The spectrum auction ended with Vodafone putting down the most amount of money, purchasing over Rs. 20,000 crore of spectrum. Airtel came in second, followed by Jio and Idea. Tata Teleservices faced strong bidding competition from Idea in renewing its Mumbai airwaves and ended up spending over Rs. 4,000 crore to retain its spectrum. Telcos however, could not bid on the highly efficient 700 MHz spectrum due to the steep pricing for the band. 

After ICICI Prudential, another insurance company is preparing to list. SBI is now in talks with private equity investors to sell 5% of SBI Life, in discussions which will help set the price of the eventual IPO issue. SBI owns 74% in the life insurer. SBI is seeking a valuation of at least three times SBI Life's FY 16 value of Rs13,000 crore. ICICI Prudential Life listed at a multiple of over three times its FY16 value. 

The Tata group is being sued by Docomo for damages and breach of contract, in a suit worth over $1.17 billion. The case has been filed in an American court, over Tata's refusal to pay the exit price for a buyout, which was agreed upon when Docomo invested in Tata Teleservices in 2009. The Tata group is currently losing Rs. 2 crore a day in court fees and costs.

GoAir is challenging the use of 'Go' in IndiGo's name and website. Google has also been named as a defendent in the suit, for reasons as yet unclear. The court justice remarked that its good that GoAir is not demanding that Google also drop the 'Go' and change the company name to 'Ogle'.

Photo of the day: Children fleeing ISIS-controlled areas in Syria ride in a pickup truck. Reuters