Economy news

• Closing bell: Sensex cracks by 1,145 points, PSU banks and IT worst hit

  22-02-2021 17:33 via timesofindia.indiatimes.com
  
  Closing bell: Sensex cracks by 1,145 points, PSU banks and IT worst hit
  
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• High gas, diesel prices in India prompt smuggling

  22-02-2021 17:15 via timesofindia.indiatimes.com
  
  Pump prices are so high in India that some of the gasoline and diesel exported to neighboring countries is being smuggled back through porous land borders. A tanker loaded with 1,360 liters of diesel that was being smuggled to India, where pump prices are at a record, was held last week in Nepal, the police said in a statement.
  
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• Bond yields soar 31 bps post-budget: Report

  22-02-2021 12:24 via timesofindia.indiatimes.com
  
  The massive spike in 2021-22 borrowing target at Rs 23 lakh crore, has led to a 31 basis points rally in benchmark bond yields to well over 6 per cent since the announcement of budget, and RBI needs to contain the same by reining in the short-sellers, says a report.
  
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• ‘No grounding; be more vigilant during checks of Boeing 777 engines’: DGCA to Air India

  22-02-2021 12:16 via timesofindia.indiatimes.com
  
  ‘No grounding; be more vigilant during checks of Boeing 777 engines’: DGCA to Air India
  
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• High gas, diesel prices in India prompt smuggling of fuel

  22-02-2021 12:07 via timesofindia.indiatimes.com
  
  Pump prices are so high in India that some of the gasoline and diesel exported to neighboring countries is being smuggled back through porous land borders. A tanker loaded with 1,360 liters of diesel that was being smuggled to India, where pump prices are at a record, was held last week in Nepal, the police said in a statement.
  
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• Markets extend losses for 5th straight session, Sensex tanks 1,145 points; Nifty drops below 14,700

  22-02-2021 12:06 via zeenews.india.com
  
  Major losers in the Sensex pack were DrReddy's, M&M, Tech Mahindra, IndusInd Bank, Axis Bank, TCS, LT, RIL, Maruti, HCL Tech, Powergrid and HDFC, falling upto 4.77 percent. On the other hand major gainers were ONGC, HDFC, and Kotak Bank, rising upto 1.14 percent.
  
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• Delta Corp to Build Complex in Entertainment Zone

  22-02-2021 11:50 via zeenews.india.com
  
  Under the guide of chairman Jaydev Mody, Delta Corp has been able to expand operations to include a new resort-casino complex near the Mopa airport in a new gaming zone. Through the vision of Mody, Delta Corp is becoming one of the most powerful casino operations in Asia, maybe even on the earth.
  
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• Sensex crashes 1,145 pts: Top reasons behind fall

  22-02-2021 11:30 via timesofindia.indiatimes.com
  
  Equity indices continued to fall for the fifth straight session on Monday with benchmark BSE sensex falling over 1,100 points, dragged by financial, banking and IT stocks . The 30-share BSE index fell 1,145 points or 2.22 per cent to close at 49,744. While, the broader NSE Nifty settled 306 points or 2.04 per cent lower at 14,676.
  
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• 'No grounding; be vigilant in checking B777 engines'

  22-02-2021 10:16 via timesofindia.indiatimes.com
  
  Air India’s Boeing 777s — the backbone of the Maharaja’s long and ultra long haul nonstops to North America — have not been impacted by US aviation regulator’s directive to check B777s with Pratt & Whitney (PW) engines. The AI B777s have General Electric (GE) engines. The DGCA has, however, asked AI to be “more vigilant during ground checks as a precautionary measure.”
  
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• SC bars final tribunal ruling on Future's $3.4bn deal

  22-02-2021 09:29 via timesofindia.indiatimes.com
  
  The Supreme Court on Monday barred a final ruling by a tribunal reviewing Future Group's $3.4 billion sale of retail assets until the top court hears objections from aggrieved partner Amazon.com Inc, three sources said.
  
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• Tata Safari 2021 with a powerful 2.0 litre turbocharged Kyrotech engine launched in India

  22-02-2021 09:21 via zeenews.india.com
  
  Tata Motors also unveiled the ‘Adventure’ persona of the Safari with an expressive and rugged look offering more options for customers to select the SUV that best matches their personality. The Adventure persona will be available in a Tropical Mist colour, inspired by the rich and diverse flora present across the vibrant landscapes of our country.
   
  
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• LIC's Jeevan Umang plan: Check benefits, other details of this policy

  22-02-2021 08:45 via zeenews.india.com
  
  Life Insurance Corporation of India’s Jeevan Umang plan offers a combination of income and protection to your family. This plan provides for annual survival benefits from the end of the premium paying term till maturity and a lump sum payment at the time of maturity or on death of the policyholder during the policy term.
  
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• Future-Reliance deal: SC notice to Future Retail, others on Amazon's plea

  22-02-2021 08:07 via zeenews.india.com
  
  In the interim order on February 8, the division bench said it was staying the single judge order as firstly, FRL was not a party to the share subscription agreement (SSA) between Amazon and Future Coupons Pvt Ltd (FCPL) and the US e-commerce giant was not a party to the deal between FRL and Reliance Retail.
  
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• SC issues notice to Future, others on Amazon’s plea

  22-02-2021 07:47 via timesofindia.indiatimes.com
  
  The Supreme Court on Monday issued notice to Future Retail and others on Amazon's plea against Delhi high court order to maintain status quo on deal with Reliance Industries (RIL).
  
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• FM Sitharaman says bringing petrol, diesel under GST regime could help in lowering fuel prices

  22-02-2021 07:28 via zeenews.india.com
  
  Sitharaman, who had increased central excise duty on petrol and diesel by a record margin last year to mop up gains arising from international oil prices plunging to two- decade low, remained non-committal on cutting taxes to give relief to consumers.
  
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• China urges US to lift trade restrictions

  22-02-2021 06:38 via timesofindia.indiatimes.com
  
  Chinese foreign minister Wang Yi called on the US on Monday to lift restrictions on trade and people-to-people contacts while ceasing what Beijing considers unwarranted interference in the areas of Taiwan, Hong Kong, Xinjiang and Tibet.
  
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• Rahul Gandhi hits out at Modi govt over rising fuel prices

  22-02-2021 06:20 via moneycontrol.com
  
  The Congress has accused the Centre of looting people by imposing high taxes on petrol and diesel and has demanded its rollback to provide relief to the common man from the onslaught of rising prices.
  
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• Sensex falls over 200 points in early trade

  22-02-2021 06:04 via timesofindia.indiatimes.com
  
  Equity benchmark sensex dropped over 200 points in opening trade on Monday tracking losses in index majors HDFC, ITC and L&T amid tepid cues from global markets. After dropping to 50,685.42, the 30-share BSE index pared most losses to trade 65.13 points or 0.13 per cent lower at 50,824.63.
  
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• SBI customers alert! Avail Gold loan upto Rs 50 lakh, just a missed call or an SMS is what you need to do

  22-02-2021 05:58 via zeenews.india.com
  
  "Business ke liye achhi investment chaho toh #PehleSBI socho. Apply for a #GoldLoan with SBI and enjoy exciting deals like 7.50% Interest Rate, Nil Processing Fee, and many more. For a call back, give a missed call on 7208933143 or SMS GOLD at 7208933145," SBI has tweeted.
   
  
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• SBI annuity scheme vs fixed deposit vs recurring deposit: Investment cheat sheet

  22-02-2021 05:56 via moneycontrol.com
  
  The EMIs comprises a part of the principal amount as well as interest on the reducing principal amount, compounded at quarterly rests and discounted to the monthly value. So, the deposits made by the customers are returned to them in the form of a monthly installment, along with interest.
  
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• Sensex falls over 200 points in early trade; Nifty below 15,000

  22-02-2021 05:29 via zeenews.india.com
  
  In the previous session, Sensex ended 434.93 points or 0.85 per cent lower at 50,889.76, and Nifty gave up the 15,000 level, dropping 137.20 points or 0.91 per cent to 14,981.75.
  Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 118.75 crore on Friday, as per exchange data.
  
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• Cairn Energy eyes ‘acceptable solution’

  22-02-2021 05:14 via timesofindia.indiatimes.com
  
  Cairn Energy on Sunday said that it was hopeful of finding an acceptable solution to the vexed $1.2-billion tax dispute with the government but will take all necessary steps to protect the interests of its shareholders.
  
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• Tata Chemicals gets ITAT relief in logo fee case

  22-02-2021 05:00 via timesofindia.indiatimes.com
  
  The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has allowed Rs 3.7 crore paid by Tata Chemicals for using the ‘TATA’ logo as a business deduction.
  
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• No need for frequent policy change: Amazon

  22-02-2021 05:00 via timesofindia.indiatimes.com
  
  Amazon India head Amit Agarwal has cautioned against “abrupt” and “unnecessarily frequent policy change” as it will hurt the e-commerce sector’s ability to play a crucial role in economic recovery, while maintaining that the operations are in line with government guidelines.
  
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• Investor's wealth will fall if govt bans crypto trade

  22-02-2021 05:00 via timesofindia.indiatimes.com
  
  A ban on cryptocurrencies like Bitcoin may result in wealth erosion for about 1 crore Indian investors, including 10 lakh traders, who are estimated to own assets collectively worth over Rs 10,000 crore. Crypto entrepreneurs said that a ban won’t just hurt their business but also lead to gains for foreign firms and increased action on the black market.
  
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• Get pvt cos in vaccine drive: Premji to Sitharaman

  22-02-2021 04:58 via timesofindia.indiatimes.com
  
  Wipro founder chairman Azim Premji on Sunday said that engaging private players will help accelerate India’s vaccination efforts against Covid-19 and bring down vaccine cost.
  
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• Petrol, diesel prices burning a hole in the pocket, here's why fuel prices are increasing so much

  22-02-2021 04:37 via zeenews.india.com
  
  In the national capital, petrol saw an increase of 39 paise and is being sold at Rs 90.58 per litre while diesel prices were hiked by 37 paise and costs Rs 80.97 per litre on February 20 (Saturday), while rates were paused on Sunday . 
  
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• 'Won't change content laws despite FB block'

  22-02-2021 04:27 via timesofindia.indiatimes.com
  
  Australia will not change proposed laws that would make Alphabet Inc’s Google and Facebook pay news outlets for content, a senior lawmaker said on Monday, despite vocal opposition from the Big Tech firms.
  
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• CAIT writes to PM Modi about GST issues, alleged violation of e-commerce rules by e-tailers

  22-02-2021 04:08 via moneycontrol.com
  
  In its letter to the prime minister, the Confederation of All India Traders (CAIT) called for setting up of a "special working group" at the central level comprising senior officials, CAIT representatives and independent tax experts to review the GST structure and make recommendations to the government.
  
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• Petrol, Diesel Prices Today, February 22, 2021: After 12 consecutive days of hike, fuel prices steady for 2nd day; check prices in metro cities

  22-02-2021 04:00 via zeenews.india.com
  
  Central government makes up for Rs 32.98 per litre of the price of petrol in Delhi and sales tax or VAT of the state government constitutes Rs 19.55.
  For diesel, the central excise adds up to Rs 31.83 and VAT to Rs 10.99. Besides, the price also includes a dealer commission of a minimum Rs 2.6 per litre on petrol and Rs 2 on diesel.
  
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• Won't change content laws despite FB block: Australia

  22-02-2021 03:52 via timesofindia.indiatimes.com
  
  Australia will not change proposed laws that would make Alphabet Inc’s Google and Facebook pay news outlets for content, a senior lawmaker said on Monday, despite vocal opposition from the Big Tech firms.
  
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• US aviation body orders extra inspections of B777s

  22-02-2021 03:52 via timesofindia.indiatimes.com
  
  The US Federal Aviation Administration ordered extra inspections onSunday of some Boeing 777 passenger jets, after a United Airlines flight suffered engine failure a day earlier, scattering debris across a Colorado community.
  
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• Uttar Pradesh budget today, priority areas to be infra, health & MSMEs

  22-02-2021 03:49 via financialexpress.com
  
  While the budget is expected to be fairly populist in nature, it is likely to largely follow the trend set by the Union government and prioritise infrastructure, health, MSMEs and skill development.
  
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• After 9-months, Centre starts clearing China FDI plans

  22-02-2021 02:42 via timesofindia.indiatimes.com
  
  The government has begun clearing foreign direct investment (FDI) proposals from China on a “case-by-case” basis, ending the freeze on such clearances that lasted around nine months. Over the last few weeks, approvals have started, although it is so far limited to “smaller cases”, government sources said.
  
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• After 9-month freeze, Centre starts clearing China FDI plans

  22-02-2021 02:42 via timesofindia.indiatimes.com
  
  The government has begun clearing foreign direct investment (FDI) proposals from China on a “case-by-case” basis, ending the freeze on such clearances that lasted around nine months. Over the last few weeks, approvals have started, although it is so far limited to “smaller cases”, government sources said.
  
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• Input inflation, muted demand drags on earnings growth

  22-02-2021 00:31 via financialexpress.com
  
  While the sales of affordable homes could well retain momentum, whether this holds for more expensive residential properties remains to be seen.
  
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• Mandi arrivals rise after Supreme Court stay order on three farm laws

  22-02-2021 00:11 via financialexpress.com
  
  "As most of the procurement happened during October-December this year, both by private traders and government agencies compared to last year, farmers now have less stock with themselves," said Atul Bora, a cotton trader in Sri Ganganagar, Rajasthan.
  
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