A look at the headlines in the sector right now:
- India’s wholesale inflation rose to 3.59% in October: Recovering food prices lifted retail inflation to a seven-month high of 3.58% in October.
- Bharti Airtel sells stake in tower arm Bharti Infratel for Rs 3,325 crore to reduce debt: After the sale, the company and its subsidiaries now have 53.5% in the mobile tower arm.
- Markets slip for second day as Sensex plunges over 90 points and Nifty50 closes below 10,200: The markets turned negative after government data showed a rise in both consumer and wholesale inflation.
- Facebook merges Messenger Day with its Stories feature: The merged feature will allow the stories to be cross-posted on both the Messenger and the app simultaneously.
- SpiceJet’s second-quarter profit rises 80% to Rs 105.3 crore: The budget airline said this was its highest second-quarter profit in the history of its operations.
- Saudi Arabia’s crude oil exports to the US fall to 30-year low: This is part of the strategy of the Organization of Petroleum Exporting Countries to fight a worldwide oil glut, which caused prices to drop.
- Alibaba seeks regulatory approval to buy stake in BigBasket: It plans to buy shares in Supermarket Grocery Supplies, which runs BigBasket, through its subsidiary Alibaba Singapore E-Commerce Pvt Ltd.
- Demonetisation and GST helped cut India’s greenhouse gas emissions in 2017, says report: The 2017 Global Carbon Budget also warned that if the economy recovered quickly from these, emissions will go over 5% again in 2018 from 2% this year.