The Digital Communications Commission (DCC) on Wednesday approved the recommendation of the Telecom Regulatory Authority of India (Trai) to levy a total penalty of Rs 3,050 crore on Bharti Airtel and Vodafone Idea for refusing to provide points of interconnection to Reliance Jio. The apex decision-making body of the telecom sector will now send its verdict to the Department of Telecommunications (DoT) for the final decision. The affected telcos are likely to move court once the DoT formalises the decision.

Rating agency ICRA has downgraded private lender YES Bank’s long-term rating while maintaining a negative outlook on the bank, citing the lenders’ inability to reduce its exposure in the ‘BB’ and below-rated accounts and erosion in tier-1 capital on account of increase in risk-weighted assets and accelerated provisioning, leading to muted profitability.

Public sector lender, Bank of Baroda (BoB) revised its interest rates on fixed deposits (FDs) effective 20 July 2019. Bank of Baroda offers interest rates ranging from 4.50% p.a. to 6.60% p.a. for FD with tenures ranging from seven days to 10 years. The bank has reduced the rate of interest across all maturities. FD rates of Bank of Baroda now range from 5.25% p.a. to 6.25% p.a. on deposits with a tenure of 7 days to less than one year.

Easing working capital woes for India’s burgeoning MSME sector, private sector lender Yes Bank is offering secured working capital loan between Rs 1-3 crore in the form of overdraft, letter of credit, and financial bank guarantees. The bank has launched a programme called Smart Edge for MSMEs — a “first-of-its-kind surrogate lending model,” the company said in a statement,

DLF’s CEO Rajeev Talwar has welcomed the National Housing Bank’s recent circular that asked the housing finance companies to desist from offering loan products for subvention schemes offered by builders. It is widely speculated that the new norms could have an adverse impact it may have on the industry, which is weighed down by a slowdown due to lack of demand and a liquidity crunch caused by the NBFC crisis.

Shares of Vodafone Idea slipped below its face value of Rs 10 at Rs 9.90, down 6 per cent on the BSE on Wednesday on the back of heavy volumes. The stock of the telecom services provider hit an all-time low on the bourses.

Till 02:26 pm, around 200 million equity shares, representing 0.69 per cent total equity of Vodafone Idea, changed hands on the NSE and BSE. About 9.5 million shares of the company changed hands via single block deal, the BSE data shows.

The National Company Law Appellate Tribunal on Tuesday dismissed a contempt petition filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders alleging non-payment of dues by Reliance Infratel.

A two-member bench headed by NCLAT Chairman Justice S J Mukhopadhaya, dismissed any contempt plea against Ambani and his officials.

State-run telecom firm BSNL Chairman P.K. Purwar has set sales targets for the company's various business verticals - fixed line, enterprise businesses, Fibre-to-Home and consumer mobility or wireless - to be achieved by the telecom circles in the current fiscal.

Diversified conglomerate Reliance Industries (RIL) has become the top-ranked Indian company to feature in the latest Fortune Global 500 list.

The oil-to-retail major has toppled state-run Indian Oil Corporation (IOC) as the top-ranked Indian company.

Mumbai: Securities market regulator Sebi on Tuesday directed Hotel Leela Venture (HLVL) to provide information via "additional disclosures in the postal ballot notice" of the asset sale transaction with Brookfield.

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