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Sensex surges, Nifty above 8350; Bharti falls 3%, banks up


The News International Team

2:50 pm Market check: The market gets back its buying spree in the last few minutes of trading. The Sensex is up 125.23 points at 27985.61 and the Nifty is up 33.85 points at 8358.00. About 1671 shares have advanced, 1256 shares declined, and 113 shares are unchanged.

Axis Bank, Dr Reddy’s Labs, SBI, ICICI Bank and Sun Pharma are top gainers in the Sensex. Among the losers are Sesa Sterlite, Coal India, Hindalco, Bharti Airtel and NTPC.

2:30 pm Deal snapped: Telecom major Bharti Airtel has called off its plans to acquire business and assets of Mumbai based Loop Mobile, for about Rs 700 crore, as the Department of Telecom is yet to clear the deal.

“Loop Mobile and Bharti applied to DoT for approval of the business transfer in March 2014. The approval for the transaction is still awaited from the relevant authorities as a result of which Bharti Airtel has withdrawn from the proposed transaction causing huge loss to the company,” Loop Mobile spokesperson told PTI.

DoT is yet to give clearance to the deal as it estimates that Loop Mobile and its sister concern Loop Telecom owe about Rs 808 crore in spectrum and other charges to the government. Loop Mobile’s permit in Mumbai is expiring on November 29 and the company did not purchase spectrum in February auction which was mandatory for continuing its operations.

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The Sensex is off the day’s high after scaling the 28,000 mark. The midcap index continues to outperform after hitting a fresh record high in early trade. The Sensex is up 37.26 points at 27897.64 and the Nifty up 10.05 points at 8334.20. About 1600 shares have advanced, 1281 shares declined, and 105 shares are unchanged.

Coal India, Sesa Sterlite, Bharti Airtel, Hindalco and Tata Power are laggards while Sun Pharma, Axis Bank, SBI, Dr Reddy’s Labs and ICICI Bank are top gainers in the Sensex.

Committing to more reforms and eliminating corruption, Finance Minister Arun Jaitley today said steps taken by the new government were aimed at creating fair and transparent business environment and ending crony capitalism.

The government was also looking at areas like labour
reforms, privatisation of some state-owned companies and improvement of land acquisition laws, the Minister said, while adding that the reforms can’t be just “one sensational idea”.

“You can damage the economy by one bad idea.
Retrospective taxation is one bad idea that damaged the economy,” Jaitley said while speaking at the India Economic Summit here.



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