A look at the headlines in the sector right now:
- Apple’s iPhone sales in India grow 51% even as global sales dip: The company sold more iPhones than expected despite a drop in third quarter sales.
- Coal allocation scam: Court finds Rathi Steel and Power and its three senior executives guilty: The special CBI court said the Delhi-based firm had deceived the government and made false representations to get Kesla North coal block in Chhattisgarh.
- Twitter shares nosedive as revenue growth stalls: The microblogging site was able to boost its user base by only 1% to to 313 million in the second quarter.
- Flipkart CEO Binny Bansal writes letter to employees on Jabong acquisition: In the letter, he said that the acquisition is a continuation of the group's journey to transform commerce in India.
- 60% probability of GST Bill passage in current session, says Nomura: The expected timeline for the passage of GST is by August 12.
- China’s Fosun to buy Gland Pharma for $1.3 billion: The bid for a controlling stake in Gland Pharma is a rare instance of a Chinese drugmaker seeking to buy an Indian company.
- Sahara rejects $1.3-billion offer, calls it attempt to lower price: The offer was from a group of investors for its three prized overseas hotels.