Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 11
Here’s a roundup of the day’s top stories in brief.
1. Flight Tickets To Get Costlier As Government Raises Limit
Passengers will have to shell out more money for air travel as the Civil Aviation Ministry increased the lower and upper limits on domestic airfares by 10-30%. The new limits will remain in force till at least March 31, 2021.
2. Sun Pharma Settles Whistleblower Complaint Case
Executives at Sun Pharmaceutical Industries Ltd., including Managing Director Dilip Shanghvi, have settled a case involving whistleblower complaints that alleged India’s largest drugmaker and its subsidiaries were diverting funds. The company paid a settlement of Rs 56 lakh while Shanghvi paid Rs 62.35 lakh.
2. Making Exceptions For LIC’s IPO
The Indian government has proposed changes to existing regulations that will be aimed at making Life Insurance Corporation of India attractive for investors. Among the exemptions sought is one that will enable the government to offload stake through IPO soon after LIC transfer shares to promoter against the paid-up capital.
4. #IndiaWantsCrypto, But The Government Doesn’t
The Indian government intends to put a complete ban on investment in cryptocurrencies. However, it will provide existing investors a transition period to exit their holding. Read more in this BQ Blue Exclusive.
The spectre of the ban, however, has triggered a wider lobbying effort by India's crypto community that's using all available digital tools to convince the government against a ban.
5. Sensex Snaps Two-Session Losing Streak
Indian equity benchmarks held on to a comeback in afternoon trade, snapping a two-session losing streak after a slew of better-than-expected earnings. Both the S&P BSE Sensex and the NSE Nifty 50 index rose 0.4% today.
6. Dhanlaxmi Bank Looks To Leave Behind Ghosts Of The Past
"What has happened in the past is now over. We now start a fresh day and all our employees and executives are fully geared to grow,” said the private lender's new Chief Executive Officer Shivan JK.
7. How To Quickly Privatise 300 PSUs Without Selling A Single Share
Can the Indian government formulate a new framework for privatisation that avoids the several deadly pitfalls that have plagued government in the past? The answer lies in the Maruti model, writes Raghav Bahl.
8. Mukesh Ambani: Driving Force Behind India Inc.’s Deal Activity
Dealmaking activity in India rose in 2020 despite the Covid-19 pandemic plaguing the economy. But that wouldn’t have been the case if not for Mukesh Ambani frenzied fundraising spree for his digital and retail ventures.
9. BharatPe Gets Closer To Being A Unicorn
Fintech major BharatPe said it raised over $108 million in funding, led by existing investor Coatue Management. The Series D funding was done at a valuation of $900 million.
10. China, India Troops Pull Back From Parts of Disputed Border
Both countries have begun pulling back troops from Pangong Lake, along the disputed Himalayan border, but other areas of conflict are yet to be addressed.