The business wrap: Retail inflation remains at 3.28% in September, and seven other top stories
Other headlines: Bharti Airtel said it would acquire Tata group’s mobile business, and the stock market surged on cues from Asian and US markets.
A look at the headlines in the sector:
- Retail inflation remained steady at 3.28% in September: The rise in food prices has slowed down, according to data released by the Central Statistics Office.
- Bharti Airtel to acquire mobile operations of Tata Teleservices: As part of the deal, the telecom operator will absorb around 4 crore customers of the Tata group’s mobile business.
- Sensex surges 348 points, Nifty closes above 10,000 on strong Asian, US markets: Shares of Tata Consultancy Services rose on both indices on expectations of a rise in its July-September earnings.
- Petrol pump dealers call off October 13 nationwide strike: Dealers’ associations were demanding better margins and protesting against recent changes in the guidelines governing petrol pumps.
- Centre says it collected 15.8% more direct tax in April-September than corresponding period in 2016: The Finance Ministry said advance tax collection for the same months was Rs 1.77 lakh crore.
- Meru Cabs says Ola and Uber are using foreign funds to distort the market: Meru filed complaints with the Competition Commission of India, accusing the two rival firms of abusing their dominance by using vast sums of investor funds.
- Cabinet approves revised salaries for university, college teachers under 7th Pay Commission: Around 7.58 lakh academic staff will benefit from this revision.
- Monsanto settles GM cotton dispute with three Indian seed firms, says report: Ajeet Seeds, Kaveri Seed Co Ltd and Ankur Seeds were among six Indian companies that delayed payments to Monsanto, demanding royalties be cut.