A look at the headlines in the sector right now:
- MakeMyTrip, ibibo announce merger in $1.8-billion deal: The combined entity will function under the MakeMyTrip brand and will include its home stay service Rightstay and ibibo's Ryde ride-sharing service.
- GST Council proposes four tax bands, with highest rate at 26% for luxury goods, tobacco: Items such as tobacco, cigarettes, aerated drinks and luxury cars might attract the highest tax rate of 26%.
- Telecom companies fined Rs 10.8 crore for flouting mobile radiation rules: The action was taken after Department of Telecommunications officials found that 205 base stations violated norms.
- Markets drop amid profit booking by investors, a day after Sensex surged 500 points: ICICI Bank was among the biggest losers on the Nifty, falling by nearly 2% after its shares earlier rallied by around 10% following the Essar-Rosneft deal.
- Tata Motors hikes prices of its passenger vehicles by up to Rs 12,000: A top official said the company was forced to increase the cost of its cars as the prices of raw materials, steel and zinc, had risen.
- SBI blocks nearly six lakh debit cards after security breach in external ATM network: Officials said new cards will be re-issued to the clients affected, and called on banks with infected systems to acknowledge the problem.
- Airtel competes against Reliance Jio with new data offers: The telecom major has rolled out a new package that gives 10 GB data for a recharge of Rs 259 for those buying 4G handsets in the next three months.