A look at the headlines in the sector right now:

  1. Government employees to get new salaries from August after Centre issues notice on 7th pay commission: The new salary structure, which includes a hike of 23.6%, will be effective from January 2016, and arrears will be paid during the current fiscal.
  2. New RBI governor unlikely to be appointed before monetary policy review in August: Reports said Kaushik Basu, who is stepping down as the chief economist of the World Bank, was added to the shortlist of Raghuram Rajan's replacement.
  3. Myntra acquires Jabong from Global Fashion Group: The company's CEO said the acquisition is a natural step in the e-commerce major's journey to become India's largest fashion platform.
  4. Amazon Prime services launched in India: This subscription allows customers free shipping for anything they order, with no restriction on prices or number of deliveries.
  5. India fined $1 billion by arbitration court in Antrix-Devas case: The verdict to be a severe setback to India's image as a reliable destination for foreign investments.
  6. Telecom Commission recommends minimum spectrum usage charge at 3%: The proposal will be sent to the Cabinet next week for sanction. If approved, Reliance Jio Infocomm and Aircel Ltd will have to pay more than they currently do.
  7. Maruti Suzuki's Q1 net profit up 23%: The passenger car manufacturer earned Rs 1,486.2 crore in the quarter that ended on June 30, as compared to Rs 1,208.1 crore in the corresponding period last year.