BQuick On Jan. 8: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. TCS Guides For Double-Digit Growth In FY22
Tata Consultancy Services Ltd.’s revenue rose for the second straight quarter as clients continued to spend on digital services during the pandemic and on deal wins.
2. Labour Ministry Recommends Reduced EPF Contribution
The ministry has suggested bringing down the rate of contribution by companies towards the pension and provident fund schemes administered by the Employees’ Provident Fund Organisation in the upcoming Union Budget. Read this BQ Blue exclusive.
3. SEBI’s Penalty On Mukesh Ambani: What’s At Risk?
The specific findings against Ambani will certainly have reputational consequences.
4. FPI Buying Powers Sensex
The S&P BSE Sensex advanced 1.9% since Monday, completing a 10th consecutive week of gains. It climbed 1.4% to 48,782.51 on Friday, while the NSE Nifty 50 Index climbed 1.5% as foreign portfolio investors bought equities worth Rs 6,029.83 crore.
5. RBI Signals The Beginning Of A Slow Unwind
The Reserve Bank of India said it will resume normal liquidity management operations as the economy and financial market conditions stabilise.
6. Pre-Packaged Insolvency Resolution Process Proposed
The Ministry of Corporate Affairs issued proposals for pre-packaged insolvency resolution process. Pre-packs should be an additional option for resolution, which blends features of both formal and informal option, according to the MCA committee's proposals.
7. Equity Mutual Funds See Outflows For Sixth Straight Month
Investors pulled out a net Rs 10,147.12 crore from equity and equity-linked mutual fund schemes in December compared with an outflow of Rs 12,917.36 crore in the preceding month.
8. Bitcoin Nears $42,000
The Bloomberg Galaxy Crypto Index, which includes Bitcoin, Ether and three other digital coins, has rallied 52% this week, the most since December 2017.
9. Government-Farmers’ Meeting Fails To Break Impasse
The eighth round of talks between the government and representatives of protesting unions ended without any outcome on Friday and the next meeting is likely to take place on Jan. 15, PTI reported.
10. India’s Cinemas Bank On The South To Kick-Start Recovery
At least two new Tamil and Hindi movies each and one Kannada film have released in the theatres since lockdown restrictions were lifted. The response for Bollywood movies has been tepid.