E-commerce major Amazon and its arch rival, Walmart-owned Flipkart, have independently claimed that their sales for this season — Great India Festival and The Big Billion Days, respectively — were the highest-ever in India’s e-commerce history.

Flipkart on Friday said it had clocked 70 billion views in six days of The Big Billion Days (TBBDs). It also said there was almost 50% growth in the number of new customers, as compared to last year.

Shares of loss-making Mahanagar Telephone Nigam Limited (MTNL) hit their upper circuit of 20% to touch ₹7.87 on reports of the government planning to revive the telecom company.

MTNL shares closed 16.46% higher at ₹7.64 as the counter saw a jump in volume by 8.4 times in a weak Mumbai market on Friday, valuing the company at ₹481.32 crore.

The Sensex on Friday lost over 433 points, after the Reserve Bank of India (RBI) sharply lowered GDP growth estimates for the current fiscal to 6.1% from 6.9%. The market believes the latest round of rate cuts may not be enough to revive demand. Investor wealth of Rs 1.42 lakh crore was wiped out on Friday, taking the five-day erosion to Rs 5.3 lakh crore.

Bengaluru-based IT services company Wipro Ltd has completed the acquisition of US-based International TechneGroup Inc (ITI).

Referring to an earlier announcement on the proposal to acquire ITI, Wipro, in a BSE filing on 4 October, said that “the said acquisition has been completed on October 3, 2019."

After Vodafone Idea, Bharti Airtel has raised the issue of extremely low mobile tariffs currently prevalent in the industry and sought the government’s intervention in the matter. According to sources, Bharti Enterprises chairman Sunil Mittal met communications and IT minister Ravi Shankar Prasad on Friday and highlighted the issue while seeking support from the government.

Coal India reported 20% y-o-y decline in dispatches in September 2019 due to flooding of mines on account of excessive rains. Production volumes traced dispatch numbers and declined by 23.5% yoy in September 2019. E-auction premiums increased to 87% in August 2019 even as inventory across plants declined with four units reporting critical inventory of coal.

NTPC has recently commissioned the first unit (660MW) of its Khargone TPP (2x600MW). This plant is India’s first ultra-super-critical project with a station heat rate (SHR) of 2,070kcal/kWh. Notably, it is ~3% more efficient than the super critical ones given the higher steam parameters. Unit-1 is likely to commercialise soon, while unit-2 commissioning is scheduled for Jan’20. NTPC organised an analyst visit to this plant. Below are our key takeaways from it.

Pioneering digital payments firm PayPal has said it will no longer be part of an alliance intended to oversee the Facebook-backed Libra cryptocurrency, which has come under attack by regulators.

"PayPal has made the decision to forgo further participation in the Libra Association at this time," the California-based company said on Friday.

The country’s two premier e-commerce firms claimed top spot with their own set of numbers in mega festival season sales.

Even as the six-day flagship festive sale is coming to an end Friday midnight, Amazon and Flipkart said more than half their growth during this period came from new customers, especially those in smaller cities and towns.

Welcoming the 25 basis points rate cut-fifth in a row and to a decadal low of 5.15 per cent on Friday, bankers are expecting 25-40 bps more reduction through the course of the fiscal year, given the Reserve Bank of India (RBI) focus on growth that has been sagging for months now.

HDFC Bank Chief Economist and Executive Vice-President Abheek Barua said though the latest rate cut was on expected lines, the market was disappointed as they were expecting a larger cut.

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