Top 10 Business, Markets News In Under 5 Minutes: BQuick On March 3
Here's a roundup of the day’s top stories in brief.
1. Exclusive: EPFO May Curb Early Pension Withdrawal
Formal sector workers may soon be no longer allowed to withdraw their pension money till at least two years after they quit a job. At present, workers can withdraw from the Employees’ Pension Scheme after two months of quitting. But EPFO is of the view that it is leading to lower pensions later on.
2. Bharat Biotech Says Covaxin 81% Effective In Interim Analysis
Bharat Biotech International Ltd. has said that its controversial Covid-19 vaccine Covaxin, which is yet to complete phase 3 trials but is already being administered in India, has shown 81% interim efficacy. The interim analysis was based on 43 cases.
3. Sensex Climbs 1,100 Points
Indian equities recovered all of Friday's biggest single-day drop in nine months with gains over the last three trading sessions. The S&P BSE Sensex ended 2.3% higher at 51,444 while the NSE Nifty 50 also gained 2.2% to end at 15,245.
Also read: MTAR Technologies IPO: All You Need To Know
4. Why Dilip Buildcon Outperformed Peers
Shares of Dilip Buildcon Ltd. are trading close to a 52-week high having gained over 50% in February alone. Not only it is the top performer among infrastructure stocks, but it also has 12 out 14 ‘buy’ ratings by analysts. What’s driving the gains?
5. Luxury Home Rents Rise Faster Than Property Prices But...
Rentals on luxury homes rose faster than prices of high-end properties in the last seven years in India’s top cities as the nation’s real estate market stagnated. That caused an uptick in rental yields but returns still rank among the lowest in the world.
6. India’s 2-Wheeler EV Push Splutters
India was betting on its electric vehicle revolution to arrive on two wheels. And yet, two years since launching a scheme to push faster adoption of EVs, the scheme has only achieved 4% of its target sales.
7. Services Activity Expands At Fastest Pace In A Year
Activity in India's services sector rose, helped by an increase in new orders and optimism generated by a roll-out of vaccines to fight the pandemic.
8. India Set For Record Oil Demand
India is hoping to become the centre of global oil demand growth in FY22 as the country recoups losses caused by the pandemic. Government estimates demand to rise 10% from the current fiscal.
9. Indian Banks' $84-Billion Climate Risk
An increase in extreme weather events such as floods, droughts and cyclones risk souring debt worth more than Rs 6.19 lakh crore at India’s biggest financial institutions. Among lenders who’ve reported climate risks are State Bank of India, HDFC Bank Ltd., IndusInd Bank Ltd. and Axis Bank Ltd.
10. U.S. Firm Says China Is Actively Hacking Indian Port
The same group which allegedly hacked into India’s power grid and caused the infamous Mumbai blackout is still actively hacking into the network system of an Indian port, according to U.S. firm Recorded Future which has alerted officials.