A look at the headlines in this sector right now:
- Twitter to shut down Bengaluru engineering centre, lay off 20-60 employees: The staff who will be effected are part of ZipDial, the mobile communications startup the company had acquired for around $35 million last year.
- Seven telecom operators deposit Rs 14,653 crore for upcoming spectrum auction: Mobile frequencies in seven bands — 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz and 2,500 MHz — will be up for sale from October 1.
- Google launches Trips, a free travel app that works in offline mode: It will also act as a city guide for more than 200 places across the globe and can make personalised recommendations.
- Facebook hires ex-Yahoo, Snapdeal executive Anand Chandrasekaran to boost growth of Messenger app: The 38-year-old, who joined Airtel in 2014, is credited with launching its Wynk music app and Airtel Money.
- India's banking sector will be 'stable' for the next 12 to 18 months, says Moody's: The ratings agency said the industry was moving beyond the worst of its bad loans cycle.
- ONGC Videsh Limited asked to pay Rs 6,100 crore as service tax: The amount was calculated based on foreign currency expenditure that was reported by the company between April 2006 and March 2010.
- Sensex, Nifty close lower on cautious sentiments ahead of US Fed, Bank of Japan meetings: While the American central bank is expected to keep its interest rates unchanged, investors are looking for indications of a hike in the future.