The annual revenue of Indian telecom firms declined for the first time since 2008-09 to Rs1.88 trillion in 2016-17 (from Rs1.93 trillion the previous year), and will decline further to Rs1.84 trillion in 2017-18, according to CLSA. Revenue per user will fall in 2017-18.  

The cause is the disruptive pricing and freebies of Reliance Jio, which has forced other telecom companies to cut prices to retain customers. Reliance Jio's entry is also driving consolidation in the sector, with the mergers between Idea-Vodafone and Aircel-RCom. Reliance Jio's free offers grew its subscriber base to 100 million, the most rapid growth seen in the telecom industry. 

The Indian government body, the Directorate General of Anti-Dumping and Allied Duties (DPAP) has  recommended imposing duties on some steel products imported from China, Japan and Russia, despite complaints from some of the targeted countries. The government tends to accept DGAP recommendations, and this is likely to benefit Indian steel companies like JSW Steel, Tata Steel and SAIL. The duties on cold-rolled and hot-rolled flat steel products are likely to be long term, and come even as steel imports have fallen due to new restrictions on imports.  

Stock in spotlight: Phoenix Mills, which recently formed a joint venture with Canadian pension fund manager CPPIB, is looking to double its mall portfolio with investments of upto Rs. 4,000 crore.

Photo of the day: An artist puts the finishing touches on a mural of a colorful elephant. Michele Tantussi/AFP/Getty Images