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People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India.

Today's top business news: Shares tank as Reliance falls after Amazon tries to block Future deal, IMF lifts 2021 global growth forecast, fuel prices at all-time high, and more

The Hndu Net Desk Updates from the world of economy, markets, and finance

6hrs

File photo shows a man and his daughter wearing masks in New Delhi.

Reliance signs $ 15 million deal with Israeli firm to distribute COVID-19 breath test kit

PTI The Israeli company is said to have developed a breath test system that identifies COVID-19 at a success rate of over 95%.

1hr

Gita Gopinath, IMF Chief Economist. File

IMF favours extension of pandemic support measures, thrust on infra investment in Budget

PTI Observing that there is a need for more public infrastructure spending, she said that the government has expressed an intention to do that.

1hr

Course of law: Cairn cited the U.K.-India bilateral treaty and the New York Convention, while urging action.

Cairn threatens Indian asset seizures abroad in tax case

Suhasini Haidar Vikas Dhoot U.K. energy major assures Centre it will move to freeze assets only if India fails to discuss payment of amount awarded by tribunal

Lost ground: The pandemic has wiped out progress made in reducing poverty over the past 2 decades.

IMF lifts 2021 global growth forecast

Sheenlac Paints eyeing₹1,000 cr. revenue: MD Peter

Anand Mahindra. File.

Environmental, social and governance metrics shouldn't be box-ticking exercise: Anand Mahindra

Diluted norms: A new scrappage policy will apply to PSU- and govt.-owned vehicles older than 15 years. file photo

‘Green’ tax mooted for personal vehicles older than 15 years

Tech lifts L&T net to ₹2,467 cr.

Special Correspondent Divestment, real estate sale also aid profit; revenue dips 2%

UCO Bank logs net profit at ₹35 crore in December quarter

PTI Interest income was down by 4.5% at ₹3,602.59 crore, however, other income moved up by 16.3% to ₹864.38 crore.

Representational image.

Rupee rises for 5th straight session, settles 3 paise higher at 72.94

PTI At the interbank forex market, the rupee opened at 72.95 against the American currency, and hit an intra-day high of 72.89 and a low of 72.96 in day trade.

Opinion & Analysis

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PARLEY | Comment

Parley: Does the Budget do enough in providing a stimulus to growth?

Suresh Seshadri By not cutting spending despite constraints, the Budget ensures momentum doesn’t backslide

A government that is clueless on the economy

Pulapre Balakrishnan Listening to the Budget speech, one would hardly get any indication of either the economic slowdown or the unemployment rate, which is the highest in decades

A Budget exercise that is designed for stressed times

T.T. Ram Mohan The FM deserves credit for keeping the capital expenditure steady amid receipts shortfall; but her plan does not meet market expectations of sweeping reforms

Markets

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Women buying gold ornaments at a jewellery showroom in Hyderabad. File

Gold declines ₹ 231; silver tanks ₹ 256

PTI Gold in the national capital declined ₹ 231 to ₹ 48,421 per 10 gram on Wednesday, according to HDFC Securities. In the previous trade, the precious metal had closed at ₹ 48,652 per 10 gram. Silver also dipped ₹ 256 to ₹ 65,614 per kilogram from ₹ 65,870 per kilogram in the previous trade. The rupee appreciated 8 paise to 72.86 against the US dollar in opening trade on Wednesday. In the international market, both gold and silver were trading flat at $ 1,850.5 per ounce and $ 25.41 per ounce.

24mins

Image for representational purpose only.

Rupee settles 2 paise higher at 72.92 against U.S. dollar

PTI The IMF on Tuesday projected an impressive 11.5% growth rate for India in 2021

41mins

Economy

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Gita Gopinath, IMF Chief Economist. File

IMF favours extension of pandemic support measures, thrust on infra investment in Budget

PTI Observing that there is a need for more public infrastructure spending, she said that the government has expressed an intention to do that.

1hr

Lost ground: The pandemic has wiped out progress made in reducing poverty over the past 2 decades.

IMF lifts 2021 global growth forecast

Reuters Fund pegs growth at 5.5%, still sees ‘exceptional uncertainty’

Industry

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Gold declines ₹ 231; silver tanks ₹ 256

Rupee settles 2 paise higher at 72.92 against U.S. dollar

Sensex tanks 938 points; Nifty crashes below 14,000-level

IMF favours extension of pandemic support measures, thrust on infra investment in Budget

Reliance signs $ 15 million deal with Israeli firm to distribute COVID-19 breath test kit

Twitter grants academics full access to public data, but not for suspended accounts

Facebook to provide data on targeted political ads to researchers

Both Facebook and Alphabet Inc's Google have currently paused political ads after the presidential election as part of measures to police misinformation and other abuses.

Qualcomm to supply General Motors with 'cockpit' chips for next generation vehicles

The companies also said GM will start integrating Qualcomm's automated driver assistance system chips for features such as adaptive cruise control and lane-change assistance.

Apple's hardware engineering chief to step down to focus on new project

Riccio, who joined Apple over two decades ago as vice president of product design, was named vice president of iPad hardware engineering in 2010 and leads the Mac, iPhone, iPad and iPod engineering teams.

Sensex drops over 210 points in early trade; energy, pharma stocks weigh

The BSE benchmark Sensex slipped over 210 points in the opening session on Wednesday, dragged lower particularly by oil & gas, pharma and

Rupee rises 8 paise to 72.86 against U.S. dollar in early trade

Traders said the local unit was trading in a narrow range against the U.S. dollar on Wednesday morning ahead of the Fed meeting conclusion.

Today's top business news: Shares tank as Reliance falls after Amazon tries to block Future deal, IMF lifts 2021 global growth forecast, fuel prices at all-time high, and more

Updates from the world of economy, markets, and finance

‘Data privacy can take form of non-price competition’

‘Abuse of dominance will be anti-trust’

GDP to contract 8% in FY21, FICCI survey shows

The forecast is based on responses from leading economists representing industry, banking and financial services sectors.

GAIL to unveil pipeline InvIT before split

The InvIT may involve selling 10-20% stake initially.

Budget may set higher agri credit target at ₹19 lakh crore

The agricultural credit flow has increased consistently over the years, exceeding the target set for each fiscal.

IMF lifts 2021 global growth forecast

Fund pegs growth at 5.5%, still sees ‘exceptional uncertainty’

Cairn threatens Indian asset seizures abroad in tax case

U.K. energy major assures Centre it will move to freeze assets only if India fails to discuss payment of amount awarded by tribunal

MyGlamm eyes 300% revenue growth in 2021

Direct-to-consumer beauty brand MyGlamm plans to more than double its offline points of sale to 10,000 as it is targeting a 300% revenue growth in the

Sheenlac Paints eyeing₹1,000 cr. revenue: MD Peter

Firm plans to double market share in decorative segment

Environmental, social and governance metrics shouldn't be box-ticking exercise: Anand Mahindra

Businesses need to find a purpose that is transcending, says the Mahindra Group chairman

Overseas investment by Indian companies dips 42% to $1.45 billion in December: RBI data

In the year-ago period, companies in India had invested $2.51 billion in their foreign firms (joint ventures / wholly-owned units).

Cairn Energy threatens to enforce arbitration award against Indian assets overseas

Cairn is looking to identify bank accounts and other assets, including potentially Air India planes and even Indian ships, that could be subject to seizure in the absence of a settlement.

Petrol crosses ₹86 mark in Delhi, diesel above ₹83 in Mumbai

Fuel prices, which vary from State to State depending on local sales tax or VAT, are now at a record high in the country, prompting cries for a cut in excise duty.

Amazon moves Delhi High Court, seeks arrest of Biyani

E-tailer wants Reliance deal stopped

Govt. may tweak customs duty on a host of goods in Budget

Levy on telecom gear, rubber products likely to be reworked

Tata likely to launch Moderna vaccine in India, says report

The company could team up with the Council of Scientific & Industrial Research to carry out clinical trials of the vaccine candidate in India

‘RBI proposals for NBFCs don’t address key issues’

Funding, liquidity ignored: Moody’s

Wipro is top employer 2021 in Australia

Wipro Ltd. on Monday said it has been recognised by the Top Employers Institute as a Top Employer in Australia for 2021, for the second consecutive

Sundaram Home Finance net surges 36%

Sundaram Home Finance Ltd., the wholly owned subsidiary of Sundaram Finance Ltd., reported third quarter net profit grew 36% to ₹56.24 crore.

‘Green’ tax mooted for personal vehicles older than 15 years

May vary on type of fuel, vehicle; transport vehicles older than 8 years to pay levy

‘GST dues paid to States total ₹78,000 crore’

Total of ₹1.1 lakh cr. to be paid this year

IRDAI mandates standard annuity plan

Life insurers must offer plan from Apr. 1

Kia mulls third shift as car demand rises

Carmaker Kia Motors India, a wholly-owned subsidiary of Kia Motors Corporation, is planning to start a third shift at its Anantapur plant in Andhra

CII calls for broadband infra fund

‘Govt. can initially allocate ₹5,000 cr.’

Tech lifts L&T net to ₹2,467 cr.

Divestment, real estate sale also aid profit; revenue dips 2%

FDI in India rose by 13% in 2020, as inflows declined in major economies due to pandemic: UN

An ‘investment trends monitor’ issued by the United Nations Conference on Trade and Development (UNCTAD) on January 24 said that global FDI collapsed in 2020 by 42% to an estimated $859 billion from $1.5 trillion in 2019.

Sensex tumbles 531 pts; energy, I.T. stocks play spoilsport

After swinging nearly 1,000 points during the session, the BSE benchmark settled with a loss of 530.95 points or 1.09% at 48,347.59

UCO Bank logs net profit at ₹35 crore in December quarter

Interest income was down by 4.5% at ₹3,602.59 crore, however, other income moved up by 16.3% to ₹864.38 crore.

Rupee rises for 5th straight session, settles 3 paise higher at 72.94

At the interbank forex market, the rupee opened at 72.95 against the American currency, and hit an intra-day high of 72.89 and a low of 72.96 in day trade.

Once again, TCS becomes the most valued domestic firm

Tata Consultancy Services had in March last year also reclaimed the status of the country’s most valued firm by market valuation

Jayati Ghosh named by U.N. to high-level advisory board on economic, social affairs

Indian development economist Jayati Ghosh is among 20 prominent personalities appointed by the United Nations to a high-level advisory board that

Oxfam urges radical economic rejig for post-COVID world

Anti-poverty campaigner Oxfam on January 25 warned that the fallout of the coronavirus pandemic will lead to the biggest increase in global

Rupee rises 4 paise to 72.93 against U.S. dollar in early trade

On January 22, the rupee had settled at 72.97 against the U.S. dollar

Sensex zooms over 340 points in early trade; financial stocks lead rally

The BSE benchmark Sensex surged on 346.55 points in the opening session on Monday, propelled by a rally in financial stocks. The 30-share index was

Today's top business news: Stocks tumble, TCS beats Reliance to become the most valued domestic firm, RIL shares decline over 5%, and more

Updates from the world of economy, markets, and finance

Choosing the frequency of an MCLR reset for your loan

When interest rates fall, it is beneficial for borrowers to have a shorter reset period as rate cuts will be passed on quickly to your EMI.

Take cover from the Silent Killer

Buying diabetes-specific insurance plans is now easier

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Protesting farmers clash with securitymen during their tractor rally near Nagloi in New Delhi on January 26, 2021.

28K | R-Day farmers tractor rally live updates | Samyukt Kisan Morcha calls off rally with immediate effect

Reliance Industries Chairman Mukesh Ambani. File photo

24K | Indian billionaires increased their wealth by 35% during the lockdown, says Oxfam report

Clockwise from top - Singer KS Chithra, Ram Vilas Paswan, Shinzo Abe

21K | List of Padma awardees — 2021

A Nishan Sahib flag is hoisted on the flagstaff of the Red Fort as the protesting farmers entered the complex in New Delhi on January 26, 2021.

13K | Farmers’ protests | Union leaders play blame game, vow to continue protest

A file photo of the murdered siblings with their parents.

13K | Madanapalle double murder: Police looking into possible occult practices by the family

Vijay and Vijay Sethupathi in ‘Master’

13K | Vijay-starrer 'Master' to release on Amazon Prime Video on January 29

The Camel Contingent of Border Security Force take part at Republic Parade.

12K | Republic Day 2021: India's heritage, diversity, military might at display at Rajpath

The Income Tax department searched Paul Dhinkaran’s residence and official premises on January 20

8K | I-T raids on Paul Dhinakaran expose ₹120 crore of unaccounted income

Nephew of V.K. Sasikala and AMMK founder T.T.V. Dhinakaran, speaking to reporters outside Victoria hospital in Bengaluru on Wednesday, January 27, 2021.

8K | V.K. Sasikala released from prison after serving 4-year jail-term