BQuick On Jan. 21: Top 10 Stories In Under 5 Minutes  
An unofficial road traffic sign warning pedestrians against endangering themselves and others by using smartphones (Photographer: Johan Jeppsson/Bloomberg)  

BQuick On Jan. 21: Top 10 Stories In Under 5 Minutes  

Here’s a roundup of the day’s top stories in brief.

1. Sensex Crosses 50,000 Briefly

The S&P BSE Sensex breached 50,000 for the first time, with the index almost doubling in less than a year. However, the euphoria was shortlived, with the index closing 0.3% lower at 49,624.

2. RBI Sees Rupee As Fairly Valued

India’s central bank has updated its real effective exchange rate indices that it uses to judge the competitiveness of the rupee. The new indices suggest that the rupee is fairly valued and any appreciation due to capital inflows won’t make it uncompetitive.

3. Fire At Serum Institute In Pune

A fire broke out at the Serum Institute of India Ltd. in Pune at an under-construction site. The Covishield vaccine manufacturing facility remained unaffected as it was a kilometre away from the site of fire. However, there has been “some loss of life”, according to Adar Poonawalla.

4. Bajaj Auto Posts Record Profit

Bajaj Auto Ltd. reported record quarterly profit and revenue due to a surge in exports and improvement in domestic sales in the October-December period. Bajaj shipped out its highest number of units overseas despite a shortage of containers.

5. Bajaj Finance Vs HDB Financial

Two of the largest consumer lenders—Bajaj Finance Ltd. and HDB Financial Ltd., a subsidiary of HDFC Bank Ltd.—have seen an increase in stressed loans during the pandemic. Meanwhile, growth in lending too has slowed. And the full impact of the crisis is yet to be seen.

6. Indigo Paints IPO: Strong Subscription

Retail and high net worth investors continued to lap up shares of the decorative paintmaker. The issue was subscribed 6.9 times as of 5:00 p.m. on day 2.

Also read: Stove Kraft Fixes IPO Price Band At Rs 384-385 Per Share

7. Pradhan Hopes Global Oil Majors Will Join BPCL Race

The Indian government is expecting global oil majors to team up with investment funds that are in the race for the country's biggest asset sale—Bharat Petroleum Corp.

8. Enam’s Sridhar Sivaram Says There’s Value In PSUs

After years of betting on growth stocks, Enam Holdings’ Sridhar Sivaram now sees merit in investment in public sector companies. One reason, he says, is that there is a significant valuation gap for PSUs and that’s a case for value investment. But like all value stocks, even PSUs need a trigger.

9. Fund Managers Bullish On Emerging Markets Than Ever Before

A record number of fund managers are bullish on emerging markets as they expect them to be the best performers in 2021, according to a BofA Securities survey. Over 60% of the 217 fund managers said they are overweight on emerging markets.

BQuick On Jan. 21: Top 10 Stories In Under 5 Minutes  

10. Honest Taxpayers May Be Spared Brunt Of New GST Input Tax Credit Rule

A new rule in the GST provision requires a unique segment of taxpayers to compulsorily discharge at least 1% of their output GST liability in cash. While this requirement may seem to be harsh during a pandemic, the minute analysis gives a different perspective, write Saket Patawari and Khushbu Trivedi.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.