Telecom major Bharti Airtel has called off its plans to acquire business and assets of Mumbai based Loop Mobile, for about Rs 700 crore, as the Department of Telecom is yet to clear the deal.

Loop Mobile and Bharti applied to DoT for approval of the business transfer in March 2014. The approval for the transaction is still awaited from the relevant authorities as a result of which Bharti Airtel has withdrawn from the proposed transaction causing huge loss to the company, Loop Mobile spokesperson told PTI.

Reliance Industries is looking to sell its 49.9 per cent stake in a US joint venture that owns a 460-mile pipeline network for transportation of shale oil and gas.

RIL, as well as its partner Pioneer Natural Resources Co, are seeking a buyer for their stakes in Eagle Ford Midstream venture as they focus on shale oil production.

Logs of red sandalwood were seized and four persons were arrested by forest officials when they were trying to smuggle it out from Naryanpur reserve forest in Gajapati district of Odisha.

Forest officials seized one tonne sandalwood worth over Rs 2 lakh, besides arresting the four yesterday in the area falling under Mahendra forest range, official sources said.

Batting legend Brian Lara has backed West Indies cricket to survive the current crisis arising out of the team’s abrupt withdrawal from the India tour over a pay dispute with its board and players’ association. The former player believes the “BCCI will not be that severe”.

The cash-strapped West Indies Cricket Board (WICB) was left facing a $42 million claim by its Indian counterpart for lost earnings after its side pulled out of the India tour following the fourth ODI in Dharamsala on October 17.

The benchmark BSE Sensex breached 28,000-mark for the first time and the NSE Nifty hit a new peak of 8,363.65 in early trade today on sustained fund inflows amidst optimism over encouraging corporate earnings.

The 30-share index flared up by 141.57 points, or 0.50 per cent, to hit a new peak of 28,001.95, surpassing previous intra-day record of 27,969.82 reached on Monday. The gauge had shed 5.45 points in the previous session. Markets remained closed yesterday on account of “Muharram”.

The Securities and Exchange Board of India (Sebi) has proposed that bank funding to listed small and medium enterprises (SMEs) be given a priority lending tag.

The move will give a huge fillip to the SME trading platform introduced by Sebi in 2012, to ease the financing needs of smaller companies.

Stock feeds on the National Stock Exchange (NSE) suffered around 15-minute hit on Wednesday when trading resumed after a day’s holiday on 4 November on account of Moharrum. The feeds opened blank when the markets opened for trade at 9:15am.

Meanwhile, the S&P BSE Sensex gained 0.3% to 27,936 levels in early deals on Wednesday.

A new management at the helm and a strategy in place, Infosys, India's second-largest information technology (IT) services company, is taking a relook at the way it allies with academic institutions.

The Bengaluru-based company, which traditionally engages with international and Indian universities for research and setting up of chairs in subjects, is seen exploring ways to take these partnerships to the next level by seeking joint business opportunities.

India’s largest automaker Tata Motors is on a fundraising spree as it faces increased capital expenditure for expanding its product development pipeline.

The Mumbai-based company is expected to raise an additional Rs 300 crore through the sale of bonds carrying a 9.35% coupon rate that is expected to hit the market shortly.

Bajaj Auto today reported 3.27 per cent decline in motorcycle sales at 3,36,923 units in October 2014.

The company had sold 3,48,323 units in the corresponding month of previous year, Bajaj Auto Ltd (BAL) said in a statement.

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