Top headlines: TCS crosses Rs 10 trn m-cap; GST deadlock continues

From deadlock over GST compensation dominating council meeting to DoT looking for more spectrum to meet 5G demand, here are top headlines this morning

TCS second firm in India after RIL to cross Rs 10-trn market capitalisation

The software major Tata Consultancy Services (TCS) on Monday became the first company after Reliance Industries (RIL) in India to cross the market capitalisation (m-cap) of Rs 10 trillion. The Tata group cash cow and crown jewel closed Monday with a record m-cap of Rs 10.16 trillion, up 7.3 per cent for the day. In comparison, the benchmark BSE Sensex closed the day with gains of 0.7 per cent. Read More

No breakthrough in GST compensation deadlock; next Council meet on Oct 12

The Goods and Services Tax (GST) Council meeting on compensation for the states remained inconclusive on Monday, with 20-21 states opting for the Reserve Bank of India (RBI) window of Rs 1.10 trillion (earlier it was Rs 97,000 crore) and around 10 states insisting the Centre borrow and disburse the money. The next meeting is now scheduled for October 12. Read More

Ola to appeal after losing licence to operate in London over safety issues

Indian ride-hailing firm Ola has been refused a new licence to continue operating in London over “passenger safety” concerns. The Bengaluru-headquartered company said it would appeal against the decision of Transport for London (TfL), the UK capital’s transport regulator. TfL found that the car-booking service was not “fit and proper” to hold the private hire vehicle operator’s licence after discovering a number of “failures” that could have risked public safety. Read More

SC asks govt, RBI to put K V Kamath panel's debt recast report on record

The Supreme Court on Monday asked the Centre and the Reserve Bank of India (RBI) to place on record the KV Kamath committee's recommendations on Covid-19-related debt restructuring, opening a new dimension in the ongoing case related to the interest waiver on loans during the moratorium period. A Bench comprising Justices Ashok Bhushan, R Subhash Reddy, and M R Shah adjourned the hearing until October 13, by when the government and the RBI will submit additional affidavits suggesting steps to bring into shape the recommendations made on waiver of compound interest for small borrowers. Read More

SpiceJet to fly non-stop to London from Delhi, Mumbai from December 4

SpiceJet on Monday said it would operate non-stop flights connecting Delhi and Mumbai with London from December 4. The airline will become the first Indian low-cost carrier to operate flights to the UK. At present, Air India and Tata group-owned Vistara, both full-service carriers, fly to Heathrow airport. While the return fare for economy class has been fixed at Rs 53,555, for business class it would be Rs 1,47,627 for Delhi, and Rs 1,53,383 for Mumbai. Read More

Sales of Biocon's itolizumab surge as phase-4 clinical trials begin

Biocon’s repurposed psoriasis drug itolizumab has seen sevenfold jump in sales after it got an emergency use authorisation for Covid-19 treatment. The drug, however, is yet to be a part of the clinical management protocol of the health ministry for treatment of Covid-19, which implies that the government has not yet recommended it as an effective treatment. Read More

DoT looks for more spectrum to meet 5G demand of telecom companies

The Department of Telecommunications (DoT) has started searching for additional spectrum to meet the demand of telecom companies for a larger chunk of airwaves to roll out 5G services. “We have allocated the 3300 MHz to 3600 MHz band for 5G services. Worldwide, the allocation of bands for 5G services is from 3300 MHz to 4200 MHz. Read More