Idea Cellular has moved the Bombay High Court against the investigation ordered by the Competition Commission of India (CCI) into the charges of cartelisation made by Reliance Jio against the top three operators — Bharti Airtel, Vodafone India and Idea. Sources in the know of the development told FE that Idea petitioned the Bombay High Court on Tuesday against the CCI. In its petition, the operator is believed to have said that there is already a regulator and a tribunal for regulating the sector — the Telecom Regulatory Authority of India (Trai).

The government sold a 2.5% stake in Larsen & Toubro (L&T) on Wednesday, raising about Rs4,000 crore as part of its disinvestment programme of Rs72,500 crore for the current fiscal year. The stake, held through the government-owned Specified Undertaking of Unit Trust of India (Suuti), was sold through block deals in the stock market. On November 4, 2016, the government had sold a 1.62% stake in the engineering company via bulk trade to fetch Rs2,096 crore. Suuti owned a 6.68% stake in L&T as of the end of March. The share price of L&T on Wednesday closed at 1,752.50, up 0.11%, on BSE. The BSE Sensex closed at 31,283.64, down 0.04%. Including the latest stake sale in L&T, the Centre has raised Rs4,602 crore so far, or about 9% of the current year’s target.

OnePlus 5 India launch event will be held today at 2 PM (IST). The Chinese company will host a launch event in Mumbai to launch the latest flagship smartphone in India. Meanwhile, you can also watch the live stream for the OnePlus 5 launch event on YouTube (link is provided below). The device was announced globally on June 20 and now the OnePlus 5 will finally arrive in India. Also, the smartphone maker will host pop-up events in 4 other Indian cities too, which includes New Delhi, Chennai, Bengaluru and Hyderabad.

Shares of Reliance Communications today surged over 6 per cent after the company said it has started the process to monetise its real estate assets in Delhi and Mumbai as part of efforts to pare debt. The stock, after a positive opening, gained 5.82 per cent to Rs 20.90 on the BSE. On the NSE, it went up by 6.34 per cent to Rs 20.95.

NEW DELHI: HDFC Bank's Managing Director Aditya Puri saw his remuneration rise marginally to Rs 10 crore and exercised stock options worth over Rs 57 crore during the last fiscal.

His remuneration was Rs 9.73 crore in 2015-16.

The BSE Sensex made a strong recovery of 136 points at the start on June 22 on the back of a slew of steps by regulator Sebi to make markets more attractive for investments.

Asian cues remained mixed.

The 30-share index rebounded by 136.27 points, or 0.44%, to 31,419.91. Realty, metal, power and auto rose up to 1.09%, staying in the positive zone.

The Tata group is believed to have held preliminary discussions with senior government officials for participating in the privatisation process of the beleaguered airline.

According to sources familiar with the developments, the Tata group is open to purchasing a stake in Air India, which JRD Tata launched in 1932. If the talks fructify, the national carrier's history may come full circle.

The Indian Space Research Organisation (Isro) is gearing up to launch a satellite in its Cartosat-2 series, for earth observation, along with 30 co-passenger satellites.

All these will be carried into space by Isro’s work horse, the Polar Satellite Launch Vehicle (PSLV), in its 40th flight — this one titled PSLV-C38. The rocket is scheduled to take off from the Satish Dhawan Space Centre at Sriharikota (an island off the Andhra coast, about 100 km from Chennai) space port on Friday, at 9.29 am.

Americans buy millions of dollars of stuff made in China every day.

So why not add the Ford Focus to the mix? To hear Joe Hinrichs, Ford Motor Co.’s president of global operations, talk about the plan to move the car’s production to a factory in Chongqing, it’s no big deal. “Consumers care a lot more about the quality and the value than they do about the sourcing location,” Hinrichs said. “iPhones are produced in China and people don’t really talk about it.”

The Securities and Exchange Board of India (Sebi) on Wednesday joined the fight against bad loans by providing several relaxations to the rules of share acquisitions in the case of distressed companies.

The market regulator said an investor gaining control of a stressed company in the listed space would not have to make an open offer. Also, Sebi’s pricing formula for acquisition of shares would not be applicable in such cases.

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