BQuick On Dec. 22: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. Google Funding Births Two New Unicorns In India
Google’s latest investments in India are two young technology unicorns that feed personalised news and content to your smartphones. Find out why the Silicon Valley giant is betting on Glance and VerSe Innovation.
2. PMC Bank: Resolution In Sight? Or Not?
It has been more than a year since the Punjab and Maharashtra Cooperative Bank was put under restriction by the RBI. Soon, the central bank will scrutinise potential investors interested in the insolvent lender. But a successful resolution remains uncertain.
3. Sensex Recovers; Crude Slips
Sensex and Nifty rose 1% each, erasing some of Monday's losses. Infosys Ltd. was the biggest contributor, while Kotak Mahindra Bank Ltd. posted the steepest fall.
Globally, West Texas Intermediate crude declined over 1% towards the $47 a barrel mark.
4. India Invites Bids To Sell Shipping Corporation
State-run Shipping Corp. of India has been put up for strategic sale as the government looks to speed up divestments and bridge its widening fiscal deficit.
5. Bajaj Auto's New Rs 650-Crore Factory
Bajaj Auto Ltd. signed a memorandum of understanding with Maharashtra government to set up a manufacturing facility at Chakan. The plant expected to commence production in 2023.
6. JSW Energy Says Power Demand Growth Will Stablise
JSW Energy Ltd.’s Chief Executive Prashant Jain is confident that demand for power will stabilise to grow at 6% on a yearly basis. That, after it fell to a six-month low in November.
7. Godrej Housing Finance Is In No Hurry
India’s newest mortgage lender has said that instead of aggressively expanding its asset book, it will focus on acquiring 1,000 customers and test the sustainability of its systems and processes.
8. India’s Only Solar Glassmaker Says Capacity Running ‘Flat Out'
Borosil Renewables Ltd. talks to BloombergQuint on the lack of competition, pricing power and growth outlook for the company which has seen its stock rise 320% this year.
9. Payment Firms Grapple With Rising Fraud Risk
With businesses going online, merchant transactions have been growing steadily for most digital payment companies. But the risk of fraud is also higher, prompting firms to look for ways to weed out bogus merchants and avoid frauds.
10. Bharat Biotech Ready For ‘Uphill’ Vaccine Roll Out
Bharat Biotech is already producing millions of dose of Covaxin—which is still in trials and yet to be authorised. And the prospect of supplying enough shots is “nightmarish”, the vaccine maker has said.