Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 22
Here’s a roundup of the day’s top stories in brief.
1. MPC Minutes: Falling Inflation A Comfort
The committee found enough comfort from the recent fall in inflation to remain explicitly growth-supportive as the economy recovers from the Covid-19 crisis. Yet, the panel warned of inflationary pressures that may emerge from rising commodity prices with some calling for a cut in tax on fuel.
2. Amazon Vs Future Retail Goes To Supreme Court
The Supreme Court has agreed to hear Amazon.com Inc’s petition against a Delhi High Court order vacating the status quo on Future Retail Ltd.’s close to Rs 27,000-crore deal with Reliance Retail Ventures Ltd.
3. Nifty’s Biggest Fall In Two Months
Indian equities fell the most in two months, ending lower for the fifth straight session as a rise in active Covid-19 cases across the country dented sentiment. The S&P BSE Sensex ended 2.2% or 1,145 points lower at 49,744 while the NSE Nifty 50 index fell 2% or 300 points to end at 14,675.
4. India’s Youngest Private Bank Chases Growth
IDFC First Bank Ltd. is hoping to leave asset quality concerns behind and make a dash for growth as the Indian economy revives. The lender plans to raise Rs 3,000 crore and then use the funds to grow its loan book by a quarter every year, its Chief Executive V Vaidyanathan told BloombergQuint.
5. Vedanta CFO Exits
Vedanta Ltd.’s Chief financial Officer, G.R. Arun Kumar, has resigned four months after a failed delisting bid amid growing scrutiny of the Anil Agarwal-led company.
6. SBI Wants RBI To Make Shorting Of Bonds More Expensive
State Bank of India Chief Economic Adviser Soumya Kanti Ghosh said the central bank should consider steps to disincetivise short selling, which may have triggered the recent sell-off in the nation’s sovereign bond markets. Ghosh also suggested that the RBI can also supply bonds in the repo market if it has stock.
7. What Cement Makers Expect In Fourth Quarter
Higher volumes and lower costs aided the operating profit of cement makers in the third quarter. Yet, rising raw material prices could put pressure on margins hereon.
8. Cess, A Bit Too Much? NK Singh Thinks So.
There should be a legal limit on the cesses and surcharges collected by the central government for various purposes, according to NK Singh, chairman of the Fifteenth Finance Commission. There is a need for wider consultation on the future of such cesses, Singh told BloombergQuint.
9. Brent Above $63: Goldman Says There’s More To Come
Brent oil resumed gains, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in the coming months.
10. India’s Covid Cases Rising Again, Sparking Fears Of New Wave
Active cases of Covid-19 in India continued to rise with the country reporting more new cases than recoveries for the fifth straight day. Some areas of Maharashtra have reinstated restrictions with the chief minister warning that if cases continue to rise, a new lockdown will have to be imposed.