BQuick On Sept. 28: Top 10 Stories In Under 10 Minutes
This is a roundup of the day’s top stories in brief.
1. MPC Meeting Rescheduled At The Eleventh Hour
A meeting of India’s monetary policy committee, scheduled for this week, has been rescheduled.
“The meeting of the MPC during September 29, 30 and October 1, 2020 as announced vide Press Release 2019-2020/2248 dated April 20, 2020 is being rescheduled. The dates of the MPC’s meeting will be announced shortly,” the Reserve Bank of India said in a release on Monday.
The central bank did not ascribe any reason for the delay in the MPC meeting.
Ravindra Dholakia, Chetan Ghate and Pami Dua stepped down from the panel after the August meet.
Since then, the government has been deliberating on the new appointments to the committee but has not yet disclosed the names of the new members.
Without the external members, only the RBI appointees remain on the committee.
2. Tata Group Courts Investors For New Digital Platform
Tata Group is in talks with potential investors about taking stakes in a new digital platform, people familiar with the matter told Bloomberg News.
Tata Sons Pvt., the holding company of the $113 billion coffee-to-cars conglomerate, is working with advisers to explore bringing in financial or strategic investors, including global technology companies, the people said, asking not to be identified as they aren’t authorized to speak to the media.
The group plans to bring together digital assets across various Tata businesses to create the new entity, according to the people.
Tata Group is seeking to modernize its consumer businesses as retail giants like Amazon.com Inc. and billionaire Mukesh Ambani pile into the country’s fledgling e-commerce market.
Here's why the Tata Group is looking to bring in outside investors.
3. Sensex Surges 1,400 Points In Two Days; U.S. Stocks Rally
Indian equity markets rose for the second straight day, in-line with positive global cues.
The S&P BSE Sensex ended 1.6% higher at 37,981 while the NSE Nifty 50 index ended 1.6% higher at 11,226.
The Sensex has gained over 1,400 points over the last two sessions, while the Nifty has gained over 400 points.
Broader markets outperformed the benchmarks in today's session.
Follow the day’s trading action here.
9. Get Succession Planning Right, For Business Longevity
One of the drivers of the longevity of a business is the succession planning of key executives who drive ground level execution and strategic decision-making around capital allocation, write Saurabh Mukherjea and the Marcellus Team.
All businesses face the event of succession of key management personnel, whether it be promoters or professionals.
However, succession planning is a process that is not adequately engrained in the DNA of most organisations due to the variety of challenges involved in this process.
As a result, many great businesses with strong competitive advantages fail to sustain in the long run.
10. India’s Covid Tally Crosses 60 Lakh
Coronavirus infections in India crossed the 60-lakh mark today even as new cases showed signs of slowing.
The country added over 82,000 new cases in the last 24 hours, according to health ministry data.
The last 10 lakh infections have been reported over a span of just 12 days.
Active cases are close to 9.6 lakh -- lower than the 10.17 lakh it had reached earlier this month.
Track the latest updates on the Covid-19 pandemic in India, here.
Globally, Covid-19 cases topped 3.29 crore with over 9.95 lakh dead.
France reported a third daily decline in new cases.
Myanmar has seen a spike in cases this month, prompting the government to order the construction of treatment and quarantine centers.
Covid-19 is spreading “at an alarming rate” in eight New York City neighborhoods, the city’s health department said.
Follow the global spread of the virus here.