Top headlines: HDFC-HDFC Bank merger, OMCs and discounts on Russian crude

Business Standard brings you the top headlines at this hour

HDFC-HDFC Bank merger: On global stage today, $180 bn banking giant
 

The boards of directors of HDFC and HDFC Bank have approved the merger of the two with effect from July 1, 2023, both companies informed the stock exchanges late on Friday. Following the amalgamation, HDFC Bank would be the fourth-largest bank in the world with a market capitalisation of Rs 14.73 trillion, or nearly $180 billion. Read more...

Vijay Sales to Rasna: Summer sales of beverages, white goods a damp squib
 

Sales of consumer durables and beverages got impacted this summer due to unseasonal rains, especially in the northern region of the country. While some consumer durables makers and retailers saw growth, it was well short of their expectations, industry executives said. Read more...

Indian OMCs confident of retaining discounts on Russian crude oil
 

Indian Oil Marketing Companies (OMCs) are confident that they would be able to secure discounts in the short-term for Russian crude, officials at several OMCs told Business Standard. The price of Russian Urals-grade crude is trading close to the $60-limit, beyond which, sanctions will take hold. Since April, the majority of Russian oil sold to India has been on the Dubai benchmark, with an average discount level of $8-10 per barrel. Read more...

Tejas fighter completes seven years of service in Indian Air Force
 

India’s homegrown Light Combat Aircraft (LCA) on Friday completed seven years of service in the Indian Air Force (IAF). Christened Tejas in 2003 by former prime minister Atal Behari Vajpayee, the fighter aircraft is a multi-role platform that is steadily making a name as one of the world’s premier light fighters. Read more...

Recipe for Keki Mistry's secret sauce: Growth seasoned with governance
 

After taking a calculated risk to join a financial sector start-up — Housing Development Finance Corporation (HDFC) — in the early Eighties, Keki M Mistry hangs up his boots as its vice-chairman (V-C) and chief executive officer (CEO) at the close of June, capping an over four-decade career. Read more...