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Slack shares fell marginally to $43.73 in extended trading on Tuesday, while Salesforce's stock declined above 4%. | File

Salesforce to buy workplace app Slack in $27.7 billion deal

Reuters Slack changed workplace communications by focusing on real-time messaging that could be broken into conversations with groups assembled on the fly.

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Business Live: Shares inch lower as banks, Reliance slip

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

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Work has restarted in a limited way as per Tamil Nadu Government mandated restrictions in a leather footwear MSME export unit in Guindy Industrial Estate, Chennai.Photo : Bijoy Ghosh

PMI shows manufacturing losing steam

Special Correspondent Survey-based index pegs sector’s expansion at 3-month low; job shedding apace, confidence fades

India’s November power consumption growth slows to 4.7%

PTI Onset of early winter cited for decline

India's November diesel sales declined 7%

Railways hauls highest ever load for 2020 in Nov.

The broader NSE Nifty rose 128.70 points or 1% to close above the 13,000-mark for the first time at 13,055.15.

Today's top business news: Stocks close at record high, S&P still sees GDP shrinking 9% in FY21, India's factory recovery stumbled in November as COVID-19 fears remain, and more

Photo used for representation purpose only. File

GST inflows top ₹1 lakh cr for second month in a row

Paytm waives off charges on merchant transaction

Special Correspondent Paytm on Tuesday said it has waived off all charges on merchant transactions, enabling them to accept payments from Paytm wallet, UPI apps and RuPay cards at zero charge.“Paytm will absorb ₹600 crore in MDR (merchant discount rate) charged annually by banks and other charges to support MSMEs during the ongoing pandemic. This move would help in ensuring that they have adequate liquidity to expand their businesses,” the company said in a statement.It added that this will benefit over 17 million

File photo for representation

Rupee settles 37 paise higher at 73.68 against U.S. dollar

PTI The local unit finally closed at 73.68 against the American currency, registering a rise of 37 paise over its previous close.

Reserve Bank of India (RBI) headquarters in Mumbai. File

HC pulls up RBI for letting PMC Bank decide on depositors requests for money

PTI “The RBI was to apply its mind and not act as a post office. If you (RBI) have imposed the restrictions, then you have to apply your mind,” the Court said.

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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The Bombay Stock Exchange (BSE) building in Mumbai. File

Sensex drops by 60 points in early trade on profit booking; Nifty slips below 13,100

PTI Tech Mahindra was the biggest loser.

3hrs

File photo for representation.

Rupee rises 25 paise to 73.43 against US dollar in early trade

PTI “Safe haven assets such as the US treasuries and the Yen are under performing.”

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Economy

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Photo used for representation purpose only. File

GST inflows top ₹1 lakh cr for second month in a row

Special Correspondent The collection in November 2020 is 1.4 % higher than in November 2019 when the GST mop-up was ₹1,03,491 crore

Capital threat: In India, stress among non-bank financial institutions NBFCs will also curtail their capacity to lend, Moody’s warns.

‘Bank capital in India, Sri Lanka to fall more than in other EMs’

Special Correspondent NPAs to rise most for India and Thailand, funds infusion is key: Moody’s report

Industry

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Burger King India IPO gets oversubscribed

Supreme Court rejects Vedanta’s interim plea to inspect, operate closed Sterlite copper unit at Tuticorin

Nissan forays into compact SUV segment, drives in Magnite at ₹ 4.99 lakh

Amazon delves deeper into voice recognition, call-center work as COVID-19 drives cloud

Amazon’s cloud unit taps own chips for new supercomputing offering

Sensex drops by 60 points in early trade on profit booking; Nifty slips below 13,100

Rupee rises 25 paise to 73.43 against US dollar in early trade

“Safe haven assets such as the US treasuries and the Yen are under performing.”

Salesforce to buy workplace app Slack in $27.7 billion deal

Slack changed workplace communications by focusing on real-time messaging that could be broken into conversations with groups assembled on the fly.

Business Live: Shares inch lower as banks, Reliance slip

Updates from the world of economy, markets, and finance

Wockhardt offers its Indian facility for manufacture of COVID-19 vaccine

After hosting the visit of Prime Minister of United Kingdom Boris Johnson to its Wrexham facility in North Wales on November 30, 2020, Wockhardt Ltd.

Indebtedness of states may hit decade-high of 36% this fiscal says Crisil

‘State indebtedness may hit decade-high of 36%‘The lockdown and consequent slump in economic activity would raise States’ indebtedness to at least 36%

Elgi sees faster recovery in firm’s markets

Air compressor manufacturer Elgi Equipments expects domestic and international markets to have equal contribution to its business in the second half

Write-down is credit negative for holders of erstwhile LVB’s junior securities: Moody’s

The write-down of Basel III Tier 2 securities of the erstwhile Lakshmi Vilas Bank’s would be credit negative for holders of junior securities because

Kalapathi Group unveils online education platform

The city-based Kalpathi Group announced the launch of its new ed-tech venture,Veranda Learning Solution, an online education platform.It will offer

DRL begins phase 2/3 trials for Sputnik V

Clinical trials for Russian COVID-19 vaccine candidate Sputnik V have commenced in India and are set to involve 1,600 volunteers at nine sites across

Mindtree, Databricks ally for data intelligence

Larsen & Toubro-owned Mindtree has roped in Databricks, a data and AI firm, to help customers implement cloud-based data platforms for advanced

TVS Motor acquires Intellicar for ₹15 cr. in digital push

TVS Motor Co. Ltd. has acquired Bengaluru-based Intellicar Telematics Pvt. Ltd. for ₹15 crore. The deal is expected to be completed by December 31.

Railways hauls highest ever load for 2020 in Nov.

The Railways on Tuesday said it registered the highest freight loading for 2020 in November at 109.68 MT (million tonne), even as loading during the

Auto dispatches saw year-on-year growth in Nov.

Personal mobility, buyer sentiment spurred demand; but Maruti saw 2.4% decline

PMI shows manufacturing losing steam

Survey-based index pegs sector’s expansion at 3-month low; job shedding apace, confidence fades

Aurobindo Pharma completes sale of U.S. entity

Aurobindo Pharma has completed the sale of Natrol LLC, a wholly owned, step-down subsidiary in the U.S., to private equity firm New Mountain Capital

Luxor forays into home and hygiene segment

Luxor Group, a leading writing-instrument brand, has forayed into home and hygiene segment by introducing Luxor Nano, a range of nanotechnology-based

India should raise R&D spend significantly: Honeywell

India has to raise its investments significantly in research and development (R&D) in order to find effective solutions for many of its societal

Tanishq unveils new jewellery purchase scheme

Titan’s jewellery arm Tanishq introduced a new purchase plan, RivaahAashirwaad, to help customers buy jewellery ahead of the wedding season.Through

VN Finance unveils app for providing loans to small businesses

VN Finance, an NBFC, has unveiled its app ‘VNFinance’ to automate the process of helping customers to get business loans. Customers can apply from

India's November diesel sales declined 7%

Slump hints at fragile recovery, following growth in October

India’s November power consumption growth slows to 4.7%

Onset of early winter cited for decline

Kewal Kiran taps women’s western wear market with Desi Belle jeans

Growth in women’s western wear segment is expected to be on a higher side due to a shift towards aspiration-based buying, an industry executive

Sensex, Nifty gallop to closing highs on recovery hopes, vaccine boost

A strengthening rupee and persistent foreign capital inflows further boosted market sentiment, traders said.

Shah Rukh Khan’s Kolkata Knight Riders invests in USA’s Major League Cricket

Knight Riders, will join hands with American Cricket Enterprises (ACE) to become a stakeholder in development of the sport in the region.

States’ indebtedness may soar 36% to ₹68 lakh crore this year: Report

This will have their economic output shrinking by at least 2-4% this fiscal year, Crisil said in the report on Tuesday.

Rupee settles 37 paise higher at 73.68 against U.S. dollar

The local unit finally closed at 73.68 against the American currency, registering a rise of 37 paise over its previous close.

GST inflows top ₹1 lakh cr for second month in a row

The collection in November 2020 is 1.4 % higher than in November 2019 when the GST mop-up was ₹1,03,491 crore

Paytm waives off charges on merchant transaction

Paytm on Tuesday said it has waived off all charges on merchant transactions, enabling them to accept payments from Paytm wallet, UPI apps and RuPay

HC pulls up RBI for letting PMC Bank decide on depositors requests for money

“The RBI was to apply its mind and not act as a post office. If you (RBI) have imposed the restrictions, then you have to apply your mind,” the Court said.

Zoom's margins dented by booming free user base, cloud costs

Zoom operates some of its own data centers, but it also relies on cloud computing services from outside vendors such as Amazon.com and Oracle Corp, meaning it must bear costs for free users.

Canada plans digital tax in 2022 on global tech giants such as Facebook, Google

Canada said it was concerned about a delay in reaching agreement. The threat of digital services taxes has prompted threats of trade retaliation from outgoing U.S. President Donald Trump's administration.

Rupee surges 25 paise to 73.80 against US dollar in early trade

At the interbank forex market, the domestic unit opened at 73.93 against the US dollar and gained further ground to touch 73.80, registering a rise of 25 paise over its previous close.

India’s manufacturing PMI slips to 3-month low in November

The seasonally adjusted IHS Markit India Manufacturing PMI fell from 58.9 in October to a three-month low of 56.3 in November, indicating that the manufacturing sector growth remained strong, despite losing traction

Sensex rises over 120 point in early trade; Nifty tops 13,000

UltraTech Cement was the top gainer in the Sensex pack, rising about 2.5%, followed by Infosys, Sun Pharma, Bajaj Auto PowerGrid, ICICI Bank and IndusInd Bank.

Today's top business news: Stocks close at record high, S&P still sees GDP shrinking 9% in FY21, India's factory recovery stumbled in November as COVID-19 fears remain, and more

Updates from the world of economy, markets, and finance

S&P Global to acquire IHS Markit in $44 bn mega deal

Transaction expected to close in the second half of 2021

‘Passenger vehicle, bike wholesales to decline’

Dealers have huge inventories: Ind-Ra

October queries on card users grows on year: Transunion Cibil

Banks’ requests for information on credit card borrowers or ‘credit card inquiries’ in October surpassed the year-earlier level, a credit information

‘Bank credit growth to stay slow in near term’

‘Asset quality unease curbs disbursals’

Consumer spending to rebound in 2021: Fitch

Consumption is forecast to contract by 12.6% in 2020

S&P still sees GDP shrinking by 9% in FY21

S&P Global Ratings on Monday retained its forecast of 9% contraction in the Indian economy for the current fiscal, saying even though there were

Paytm Money to facilitate investments in IPO, aims for 8-10% applications market share

Online investment platform Paytm Money said its users can now put in applications for investment in IPOs via the platform, adding that it was aiming

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