan Bank on Friday received exemption from the Securities and Exchange Board of India (Sebi) on one-year lock-in period for selling shares by promotors. This will enable the bank to comply with the Reserve Bank of India's (RBI's) licensing guidelines for new private sector banks. Effectively, this entails that Bandhan Bank can now sell promoters’ shares before March 2019. Read More

Strong volume growth lifts HUL’s net profit
The country's largest consumer goods company, Hindustan Unilever (HUL), reported a 19.5 per cent year-on-year (y-o-y) increase in net profit on Friday for the July-September quarter, as double-digit sales volume growth continued for a fourth straight quarter. Read More

Gujarat seeks relief for power producers
In a move that could help revive the stressed projects of Tata Power, Essar Power, and Adani Power, the Gujarat government is seeking Supreme Court direction to the Central Electricity Regulatory Commission (CERC) to amend their power purchase agreements. Read More