- Zee Entertainment announced the sale of its loss making sports arm to Sony Pictures for Rs. 2,600 Cr approximately. The sports business made a net loss of 37.2 Cr in FY16. The deal consists of acquisition of 10 TEN Sports channels operating in various countries. The deal will push up Zee's earnings and margins.
- Bharat Petroleum Corporation's Q1 results showed an 11% rise in net profit Rs. 2,620.5 Cr, as against Rs. 2,360.7 Cr in the corresponding period last fiscal. Revenue declined by 3% to Rs. 57,015.8 Cr in the quarter compared with Rs. 58,818.4 Cr in same period last year. Operational margin expanded by 37 basis points to 6.87% for the quarter.
- The Union Cabinet eased rules for quicker settlements of disputes in the construction sector. In a bid to activate stranded projects, the cabinet has asked government agencies and public bodies to pay 75% of the money in cases of such disputes. The construction sector, which contributes 8% of the country's GDP, will get a boost as the move will enhance liquidity in the sector. Stocks namely; HCC, Simplex Projects, Gammon India, ARSS Infrastructure, GVK Power & Infra, Punj Lloyd, IVRCL, Simplex Infrastructure were up 5%-20%.
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