A look at the headlines in the sector right now:
- SoftBank to invest in Uber after the two strike a billion-dollar deal: The Japanese venture capitalist is also a major investor in Ola, the cab-hailing firm’s main competition in India.
- Sensex, Nifty plunge amid investor concerns over government finances, retail inflation data: Tata Consultancy Services, Mahindra and Mahindra, and Sun Pharmaceuticals were the top gainers on both indices.
- Shares of Reliance Communications tumble after its poor quarterly performance: On Saturday, the telecom major posted a loss of Rs 2,709 crore in the quarter that ended in September.
- Centre flags off second phase of BharatNet project, to connect all villages to broadband by 2019: Telecom operators made their payments to buy bandwidth for the project, with Reliance Jio paying the most – Rs 13 crore.
- Vodafone India, Idea Cellular to sell mobile tower business to US firm for Rs 7,852 crore: If the towers are sold before the merger between Vodafone and Idea, the former will earn Rs 4,000 crore while the latter will get over Rs 3,850 crore.
- Bank of India helps out debt-laden Air India with Rs 1,500-crore loan: The national carrier floated a tender last month as it requires urgent working capital.
- Value of bitcoin plunges after technology update gets cancelled: The digital currency declined almost 29% to $5,605 from its record high of $7,882 on November 8.