Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 23
Here’s a roundup of the day’s top stories in brief.
1. Ambani Moves To Unlock Value
Reliance Industries Ltd. has started carving out its new oil-to-chemicals operation into an independent unit with a $25 billion loan from the parent. Oil-to-chemicals contributed more than 60% in the last financial year to the group’s revenue even as the company tries to pivot towards consumer-facing businesses.
2. Analysts Bet On A Tata Motors Revival
Shares of Tata Motors Ltd. surged 6.5% as analysts raised price targets on the automaker, citing an increase in market share for passenger and commercial vehicles and focus on battery-powered cars, among others.
3. Sensex Snaps 5-Day Losing Streak
Indian equities ended off the highest point of the day. The S&P BSE Sensex managed to end in the green, closing 7 points higher at 49,751. The NSE Nifty 50 index ended 30 points higher at 14,707.
4. Measuring Valuations: Look Ahead, Not Back
Indian stock markets look scarily expensive right now. But is the trailing-twelve-month price-to-earnings ratio a relevant metric to base the assessment on, asks Niraj Shah.
5. Vedanta Considers A Bond Sale
Vedanta Resources Ltd. has mandated banks to arrange investor meetings ahead of a potential bond sale, as the firm conducts an open offer for its main listed unit. A possible dual-tranche dollar note issue is likely to follow a series of credit investor calls from Feb. 23, Bloomberg reported.
6. India’s Fuel Demand Falls For Third Straight Month
India continued to consume fewer petroleum products than a year earlier even as economic activities picked up. Usage of petroleum and related products, including auto and industrial fuels, declined 3.9% year-on-year in January.
7. United Spirits’ Strategic Review
United Spirits Ltd. is initiating a strategic review of selected ‘Popular’ brands as the liquor maker eyes long-term profitable growth through premiumising its portfolio. Its ‘Popular’ portfolio has around 30 brands and the strategic review will focus on cutting it by half.
8. Coronavirus: First Fall In Active Cases In Six Days
Active cases of Covid-19 in India fell today after rising for five consecutive days, amid fears of resurgence and new restrictions. Authorities reported 10,584 new cases and 13,255 recoveries on Tuesday.
9. Disha Ravi Gets Bail
Climate activist Disha Ravi, arrested in connection with allegedly being involved in sharing a “toolkit” on social media related to the farmers’ protest, was granted bail by a Delhi court that termed the evidence produced by police as scanty and sketchy.
10. Gates Wants To Team Up With Bezos
Bill Gates is aiming to work more closely with Amazon.com Inc. Chief Executive Officer Jeff Bezos to combat a climate crisis that he said could dwarf the current pandemic in fatalities and global impact. Gates is hoping they can collaborate to back costly early-stage green alternatives to current technologies.