A look at the headlines in the sector:
- Vodafone India confirms it is considering a merger with Idea Cellular: Shares of the Aditya Birla Group’s telecom company went up by 27% after the news of the possible tie-up was reported.
- Google, Apple and other top US firms are rushing to counter Donald Trump’s immigration curbs: Airbnb has vowed to host asylum seekers for free, while Starbucks says it will hire 10,000 refugees from across the country.
- Sensex ends 33 points lower, Nifty by 9 as markets close Monday on cautious note ahead of Budget Session: Asian markets also closed lower in response to US President Donald Trump’s executive order banning immigrants from seven Muslim-majority nations.
- Reliance Defence signs contract worth Rs 916 crore with Indian Coast Guard: This is the first time a private sector shipyard has been contracted to design such a ship-class for the Armed Forces.
- Piramal finalises $171 million deal to acquire pain management, spasticity drugs from Mallinckrodt LLC: Group Chairman Ajay Piramal said the deal was its seventh pharmaceutical acquisition in the last two years.
- Impose the highest penalty on Airtel for misleading ads, Reliance Jio tells Trai: In a letter, the Mukesh Ambani-owned company said its rival’s offer of unlimited calls and free data was a ‘gross violation of extant telecommunication laws’.
- Twitter releases two illegal data requests made by FBI: These national security letters violated a 2008 US Justice Department memo that had limited such orders to phone billing records.