Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 18
Here’s a roundup of the day’s top stories in brief.
1. RBI Clears The Way For Piramal’s Takeover Of DHFL
Piramal Group has received clearances from the Reserve Bank of India to take over Dewan Housing Finance Corporation Ltd., two people in the know told BloombergQuint. However, DHFL’s deposit-taking license will not be transferred to Piramal.
2. Crude Oil Briefly Tops $65 Amid Shockwave
A cold blast in the U.S., that has pummeled the country’s oil production, escalated into a global shock supply sending Brent crude prices north of $65 briefly for the first time in a year.
3. Third Day Of Decline For Nifty
Indian equities declined for the third day in a row as private lenders and automobile companies underperformed. The S&P BSE Sensex fell 0.7% to close at 51,324 while the NSE Nifty 50 index fell 0.6% to end at 15,119.
4. Domestic Air Traffic Falls 40% In January
Air passenger traffic in January declined as the pandemic continued to hit travel demand. Passenger load factor, that measures how much capacity airlines are filling, showed a declining trend compared to December.
5. India Inc. Leaves Pandemic Blues Behind
Most Nifty companies either met or beat analysts’ expectations for profit and revenue in the December quarter, indicating an economic recovery after the pandemic-related curbs were lifted. Of the 50 companies, 33 reported higher profits than expected. Find out who the top performers were.
6. Supreme Court Set To Resolve A 20-Year Old Tax Dispute
The outcome of the 20-year-old case, specifically over the taxability of cross-border software payments, will impact companies like Samsung, IBM, HP, GE and 100 others who import software for sale in India.
7. Can a Vaccinated Person Still Spread The Coronavirus?
Nine vaccines have proved effective at protecting people from developing symptoms of Covid-19. It’s not yet known, however, how well the inoculations prevent people from getting an asymptomatic infection. Preliminary signs suggest they do some of both.
8. Bombay Shaving Company Defies Pandemic Logic
When consumer firms were strengthening their online business during the pandemic, an Indian upstart did quite the opposite. Bombay Shaving Company, born as an online brand in 2016, began expanding reach through brick-and-mortar stores.
9. Hike, Crushed By WhatApp, Now Wants To Rival Facebook
Kavin Bharti Mittal is planning to revive his struggling technology startup Hike more than four years after it was valued at $1.4 billion by backers, including Softbank Group Corp. In a bid to rekindle growth, he’s now betting on a Facebook-like new social networking platform.
10. IPL Auction: Chris Morris Becomes Most Expensive Buy
Rajasthan Royals shelled out a record Rs 16.25 crore to make South African all-rounder Chris Morris the most expensive buy in an IPL auction. Meanwhile, Australia’s Glenn Maxwell was roped in by Virat Kohli-led Royal Challengers Bangalore. Steve Smith was bought by Delhi Capitals.