The benchmark BSE Sensex reclaimed the 26,000-mark by surging 265 points and the NSE Nifty was above the 7,900-level in early trade on Wednesday on continued buying by participants on a bigger-than-expected interest rate cut by RBI yesterday amid a rebound in global markets.

The 30-share index rose by 265.94 points, or 1.03 per cent, at 26,044.60 with all sectoral indices, led by metal, realty and banking, trading higher by up to 2.12 per cent.

Engineering and construction major Larsen & Toubro today said its construction arm has won contracts worth Rs 1,376 core in power transmission and distribution business in domestic and international markets during this month.

“In the domestic market, the Solar Business has bagged multiple orders from a reputed solar power developer for the engineering, procurement and construction of 115 MWp solar installations in the southern part of the country,” the company said in a statement.

Terming it as a “virtual consolidation” in the highly-competitive telecom space, Anil Ambani on Wednesday said his group firm RCom is tying up ‘trading and sharing’ of spectrum with Mukesh Ambani-led Reliance Jio including for the much-awaited 4G services.

Addressing shareholders at the Annual General Meeting, Reliance Communications Chairman also said he was “grateful” to his elder brother for “unstinted support and guidance”.

The International Court of Justice has decided against Antrix Corp in an international arbitration case and asked it to pay $562.50 million in damages to Devas Multimedia Pvt Ltd, for canceling the deal to offer internet services using satellites.

The arbitration panel – chaired by Dr Michael Pryles at Singapore –said that Antrix Corp had “ no legal justification for terminating the contract” it had with with Devas Multimedia, according to the order that was announced on September 14.

Axis Bank on Wednesday cut its base rate by 0.35 per cent to 9.50 per cent on Wednesday with effect from October 5. The private lender is the third bank to cut the rate after State Bank of India and Andhra Bank, who announced their lending rate cut on Tuesday, following RBI rate cut move.

State Bank of India on Tuesday slashed its benchmark lending rate by 0.4 per cent to 9.3 per cent after the Reserve Bank of India cut repo rate by 50 basis points.

A sharp rate cut may help in the overall economic recovery, but could hurt companies that are sitting on cash. A dip in rates shrinks interest income that adds to their bottom lines.

Companies such as Coal India, Hindustan Zinc, Nalco, Sanofi India and Pfizer fall in this category. They are struggling to deliver meaningful growth and a large slice of their profit comes from interest income.

The Securities and Exchange Board of India (Sebi) on Tuesday exempted the Centre from the takeover code obligations for its investment in Dena Bank, Bank of India and Corporation Bank.

The Central government plans to infuse Rs 407 crore in Dena Bank, Rs 2,455 crore in Bank of India and Rs 857 crore in Corporation Bank. The infusion of capital, part of the government’s ‘Indradhanush’ initiative, would have triggered an open offer as the government’s stake in these banks would have increased by more than five per cent.

India’s third-largest mobile phone operator, Idea Cellular, on Tuesday said it was setting up infrastructure to launch fourth-generation (4G) services in 10 circles by June and said it would soon catch up with operators which had launched the service.

“I want to tell our investors that we are aware of market movements. We may be six months behind who chose to start earlier, but we will be catching up and are deploying 4G infrastructure as fast as we can,” chief executive officer Himanshu Kapania said during an analyst conference call on Tuesday.

This year could turn out to be a watershed for the country's largest real estate developer, DLF, as it seeks to monetise its huge portfolio of residential and commercial property to raise funds, which will enable it to reduce its debt (Rs 21,600 crore at the end of June) and tackle the slowdown. All told, the company wants to mop up Rs 10,000 crore from strategic sale to private equity.

Earlier this month, DLF announced that it will set up an equally-owned venture with GIC, Singapore's sovereign wealth fund, to develop two residential projects in New Delhi.

Tech giant Microsoft today launched commercial cloud services from its three data centres in India, giving companies an option to store their data locally.

The data centres are located in Mumbai, Pune and Chennai.

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