Top 10 Business, Markets News In Under 5 Minutes: BQuick On March 2
Here's a roundup of the day’s top stories in brief.
1. Jio Top Bidder At Spectrum Auction
India has raised almost Rs 77,820 crore in its first telecom spectrum auction in five years, which is without the much talked about 5G airwaves. Mukesh Ambani’s Reliance Jio Infocomm Ltd. was the top bidder buying spectrum worth Rs 57,123 crore.
2. SREI Group’s Lenders Explore Debt Restructuring Options
Lenders to SREI Infrastructure Finance Ltd. and SREI Equipment Finance Ltd. have set the debt restructuring process in motion by hiring forensic auditors and discussing potential solutions to the stress across the group’s entities.
3. JSPL Eyes Indebted Shipyard
India’s third-largest steelmaker Jindal Steel & Power Ltd. was among the groups that have expressed interest in bidding for Reliance Naval & Engineering Ltd., Bloomberg reported citing people familiar with the matter. Dubai-based shipping firm GMS and Kotak Special Situations Fund were among the others in the fray.
4. Sensex Recoups 1,200 Points In Two Sessions
Indian equities ended higher for the second straight day, as auto and information technology stocks surged. The S&P BSE Sensex ended 0.9% higher at 50,296 while the NSE Nifty 50 index gained 1% to end at 14,919.
5. BPCL To Reward Shareholders
Bharat Petroleum Corp. has said it will pay a dividend to its shareholders if it successfully sells its entire stake in Assam-based Numaligarh Refinery. The dividend payout will be discussed after a deal is completed.
6. Taxpayers Win 20-Year-Old Case
The Supreme Court has ruled in favour of the assessee taxpayers in the 20-year-old software royalty tax case. The victory will impact companies such as Samsung Electronics Co. Ltd., IBM India Ltd., Hewlett Packard India, Mphasis Ltd., Sonata Software Ltd., GE India and 100 others who import software for sale in India.
7. Cairn Tax Case: U.S. Edition
What Indian assets can Cairn Energy Plc go after? What's off limits? And what recourse does Indian government have?
8. CDPQ Unit, Embassy Join Hands
The two companies—Ivanhoé Cambridge and Embassy Group—have formed a $500 million venture with Ivanhoe accounting for 80% of the share. Their initial focus will be on developing commercial properties in Bangalore and Chennai.
9. Trade Deficit Widens To $12.88 Billion In February
India’s trade gap stood at $12.88 billion in February, compared to $10.16 billion in the same month last year. Exports dipped 0.25% while imports rose 6.98%.
10. India’s Vaccination Fervour Grows
The number of people signing up for vaccinations jumped a day after the government allowed shots to be given to senior citizens and those above 45 years of age with comorbidities. A number of prominent leaders, including Prime Minister Narendra Modi, took the shot on Monday trying to spur others into getting inoculated.