The business wrap: RIL shares up after news of Jio’s tariff changes, and 6 other top stories
Other headlines: The Rs 1,000 note will not be re-introduced, and a Delhi ATM dispensed fake Rs 1,000 notes.
A look at the headlines in the sector right now:
- Sensex rises 103 points, Nifty by 19 as markets close higher for sixth straight session: Reliance Industries Limited was the day’s biggest gainer, climbing 11.17% to its highest levels since June, 2009, by the end of the day.
- No plans to introduce Rs 1,000 notes, focus on supply of Rs 500 notes, says Shaktikanta Das: It had been reported that the RBI was considering introducing a new series of the larger denomination, which was demonetised on November 8, 2016.
- SBI ATM dispensed fake Rs 2,000 notes with ‘Children Bank of India’ stamp in Delhi: Officials said they are investigating the matter after currency bearing ‘serial number 000000’ were dispensed.
- Average pay rise for Indian employees this year will be 9.5%, suggests survey of 1,000 companies: The Aon Hewitt study said this is lower than the previous year because of political and economic changes including Brexit, the US elections and demonetisation.
- FreeCharge CEO Govind Rajan resigns within nine months of joining: Former Housing.com executive Jason Kothari will oversee the business operations at the digital payment platform for the time being.
- Snapdeal founders to take 100% pay cut and let go of several staffers as part of profitability plan: Media reports said the e-commerce portal will lay off around 600 employees.
- ‘India needs to create a bad bank quickly’: Arvind Subramanian says addressing banks’ bad loans is the top priority of the government.