Newsmakers: RCom-RJio to launch 4G services, Rajan not eyeing IMF top job and more

IDBI Bank cuts base rate by 0.25%
Following other lenders, state-run IDBI Bank on Wednesday cut its base rate by 0.25 per cent to 9.75 per cent, a day after the Reserve Bank slashed its key repo rate by 50 basis points. The new base rate will be effective from October 5.

Infrastructure output rises 2.6% in August
Annual infrastructure output growth picked up in August to 2.6 per cent from a year ago, mainly driven by higher cement and electricity generation, government data showed on Wednesday. The output had grown 1.1 per cent year-on-year in July.

Raghuram Rajan says not running for IMF chief's job
Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday said that he was not interested in heading the International Monetary Fund after finishing his term as the apex bank Chief. "It's not a job I have applied for," he told a television channel in an interview. "It's not a job I am running for," he added. Rajan's three-year term is due to end in September 2016.

Reliance Communications to partner Reliance Jio in 4G services
Reliance Communications (RCom), controlled by tycoon Anil Ambani, will partner with Reliance Industries telecom subsidiary to launch fourth-generation (4G) mobile phone services by year-end, the company's chairman Anil Ambani said on Wednesday.

Domestic equity markets continued their upward trajectory on Wednesday after RBI cut key lending rates by 50 basis points on Tuesday. The benchmark Bombay Stock Exchange (BSE) Sensex closed at 26,154.83 with gains of 376 points or 1.46 per cent. Bullish sentiments were observed at the wider 50-scrip Nifty of the National Stock Exchange (NSE) also as it closed 1.35% higher at 7,948.90.