MUMBAI: In what could mark the start of consolidation in the world's second-largest wireless market, where tariffs have fallen to among the lowest globally as 12 carriers compete for customers, the Anil Ambani-led Reliance Communications(RCOM) is said to be in talks with AFK Sistema to acquire its Indian wireless business.

Russian billionaire Vladimir Yevtushenkov, owner of conglomerate Sistema group, is learnt to have met Reliance Group chairman Anil Ambani recently to discuss combining their wireless operations in the country. Yevtushenkov on Friday confirmed a media report that he met the Indian tycoon for a possible JV but denied any plans to sell off the Indian unit.

Amid high volatility and persistent foreign fund outflows, benchmark indices gained for the second consecutive week as the Street enters a phase of consolidation after losing nearly 7-8% in April.

The Sensex advanced 0.8% this week at 27,324, after adding 0.4% in Friday’s trade. The Nifty ended with gains 0.9% for the week. Broader markets witnessed a sharper rebound with BSE Mid- and Small-cap indices rising 2-3% each.

A 13—year—old Indian—origin boy, who invented a low—cost portable Braille printer, is now working with technology giant Microsoft to integrate it with Windows to make it easily accessible to the visually—impaired and plans to launch it commercially in November.

Shubham Banerjee, an eighth—grade student in Santa Clara, California, was invited by Microsoft to showcase his Braigo 2.0 printer at a tech fair organised by the company here.

Reserve Bank of India has finally removed the Additional Factor for Authentication (AFA) for any transaction up to Rs 2000. It means that PIN authentication is not required for transaction up to Rs 2000. RBI announced this new circular for NFC (Near Field Communication) payment mode, it said, “If the customer, however, chooses to use the card for contactless payments, then PIN authentication may not be necessary for transactions up to Rs 2,000.”

As per RBI norms, NFC based Contact Less Payment can only be made for a transaction up to Rs 2000, beyond that, a merchant is mandated to process contact payment and authentication with PIN (AFA) will be mandatory. Suitable velocity checks may be put in place for considering how many such small value transactions will be allowed in a day / week / month.

Amid India enacting a law to deal with the menace of black money stashed abroad, Switzerland on Friday said that it is considering amendments in its domestic laws, which may lead to sharing of banking information with other countries even on the basis of the so-called ‘stolen data’.

We will have a black money discussion (with finance minister Arun Jaitley) to solve and clarify (the issue). We are on our way to ask our Parliament to adjust our law to make sure that we can contribute to regularise this specific situation (information on stolen data with respect to black money).

Dr Reddy's Laboratories Limited today announced the launch of Somazina, an innovator brand of Citicoline in the Indian market. The drug is indicated for improving cognitive function in patients who have suffered from stroke or cerebral infraction, or who have undergone a brain surgery or have suffered from head injuries.

Dr Reddy's has partnered with the global innovator of Citicoline, Ferrer International S A of Spain to make Somazina available in India. "This is an important product in the management of stroke and has been used for treatment of post-stroke patients around the world," the company said.

A consistent rise in profitability and sales has made Eicher Motors, a niche player in the two-wheeler market, a more valuable company than Hero MotoCorp, the market leader which sells 15 times more units.

The market cap of Eicher Motors today touched at an all time high of Rs 50,709 crore while Hero trailed at Rs 50,355 crore. On the first day of the calendar year 2015, Hero commanded a market cap of Rs 62,053 crore, 33 per cent higher than Eicher. Bajaj Auto remains most valued two-wheeler company at Rs 63,021 crore. TVS Motor retains the fourth spot at Rs 10,518 crore.

Market regulator, Securities and Exchange Board of India (SEBI) has passed an order providing exit to the 78-year old Madras Stock Exchange Limited (MSE). The exchange will be 14th Stock Exchange to exit under SEBI's exit policy, which came into effect in May 2012.

The policy mandated Regional Stock Exchange (RSEs) a minimum net-worth of Rs 100 crore and an annual trading of Rs 1,000 crore and gave two years to comply or exit the business.

Tata Motors, India's biggest automotive company signed a distribution, supply and technology license agreement for commercial vehicles with Vietnam-based TMT Motors.

Tata Motors will supply completely knocked down (CKD) and completely built unit (CBU) vehicles to TMT in Vietnam.

KOLKATA: World's largest coal miner Coal India Limited (CIL) on Friday contributed Rs.5 crore to the Prime Minister's relief fund to help the quake-stuck people in Nepal and some states in India.

CIL chairman Sutirtha Bhattacharya handed over the cheque to union Minister of State for Coal and New and Renewable Energy Piyush Goel.

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