Newsmakers: YES Bank plans LSE bond listing, Axis Bank net profit rises and more

Key business news events for the day

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Axis Bank Q3 net profit up 14.5% but bad loans rise Axis Bank, country's third-biggest private sector lender by assets, reported a better-than-expected 14.5 per cent increase in third-quarter profit, although its bad loans shot up. Net profit rose to Rs 21.75 billion ($320 million) for the three months to December  31 from Rs 19 billion a year earlier, the Mumbai-based bank said on Wednesday.

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RCom pays Rs 5,384 crore for spectrum plan Reliance Communications said it has paid Rs.5,383.84 crore to the government as fee toward spectrum sharing and trading in 16 circles for the 800-850 MHz band, two days after it announced a pact on this with Jio for nine service areas. This also follows a statement by the company a week ago that while it heard from the Department of Telecommunications (DoT) regarding its plans for sharing and trading in scarce airwaves in the 800-850 MHz space, it was awaiting the response in four other circles.

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Rupee plunges to 28-mth low, closes at 67.95 Hit by global growth concerns, the rupee on Wednesday fell below the 68-level after 28 months and closed at 67.95 on fresh demand for the American currency from importers amid a massive fall in domestic stock markets. A forex dealer said persistent foreign capital outflows also affected the market sentiment. The domestic unit resumed lower at 67.77 per dollar as against Tuesday's closing level of 67.65 at the interbank Foreign Exchange (Forex) market.

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YES Bank plans to list $500 mn green bonds on LSE Private sector lender YES Bank aims to list up to $500 million green bonds on London Stock Exchange by December and has tied up with the UK's exchange group on debt and equity issuance. It has also formalised the memorandum of understanding (MoU) signed with the London Stock Exchange (LSE) during Prime Minister Narendra Modi's visit to the UK in November to develop bond and equity issuance, with particular focus on the relatively untapped sector of green infrastructure finance.

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Sensex gives up Modi magic, ends 417 pts lower Snapping the rare gains of previous session, the S&P BSE Sensex ended the day 417 points lower after tumbling as much as 640.08 points on Wednesday to fall below its crucial psychological level of 24,000, while broader CNX Nifty breached its key 7,250-mark in intraday trade, but ended above 7,300 level.