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The next financial crisis will occur due to private cryptocurrencies, said Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday, adding that he still holds the view that cryptocurrencies should be prohibited. The RBI has for long held its view that private cryptocurrencies are a threat to stability and has been against legitimising its usage. To combat the issue, India recently launched its own cryptocurrency, backed by the RBI.

With the acquisition, Shyam Metalics added 1,50,000 tonnes per annum of stainless steel, wire rod and bar mill capacity. The company will invest Rs 7,500 crore over the next 4-5 years to diversify its metals businesses further, the company said in a BSE filing.

"As the gap in growth and profitability narrows over next 12-18 months, we see headroom for PSU banks to close the gap on valuations with private banks further and believe a valuation gap of around 0.50% is more sustainable," Jefferies said in a note.

GAIL (India), incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 63942.84 Crore) operating in Gas & Petroleum sector.

"The divergence to the tune of Rs 259 crore consists of 13 borrower accounts (with an outstanding balance over Rs 1 crore ) for an amount of Rs 230 crore and 218 borrowers (with outstanding balance lower than Rs 1 crore) for an amount of Rs 29 crore," the filing added.

The NSE listed Tirupati is engaged in manufacturing closed die forged products like auto component bearings gears and forged flanges of mild steel, carbon steel, and stainless steel among other products.

A total of 121,978 shares changed hands on the counter till 12:28PM (IST).

The stock quoted a 52-week high of Rs 169.4 and a 52-week low of Rs 93.2.

Investec maintained its buy rating on Union Bank with a target price of Rs 240. The company reported a divergence of Rs 260 crore or 64 bps of advances and no material impact on estimates, it said."Increasing instances of internal lapses - a sign of underlying weakness caused due to Covid. Pressure on further valuations, but the event is backwards-looking," Investec said.

Earlier a company was prohibited from buying its own shares. In 1998-99, the laws changed, both the Companies Act and Sebi guidelines made provisions for companies to buyback their own shares. Indian regulations require companies to cancel the shares that it buys back unlike in some other countries where it’s allowed to keep those shares alive on its own balance sheet.