Markets remained rangebound with positive bias after gains in IT majors ahead of their second quarter earnings helped capped further downside.

At 12:35pm, the S&P BSE Sensex was up 74 points at 28,135 and the Nifty50 was up 31 points at 8,728. In the broader market, the BSE Midcap and Smallcap indices were up 0.2%-0.5% each. Market breadth was positive with 1680 gainers and 917 losers on the BSE.

Diversified group ITC will sell its entire stake in US-based wholly owned subsidiary 'King Maker Marketing' for US $24 million (about Rs 160 crore).

King Maker Marketing, registered in the state of New Jersey, USA, is engaged in the distribution of ITC manufactured cigarette products in the US market.

India's second-largest telecom operator Vodafone said on Friday it will spend Rs 20,280 crore on the spectrum it has acquired in all its key telecom circles in the just-concluded auction. "The new spectrum significantly enhances coverage, capacity and speed of Vodafone India's 4G data services in its key circles, complementing existing high-quality 2G and 3G voice and data capabilities," the company said in a statement.

Mumbai: The rupee strengthened against the US dollar. Rupee closed at 66.68 against the US dollar, up 0.02% from its previous close of 66.70. The home currency opened at 66.74 a dollar and touched a high of 66.68 and a low of 66.87.

India’s benchmark Sensex index closed at 28,061.14 points, down 0.16% from its previous close.

NEW DELHI: The government wants Life Insurance Corporation of India to loosen its purse strings to support the startups industry.

Besides investment from insurance firms and pension funds, the government is also keen on corporate India channelling a part of their social responsibility funds towards building startups and startup incubators.

A US appeals court on Friday handed Apple a victory in one of its battles with rival Samsung, reinstating a US $119.6 million verdict for the iPhone maker for patent infringement.

In the latest twist in a series of patent cases between the smartphone giants, the Federal Circuit Appeals judges ruled 8-3 in a rehearing of the case, reversing a panel of the same court in February.

Facebook has released a mobile app for finding local happenings to enjoy with friends.

The Events app tailored for iPhones hit Apple's online shop, with a version "coming soon" for smartphones powered by Google-backed Android software, Facebook product manager Aditya Koolwal said in on online post.

MUMBAI: BSE benchmark Sensex rebounded from last week's sharp tumble, ending the current week with modest gains by 195.18 points at 28,061.14, while broader Nifty garnered 86.45 points to finish at 8,697.60.

The surprise 0.25 per cent rate cut by the new RBI Governor Urjit Patel in its first monetary policy review somewhat sidelined the escalating domestic geo-political tensions due to last week's surgical strike by Indian Army, while global bounce-back following easing worries about future of German giant Deutsche Bank as well as firming oil price gave fresh flip to the market sentiment.

Mumbai: After acquiring fresh spectrum, Idea Cellular Ltd’s market share in telecom airwaves is higher than its revenue market share, said a top executive.

The firm is also comfortable with its high leverage ratio and has taken steps to monetize its tower business in case of any short-term funding disruptions, he added.

Coal India’s offer to buyback 10.89 crore shares have received bids for 11.02 crore shares as of 3:30 pm on Friday or 1.01 times of its offer size , the BSE website showed. In July 2016 , the company’s board had approved a proposal to buyback shares for an aggregate of amount not exceeding R3,650 crore.

The company has cash and equivalents of R40,088 crore as on March 31,2016. The buyback offer will close on October 18,2016. CIL reported a 6.6% year-on-year (y-o-y) decline in dispatches and 5.2% y-o-y decline in production in September 2016.

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