The Telecom Regulatory Authority of India (Trai) on Thursday recommended to the department of telecommunications (DoT) that it should clear a merger proposal within 30 days of it being cleared by the National Company Law Tribunal (NCLT). It also said if DoT has any objections to any merger or acquisition proposal it should file its objections within the stipulated window of 30 days after it is notified about it by the tribunal. Trai’s recommendations are part of ease of doing business in the telecom sector and once the government accepts them the pace of M&A transactions getting completed would quicken. “In the past, it has been noticed that the written approval for merger of service licences from the licensor (DoT) sometimes takes a very long time. Such considerable delays could also hamper the benefits of synergies through merger,” Trai explained.

Finance Minister Arun Jaitley on Friday said the Goods and Services Tax (GST) has made doing business easier for traders by expanding the market place and reducing tax compliance burden.

He further said that the two structural reforms -- GST and demonetisation -- will benefit the economy in the medium and long-term.

NEW DELHI: The equity markets on Friday saw another day of huge losses as both equity benchmarks lost a per cent and Sensex slipped below the psychological mark of 33,000.

30-share BSE Sensex lost 316.41 points to close on 32,832.94 while the broader 50-share NSE Nifty finished trading on 10,121.80, down by 104.75 points.

Ford India Friday reported a 28.63 per cent increase in total sales at 27,019 units in November this year.

The company had sold 21,004 units in the same month last year, Ford India said in a statement.

Success in the United States used to come easily for German automaker BMW AG, whose sporty sedans in three sizes would be snapped up by affluent consumers.

The premium auto business has now become more complicated, as illustrated by the BMW models displayed at this week’s Los Angeles auto show, amid a backdrop of heavy spending by luxury auto brands on new models and technology as they make awkward leaps from a predictable past to an uncertain future.

Automobile major Ashok Leyland has reported a 54 per cent jump in medium and heavy commercial vehicle (M&HCV) sales in November at 10,641 units over last year’s count of 6,928 units.

Light commercial vehicle (LCV) sales rose by 44 per cent to 3,819 units, from 2,646 units a year ago.

Mahindra & Mahindra (M&M) Financial Services hit a 52-week high of Rs 461, up 5% on the BSE in early morning trade, after the company launched its qualified institutional placement (QIP) issue on Thursday.

M&M Financial Services has fixed floor price of Rs 439.63 per share, almost same against Thursday’s closing price of Rs 439.65. The company said it may offer a discount of not more than 5% on the floor price.

Mumbai: Larsen and Toubro Ltd (L&T), India’s largest engineering and construction group, said it expects to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology (IT) will soon be in place.

Schneider Electric SE is in exclusive talks to buy the electrical unit, valuing it at around $2 billion, people familiar with the matter said last week.

Mumbai: Capital market regulator Securities And Exchange Board of India or Sebi, in a late night circular on Thursday, prescribed norms for enhancing governance at mutual funds.

In the circular, the market regulator prescribed norms on director and auditor rotation.

New Delhi: The Bharatiya Janata Party (BJP) government in Uttar Pradesh is facing its first electoral test in the state as counting of votes for 652 urban local bodies began on Friday, bringing some good news for it in early trends.

The ruling government came to power in March this year after National Democratic Alliance (NDA) won 325 of the 403 assembly constituencies in the state.

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