BQuick On Jan. 27: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. Sensex Sheds 2,400 Points In Four Days
India’s equity benchmarks fell for the fourth straight session, marking its longest losing streak since September. The S&P BSE Sensex and the NSE Nifty 50 index fell 1.9% each as selling pressure continued.
Meanwhile, foreign portfolio investors sold equities for the third straight day, the longest selling streak since October.
Also read: Stove Kraft IPO Oversubscribed On Day 2
2. HUL’s Profit Rises As Demand Picks Up
Hindustan Unilever Ltd.’s quarterly profit, revenue and volumes rose in the December-ended quarter. Profit rose 18% year-on-year while volume growth stood at 4% during the quarter.
3. Axis Bank’s Profit Falls On Higher Provisions
Axis Bank Ltd. reported a 36% decline in net profit as the lender set aside more funds to deal with stressed assets. Meanwhile, its proforma gross non-performing asset ratio, that includes accounts not classified due to Supreme Court's relief, rose to 4.55% from 4.28% last quarter.
4. Rs 3-Lakh-Crore Plan To Revive Power Sector?
India is considering a proposal to spend Rs 3 lakh crore to revive regional electricity retailers, after previous failed attempts, Bloomberg reported citing people familiar with the matter. The spending will be spread out over a few years and may be announced in the union budget 2021.
5. The Case For Taxing Stock Market Gains Of Billionaires
The pandemic has rendered over 30 million jobless. A large part of the informal economy is stranded in an induced coma. Yet, stock markets have nearly doubled with India’s richest getting richer. Should the government make them pay a one-time tax on their gains? Shankkar Aiyar makes a case.
6. Nalco Approves Rs 749-Crore Buyback
The National Aluminum Co. has announced that it will buy back shares worth Rs 749.1 crore as the government rushes to meet its divestment target before the end of the fiscal. The share buyback will be done at Rs 57.5 apiece, a premium of 24.5% over Wednesday’s stock price.
7. India’s Fuel Demand Continues To Fall
Demand for petroleum products, including auto and industrial fuels, fell in December for the second straight month even as economic activity increased. Consumption of petroleum and related products fell 1.8% over last year to 18.6 million metric tonne.
8. Fed Decision-Day Guide
The U.S. Federal Reserve is expected to hold rates near zero and maintain its aggressive support of the U.S. economy. Chairman Jerome Powell is likely to repeat a vow to keep buying bonds at the current pace.
9. Maharashtra’s Confusing GST Move
Maharashtra has done away with the deemed adoption status to circulars issued by the Central Board of Indirect Taxes and Customs. The state will now issue a separate circular about the applicability of any new central circular for implementation of GST. Find out what this means, and why it is worrying taxpayers.
10. India's Covid Vaccine Conundrum
Healthcare and frontline workers have shied away from taking a shot under India's Covid-19 vaccination drive. Of the people eligible till Monday, only 56% stepped up to take the jab. What’s driving the hesitation?