Business highlights

Following are the top business stories at 1950 hours:

DEL62 CAB-LD BSNL-MTNL Govt to merge BSNL, MTNL; unveils Rs 68,751-cr revival package

New Delhi: The government on Wednesday approved a Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme, as well as their merger.

DEL55 BIZ-RUPEE-CLOSE Rupee inches up 3 paise to 70.91 versus USD

Mumbai: The Indian rupee rose 3 paise to close at 70.91 against the US dollar on Wednesday amid lack of triggers and geopolitical uncertainties.

DEL53 BIZ-CAB-LD OIL Govt eases rules for setting up petrol pumps, allows non-oil cos in business

New Delhi: In the biggest reform in fuel retailing sector in almost two decades, the government on Wednesday relaxed norms for setting up petrol pumps, allowing non-oil companies to venture into the business - a move that could help private and foreign firms to enter the world's fastest-growing market.

DEL34 BIZ-CAB-2LD-WHEAT Govt hikes MSP for wheat by Rs 85/qtl; pulses up to Rs 325/qtl

New Delhi: The government on Wednesday hiked the minimum support price for wheat by Rs 85 to Rs 1,925 a quintal and for pulses by up to Rs 325 per quintal.

FES41 BIZ-IMF-INDIA IMF sees Indian economic growth rebounding to 7 pc next fiscal

Singapore: The International Monetary Fund (IMF) sees Indian economic growth rebounding to around 7 per cent in the next financial year, supported by measures like monetary policy stimulus and corporate income tax cuts.

DEL42 BIZ-LD STOCKS Markets resume upward trend; IT, finance stocks sparkle

Mumbai: Equity indices found firmer ground on Wednesday, led by IT, finance and auto stocks, as investors tracked corporate results amid mixed cues from global markets.

DCM41 BIZ-SEBI-INFOSYS Sebi starts probe against Infosys over whistleblower charges

New Delhi: Markets regulator Sebi has begun its probe into alleged non-disclosure of price-sensitive information by Infosys' management and also corporate governance lapses in the wake of serious allegations levelled by a whistleblower, while it is also examining possible insider trading in the company's securities.

DCM39 BIZ-RESULTS-HCLTECH HCL Tech Q2 net profit up 6.9 pc to Rs 2,711 cr, announces bonus shares

New Delhi: IT major HCL Technologies on Wednesday posted a 6.9 per cent rise in its consolidated net profit to Rs 2,711 crore for the September 2019 quarter, and raised its revenue growth forecast to 17 per cent for 2019-20.