BQuick On Feb. 3: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. SEBI Restrains Kishore Biyani From Securities Market For A Year
The market regulator, in an order today, said that a Future Group company owned by Biyani had traded in shares of Future Retail Ltd. in 2017, at a time when it had unpublished price-sensitive information.
2. Airtel Reports Highest Profit Since 2016
Bharti Airtel Ltd. reported a surprise profit in the December-ended quarter, topping all analyst estimates, due to a one-time gain from the merger of its tower arm with Indus Towers. Net profit stood at Rs 853.6 crore from a loss of Rs 763 crore in the quarter before.
3. Sensex, Nifty Hit New Highs
Indian equities stretched their budget-powered rally for the third day but witnessed some pressure at higher levels. The S&P BSE Sensex and NSE Nifty 50 index rose about 1%, before closing slightly lower.
4. Fiscal Deficit: FCI Impact
India’s Expenditure Secretary TV Somanathan has said that the decision to clean-up accounting books by bringing the dues of Food Corporation of India on the main budget added about 0.7-0.8% of the GDP to the fiscal deficit. A substantial part of FCI’s dues have been cleared, he told BloombergQuint in an interview.
5. India Services Activity Steady In January
A gauge of India’s services sector remained steady in January aided by new businesses. The India Services Business Activity Index stood at 52.8 in January compared to 52.3 in December. Still, the gauge remains below its long-term average.
6. Shree Cements Confident Of Outperforming Peers
Shree Cement Ltd. expects to outperform the industry helped by growth across key markets. The cement maker is expecting to delivery 1-2% incremental growth over the industry even with price hikes, Managing Director HM Bangur told BloombergQuint.
7. More Indians Buying Cleaner Cars, But Not EVs
Vehicles fuelled by cheaper, cleaner fossil fuel are in demand in India as gasoline prices hit a record high. The demand of cars with CNG-powered units between April and December has risen even as overall auto sales fell.
8. IBC: What Would It Take For Pre-Packs To Work?
India’s insolvency and bankruptcy code is set for yet another change with the proposed introduction of pre-packs. These pre-packs allow debtors and creditors to work on an informal plan and submit it for approval. BloombergQuint spoke with experts to assess the utility of this feature.
9. Modi Government Warns Twitter
Narendra Modi government ordered Twitter to immediately take down handles and hashtags that suggested a farmer genocide was being planned, saying such misinformation and inflammatory content will incite passion, and impact public order.
10. Jeff Bezos Opens A New Age For Amazon
Jeff Bezos has stepped down from his role as the chief executive officer of Amazon.com Inc. He will become the executive chairman and hand control of day-to-day operations to Andy Jassy of Amazon Web Services. Bezos’s decision to step down also reflects an uncomfortable reality for one of the wealthiest people in the world.