Employee unions of public sector banks have deferred their Wednesday's strike, various state-run lenders said today.

The All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) had threatened to go on strike on December 27 in support of their demand for early wage revision.

GST collections slipped for second straight month to Rs 80,808 crore in November, down from over Rs 83,000 crore in the previous month.The total collection of GST till December 25 stood at Rs 80,808 crore for November and 53.06 lakh returns have been filed for the month, a finance ministry statement said. Of the Rs 80,808 crore collected, Rs 7,798 crore has been garnered as compensation cess in November - the fifth month of GST roll out.

Realty major DLF on Wednesday announced that its promoters have concluded the sale of 33.34 per cent stake in its rental arm to sovereign wealth fund GIC for nearly Rs 9,000 crore.

In late August, the promoters had sold the entire 40 per cent stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for Rs 11,900 crore and proposed to invest proceeds into DLF.

Anil Ambani-owned Reliance Communications (RCom) said on Tuesday it had exited the strategic debt restructuring (SDR) scheme of lenders by agreeing to sell its telecom towers, real estate and other assets, and getting a strategic investor in the “new RCom”, which would help reduce its debt by Rs 39,000 crore.

The company expected to conclude all the transactions by March next year and banks would not have to take any haircut, said Anil Ambani, chairman of RCom.

India’s biggest oil explorer plans to snatch up producing assets to reach its goal of raising overseas output by more than half in about three years, a faster route than drilling for new reserves. ONGC Videsh Ltd., the overseas investment unit of state-run Oil & Natural Gas Corp., spent $2.2 billion last year on an existing Russian project, which raised production by 4 million tons, or 44 percent. The company still needs to add more than 7 million tons to achieve its target of 20 million tons by 2020.

India’s oldest communication service provider and the fifth-largest internet service provider in India by total subscribers, BSNL in partnership with DETEL Mobiles and Accessories, the world’s most economical Feature Phone brand have announced their partnership to provide customers feature phones bundled with affordable plans. Through this partnership, BSNL has signed an agreement with S.G Corporate Mobility.

Mahindra Group chairman Anand Mahindra has picked a 16.7 per cent equity in Bayside Sports, a city-based multi-sports academy and sports event provider. The company said Mahindra made the investment in his personal capacity through his family office. Bayside Sports was founded by childhood friends Vishal Gokani and Kyan Bharucha in January 2013 with the objective of helping people and families bond over sports with just three students at a single location in south Mumbai.

Manufacturing activity showed moderate growth with annual SBI Composite Index rising to 53.1 in December compared to 53 in the previous month. The SBI Composite Index has mainly two indices – SBI Monthly Composite Index and SBI Yearly Composite Index. The month-on-month index declined to 50.6, showing low growth in the month compared to 51.2 in November. This indicates a possible slowdown in IIP growth in the next couple of months.

Assocham on Tuesday urged the government to provide interest equalisation of three per cent in respect of yarn exports in the budget for 2018-19, with a view to boost yarn exports and ensure that domestic product can compete in global markets. As part of its pre-budget recommendations on indirect taxes submitted to the Centre, the industry lobby also requested that two per cent of the benefits of the Merchandise Exports from India Scheme (MEIS) be extended to the spinning sector as the recent spike in raw material and other input costs have made the industry’s survival difficult.

The buildings and factories business of L&T Construction has bagged orders worth Rs 3,355 crore, a regulatory filing by the company said here on Tuesday.

The business has won an order from the India International Convention & Exhibition Centre Limited to design and construct a state-of-the-art India International Convention & Expo Centre in New Delhi.

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