A look at the headlines in the sector right now:
- Supreme Court directs SpiceJet to pay Rs 579 crore to previous owner Kalanithi Maran: A bench headed by justice Rohinton F Nariman upheld the July 3 order of the Delhi High Court.
- Twitter added no new users in the second quarter of the year: The Q2 report sent the social media company’s stocks plunging 12%.
- Amazon’s profit drops by 77% in June quarter, company says heavy investment responsible: The e-commerce giant said it could lose up to Rs 2,569 crore in operating profit during the July-September quarter.
- Ratan Tata, three other minority shareholders approve Snapdeal-Flipkart merger: Premji Invest and Ontario Pension Fund are yet to give their nod to the revised deal worth $950-970 million.
- The iPod Nano and Shuffle have been discontinued: Only the internet-connected iPod Touch remains.
- Amazon’s Jeff Bezos surpasses Bill Gates to become world’s richest person: The shares of his e-commerce company rose 1.3% ahead of the release of the company’s latest earning report.
- Competition commission asks Trai to consult it before deciding on matters such as predatory pricing: The watchdog wrote to the telecom regulator, saying it had the ‘technical capacity and the supporting statutory framework’ to monitor such disputes.
- Centre asks state-run companies to help bail out stalled power projects, says The Indian Express report: The construction of 17 thermal power projects, with a total capacity of 18,420 MW, has been stalled because of a financial crunch.
- Police complaint against Ola-owned mobile payment firm for using Aadhaar data without permission: However, Qarth Technologies co-founder Abhinav Srivastava claimed that the company’s app had ceased operations in March 2016.