Shares of public sector banks (PSBs) will be in spotlight as reports suggested that the government is likely to directly issue Rs 1.35 lakh crore of bank recapitalisation bonds, taking the entire liability of repayment and interest in the central budget, as it seeks to extricate state-run lenders from a mounting pile of bad debt and make funds available to more productive sectors of the economy. The government is expected to seek approval on the funding mechanism from Parliament in the upcoming winter session scheduled to start from 15th December, reports added. The government had in October announced a Rs 2.11-lakh crore capital infusion into state-run banks.
Infosys will be watched. Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, announced the global availability of Finacle Trade Connect, a blockchain based trade finance solution for banks. The solution will help digitize the trade finance business process, including validation of ownership, certifying documents and making payments, while working on a distributed, trusted and shared network. The announcement was made after market hours yesterday, 29 November 2017.
Cadila Healthcare and The Indian Council of Medical Research (ICMR) announced the launch of new diagnostic kits, developed by ICMR's National Institute of Virology (NIV), Pune to detect neglected infectious diseases in livestock. This public private partnership will open newer avenues for many more indigenously diagnostics for public health benefits. The announcement was made at the fag end of trading session yesterday, 29 November 2017. Mahindra & Mahindra Financial Services said that its committee yesterday, 29 November 2017, approved the allotment of zero coupon non-convertible debentures (NCDs) aggregating to Rs 27.80 crore. The announcement was made after market hours yesterday, 29 November 2017.
Tata Communications announced the appointment of Andrew Yeong as its head of sales for Asia region. In his new role, Andrew will be responsible for the growth of Tata Communications' business across all industry verticals, focusing on providing transformation services to large corporations in the region. The announcement was made before market hours today, 30 November 2017.
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