The business wrap: Shares of Reliance Communications hit record low, and six other top stories
Other headlines: The BSE Sensex closed at 31,109 and Nifty crossed 9,600 mark, and the World Bank reiterated its prediction for India’s growth rate at 7.2%.
A look at the headlines in the sector:
- Shares of Reliance Communications hit record low after company posts a fourth-quarter loss: In early morning trade, the telecom operator fell as much as 20%.
- Markets touch record high as Sensex closes at 31,109 and Nifty crosses 9,600 mark: The Bombay Stock Exchange reached 31,155.40 in morning trade on Monday.
- India to grow at 7.2% in 2017-18, reiterates World Bank: In its bi-annual economic India Development Update, the World Bank said India’s growth would increase gradually to 7.7 per cent by 2019-2020.
- GST will help India become a tax-compliant society, says Arun Jaitley: The finance minister said the Goods and Services Tax, which will be rolled out soon, would check evasions.
- Judy malware infects more than 36.5 million Android users: It has been found in over 41 apps on the Google Play Store.
- Snapdeal gets Rs 113 crore in funding from Nexus and founders: The funding comes even as the company is believed to be getting ready to be sold to Flipkart.
- Disruption caused by ‘power failure’, not Indian IT firm’s fault, says British Airways: CEO Alex Cruz said the airline’s IT teams were working tirelessly to fix the problems.