Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 9
Here’s a roundup of the day’s top stories in brief.
1. Tata Steel's Q3 Profit Surpasses Estimates
India's biggest steel producer's net profit stood at Rs 3,989 crore in the October to December period, compared with a loss of Rs 1,166 crore a year earlier. Sales rose 11.5% to Rs 39,594 crore.
2. Sanjiv Bajaj Says India Needs Two-Three New Banks Every Two Years For A Decade
The chairman of Bajaj Finserv Ltd. says India needs many more banks. But is his financial services group interested in a licence?
3. Equity Mutual Funds Witness Outflow For Seventh Straight Month
Investors continued to pull out money from equity-linked mutual fund schemes in January as they remained cautious ahead of the union budget.
4. Sensex Snaps Winning Streak
Indian benchmark indices snapped a six-day gaining streak. Benchmarks faced pressure from banking stocks which had a volatile trading session.
5. Godrej Consumer To Hike Soap Prices
“We’ve seen a 35-40% increase in palm oil prices, which is a key raw material in soaps," said Nisaba Godrej, chairperson and managing director of Godrej Consumer Products Ltd.
6. Bharat Petroleum Expects To Offload Numaligarh Refinery By March-End
The state-run oil marketing firm is looking to complete the sale of its 61.65% stake in Assam-based Numaligarh Refinery Ltd. by the end of next month, a company official told BloombergQuint.
7. Low Borrowing Rates Are Here To Stay... At Least For Now
In the near term, borrowing rates are unlikely to rise from the lowest level in at least a decade. But, there is a flip side.
8. Failed Land Transactions May Attract GST
A recent ruling under the goods and services tax regime may increase the tax liability in failed land transactions. But this isn’t the first time where subordinate activities arising from the main transaction relating to land or property have been held taxable.
9. Bill On Cryptocurrencies Soon
The government will soon bring a bill on cryptocurrencies as existing laws are inadequate to deal with issues concerning them, Minister of State For Finance Anurag Thakur told Rajya Sabha.
10. What's Slowing WhatsApp Pay In India?
Three months after a full launch of WhatsApp Inc.’s payments feature in India— its largest market across the world with nearly one-fourth of the country’s population as its users, the service is yet to gain much traction.