It seems that decks have been cleared for the administrative allotment of 4G spectrum worth `20,000 crore to BSNL/MTNL as solicitor general (SG) Tushar Mehta is understood to have given a go-ahead to a department of telecommunications (DoT) proposal regarding the same.

Sources say the DoT had sought legal opinion from SG after the Telecom Regulatory Authority of India (Trai) refused to offer its views regarding the matter, terming it an administrative issue.

Weak macroeconomic data and global cues weighed on investor sentiments as key benchmark indices on Tuesday closed with over 2% decline.

The BSE Sensex tumbled 866.78 points intra-day before closing 769.88 points, or 2.06%, lower to 36562.91. NSE Nifty 50, too, fell 250.55 points intraday before ending 225.35 points, or 2.04%, lower at 10797.90.

After completing his bilateral engagements in Japan, Union Defence Minister Rajnath Singh on Wednesday, headed to Seoul, on the second leg of his five-day visit to the East Asian countries, with an aim to intensify defence and security ties with India.

The brass of 10 public sector banks (PSBs) will meet in Mumbai on Wednesday to gain insights from Bank of Baroda (BoB) in managing its merger with Dena Bank and Vijaya Bank. The four anchor banks and six merging entities will also discuss initial merger plans.

A senior executive of a South India-based PSB said, “We are meeting in the financial capital to understand from BoB how it went about the integration process for Vijaya Bank and Dena Bank.”

The rupee on Wednesday opened 21 paise higher at 72.18 against the US dollar. However, minutes later the currency slipped to 72.26 level.

The domestic unit on Tuesday tumbled 99 paise to settle at 72.39. That marked its worst single-day fall since August 5 and the lowest closing level since November 13, 2018. The depreciation in rupee's value came on the back of heavy sell-off in the domestic equity market and a weak macro environment.

The shipyard controlled by Anil Ambani (pictured) is facing the prospect of bankruptcy after failing to get creditors’ approval for restructuring Rs 70 billion ($970 million) of debt, people familiar with the matter said.

The bankruptcy tribunal will consider putting Reliance Naval & Engineering in bankruptcy on Wednesday as no new repayment plan was submitted after lenders, led by IDBI Bank, rejected an earlier offer in July, sources said, asking not to be named as the information is not public. The court can also defer the decision on bankruptcy.

Ashok Leyland on Tuesday reported a 70 per cent drop in M&HCV truck sales in the domestic market during the month of August to 3,336 units from 11,135 units, a year ago. Total sales of M&HCVs, including buses, dropped by 63 per cent to 4,585 units from 12,420 units in the previous year.

The sales of light commercial vehicle fell 12 per cent to 3,711 units in August 2019 from 4208 units in August last year. Total vehicle sales, including all these categories, declined 50 per cent to 8,296 units from 16,628 units in August, last year.

Life Insurance Corporation of India is investing another ₹4,700 crore in IDBI Bank. This will be in addition to the ₹20,000 crore that the country’s largest insurer earlier injected as part of a deal to acquire a 51% stake. IDBI would also get ₹4,557 crore from the government. With bad loans hovering at more than 29%, the bank is among the best suited candidates for capital infusion. But calling upon LIC to do so isn’t the right way to go about it.

Former India women's team skipper Mithali Raj on Tuesday announced retirement from T20 Internationals in order to focus on the 2021 ODI World Cup to be held in New Zealand.

Mithali led India in 32 T20Is, including the three Women's WT20 World Cups in 2012 (Sri Lanka), 2014 (Bangladesh) and 2016 (India).

Mumbai: Domestic equity benchmark BSE Sensex dropped below the 37,000 level, plunging over 500points, in afternoon trade on Tuesday tracking heavy selling in financial sector and auto stocks amid weak domestic and global cues.

The 30-share index was trading 516.79 points, or 1.38 per cent, lower at 36,816.00 in afternoon trade, while the broader Nifty sank 151.95 points, or 1.38 per cent, to 10,871.

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