Top 10 Business, Markets News In Under 5 Minutes: BQuick On March 4
Here's a roundup of the day’s top stories in brief.
1. Wipro's Biggest Acquisition
The Indian software exporter will acquire London-based management and technology consultancy Capco for $1.45 billion, in an attempt to add more banking and financial services clients. The transaction is expected to close by the June-ending quarter.
2. Flipkart Considers Taking SPAC Route
Walmart Inc.’s Flipkart is exploring going public in the U.S. through a merger with a blank-check coompany, Bloomberg reported citing people familiar with the matter. Flipkart’s advisers have approached several SPACs and the e-tailer may seek at least a $35 billion valuation.
3. EPFO Interest Rates Left Unchanged
The Employees’ Provident Fund Organisaion has kept rate of interest on deposits for the ongoing fiscal at 8.5%, the same as last year. The decision comes at a time EPFO is expecting a 5% year-on-year decline in total contributions.
4. What Top Investors Bought And Sold In December Quarter
As Indian equities recovered their pandemic-losses in the third quarter, some veteran investors used the opportunity to buy or pare holdings in small and mid caps. Here’s what Rakesh Jhunjhunwala, Radhakishan Damani, Ashish Kacholia, Vijay Kedia and Dolly Khanna bought and sold.
5. Sensex Snaps Three-Day Gaining Streak
Indian equities ended lower on the weekly options expiry session as banking and metal stocks slipped. The S&P BSE Sensex ended 1.1% lower at 50,846 while the NSE Nifty 50 declined 1.1% to end at 15,080.
6. Franklin Templeton And A Missing Link In Mutual Fund Regulation
There are many allegations facing Franklin Templeton Mutual Fund, ranging from high-risk strategy to mismanagement. The most egregious is that its officials may have indulged in insider trading. SEBI’s prevention of insider trading regulations do not cover mutual fund units. But...
7. ArcelorMittal Plans $6.9-Billion Steel Plant In Odisha
ArcelorMittal Nippon Steel India Ltd. has signed an accord to build a steel plant in the state with an investment of Rs 50,000 crore ($6.9 billion), Chief Minister Naveen Patnaik’s office said in a Twitter post.
8. Google, Amazon Vie For Digital Payments Market. But Where’s The ‘Ah Ha!’ Idea?
What can the New Umbrella Entity for retail payments achieve that NPCI hasn’t or can’t do? Will it create a public-private divide in the payment sector? Ira Dugal explores.
9. Indians Rush To Buy Gold
With gold prices falling 20% from a record high, Indian buyers are snapping up bullion in anticipation of a high demand ahead of the wedding season.
10. India’s Most Liveable Cities
Bengaluru was judged the most liveable among 111 Indian cities in the government's Ease of Living Index. The southern city was followed by Pune, Ahmedabad, Chennai, Surat and Navi Mumbai.