Top stories from the world of business and economy.
The Reserve Bank of India has imposed operational restrictions on Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC) as it investigates the alleged charges of irregularities in the bank. Shares of Reliance Industries rallied nearly 5% to the month's high of Rs 1,298 on the BSE on Tuesday after foreign brokerage Morgan Stanley maintained its 'overweight' stance on the company's stock. State-run Indian Railway Catering and Tourism Corp Ltd (IRCTC) is expected to launch its initial public offering (IPO) on 30 September. Read for more top stories from the world of business and economy:
The announcement came after a recent Securities and Exchange Board of India (SEBI) inspection of mutual funds, in which it was found that some mutual funds and registrar and transfer agents had processed redemption requests without obtaining the PAN information.
RIL was the top gainer on the S&P BSE Sensex and Nifty 50 in the early trading hours. RIL stock rose almost 5% to the intraday high of Rs 1298.55, also its month's high, after rising 4.84% against the last close of Rs 1238.65 on the BSE.