Top 10 Business, Markets News In Under 5 Minutes: BQuick On Feb. 8
Here’s a roundup of the day’s top stories in brief.
1. Delhi High Court Lifts Status Quo On Future-Reliance Deal
A two-judge bench of the Delhi High Court lifted the status quo on the Rs 27,513-crore deal between the Future Group and billionaire Mukesh Ambani-led Reliance Retail Ventures Ltd.
2. RBI May Step Up Support For Government’s Borrowing Plan
The Reserve Bank of India will look to buy over Rs 3 lakh crore worth of government bonds in the next fiscal to support the Centre’s borrowing plans, Bloomberg reported citing a person familiar with the matter.
3. Car Registrations Remain Higher Than Pre-Covid Levels
Car sales at Indian dealerships remained higher than pre-pandemic levels for a fourth straight month even as overall retail shipments fell. Passenger vehicle registrations rose 2.42% while the overall vehicle registrations fell 14.4% month-on-month.
4. Sensex Rises 600 Points; M&M Surges
Indian equities ended higher for the sixth day in a row. The S&P BSE Sensex gained 1.2% to close at 51,348, while the NSE Nifty 50 rose 1.3% to end above 15,000-mark for the first time.
Shares of Mahindra & Mahindra Ltd. surged 7% after brokerages raised target prices post its December-quarter earnings.
5. Brent Crude Crosses $60 A Barrel
As global stockpiles continue to shrink, oil rose above $60 a barrel for the first time in over a year amid better demand outlook.
6. Tesla Invests $1.5 Billion In Bitcoin
Tesla Inc. has invested $1.5 billion in Bitcoin and expects to start accepting the cryptocurrency as payment. Prices for the digital asset surged to a record above $43,000.
7. The Upstart Stock That Became An Empire
About three decades ago, Sunil Vachani borrowed $35,000 to make television sets in a rented shed outside New Delhi. Today, Vachani’s venture has grown into a sprawling empire with over $2.8 billion market value and a capacity to produce 50 million smartphones a year.
Read more about the rise of Dixon Technologies Ltd.
8. What's Fuelling Cipla's Optimism
India’s drugmakers’ performance in the U.S., the biggest market for most, is improving as pricing environment is becoming stable, according to Kedar Upadhye, Cipla Ltd.'s chief financial officer.
9. Prime Minister Modi's Appeal To Farmers
Farmer unions agitating against the three agri laws asked the government to fix a date for the next round of talks, soon after Prime Minister Narendra Modi urged them to end their stir and invited them to resume the dialogue.
10. Rescue Work Continues In Uttarakhand After Glacial Devastation
Rescue workers continue to battle mountains of slush and debris at the hydropower construction site in Uttarakhand that was damaged by flash floods that have killed at least 11 people. The rescue team is working to clear out a tunnel where over 30 workers are expected to have been trapped.