Top 10 Business, Markets News In Under 5 Minutes: BQuick On March 5
Here's a roundup of the day’s top stories in brief.
1. Lenders Back JSW's Offer For Bhushan Power & Steel
A majority of the financial creditors have voted in favour of accepting JSW Steel Ltd.'s Rs 19,350 crore offer for the sale of insolvent Bhushan Power & Steel Ltd., people familiar with the matter told BloombergQuint.
2. Demand For Government Bonds Remains Tepid
Only 40% of government bonds auctioned by RBI since the Union Budget have been bought by investors as part of primary auctions. Rest have either devolved on primary dealers or the sales have been partially cancelled. Even in today’s auction, three of the four securities up for sale were only partially sold.
3. The Awe-Inspiring Dominance Of India Inc.’s Top 20
The top 20 profit generators in India, ‘the Leviathans’, now account for 90% of the country’s corporate profits. So what explains their dominance? Saurabh Mukherjea and Harsh Shah analyse.
4. Sensex Drops 440 Points
Indian equities ended lower for the second straight day but off the day's low. Losses were led by state-run lenders and metal stocks. The S&P BSE Sensex ended 0.9% lower at 50,045 while the NSE Nifty 50 index ended 1% lower at 14,938.
5. WTI Crude Soars To $65/Barrel
Crude oil rose above the $65-mark after oil-producing countries, in a surprise decision, chose not to relax supply curbs. There was a widespread expectation that the group of nations would loosen the supply taps.
6. MTAR Tech IPO Subscribed 200 Times
The initial public offering by MTAR Technologies Ltd., a Hyderabad-based engineering firm which has aided India in its space exploration missions, was subscribed 200 times on the final day of bidding.
7. Two-Wheeler Sales Fall For Fourth Straight Month
Sales of two-wheelers at dealerships stayed below the pre-pandemic level as registrations fell for the fourth straight month amid waning pent-up demand and mounting fuel prices.
8. A Year After Yes Bank Rescue, Cases Against Rana Kapoor Build
Rana Kapoor, one of India’s most storied entrepreneur-bankers, has spent the past one year in Taloja jail. Take a look at the multiple cases he’s facing.
9. Blackstone Eyeing Minority Stake In Sify
Communications infrastructure firm Sify Technologies Ltd. has sought a valuation of around $1 billion to $1.2 billion in exclusive talks with Blackstone Group over a minority stake sale, Bloomberg reported citing people with the knowledge of the talks.
10. Joe Biden May Join First-Ever ‘Quad’ Leaders Meeting
Leaders of U.S., Japan, India and Australia will hold their first-ever meeting that will be focussed on countering China’s rising global influence.