News digest: Race for Essar Steel, oil supply, Infosys Q2 results, and more

From Essar Steel bid to Infosys results, Business Standard brings you the top stories for today

Arcelor offers Rs 45 bn to be eligible for Essar

ArcelorMittal has offered to pay around Rs 45 billion as overdue loans of Uttam Galva Steels and KSS Petron to become eligible to bid for Essar Steel, currently going through the insolvency process. The amount calculated for Uttam Galva is Rs 39.87 billion and for KSS Petron Rs 5.67 billion. Read on... 

RIL eyes edging out SITI, Airtel in cable, fibre play

Reliance Jio’s proposed acquisition of a 25 per cent stake each in digital cable companies Den Networks and Hathway Cable & Datacom will provide the telecom firm access to over 20 million subscriber homes, giving it an edge over Bharti Airtel and SITI Cable in the cable and fibre-to-the-home (FTTH) broadband markets. Click here to read 

No oil supply worries: Opec

The Organization of the Petroleum Exporting Countries (Opec) has said the current market seems fine. This came a day after Prime Minister Narendra Modi raised India's pricing concerns before the cartel's representatives, asking them to review payment terms and provide some relief to a weaker rupee. Read more

Infosys beats estimates, Q2 net profit up 10.3% to Rs 41 bn

In a seasonally strong quarter, the country's second-largest information technology (IT) services player, Infosys, demonstrated an improved performance. It met Street expectations on most counts, backed by large deal wins and broad-based growth in key verticals such as banking, financial services and insurance (BFSI), and retail. However, the Bengaluru-headquartered firm continued to show restraints by not revising its revenue and margin outlook upward. Click here to read 

Govt plugs gap in contract work rules

The government has asked states to issue separate notifications allowing fixed-term employment in all private sector companies, seeking to plug a gap that prevented most firms from taking the benefits of one of the biggest labour law reforms in recent years. Read on...