BQuick On Feb. 2: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. Interim Win For Amazon
A single-judge bench of Justice JR Midha direct status quo on the Rs 27,513-crore deal between Future Group and Mukesh Ambani’s Reliance Retail Ventures Ltd. Here’s what this could mean for the deal.
2. HDFC Profit Falls On Higher Provisions
Housing Development Finance Corp.’s profit in the third quarter declined as it set aside higher provisions for stressed assets. In all, there are five reasons why profit declined.
3. Oil At One-Year High
Oil continued its virus-recovery rally, touching its highest level in a year. Brent crude came back within sight of $60 a barrel amid hopes that global surplus will continue to slide.
4. Sensex Rises Another 1,200 Points
Indian equity markets extended their budget-fuelled surge. The S&P BSE Sensex rose 2.5% while the NSE Nifty 50 jumped 2.6%.
5. HDFC Bank’s IT Systems Come Under Scrutiny
The Reserve Bank of India has appointed an external auditor to review the information technology systems of HDFC Bank Ltd., barely months after the banking regulator charged a penalty on the lender for technical glitches.
6. Tata Prepares To Showcase Its Military Aircraft
Tata Advanced Systems Ltd. is gearing up to showcase its capabilities in military aircraft development at the defence expo in Bengaluru this week. The venture, if successful, will mark the first time a private sector firm has managed to build military-grade aircraft in India.
7. Coal India’s Shipments Rise, But Output Still Lags Target
The world’s largest coal miner saw its offtake rise for the ninth-straight month due to better demand. Its production, however, declined for the first time since July, lagging the target for the ongoing fiscal.
8. Budget 2021: Bureaucrats' View
India unveiled its union budget for 2021-22 on Monday while projecting higher spending and, consequently, a larger than expected fiscal deficit. BloombergQuint spoke to two secretaries to understand more about the government's estimates.
Finance Secretary Ajay Bhushan Pandey said the government chose to keep the tax regime largely unchanged to ensure the focus shifts to compliance and higher collections.
Divestment Secretary Tuhin Kanta Pandey said that the government will not sell state-owned firms only with an intention to meet its budget targets.
9. Budget Must Reads: Best Of BloombergQuint Opinion
Does the budget rest on robust pillars? Only with an unusual twist to a usual problem, write Sabyasachi Kar and Rudrani Bhattacharya.
It could take India several years to just get half the commitments of this budget done, writes Raghav Bahl.
Ananth Narayan explains how the budget discards accounting smokescreens and scores high on credibility.
On direct taxes, this budget is more important for what has not happened, as opposed to what has been done, writes Ketan Dalal.
The investment deficit of the Indian Railways has finally ended, writes Vivian Fernandes.
10. Delhi Fortifies Borders
The Narendra Modi government has fortified Delhi’s borders and asked Twitter to block accounts of key protest leaders and journalists as it braced for another round of demonstration by farmers on Saturday against the new farm laws.