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.

New Delhi: The Supreme Court on Friday asked the Board of Control for Cricket in India (BCCI) not to disburse funds to state bodies till they file affidavits that they would abide by the Lodha panel’s recommendations.

The apex court asked the 13 state bodies not to spent the Rs16.72 crore disbursed each of them till they file affidavit on reforms.

He said, “I am trying hard to push companies to give insurance cover in instances of theft as well. So far, they have expressed their willingness to offer it only in cases of mishaps.”

The proposal follows the success of the travel insurance scheme launched by IRCTC last month. Already over one crore passengers have opted for it.

Markets continued to trade in negative terrain with IT majors leading the decline ahead of September US jobs data to be released later today.

At 12:30pm the S&P BSE Sensex was down 67 points at 28,039 and the Nifty50 was down 22 points at 8,688. In the broader markets, the BSE Midcap and Smallcap indices were trading with marginal losses. Market breadth was weak with 1214 gainers and 1207 losers on the BSE.

NEW DELHI: Global consultancy PwC India has formed a strategic alliance with Microsoft India to empower India's digital transformation, a statement said here on Thursday.

The statement said the alliance will help the industry harness some of the core competencies of both the firms.

Mumbai: State Bank of India Ltd (SBI) is holding talks with private equity funds to sell as much as 5% in SBI Life Insurance Co. Ltd, said three people aware of the development, including an SBI official.

The names of the private equity funds the bank has approached could not be immediately ascertained.

The Supreme Court on Thursday restrained NTPC from proceeding with its tender process for operation and development of Dulanga coal mine in Odisha. A bench headed by Justice Dipak Misra reserved its judgment on Montecarlo’s appeal against the

NTPC’s decision to reject its techno-commercial bid for the project. However, it stayed till further orders the Delhi High Court’s September 30 ruling that upheld the PSU’s decision to reject the bid of the private firm on the ground that there would be loss of public revenue if a coal block is not operated properly.

Market regulator Sebi has ordered two companies — Morningstar Ventures and Gitanjali Udyog — and their directors to refund investor money they had raised by issuing securities without complying with the norms.

The firms and their directors need to refund the money within three months with an interest of 15 per cent per annum. Besides, the entities have been barred from the capital market for four years.

MUMBAI: Idea Cellular’s acquisition of airwaves in this year’s auction will result in a Rs 1,000 crore increase in planned capital expenditure for the year, managing director Himanshu Kapania said.

The company expects it will need to make an upfront payment of about Rs 6,000 crore for the spectrum purchased in the auction. Idea was looking to get a slot of 5 MHz in the 1800 MHz band in Mumbai but settled for one in the 2100 MHz band, which it can still use to launch 4G services, Kapania said. “We didn’t get it (1800 MHz) in the price that made sense so we switched to 2100 MHz,” he said.

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