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Adani Group becomes 3rd Indian conglomerate to cross $100 billion in mcap

Billionaire Gautam Adani's ports-to-energy conglomerate has become India's third group to cross USD 100 billion in market capitalisation with shares of four of its six listed companies soaring to an all-time high on Tuesday. The total market cap of Adani Group's six listed companies at the close of trading on Tuesday was Rs 7.84 lakh crore or USD 106.8 billion, according to stock exchange data. Adani Group is the third Indian conglomerate to cross the USD 100 billion market cap mark after Tata Group and Reliance Industries Ltd.

Airtel to transfer 800 MHz spectrum in 3 circles to Jio for Rs 1,038 cr

Reliance Jio announced on Tuesday that it has signed an agreement with Bharti Airtel for acquisition of right to use spectrum in the 800 MHz band in Andhra Pradesh, Delhi and Mumbai circles through spectrum trading. After the transfer, Jio's spectrum footprint will be enhanced in 800 Mhz band to 2x15 Mhz in mumbai circle and 2x10 Mhz in Andhra Pradesh and Delhi circles. Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) will be transferred to Jio.

Telcos get approval to share active infrastructure as DoT amends UASL norms

The Department of Telecommunications (DoT) amended the Unified Access Service Licence (UASL) on Tuesday to permit sharing of backhaul through microwave, which is used to connect towers. It has also allowed sharing of WiFi equipment, which includes routers and access points, among telecom players. At present, licence sharing of active infrastructure amongst service providers is allowed in certain areas, like antennae, feeder cable, radio access network and transmission systems. This list has now been expanded to include backhaul and WiFi equipment.

Max Group sells 13% stake in Max Life to private lender Axis Bank

Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country's third largest private sector lender Axis Bank, which will now be a co-promoter of the insurer. The completion of the deal comes more than a year after Max Financial Services and Axis Bank announced their intent to have a strategic partnership for the former's insurance venture. Financial details were not disclosed. Max Financial Services -- the holding company of Max Life -- has offloaded 12.99 per cent stake in the insurer to Axis Bank and its subsidiaries

Steel prices hiked by Rs 5,000 a tonne on global rally, iron ore rises too

After a pause, prices of steel and iron ore are on the rise. Steel companies have increased prices by up to Rs 5,000 a tonne beginning April while state-owned iron ore producer, NMDC has hiked prices of lump ore by Rs 500 a tonne. Steel producers said that prices of hot rolled coil – a benchmark for flat steel (used in automobile, domestic appliances and construction) – have been increased by Rs 4,500-5,000 a tonne; prices of long steel (used in infrastructure and construction) have increased by up to Rs 3,000 a tonne. Post-increase, the price of HRC is at Rs 57,600; in longs, TMT is at Rs 52,500. The increase in steel prices is led by a surge in global prices.

RIL and America's Chart Industries co-lead new Hydrogen industry body US

headquartered Chart Industries and India's Reliance Industries (RIL) will be jointly heading a new industry body focused on commercialising hydrogen technologies and systems to build net-zero carbon pathways in India.

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