Natco Pharma, Jet Airways, SpiceJet, InterGlobe Aviation, GVK Power, Jai Corp and KPR Mills gained 0.5-4 percent.

India’s state-run UCO Bank said it has USD 411.82 million in exposure to fraudulent transactions carried out at Punjab National Bank (PNB).

PNB, India’s second-largest state-run lender, said last Wednesday that it had detected fraudulent transactions worth USD 1.77 billion at a single Mumbai branch that had benefited “a few select account holders”, and that it had reported the matter to law enforcement agencies.

UCO Bank, in a filing to the Bombay Stock Exchange late on Saturday, said its Hong Kong branch granted loans against letters of credit issued by PNB and was “fully confident” of receiving payment from PNB.

The water & effluent treatment business of L&T Construction has secured EPC orders worth Rs 1,680 crore from Pune Municipal Corporation for ‘study, survey, investigation, assessment, design validation and revamping of the entire water supply system for Pune City.

“We are delighted to have bagged this very prestigious order which has the potential to be a game-changer in the realm of water infrastructure development,” said S Rajavel, Senior Vice President & Head – Water & Smart World Communication, L&T Construction.

The scope of the project includes supply, laying, testing and commissioning of water transmission pipelines, optical fibre cable ducts, construction of sumps & house service connections along with water audit, Non-Revenue Water Reduction, SCADA, bill reading & generation and other associated electromechanical & instrumentation works.

9:26 am Buzzing: Shares of Bhushan Steel hit 20 percent upper circuit on Monday as investors cheered developments surrounding its takeover bid.

Tata Steel emerged as the highest bidder for Bhushan Steel with a surprise bid of Rs 35,000 crore. JSW Steel, which was the favourite till the end of the race, was second placed with a bid of Rs 29,700 crore. Tata Steel’s stock fell around 5 percent intraday.

A senior bank executive aware of the development confirmed the allotment to Tata Steel and the bid amount.

9:21 am Navi Mumbai Airport: The City Industrial Development Corporation (Cidco), the nodal agency of Maharashtra government implementing the Navi Mumbai International Airport has set a stiff deadline of December 2019 for developer GVK Power & Infrastructure (GVK) to operationalise the first phase of the project.

source: moneycontrol.com