The business wrap: Centre imposes Real Estate Regulation Act, and six other top stories
Other headlines: Ola reported a three-fold increase in its losses, and Twitter said it will team up with Bloomberg to provide 24-hour television news.
A look at the headlines in the sector right now:
- The Real Estate Regulation Act kicks in from today, but only 13 states and UTs have notified rules: Union minister Venkaiah Naidu has clarified that the law only seeks to regulate the sector ‘for the benefit of all’, not ‘strangulate’ it.
- Heavy discounts, driver incentives increase Ola’s losses threefold to Rs 2,313 crore in 2015-’16: However, the cab-hailing firm’s revenue grew seven times to Rs 758.23 crore from that the previous financial year.
- Twitter to partner with Bloomberg to stream 24-hour television news: The company has yet to name the channel that will be available to Twitter users soon.
- Isro to launch ‘South Asia’ satellite GSAT-09 on May 5: Narendra Modi had called it India’s gift to Saarc member countries
- Petrol price hiked by 1 paise a litre, diesel by 44 paise: The rates will be higher after taking local value added taxes into account.
- Trai initiates consultation process to establish guidelines for network testing: The move was prompted by the controversy surrounding Reliance Jio’s services.
- SBI cut its term deposit rates by up to 50 basis points on several various maturities: The lender revised its rates for medium and long-term deposits on amounts below Rs 1 crore.
