The government has decided not to go ahead with Air India stake sale in an election year and will provide required funds for its operations, a senior official said today.

The decision comes less than 3 weeks after the proposed 76 per cent strategic stake sale in debt laden national carrier failed to attract any bidder.

Reliance Communications (RCom) subsidiary Global Cloud Xchange (GCX) on Tuesday announced the completion of India data centre for Eagle Subsea Network, scheduled to be fully operational by 2020.

The Eagle express cable system, when it lands in Mumbai, will drive tremendous capacity towards Hong Kong and Europe.

Shares of UltraTech Cement, NTPC, Bharti Infrastructure, Tata Power Company, Vedanta, India Cements and Shree Cement were among 19 stocks from the S&P BSE 500 index hitting their respective 52-week lows on the BSE.

CG Power & Industries, Cummins India, Inox Wind, JK Lakshmi Cement, Kirloskar Oil Engines, Mangalore Refinery Petrochemicals (MRPL), Manpasand Beverages, Motilal Oswal Financial Services and NHPC too hit their respective 52-week lows today.

Amid calls for a boycott and employee dissent over its cloud-computing deal with the United States Immigration and Customs Enforcement (ICE), Microsoft issued a statement saying that the company “is dismayed by the forcible separation of children from their families at the border.” The ICE is currently under fire from both sides of the political spectrum for separating migrant parents from their children at the United States-Mexico border.

New Delhi: The football World Cup has kicked off a boom in television sales in India, a country that has never participated in the world’s most-watched sports event. TV sales in India, which have been growing at a stable annual pace of 6% a year, have seen a sudden spurt ahead of the World Cup with Sony, Samsung and Xiaomi expecting sales to continue to be brisk throughout the duration of the month-long event, particularly in markets such as West Bengal, Kerala and the Northeast.

Bengaluru: One97 Communications Ltd which owns payments app Paytm on Tuesday announced the acquisition of New Delhi-based technology start-up Cube26. The transaction size was not disclosed.

A Paytm statement said the acquisition will help the company upgrade user experience over its mobile platform.

Axis Bank, the country’s third-largest private bank by assets, on Monday raised marginal cost of funds-based lending rates (MCLRs) by 10 basis points (bps) across tenures, following similar hikes by its peers earlier this month. The one-year MCLR at the bank now stands at 8.6%. This is the fourth rate hike by the lender in calendar year 2018.

Mumbai: Madrid-based developer of large-scale solar power plants, Fotowatio Renewable Ventures (FRV), is in talks to sell its 100-MW power project in India in a deal worth Rs 500-600 crore, according to two people aware of the development.

FRV is talking with various investors such as Macquarie Infrastructure and Real Assets (MIRA), green infra JV between PE fund Everstone Group & UK-based Lightsource BP’s Eversource Capital and Edelweiss Infrastructure Yield Plus Fund, said one of the persons cited above.

Benchmark Sensex declined by over 148 points in early trade today, tracking a weak trend in global markets as the trade spat between the US and China intensified. Unabated capital outflows by foreign funds and profit-booking by retail investors too dampened sentiment. The 30-share index, which had lost 73.88 points in the previous session, drifted down by 148.34 points, or 0.42%, to 35,399.92.The NSE Nifty too was quoting lower by 52.55 points, or 0.49%, at 10,747.30.

Amazon founder and CEO Jeff Bezos has become the richest man in the world with a net wealth of $141.9 billion, the Forbes World's Billionaires list showed on Monday.

Bezos' wealth has grown more than $5 billion since June 1 to beat Bill Gates, the principal founder of Microsoft Corporation, who is the second-richest man in the world with $92.9 billion.

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