Idea Cellular Ltd, India’s third largest telco, on Tuesday said it had not violated any norms in issuing points of interconnection (PoIs) to rival Reliance Jio Infocomm Ltd for which the telecom regulator has proposed a penalty of Rs950 crore.

The Telecom Regulatory Authority of India (Trai) on Friday recommended penal action against the country’s top three telcos, to the extent of Rs50 crore per circle, for deliberately blocking calls made from Jio’s network.

India and New Zealand today decided to amend the bilateral tax treaty and expressed commitment to work towards a comprehensive free trade agreement with a view to boost economic ties.

The two sides also vowed to press for successful negotiations of the Regional Comprehensive Economic Partnership (RCEP), said the joint statement issued after the meeting of Prime Minister Narendra Modi with New Zealand counterpart John Key.

State Bank of India (SBI) on Tuesday said it has raised Rs 2,500 crore from bonds to fund business expansion.

The bank has issued and allotted 25,000 AT1 Basel III-compliant bonds, SBI said in a regulatory filing on stock exchanges.

Reliance Industries Ltd has raised a term loan of $573 million to partially finance the construction of its six very large ethane ships, the company said in a statement on Tuesday.

“RIL has ordered six very large ethane carriers (VLECs), the largest ethane vessels ever built in the world,” the company said in its statement to BSE. “The facilities (loan) with door to door tenor of 12 year comprise of a Korea Trade Insurance Corp (K-sure) insured tranche of $286.5 million and a commercial tranche of $286.5 million," RIL added in the statement.

Axis Bank—country's third largest private sector lender—reported a 83% drop in net profit to Rs 319 crore in July-September quarter as compared to Rs 1,915.64 crore in the same quarter last year. This sharp drop in profit was led by higher provisioning that increased by over five times as bad loans increased.

In the quarter ended September, bank's Gross non-performing loans (NPAs) rose to 4.17% (Rs 16,379 crore) from 1.38 %(Rs 4,415 crore) in the same quarter a year ago. In quarter ended June 2016, its Gross NPAs were at 2.54% (Rs 9,553 crore).

Beating street estimates, ITC Ltd posted an increase of 10.49% in its net profit at Rs 2500.03 crore for the quarter ended September 30, 2016 even as the company managed higher profitability from its cigarette business, while the loss from the other FMCG segment narrowed down.

In the corresponding quarter of the last fiscal year, the company had posted a net profit of Rs 2262.50 crore on a standalone basis. For the period under review, ITC’s revenue from operations surged by 7.8% at Rs 13,491.37 crore as against the earning of Rs 12,511.76 crore.

Benchmark share indices ended lower on Tuesday with Tata Group leading the decline after the sudden exit of Cyrus Mistry as chairman of Tata Sons weighed on investor sentiment.

The S&P BSE Sensex ended down 88 points at 28,091 and the Nifty50 settled 18 points lower at 8,691. In the broader market, the BSE Midcap ended down 0.3% while the BSE Smallcap index ended flat. Market breadth ended weak with 1451 losers and 1293 gainers on the BSE.

Mumbai: Kotak Mahindra Bank on Tuesday reported 27.66% increase in its consolidated net profit for the September quarter on higher net interest income and other income.

Net profit for the quarter was Rs.1,194.96 crore as compared to Rs.916.56 crore a year ago. According to estimates of six Bloomberg analysts, the bank was expected to post a net profit of Rs.1,166.20 crore.

Beijing: A powerful blast at a prefabricated house in northwestern China on Monday killed at least 14 people and injured 147, state news agency Xinhua said.

The explosion occurred in the early afternoon in the town of Xinmin in Shaanxi province, damaging dozens of buildings including the local hospital, Xinhua said.

Indian telecom companies added more subscribers in September than their six-month average despite the launch of Reliance Jio Infocomm Ltd, which was expected to make major inroads into their market shares. Bharti Airtel pulled in the most subscribers.

Reliance Industries Ltd had last week said it would infuse as much as Rs1 trillion in its telecom arm, which had a total of 16 million subscribers at the end of September.

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