Business News Live: CEO, CFO of scam-hit Karvy arrested

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CEO, CFO of scam-hit Karvy arrested

Karvy Stock Broking Chief Executive Officer Rajiv Ranjan Singh, and Chief Financial Officer G. Krishna Hari of Karvy were arrested basing on a complaint by IndusInd bank for allegedly involving in diverting funds raised from banks by pledging clients’ securities as collaterals, PTI reported.

The police had earlier arrested Chairman C Parthasarathy, on charges of defaulting a loan to the tune of ₹137 crore to IndusInd Bank.

HDFC Life Insurance to buy Exide Life

HDFC Life Insurance will buy the life insurance unit of battery maker Exide Industries for ₹6,687 crore, the company said in a regulatory filing.

As part of the deal, HDFC will issue 8.7 crore shares to Exide Industries at ₹685 per share and the remaining amount as a cash payout of ₹726 crore. Exide Life will merge into HDFC Life after the acquisition. .

"This is a landmark transaction, first of its kind, in the Indian life insurance space," HDFC Life Chairman Deepak Parekh said in a statement. "It would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base."

Sensex crosses 58,000 for first time

Indian benchmark equity indices continued their record breaking streak. Sensex and Nifty opened at fresh record high with Sensex hitting the 58,000 mark for the first time.

At 9:16 IST, Sensex was up 0.38% at 58070.12 while Nifty rose 0.36% to 17296.

Oil falls before U.S jobs report

Oil prices fell before after strong overnight gains ahead of a highly anticipated U.S. monthly jobs report, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures slipped 0.3% to $69.75 a barrel while Brent Crude fell 0.2% to $72.90 a barrel.

The fall was likely due to traders squaring positions ahead of U.S non-farm payrolls report for August as there are concerns that consensus maybe weaker than forecasts, Stephen Innes, managing partner at SPI Asset Management told Rueters.  

Asian shares hold gains

Asian shares held onto their gains while global shares were at record highs, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan remained flat in early trading. Japan’s Nikkei rose 0.38%, Australia was up 0.3%, and Korea soared 0.61%.

Chinese blue chips fell 0.27% and Hong Kong was down 0.6%.

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