Singapore's DBS will infuse Rs 2,500 crore into DBS Bank India for the proposed merger with cash-strapped Lakshmi Vilas Bank (LVB), which was put under a moratorium on Tuesday. The Reserve Bank of India (RBI) has announced a draft scheme to amalgamate Lakshmi Vilas Bank (LVB) with DBS Bank India Ltd (DBIL). The proposed scheme of amalgamation is under the special powers of the GOI and RBI.

Tata Steel is expecting that the due diligence for the sale of Netherlands business will be complete by the end of December. The company had said late last week that it was in discussions with Swedish steelmaker SSAB AB for the sale of the Netherlands business, including Ijmuiden steelworks. Once the diligence is complete, the company will begin conversations on finalising the commercials.

Malaysian low-cost carrier AirAsia Group Bhd. is reviewing investment in its cash-starved Indian affiliate, hours after its Japan unit filed for bankruptcy. “Our businesses in Japan and India have been draining cash, causing the Group much financial stress," Bo Lingam, president of airlines at AirAsia Group, said in a statement on its website.

JSW Energy has healthy cash flows and balance sheet position and it will be incurring capex towards both the Kuteher HEP and the 810 MW Seci project in the second half of the current fiscal, Prashant Jain, the company's joint, told FE'. He further said after the pandemic-induced demand compression, there are visible green shoots with an improvement in power demand.

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ABB Power Products reported 9.42% fall in Sep-20 quarter top line sales revenues yoy at Rs931.94cr. The company was formed by demerging the power grid business of ABB Ltd into APPSIL and the company was based on the scheme of demerger effective from Feb-19. Considering the niche sector the company operates in, the COVID impact was visible but the recovery in the Sep-20 quarter was equally rapid.

Reserve Bank of India on Tuesday imposed restrictions on withdrawals from Maharashtra-based Mantha Urban Cooperative Bank for six months. The RBI, in a release, said it has issued certain directions to Mantha Urban Cooperative Bank, Mantha District Jalna, Maharashtra, from the close of business on November 17, 2020.

Public sector lender Uco Bank is confident of meeting Rs 3,000 crore lending target for retail and MSME segments during this festive season as around Rs 1,900 crore has already been sanctioned. The Kolkata-based bank has set a target of Rs 3,000 crore lending in retail and MSME in just two months — October and November.

As per the draft scheme of amalgamation of the Lakshmi Vilas Bank (LVB) with DBS Bank India, the entire amount of the paid-up share capital will be written off. As it appears in the draft scheme, the value of the equity capital will be zero,” said JN Gupta, former executive director and Co-founder and MD of proxy advisory firm Stakeholders Empowerment Services (SES).

Walmart Inc. on Tuesday said that its e-commerce unit Flipkart and payment app PhonePe have seen a strong quarter on the back of ‘Big Billion Day’ sales, with monthly active users (MAU) on an all-time high for the Indian e-tailer. The retail giant in its August-October quarter earnings release said net sales for Walmart International stood at $29.6 billion, up 1.3% from the year-ago quarter.

Twitter Inc said on Tuesday it was globally launching tweets that disappear after 24 hours, similar to the stories feature popular on Snapchat and Facebook's photo-sharing app Instagram. Twitter has previously announced its plan for these ephemeral tweets, dubbed "fleets", and tested the feature in Brazil, Italy, India, and South Korea.

Infosys on Tuesday said it has joined hands with United Kingdom-based charity, Ellen MacArthur Foundation charity. "As a global leader in next-gen digital platforms, Infosys will bring a calibre of expertise and knowledge that will further help the Network to realise its digital ambition, which will support the transition towards a circular economy," James George, Ellen MacArthur Foundation said.

Wipro on Tuesday said its shareholders have approved its up to ₹9,500 cr share buyback plan. Wipro's board of directors had last month approved a buyback proposal for purchase of up to 23.75 cr equity shares at ₹400 per share, aggregating to an amount of up to ₹9,500 cr. Last year, Wipro had undertaken a buyback programme of 32.31 crore shares at ₹325 apiece, aggregating to about ₹10,500 crore.

GOI on Tuesday imposed a one-month moratorium on Lakshmi Vilas Bank and capped the cash withdrawal limit at Rs 25,000 for depositors. "The Reserve Bank assures the depositors of the bank that their interest will be fully protected and there is no need to panic," it said in a statement, reiterating that the central bank has drawn up a scheme for the bank’s amalgamation with another bank.

Bitcoin reached $17,000 for the first time since just after the burst of the cryptocurrency bubble almost three years ago. The largest digital coin, which has more than doubled this year, rose as much as 2.2% to $17,067 on Tuesday in New York trading. From an all-time high in December 2017 of nearly $20,000, Bitcoin tumbled to as low as $3,136 within a year.