MUMBAI: Idea Cellular’s acquisition of airwaves in this year’s auction will result in a Rs 1,000 crore increase in planned capital expenditure for the year, managing director Himanshu Kapania said.

The company expects it will need to make an upfront payment of about Rs 6,000 crore for the spectrum purchased in the auction. Idea was looking to get a slot of 5 MHz in the 1800 MHz band in Mumbai but settled for one in the 2100 MHz band, which it can still use to launch 4G services, Kapania said. “We didn’t get it (1800 MHz) in the price that made sense so we switched to 2100 MHz,” he said.

Kotak Mahindra Bank joined other banks in revising their lending rates on Friday, after the central bank cut the key repo rate by 25 bps.

Kotak Mahindra Bank cut its base rate by 10 bps to 9.40% per annum, effective immediately. With this, the bank said that "all categories of loans (other than the exceptions permitted by RBI) will be priced with reference to the revised base rate.

Tata Motors has moved higher by 2% to Rs 563 on the BSE after the company said Jaguar Land Rover (JLR) achieved a strong 28% year on year growth in global sales during the month of September.

“Jaguar Land Rover, the UK's leading manufacturer of premium luxury vehicles, reported its best ever September retail sales of 61,047 vehicles, up 28% compared to September 2015,” Tata Motors said in a press release today.

With the domestic natural gas price dipping by 51 per cent in 24 months to $2.5 per million British thermal units (mBtu), downstream companies Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) are batting for a floor price of at least $4.2 a unit.

At the current price, they say, there will be no margins for producers. According to ONGC, at the current volume, the per dollar decrease in price will have an impact of Rs 4,200 crore on its gross revenue. OIL’s loss on revenue is Rs 350 crore.

Reliance Communications launched festive offers for both its new and existing pre-paid customers, a company statement said here on Thursday.

Existing customers of the company in Delhi and National Capital Region (NCR) can recharge with the ‘NonStop Plan’ and avail 1,000 local and STD minutes, along with unlimited calls to any Reliance number anywhere in India, the statement said.

Looking at advancing the date of Budget presentation to February 2 or even earlier, the Finance Ministry on Thursday briefed a Parliamentary panel on the proposed change as also the government's decision to merge railway budget with general budget.

Explaining the objective behind the proposed budget reforms, sources said, Finance Secretary Ashok Lavasa informed the members of the Parliamentary Standing Committee on Finance of different aspects of the reform process.

NEW DELHI: Homegrown auto major Mahindra & Mahindra (M&M) today launched the electric version of commercial vehicle Supro priced at 8.45 lakh (van) and Rs 8.75 lakh (passenger) in Delhi.

The prices take into account state subsidies and the incentives under the FAME (Faster Adoption and Manufacturing of Electric Vehicles) India scheme.

NEW DELHI: In view of weak demand for power in the country, the dispatch of coal by CIL to power sector declined by 12.7 per cent to 26.4 million tonnes (MT) in August this year.

State-owned Coal India (CIL), which accounts for over 80 per cent of domestic coal production, dispatched 30.25 MT of coal in the same month last fiscal, according to government data.

Apple's latest and much-awaited iphone 7 and iphone 7 plus will go on sale in India on October 7 and many e-commerce platforms have already opened pre-orders fo the new smartphone, with exciting offers.

Flipkart recently entered into a partnership with Apple, through which it can now directly source the phones from Apple instead of getting them through third party retailers. Tata CLiQ, Tata Group's e-commerce platform also joined hands with Apple to offer the phone on its website. Amazon will, however, continue selling the Apple phones through third party retailers.

The benchmark Sensex rebounded almost 104 points today after investors lapped up select blue-chips, tracking a firm trend in rest of Asia.

The 30-share index was trading higher by 103.56 points, or 0.36%, at 28,324.54, with sectoral indices led by oil and gas, capital goods, consumer durables and healthcare leading the charge.

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