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The ECB was also due to lay out plans to stop replacing maturing bonds in its 5 trillion-euro portfolio, reversing years of debt purchases that have turned the central bank into the biggest creditor of many euro zone governments.

Stocks that were in focus include names like UCO Bank which was up over 14%, Bank of Maharashtra which gained over 4%, and IOB which was up more than 5% on Wednesday.

State Bank of India said its board has approved Rs 10,000 crore capital raising plan through Tier I bonds. The fund raising through Additional Tier 1 capital up to an amount of Rs 10,000 crore is subject to approval from the government.

U.S. consumer prices rose less than expected for a second straight month in November, data released this week showed, with underlying consumer prices advancing by the least in 15 months.

Fed Chair Jerome Powell said on Wednesday that the central bank will deliver more rate hikes next year even as the economy slips towards a possible recession, arguing that a higher cost would be paid if the U.S. central bank does not get a firmer grip on inflation.

Agarwal’s representatives met with large funds from the Middle East, Singapore, and the US over the past three months to garner financing commitments for the manufacturing business, the people said, asking not to be named as the information is not public. All the funds gave the opportunity a pass leaving them with almost no backers for the project, they said, without providing further details.

Mehta, 62, has been leading the local unit of Anglo-Dutch consumer firm Unilever since 2013 as its managing director and CEO. He was last reappointed for five years, until October next year.

The Cincinnati-based consumer goods maker reported sales of Rs 13,985 crore and net profit of Rs 1,334 crore across four Indian companies - pharmaceuticals firm P&G Health, shaving products maker Gillette, P&G Health & Hygiene and P&G Home Products.

Officials say there is growing concern in the government over a spillover from the global slowdown hurting the fragile economic recovery, and a greater need to provide support.

After completion of the deal, HDFC Bank will hold 7.75% of the total share capital of Mintoak on a fully diluted basis.