BQuick On Jan. 25: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. 'Green Tax' On Older Vehicles Proposed
Transport ministry has approved a proposal to levy a “green tax” on old vehicles that are found to be polluting the environment, according to a statement. The proposal will now go to the states for consultation before it is formally notified.
2. Amazon Asks Court To Jail Kishore Biyani
Amazon.com Inc. has filed a petition in Delhi High Court seeking detention of Future Group founder Kishore Biyani and a seizure of assets for violating an arbitration order that temporarily stopped it from selling its retail operations to Reliance Industries Ltd., Bloomberg News reported citing people familiar with the matter.
3. Big Contracts Boost L&T’s Profit
Larsen & Toubro Ltd.’s third-quarter profit grew more than analyst estimates even as its revenue fell. Net profit rose 4.8% to Rs 2,466.7 crore. Order inflow stood at Rs 73,233 crore, highest in any quarter, led by a high-speed bullet train order.
4. Kotak Mahindra Bank Profit Rises, But So Do Bad Loans
The private lender reported a 16% increase in profit to Rs 1,853 crore. However, it's proforma gross non-performing assets, including those that are not classified stressed due to Supreme Court’s relief, increased to 3.27% from 2.7% in the previous quarter. Bulk of it, Kotak said, is in the unsecured retail segment.
5. Sensex Falls For Second Day
Indian equity benchmarks fell for a second straight day dragged by Reliance Industries and technology stocks. S&P BSE Sensex ended 1.1% lower while the NSE Nifty 50 fell 0.9%.
6. Mukesh Ambani Loses $4 Billion In A Day
India’s richest man saw his net worth fall by about $4 billion after investors, unfazed by RIL's record profit in the third-quarter, offloaded shares. The stock rout wiped out all of RIL's gains this year.
7. JSW Plans To Tap Overseas Bonds More
India’s biggest steelmaker by market value said that it will tap the overseas bond market more often and may even prefer it over domestic debt. “Internationally the cost of borrowing is cheaper even if I add the hedging cost,” Joint Managing Director Seshagiri Rao said.
8. India’s Corporate Bond Sales Set To Slow This Year
After a record year in 2020, debt sales in the corporate bond market are likely to slow significantly as central banks drain excess liquidity from the system. Issuances are set to fall 17% to about Rs 7.55 lakh crore.
9. Budget 2021: More Divestment, Little Privatisation
As India’s budget gaps have widened, much focus has been put on how much the government hopes to raise through divesting stake in public sector firms. And yet, despite setting record targets for the past few years, there hasn’t been much progress in the broader privatisation of the economy.
10. India, China Troops Clash Again
Indian and Chinese soldiers clashed along their disputed border that runs through Sikkim in the first violent outbreak between the neighbouring nations in seven months. It’s the same area where violence between the two armies broke out on May 9.