The telecom department on Wednesday said no wrongdoing has been done to allot microwave spectrum, as the auction route is not for backhaul spectrum which is essential for maintaining connectivity.

“Supreme Court’s 2012 order was on access spectrum and not for backhaul spectrum, and even before and after the verdict, airwaves were allocated administratively,” Union telecom minister Manoj Sinha said.

The Securities and Exchange Board of India (Sebi), in a circular on Wednesday, said that mutual funds (MFs) may write call options under a covered call strategy.

Covered calls are a strategy in which an investor holds a long position in an asset and sells call options on that same asset to generate an income. A call option is a contract where the holder has the right, but not the obligation to buy the underlying asset.

Hyundai Motor Co and affiliate Kia Motors Corp said on Wednesday they will recall about 168,000 US vehicles at risk of fuel leaks, after recalling them in 2017 for engine fire risks, and will offer software upgrades for 3.7 million vehicles.

A high-pressure fuel pipe may have been damaged or improperly installed as part of an engine replacement during the prior recall, and that installation could increase the risk of fire, the companies said.

Mumbai: Equity indices ended marginally higher Wednesday after a see-saw session, tracking mixed cues from the global markets amid geopolitical uncertainties.

After swinging nearly 200 points, the 30-share BSE Sensex index settled 2.96 points, or 0.01 per cent, higher at 36,321.29. The broader NSE Nifty inched up 3.50 points, or 0.03 per cent, to 10,890.30.

New Delhi: State-owned Indian Oil Corp (IOC) may raise about USD 3 billion more through US dollar bonds issue after the Reserve Bank permitted fuel retailers to raise an overseas loan to check fall in rupee value, its Chairman Sanjiv Singh said Wednesday.

IOC is already in market to raise USD 900 million through a bonds issue and is raising an equivalent sum through a syndicated loan for meeting its working capital requirements.

State-run Hindustan Petroleum Corp. Ltd (HPCL) may build its second liquefied petroleum gas (LPG) cavern in Mangalore, Karnataka, said two company officials, requesting anonymity. HPCL is planning to build an underground LPG storage facility and had been in talks with France’s national oil company, Total SA, to partner it. Total SA is also HPCL’s partner in the first LPG cavern in Visakhapatnam, Andhra Pradesh.

Southfield/Michigan/Frankfurt: The much-anticipated alliance announcement by Volkswagen AG and Ford Motor Co. left investors feeling let down as it lacked a big-bucks plan to join forces on electric vehicles and self-driving cars.

Wall Street was hoping for a blockbuster deal, such as the billions of dollars General Motors Co. landed for its self-driving unit from Honda and SoftBank Vision Fund last year.

Mumbai: With last minute-litigation delaying recovery of Essar Steel loan, State Bank of India (SBI) on Wednesday put on sale its Rs 15,431-crore exposure to the steelmaker on a full-cash basis. In the sale notice on its website, the bank said the aggregate reserve price for the bidding has been set at Rs 9,588 crore.

These include categories like working capital, term loan, corporate loan, export performance bank guarantee (EPBG) and standby letter of credit (SBLC).

Asia’s richest man and Reliance Industries’ Chairman Mukesh Ambani has as featured in Foreign Policy magazine’s 2019 annual list of the top ‘100 Global Thinkers,’ on the back of a ‘smartphone revolution’ brought about by his telecom venture Reliance Jio. “With a fortune of $44.3 billion, Mukesh Ambani displaced Jack Ma in 2018 as Asia’s richest man. Ambani’s fortune comes from his holdings in the oil, gas, and retail sectors, but he’s likely to make his biggest impact on India through his new telecom venture Jio,” Foreign Policy magazine said.

In the wake of recent fradulent transactions, HDFC Bank has issued an alert to its customers asking them to stay safe. Recently, many incidents of bank frauds have ben reported across the country. In many of these instances, customers unknowingly shared their sensitive banking information with third parties under impression they are calling from their respective banks.

With the growing usage of online and mobile banking, customers are given thorough guidelines from the respective banks so they can develop a habit of safe and secure banking.

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