Mumbai: Mukesh Ambani-controlled telecom unit Reliance Jio Infocomm Ltd (R-Jio) and Anil Ambani-led Reliance Communications Ltd (R-Com) on Monday signed so-called Agreements for Change for spectrum allotment in the 800 MHz band across nine circles from R-Com to R-Jio, and for spectrum sharing in the 800 MHz band across 17 circles.

As part of the enhanced strategic collaboration, both companies also intend to enter into reciprocal Intra Circle Roaming (ICR) arrangements, the companies said in a joint statement.

Mumbai: State Bank of India will be more cautious in converting loans into a majority equity holding under the strategic debt restructuring (SDR) scheme after a surge in such cases raised questions over the ability of banks to sell these stressed assets within the 18 months given to them.

The top management of India’s biggest lender has asked its officials to invoke SDR only in cases where there is clarity on a potential buyer, two people with direct knowledge of the development confirmed.

The Reliance Industries-operated KG-D6 gas block, once regarded as capable of transforming India’s energy sector, could cease to produce by 2020, sources privy to the situation say. The existing fields in the block are drying up faster than assumed earlier and the explorer may not spend on development of newer areas in the absence of ‘remunerative’ gas prices, they told FE.

Production from the block — officially called KG-DWN-98/3 — peaked in the last quarter of FY10, when it touched 60 million metric standard cubic metre per day (mmscmd), and has since plummeted to the current level of 9.5 mmscmd.

The TVS Apache RTR 200’s specifications and official images have been leaked ahead of its launch on January 20, 2016. The details of the new Apache 200 have been leaked in Indonesia, where as well the product will be launched the same day.

The TVS Apache RTR 200 will be powered by a 197.75cc, air-cooled, single-cylinder with with 4 valves. This engine, mated to a 5-speed gearbox, develops 20.23bhp at 8,500rpm and 18.1Nm at 7,000rpm. Weighing 148kg, the vehicle can achieve the 60kmph mark from standstill in 3.9 seconds at a top speed of 130kmph.

IT services major, Wipro, reported a 2% rise in profits to Rs 2,243 crore for the third quarter, while revenue grew 7.23% to Rs 12,860 crore.

Wipro, the third largest IT services firm, showed IT services revenue grew sequentially or over the previous quarter by 0.3% to $1.84 billion, meeting its forecast and analyst expectations. Operating margins, calculated as sales minus costs, stood at 20.2%, which was impacted marginally due to spending on backup plans during the Chennai floods.

In a notable change of stance, Air India has decided not to oppose the scrapping of the ‘5/20 rule’, making it easier for the government to abolish the law.

In a recent meeting with the civil aviation ministry, Air India chairman and managing director Ashwani Lohani said the airline would not oppose the proposed scrapping the rule.

In one of the largest office property deals in this city, Axis Bank recently bought 200,000 sq ft of space at The Ruby office complex in the Dadar West area for Rs 320 crore, said an executive.

The deal was in the previous quarter and at Rs 16,000 a sq ft, said the executive. The Ruby Mills developed the property, a one million sq ft commercial project, in partnership with Rohan Lifescapes.

After Income Tax Department action against commodity traders, including some based in Indore, the Securities and Exchange Board of India (Sebi) may also take action against violators of commodity market rules.

"By now, there has been no joint action but we do share information with Sebi officials and other departments," said a senior commercial officer with the markets regulator, speaking on condition of anonymity.

Banking shares continued under pressure with the Nifty Bank index hitting 15-months low on the National Stock Exchange (NSE).

At 03:03 p.m. Nifty Bank index, gauge of private and public sector bank index, was down 1.7% or 257 points at 15,614 as compared to 0.47% decline in the Nifty 50. The bank index hit an intra-day low of 15,453, its lowest level since October 13, 2014, in early morning trade.

ICICI Bank-country's largest private sector lender- has managed to cross home loan disbursal of Rs 1 lakh crore, it said in a release. The lender said that it is the first amongst the private banks to have crossed this mark.

Rajiv Sabharwal, Executive Director, ICICI Bank said that several steps taken by the bank such as taking home loans to smaller towns, making applications easier for the borrowers and offering doorstep services and disbursing loans quickly has helped them in taking the lead.

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