The business wrap: Sensex and Nifty close at record highs again, and six other top stories
Other headlines: Tata Sons paid $1.27 billion in penalty to NTT DoCoMo, and India’s fiscal deficit narrowed to 91.3% of the government’s target for this year.
A look at the headlines in the sector:
- Indian markets close at all-time high after country improves its rank in ease of doing business: Reports that eight core sectors grew to a six-month high of 5.2% may have also boosted trade on the indices.
- Tata Sons pays $1.27-billion penalty to NTT DoCoMo, settles three-year-long dispute: The row began when DoCoMo decided to exit a joint venture in 2014.
- Fiscal deficit narrows to 91.3% of government’s target for current financial year: The situation, however, has marginally improved since August, when the deficit reached 96.2% of the target, data by Controller General of Accounts showed.
- SBI reduces lending rates by 5 basis points across maturities: The one-year lending rate will now be 7.95% instead of 8%.
- Eight core industrial sectors grew 5.2% in September – the highest in six months: The coal, refinery products and natural gas sectors led the way while the fertiliser sector was the only one to show a decline.
- Reliance Communications completes merger with Russian conglomerate Sistema: Shares of the Indian telecommunications major closed at a flat rate of Rs 17.15 on Tuesday.
- Bharti Airtel’s net profit declines 76.5% in July-September quarter: The company’s total revenue fell to Rs 21,777 crore, a decline of 11.7% compared to its second-quarter report in 2016.