BUSINESS
Gold demand drops to 11-year-low in 2020 on weak Q4
The decline in annual demand is largely attributed to the 28 per cent year-on-year (YoY) fall to 783.4 tonne in the fourth quarter of 2020, making it the weakest quarter since the midst of the global financial crisis in Q2, 2008. Gold jewellery demand in Q4 fell 13 per cent Y-o-Y to 515.9 tonne, resulting in a full-year total of 1,411.6 tonne, 34 per cent lower than in 2019 and a new annual low for WGC's data series, said its statement.
Jio named 5th strongest brand globally in Brand Finance rankings
The annual report on the most valuable and strongest brands in the world noted that despite being the latest entrant in India's telecom scenario, Jio has quickly become the largest mobile network operator in India and the third-largest mobile network operator in the world, with almost 400 million subscribers.
Health insurers seek higher tax deductions, lower GST on policies
In a set of recommendations involving tax treatment for health insurance policies, the industry had urged the government to immediately increase the 80 D tax deduction benefit for individuals on their premium payment for health insurance policies.
Bears take charge, Sensex gives up 47,000
Heavy selling was witnessed in finance, banking and IT stocks. At 12.14 p.m., the Sensex was trading at 46,866.83, lower by 543.10 points or 1.15 per cent from its previous close of 47,409.93. It opened at 46,834.57 and has so far touched an intra-day high of 47,172.02 and a low of 46,821.21 points.
CCEA approves hikes in MSP of copra for 2021 season
The MSP for Fair Average Quality of milling copra has been increased by Rs 375, to Rs 10,335 per quintal for 2021 from Rs 9,960 per quintal in 2020, an official statement said. The MSP for ball copra has been increased by Rs 300, to Rs 10,600 per quintal for 2021 season from Rs 10,300 per quintal in 2020.
Tesla reports profitable quarter despite missing on earnings in Q4
Shares of the company were down five per cent hours after an earning call to discuss the results on Wednesday, CNBC reported. The company reported earnings of 80 cents adjusted vs $1.03 per share expected, according to estimates compiled by Refinitiv. In an earnings call with analysts, Tesla CEO Elon Musk said that the company delivered almost as many cars last year as it produced in its entire history.
GMR to raise $300mn through bonds for Hyderabad airport expansion
GHIAL, a subsidiary of GMR Airports Limited and a step-down subsidiary of GMR Infrastructure Limited (GMR Group), entered into a purchase agreement to issue and allot US$ 300 million, 4.75 per cent senior secured notes of five-year tenure. The proceeds from the notes will be used towards the capital expenditure for expansion of the Rajiv Gandhi International Airport at Hyderabad to increase its capacity to 34 million passengers per annum.
US Fed keeps interest rates near zero amid slow economic recovery
The Fed chief noted that following a sharp rebound in economic activity last summer, the pace of the recovery has "moderated" in recent months, with the weakness concentrated in the sectors most adversely affected by the resurgence of the virus and greater social distancing, reports Xinhua news agency.
Negative ratings in Mar-Dec exceeds 5-year average: ICRA
An ICRA statement said that the credit quality of India Inc has experienced rapid changes since the onset of the Covid-19 pandemic and the imposition of the nationwide lockdown in March 2020. It said that business health has been bruised in general and some entities in select sectors have been badly hurt, even though the effects have not been apocalyptic, and the worst-case scenarios have not played out.
Total FDI inflow of $58.37 billion received during Apr-Nov 2020
According to the statement, the FDI inflows was the highest ever for the first eight months of a financial year and 22 per cent higher as compared to the first 8 months of 2019-20 when the country attracted $47.67 billion. In terms of FDI equity, inflow received during FY 20-21 April to November 2020 stood at $43.85 billion.
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