Morning Watch: Reliance Jio to Hike Tariff, RBI Imposes Penalty on SBI & More

  • Stock Market News
Morning Watch: Reliance Jio to Hike Tariff, RBI Imposes Penalty on SBI & More

By Malvika Gurung -- Reliance Industries (NS: RELI ): Following its competitors Bharti Airtel (NS: BRTI ) and Vodafone Idea (NS: VODA ), the Mukesh-Ambani backed telco has announced on Sunday to raise its prepaid tariff by 20%, starting December 1. The rate of price hike is lower than that initiated by the other two telcos.

State Bank of India (NS: SBI ): A penalty of Rs 1 crore has been imposed on the country’s largest lender by the RBI, on account of holding shares in the borrower companies of an amount exceeding 30% of the paid-up share capital of those companies, thereby violating a section of the Banking Regulation Act, 1949.

ITC (NS: ITC ): The Kolkata-based conglomerate has announced to acquire a 16% stake in the premium Ayurvedic and natural personal care brand Mother Sparsh Baby Care Private Ltd, on a fully diluted basis for Rs 20 crore.

Tata Steel (NS: TISC ): The steel manufacturer has plans to increase its iron ore production to 45 million tonnes per annum from the current levels of 30 mtpa over the next 5 years.

Vedanta Ltd (NS: VDAN ): Holding companies of the mining major - Twin Star Holdings, Vedanta Netherlands Investments BV, and Standard Chartered (LON: STAN ) Bank, HK have raised $800 million, approximately Rs 6,000 crore by pledging shares in the company. Promoter group firms pledged 242.26 crores or 65.18% shareholding in the company in 3 facility agreements to raise money, states a stock exchange filing.

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