Top headlines: Govt bans local lockdowns, HDFC Bank m-cap hits Rs 8-trn

HDFC Bank became the first bank in the Indian history to cross the Rs 8-trillion, Union Cabinet nod to LVB merger with DBS, and more top headlines of the day

The centre asked states to step up measures to contain the spread of coronavirus cases, suggesting they strictly enforce restrictions in containment zones, step up contact tracing and encourage "covid-appropriate" behaviour. States cannot impose local lockdowns, it said. You can read about more that story here. Our evening news wrap has more headlines.

India import hurdles hit iPhone, Xiaomi

India's tight control of quality clearances for electronic goods from China slowed the import of Apple's new iPhone model last month and held up other products made by companies like Xiaomi, according to two industry sources. Applications to the quality control agency, the Bureau of Indian Standards (BIS), typically used to be processed within 15 days, but some are now taking up to two months or longer. Read more..

HDFC Bank m-cap tops Rs 8-trillion

HDFC Bank on Wednesday became the first bank in the Indian history to cross the Rs 8-trillion market capitalisation milestone after its shares hit fresh record high of Rs 1,464 apiece on the BSE in the intra-day deal. The private lender now stands at third position in the overall market-cap ranking of listed companies. Read more..

Union Cabinet nod to LVB merger with DBS
 

The government on Wednesday approved the merger of Lakshmi Vilas Bank (LVB) with the Indian subsidiary of Singapore's DBS, said a senior minister on Wednesday, adding that the blame for the lender's collapse has to be fixed. The Reserve Bank of India (RBI) took over LVB on November 15 due to a "serious deterioration" in its finances and temporarily capped withdrawals from the Chennai-based lender, which has been scouting for a partner since last year amid mounting bad loan and governance issues. Read more...

Amazon's fight with Ambani sparks foreign vs local debate

A battle between Amazon.com Inc. and Reliance Industries Ltd. to dominate India’s $1 trillion consumer market is stoking nationalist rhetoric in a courtroom and outside, as the two companies tussle over the future of a distressed local retailer.  Read more

Union Cabinet approves Rs 6,000 cr infusion in NIIF debt platform

The Union Cabinet on Wednesday approved equity infusion of Rs 6,000 crore in NIIF Debt Platform sponsored by National Investment and Infrastructure Fund. This was informed by Information and Broadcasting Minister Prakash Javadekar after the Cabinet meeting. Read more...