A former member of the Securities and Exchange of India (Sebi), M S Sahoo, has become a member of the Competition Commission of India (CCI).

A senior official at CCI confirmed the development but declined to comment further.

NEW DELHI: Telecom operator Reliance Communications (RCom) on Friday said it has gained capability to provide 4G services across the country on the back of spectrum won by it in the recently concluded spectrum auction.

"RCom becomes India's first and only operator with nationwide footprint of contiguous 800/850 MHz spectrum. RCom operations now future-proofed across all circles for most advanced LTE technology at most optimal cost," the company said in a statement.

In a bid to drastically cut down the number of recognised unions in the airline to two from the current 15, Air India has appointed a four-member committee headed by former labour secretary Krishna Mohan Sahni to hold fresh elections by July this year.

Besides Sahni, other members of the committee include Raja Sridhar, executive board member, International Transport Workers’ Federation, retired chief labour commissioner S K Mukhopadhya and Ajit Nigam (advisor, HR, Ircon International).

Dilip Shanghvi-led Sun Pharma displaced IT major TCS for the first time in three financial years as the country’s best performing stock in terms of market cap growth.

As on Thursday, Sun Pharma’s market cap stood at R2.12 lakh crore, gaining R93,811 crore during the fiscal, while TCS yielded its least market-cap in the last three fiscals. The IT major’s market cap stood at R4.9 lakh crore as on Thursday. In FY15, TCS’ m-cap has improved by R74,422 crore. In FY14 and FY13, TCS has gained market cap of R1.09 lakh crore and R79,649 crore, respectively.

In the first ever reduction in domestic natural gas prices, the rates will be slashed by 9 per cent to USD 4.56 per unit from April 1 to reflect the softening in international prices, benefiting users in the power and fertiliser sectors.

The government had in October last year fixed natural gas price at USD 5.05 per million British thermal unit based on weighted average of international hub rates. This was on gross clarofic value (GCV) basis.

Markets recovered from day's lows but continued to remain volatile helped by a rebound in bank and information technology shares even as select index heavyweights capped upside gains.

At 2:30PM, the 30-share Sensex was up 6 points at 27,463 and the 50-share Nifty was down 8 points at 8,334.

Idea Cellular has dipped 4.4% at Rs 172, falling nearly 8% from its intra-day high on the profit booking. The stock hit a fresh 52-week high of Rs 187 on the BSE in early morning trade.

In past one month, the stock had rallied 17% compared with 4.5% fall in the benchmark S&P BSE Sensex till yesterday.

Shares of companies engaged in oil exploration and production business have hit 52-week lows after the government lowered the domestic gas price by over 10% to $5.02 mmBtu (metric million British thermal units).

Reliance Industries, Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India have touched their respective 52-week lows on the BSE during the intra-day trade.

State Bank of India (SBI) told the stock exchanges on Thursday that it would be reducing stake in its general insurance venture from the present 76 per cent to 51 per cent.

There would be a corresponding rise in stake of Insurance Australia Group from 26 per cent to 49 per cent. A valuer would be appointed to facilitate price discovery.

Offshore Infosys employees would get an average pay rise of around 6.5 per cent this year, while high performers could get as much as nine per cent, according to sources.

Infosys is India’s second largest information technology (IT) company.

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