The Indian government, as expected, has started the process to merge state oil companies to form a larger oil entity that can bid for global contracts more effectively. The government of India will transfer its majority shareholding (51.11% in HPCL) to ONGC, which will consequently become the holding company of HPCL. 

The entry of Reliance Jio and the introduction of super-cheap tariff plans is killing small and mid-size telecom companies, with Telenor India being an early casualty.The company sold off its assets pretty cheaply to Bharti Airtel, giving away spectrum worth Rs. 5,000 crore, and agreeing to service its outstanding debts before the sale. The raw deal for Telenor, despite having 44 million customers and nearly Rs. 5,000 crore in annual revenues - is not a great sign for other small telecom companies. 

Stock in spotlight: GMR Infrastructure, which has hit a new 52 week high today on news of it having adopted a strategic debt restructuring plan for its subsidiary GMR Chattisgarh Energy. 

Photo of the day: Men and boys with their bodies pierced with lemons, wait to participate in a Shivrathri procession in Chennai. Arun Sankar/AFP/Getty