BUSINESS
Total to acquire 20% stake in Adani Green Energy
The deal will be completed with Total acquiring shares held by the Adani Promoter Group in AGEL. The transaction marks the deepening partnership between the Adani Group and Total -- in the transition and green energy fields in India. In 2018, Total and Adani embarked on the energy partnership with investment by Total in Adani Gas Limited, city gas distribution business, associated LNG terminal business and gas marketing business.
Sensex down 250 points; auto, metal stocks plunge
Heavy selling pressure was witnessed in auto, metal and oil and gas stocks. Around 10.10 a.m., Sensex was trading at 48,777.74, lower by 256.93 points or 0.52 per cent from its previous close of 49,034.67. It opened at 49,061.22 and has so far recorded an intraday high of 49,122.23 and a low of 48,691.63 points
Petrol, diesel price rise again by 25p/ltr after 3 days pause
The increase in pump price of petrol and diesel came on a day when global oil prices have a glimpse of softening with crude falling below $55 a barrel after almost a week of hovering above that range. With Monday's increase, petrol is being sold at Rs 84.95 a litre in Delhi from previous day price of Rs 84.70 a litre. Similarly, diesel prices also increased to Rs 75.13 a litre, up from previous day's level of Rs 74.88 a litre.
Chinese economy grows 2.3% in 2020 , slowest in over four decades
Beijing on Monday reported a gross domestic product (GDP) increase of 6.5 per cent in the fourth quarter of 2020. However, the National Bureau of Statistics warned of a "grave and complex environment both at home and abroad", with the pandemic having a "huge impact".
Committee of Creditors approves resolution plan of Piramal: DHFL
The voting of the lenders ended on Friday. Piramal received 94 per cent of the votes from the Committee of Creditors (CoC). The minimum requirement for winning a bid is 66 per cent votes. The other major contender, US-based Oaktree Capital secured around 45 per cent of the votes.
Excise duty collection surges 48% in FY21 on high fuel levies
The excise duty collection during the first eight months of the current financial year was over Rs 1.96 lakh crore, compared to over Rs 1.32 lakh crore collected during April-November FY20, official data showed. The collection in November 2020 was highest so far in the financial year 2020-21 at Rs 35,703 crore. In November 2019, excise duty collection stood at Rs 18,948 crore.
Pawan Hans' EoIs submission deadline extended to February 18
The original deadline for the submission of EoIs was January 19. After repeated failed attempts to disinvest public sector helicopter service provider, Pawan Hans, the Central government again initiated the process of its sale for the Mini Ratna company last month with the release of the Preliminary Information Memorandum.
Bank credit to manufacturing muted amid pandemic
According to the Financial Stability Report of the Reserve Bank of India for January, credit growth in the manufacturing sector in October 2020 contracted by 2 per cent, while that in construction witnessed a growth of 5.1 per cent and credit to trade, hotels and restaurants was up 13.9 per cent.
Share Market: New-age insurance, green energy stocks in queue for Nifty50 entry
The report cited ICICI Lombard, Adani Green and Info Edge as major contenders to get into the benchmark index in times ahead. It said that Nifty50 on the National Stock Exchange (NSE) continues to add consumer names. Tata Consumer Products is likely to enter the benchmark index in the next reshuffle in March replacing GAIL, it added.
Huawei to open its biggest flagship store in Saudi Arabia
Huawei has signed a leasing contract with Saudi Arabia's 'Kaden Investment' for the store that would allow the Chinese company to have direct access to consumers. With the growing demand for digital products and services in the country, Huawei could directly contact consumers, reports Gizmo Alpha. Saudi Arabia expects that by 2022, its internet usage would reach 82.6 per cent of the population from 73.2 per cent in 2017.
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