BUSINESS
Market extends losses, Sensex down 1,500 points
Globally stocks markets have declined due to rising bond yields. The across-the-board selloff was led by banking and finance stocks. The top stocks on the Sensex were ICICI Bank, Axis Bank and IndusInd Bank, while the major losers were Dr Reddy's Laboratories, Sun Pharmaceutical Industries.
Twitter aims to hit $7.5B in annual revenue in 2023: Jack Dorsey
Addressing the virtual analyst day, Dorsey said that the company plans to double its development velocity by the end of 2023, resulting in doubling the number of features per employee that directly drive either mDAU or revenue.
India's consumption, investment demand recovers: Moody's, ICRA
A joint statement from the two, said prevailing low interest rates and the government's reforms to boost domestic manufacturing will support corporates' credit profiles. Moody's expects the Indian government will drive infrastructure investment for the next 1-2 years, which will help address infrastructure constraints and support future private investment.
US bans import of Chinese cotton but India yet to cash in as domestic prices surge
A US ban on Chinese cotton along with an increase in demand for the yarn from Beijing has pushed domestic prices. Not only is this impacting export, but domestic users including apparel manufacturers are also reeling under pressure. Earlier, many projected a "much higher cotton exports" from India after the US ban.
Uk court orders Nirav Modi's extradition in punjab national bank scam case
District Judge Samuel Goozee at the Westminster Magistrates’ Court also accepted the prima facie evidence against Modi for money laundering. “Many of these are a matter for trial in India. I am satisfied again that there is evidence he could be convicted,” the court said.
Moody's expects India's fiscal position to remain weak
Although the government has not provided an explicit medium-term fiscal consolidation road map, according to its Budget speech it targets a fiscal deficit of 4.5 per cent of GDP by fiscal 2026, which amounts to an average annual deficit reduction of about 0.5 per cent of GDP over four years.
Traders across India to go on strike on Friday
In a statement, the Confederation of All India Traders (CAIT) the umbrella body which has called for the strike said that over 8 crore traders belonging to more than 40,000 trade associations across country will observe the 'Bharat Vyapar Bandh' to protest against some of the "draconian, arbitrary and critical" amendments made recently in GST rules.
Despite Covid-19, India sees 2nd-best year of Fintech funding: Report
According to KPMG's Pulse of Fintech H2'20 report, disruptions have turned into opportunities for the sector with India attracting $2.7 billion in Fintech investment in 2020, the second-highest amount ever next to 2019's peak of $3.5 billion.
As oil companies wait and watch, fuel prices remain steady
Price of petrol continued to be at Rs 90.93 a litre and diesel Rs 81.32 a litre in the capital. Elsewhere in the country as well, fuel prices remained unchanged after oil companies increased its pump prices on 13 of the last 17 days. In the 13 increases since February 9, price have gone up by Rs 3.98 per litre for petrol while diesel rate has risen by Rs 4.19 a litre in Delhi.
Sensex up 500 points, Nifty reclaims 15,000
Healthy buying activity was witnessed in metal, IT, banking and finance stocks. Sensex opened at 51,207.61 and has so far touched an intraday high of 51,386.12 and a low of 51,057.74 points. The Nifty50 on the National Stock Exchange was trading at 15,149.65, higher by 167.65 points or 1.12 per cent from its previous close.
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