Business highlights

Following are the top business stories at 1840 hours:-

DEL34 BIZ-LD ONION

Govt bans export of onion, imposes stock limit on traders to check price rise New Delhi: Concerned over rising onion prices, the Centre on Sunday banned the export of the key kitchen staple and imposed a stock limit on traders to improve the domestic availability of the commodity and provide a relief to consumers.

DCM21 BIZ-PMC-HDIL

PMC's HDIL loan at Rs 6,500 cr, or 73% of total loan book: Ex-MD Thomas to RBI Mumbai: The now-suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative Bank (PMC), Joy Thomas, has reportedly admitted to the RBI that the bank's actual exposure to the bankrupt HDIL is over Rs 6,500 crore -- four times the regulatory cap or a whopping 73 per cent of its entire assets of Rs 8,880 crore.

DCM15 BIZ-RBI-DIVIDEND

Govt may seek Rs 30,000 cr interim dividend from RBI New Delhi: The government may seek an interim dividend of about Rs 30,000 crore from the RBI towards the end of the financial year to meet its fiscal deficit target of 3.3 per cent of GDP for 2019-20, sources said.

DCM8 BIZ-BPCL-PRIVATISATION

Govt plan to privatise BPCL needs Parliament nod New Delhi: The government is considering a proposal to sell India's second-largest state refiner and fuel retailer BPCL to foreign and private firms but the privatisation plan will need a prior nod of Parliament, officials said.

DCM7 BIZ-PAREKH-INTERVIEW

We need builders to build new India, HDFC keen to contribute to govt's Rs 20k cr realty fund: Parekh New Delhi: Making a strong case for supporting developers to help them come out of crisis, eminent banker Deepak Parekh said the government incentives have helped the affordable housing sector gain traction but homebuyers now clearly want "right developers, right price, right size and right financier".

DCM10 BIZ-VEHICLE-SCRAPPING-POLICY

Vehicle scrappage policy may bring in stricter fitness norms for pre-2005 built vehicles New Delhi: The much-awaited vehicle scrappage policy that has gone for a Cabinet approval is likely to see stringent registration and fitness norms for pre-2005 manufactured vehicles, according to sources.

DCM26 BIZ-PMC-RBI

RBI wanted PMC chairman Waryam Singh to be sacked in 2018 for irregularities Mumbai: The RBI Bank had reportedly recommended removal of the now scam-hit Punjab and Maharashtra Cooperative Bank (PMC) chairman Waryam Singh last year after it had found out his involvement in sanctioning loans to realty developer HDIL and related-entities without proper due diligence and much above the regulatory limits, a source has said.

DCM3 BIZ-FPI-INFLOW

Foreign investors pour in Rs 7,714 cr into capital markets in Sept New Delhi: After remaining net sellers for the past two months, foreign investors infused a net Rs 7,714 crore into the domestic capital markets in September following a slew of economic reforms by the government.

DCM5 BIZ-MARKET OUTLOOK

RBI rate decision, macro data to steer markets in holiday-shortened week: Analysts New Delhi: RBI's interest rate decision, macroeconomic data points and global cues would be the key driving factors for the equity market in the holiday-shortened week ahead, say analysts.

DCM13 BIZ-POSCO-RINL

South Korea's POSCO continues exploring JV possibility with RINL New Delhi: Having stumbled earlier on its plans to set up a plant in India due to a struggle against land acquisition, South Korean steel giant POSCO is again turning to the country's growing steel market but this time through a joint venture with RINL in Visakhapatnam, according to sources.

DCM23 BIZ-RCOM

In a first, RCom AGM to be chaired by resolution professional on Monday Mumbai: In what is probably the first for any major corporate, a resolution professional will chair and address the shareholders of the Anil Ambani-run bankrupt Reliance Communications at the annual meeting with shareholders here on Monday.