Top headlines: BSNL, MTNL to merge, Infosys controversy so far and more

BSNL-MTNL merger gets govt nod

The government on Wednesday decided to merge loss-making telecom firms MTNL and BSNL as part of a revival package that includes raising sovereign bonds, monetising assets and voluntary retirement scheme (VRS) for employees.Briefing reporters on decisions taken by the Cabinet headed by Prime Minister Narendra Modi, Telecom Minister Ravi Shankar Prasad said the government will put in Rs 29,937 crore for revival of the two state-owned telecom companies. Read here


Other important stories of the day:

Govt relaxes norms for setting up fuel stations

The government on Wednesday relaxed norms for setting up fuel stations in the country, the information and broadcasting minister said, a move that could help private and foreign firms to enter a sector dominated by state-owned companies. Read here

Unauthorised colonies in Delhi to be regularised

In a move that will benefit 40 lakh people, the Union Cabinet on Wednesday approved a proposal to grant ownership rights to people living in unauthorised colonies in Delhi, Union Minister Prakash Javadekar said. Read here

Good news for farmers

The government on Wednesday increased the minimum support price (MSP) for wheat by Rs 85 to Rs 1,925 a quintal and for pulses by up to Rs 325 per quintal. A decision in this regard was taken at the meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi. Read here

L&T Q2 net up 7%

Engineering behemoth Larsen & Toubro posted a 6.83 per cent year-on-year rise in net profit at Rs 2,770.43 crore for the quarter ended September 2019, from Rs 2,593.41 crore in the same quarter of 2018. The firm's consolidated revenues were up 15.16 per cent to Rs 35,328.45 crore. Read here
 

BSE seeks Infosys' explanation

Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways. Read here

Slowdown in Indian economy in recent quarters took us by surprise: IMF

The International Monetary Fund (IMF) was quite surprised by the slowdown in Indian economy. However, it sees, Indian economic growth rebounding to around 7 per cent in the next financial year, supported by measures like monetary policy stimulus and corporate income tax cuts.  Read here

Bail for Shivakumar in money laundering case

The Delhi High Court Wednesday granted bail to Karnataka Congress leader D K Shivakumar in a money laundering case filed the Enforcement Directorate. Justice Suresh Kait granted relief to the Congress leader saying that Shivakumar is not a flight risk. Read here

Ganguly takes over as 39th BCCI president

Former India captain Sourav Ganguly on Wednesday took over as the BCCI's 39th president, becoming the biggest name to head the world's richest cricket board. The 47-year-old Ganguly was officially entrusted with the task of heading Indian cricket for the next nine months at the BCCI's General Body meeting here, ending a tumultuous 33-month reign of the Supreme Court-appointed Committee of Administrators. Read here

Home sales in top 7 cities beat slowdown

Despite depressed consumption sentiment, the top seven cities saw homes worth approximately Rs 1.54 trillion sold in the first three quarters of 2019, rising yearly by 16 per cent, according to ANAROCK Property Consultants. The overall value of units sold in the corresponding period of 2018 was approximately Rs 1.33 trillion, its Chairman Anuj Puri said. Read here

Bajaj Auto reports 21% rise

Bajaj Auto on Wednesday reported 21.23 per cent increase in its consolidated profit after tax at Rs 1,523.32 crore in the second quarter ended September. The company had posted a consolidated net profit of Rs 1,256.57 crore in the same period last fiscal, Bajaj Auto said in a regulatory filing. Total revenue from operations was down 4.09 per cent at Rs 7,707.32 crore as compared to Rs 8,036.34 crore in the year-ago quarter, it added. Read here