BUSINESS
CCI approves Flipkart's 7.8% acquisition of Aditya Birla Fashion and Retail
In October last year, Aditya Birla Fashion's board had approved plans to raise Rs 1,500 crore by issuing a 7.8 per cent stake on a preferential basis to Walmart-owned Flipkart Group. After the dilution of the 7.8 per cent stake, the promoter and promoter group companies of ABFRL will hold around 55.13 per cent stake.
Sensex goes past 50,000, a new landmark amid pandemic
The achievement gains significance as it comes on the back of bull-run despite the pandemic and the eventual economic slowdown. The Sensex managed a near two-fold growth within a period of 10 months since it hit a decade low of 25,638.9 points on March 24, 2020, amid the initial impact of the pandemic globally.
SEBI approves Future-Reliance deal
The BSE on its part said that it has no adverse observations on the transaction. In August 2020, Kishore Biyani and Future Group had entered into a Rs 25,000 crore agreement with Reliance Retail. As part of the pact, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Retail Ventures (RRVL).
After vaccine diplomacy, India rises to supply rice to the world
India has started supplying broken rice to several new markets including China, Vietnam, Malaysia besides Bangladesh besides increasing the quantum to its existing markets. The price sensitive African countries have also increased their rice orders from India, as its role in maintaining global food security becomes more pronounced.
Centre plans E-portal to sell MSME products: Nitin Gadkari
At present, Amazon.com generates a business of around Rs.70,000 crore annually for Indian MSMEs, which can be enhanced by a dedicated E-Portal to enable them complete with global brands, he said at a webinar organised by All India Association of Industries President Vijay Kalantri.
Tata plans to come up with super app, eyes BigBasket and 1mg
Tata will conclude the deal at a total of $1.2 billion in a mix of a primary and secondary sale of shares to get a 60% stake in BigBasket. This would mean that two of the major stakeholder in the company, Chinese Alibaba and private equity firm Abraaj Group would be given full-exit options by Tata.
Indian insurers to withstand pandemic-led downturn: Moody's
The report said that general insurance premium growth has been in the positive territory due to the persistent strong sales of health and protection cover. It noted that resilient sales of health and protection policies reflected the rising consumer awareness about these products during the pandemic, as well as regulator's actions in enabling the insurers to offer protection against the virus.
Fiscal deficit of states to hit peak of Rs 8.7 lakh crores as tax collections slide
With this, the states' aggregate gross fiscal deficit (GFD) will not only get expanded to an all-time high of Rs 8.7 lakh crore, or 4.7 per cent of GSDP, but also skew its composition towards revenue deficit which is relatively less value-accretive towards future tax potential, the report said.
Netflix surpasses 200mn paid subscribers
The numbers were revealed on Tuesday as Netflix reported its results for the fourth quarter which saw an addition of over 8.5 million paid subscribers to the platform. Average paid streaming memberships increased 23 per cent year over year in Q4, while average revenue per membership was flat year over year both on a reported and foreign exchange neutral basis, the company said.
Share Market: Sensex above 49,700; RIL shares up nearly 2%
Rise in the share price of index-heavyweight Reliance Industries (RIL) also supported the Sensex. Around 1.55 p.m. RIL shares on the BSE were trading at Rs 2,050.25, higher by Rs 33.95 or 1.68 per cent from its previous close.
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