The business wrap: Airtel blames Jio for its poor Q3 performance, and six other top stories
Other headlines: Bank stocks made huge gains as markets closed on a positive note, and the chief ministers’ panel suggested a cap on cash for big transactions.
A look at the headlines in this sector right now:
- Airtel reports 55% drop in Q3 net profit, blames Reliance Jio’s ‘predatory pricing’ for slump: The telecom major’s total revenue also declined by 3% to Rs 23,336 crore.
- Sensex up 300 points, Nifty closes on three-month high as markets rise for third straight session: Financial stocks saw some of the biggest gains during intra-day trading on the back of strong quarterly results.
- Chief ministers’ panel recommends tax on withdrawals above Rs 50,000: In its interim report, the committee suggested that the Merchant Discount Rate should either be slashed or done away with.
- CBI files chargesheet against Vijay Mallya and 11 others in IDBI loan default case: The agency has sought the judicial custody of the accused, saying they may tamper with the evidence or flee the country.
- Dubai-based Indian businessman pledges $1 million to help free debt prisoners in UAE: So far, Firoz Merchant has used the money to help with the release of 132 inmates from Ajman Central Jail.
- Samsung’s Q4 profits double despite Note7 battery fires and investigation against chief: The company made $6.1 billion (around Rs 41,532 crore) during the period, its highest in three years.
- Indians are the world’s largest hoarders of gold, finds study: Households in the country hold a record 23,000-24,000 tonnes of the yellow metal worth $800 billion, according to the World Gold Council.
