Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 26
Here’s a roundup of the day’s top stories in brief.
1. India Exits Recession, As Expected
Pent-up demand, festive spending and a jump in government expenditure helped bring back growth in the Indian economy after two consecutive quarters of contraction. GDP rose 0.4% in the October-December quarter, while a consensus of estimates had pegged it at 0.5%.
2. Sensex Tanks, Rupee Slumps
Indian equity markets posted their biggest single-day drop since May after a global selloff in risk assets, sparked by surging U.S. bond yields, marred sentiment. The S&P BSE Sensex and NSE Nifty 50 indices ended 3.8% lower, capping their second straight weekly decline.
3. Global Bond Rout Eases
Global bonds steadied on Friday as markets returned to firmer footing at the end of a week that saw the steepest decline in the Nasdaq 100 since the pandemic meltdown. Follow latest updates here.
4. RBI On Inflation Target, Hot Money
The Reserve Bank of India favours retaining for the next five years the inflation target and the tolerance band, adopted in 2016, citing the long-term trend and global experience.
The central bank also suggested that it may consider issuing its own bonds to help soak up a deluge of foreign money into stocks.
5. SBI Prepares Mutual Fund Arm For IPO
The country’s largest lender will ask investment banks for proposals after discussions with its board and shareholder Amundi Asset Management and kick off the IPO process in the next few months, Bloomberg reported citing people familiar with the matter. The lender could raise about $1 billion from the offering.
6. Why PNB Could Not Invest In Its Own Housing Finance Unit
RBI stopped public-sector lender Punjab National Bank from participating in a fund raise by its housing finance subsidiary as the regulator preferred the lender use available capital for its own needs first.
7. Nestle Considers Selling Directly To Consumers
Nestle India is exploring options to sell directly to consumers as the pandemic forced people to turn to the internet to buy everything from staples to medicines. The plan is still at an evaluation stage, it told BloombergQuint.
8. Home Sales In Mumbai Jump 33% In January
A cut in stamp duty and low rates have continued to drive demand in India’s most expensive housing market.
9. India’s Vaccine Diplomacy And Worries Of A New Covid Wave
India’s huge capacity to make coronavirus vaccines is helping the country take on China in the battle to gain political influence across the developing world.
Meanwhile, new evidence is casting doubts over India’s pathway through and out of the pandemic. And the surge of cases in Maharashtra may indicate how things look in India again.
10. Dates For Five State Elections Announced
The results for state assembly elections in Assam, Kerala, Puducherry, Tamil Nadu and West Bengal will be announced on May 2, the Election Commission said today.
Assam and West Bengal will have multiple phases of voting starting March 27. Kerala, Puducherry and Tamil Nadu will all vote on April 6.