BQuick On Jan. 6: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. Boost For Home Buyers In Maharashtra
The Maharashtra Cabinet approved the proposal to cut real estate premiums by 50% till Dec. 31.
2. New Bank To Fund Infrastructure Projects
India is considering a proposal to create a bank with equity capital of Rs 1 lakh crore to help fund port, road and power projects, Bloomberg News reported citing people with knowledge of the matter. This is likely to be part of the upcoming Union Budget.
3. Retail Auto Sales Taper Off After Festive Bump-Up
Auto dealerships have seen sales fall in December after a slight bump-up during the festive season. That suggests that it may still be too soon to anticipate a revival in the long-battered sector.
4. Nifty Snaps 10-Session Winning Streak
Indian equity benchmarks’ record-breaking run came to a halt as heavyweights like ITC Ltd., Axis Bank Ltd. and Reliance Industries Ltd. dragged.
5. Fraud Tag For RCom Involves Lengthy Legal Battle
A consortium of lenders to Reliance Communication Ltd., Reliance Infratel Ltd. and Reliance Telecom Ltd. is preparing for a courtroom battle as they seek to classify loan accounts of these companies as fraudulent.
6. Growth Is Back At Tanishq
Sales of Titan Co.’s mainstay jewellery business rose in the quarter ended December, driven by festive season demand and a spate of weddings that had been deferred from earlier in the year. Get the quarterly update here.
7. Warburg-Backed Indian NBFC Plans IPO
Home First Finance Co. is seeking to raise as much as Rs 250 crore ($34 million) from an initial public offering in the next few weeks as the mortgage provider backed by Warburg Pincus LLC taps rising demand for housing.
8. India’s Services Activity Eases For Second Straight Month
A gauge of India’s services sector eased for a second straight month but remained in the expansion zone. The IHS Markit India Services Business Activity Index stood at 52.3 in December from 53.7 in November.
9. India Detects 71 Cases Of New U.K. Mutant Strain
The number of people who have tested positive for the mutated U.K. variant of coronavirus in India has climbed to 71, the health ministry said.
10. WhatsApp Users Can No Longer Avoid Sharing Data With Facebook