Top headlines: Dow rises 500 pts; SBI to raise up to Rs 14,000 cr

Business Standard brings you top news of the day

Bank, oil stocks lead Dow higher by 500 pts, sees best day since mid-May

The S&P 500 and the Dow rebounded on Monday with financials and energy shares rising, as investors piled back into stocks that are set to benefit from a broader economic recovery.

All of the 11 S&P sectors advanced in early trading, with energy, financials, industrials and materials jumping more than 1.5% each. READ MORE.

SBI to raise up to Rs 14,000 cr via AT1 bonds to boost capital adequacy

The country's largest bank, State Bank of India, plans to raise upto Rs 14,000 crore through additional tier-I bonds (AT1 bonds) in current financial year (FY22) to enhance capital adequacy profile.

The Central Board approved the capital raise by way of issuance of Basel lll-compliant debt instruments in rupee and/or US dollar in FY22, bank said in a BSE filing. Its stock closed 1.64 per cent higher at Rs 419.55 per share on BSE. READ MORE.

Record 8 million vaccinated in a single day as new guidelines kick in

India on Monday administered more than 80 lakh vaccination doses. This is the highest single-day number of vaccinations in the world. Thus India has vaccinated roughly the population of Israel or twice the population of New Zealand in a single day.

"Today's record-breaking vaccination numbers are gladdening. The vaccine remains our strongest weapon to fight COVID-19. Congratulations to those who got vaccinated and kudos to all the front-line warriors working hard to ensure so many citizens got the vaccine. Well done India!" tweeted Prime Minister on the occasion. READ MORE.

Chinese banks promise to step up cryptocurrency ban

China's biggest banks promised Monday to refuse to help customers trade Bitcoin and other cryptocurrencies after the central bank said executives were told to step up enforcement of a government ban.

Regulators appear to worry that despite the 2013 ban on Chinese banks and other institutions handling cryptocurrencies, the state-run financial system might be indirectly exposed to risks. READ MORE.