Economy news

• Rakesh Jhunjhunwala says he will never buy Bitcoin, Centre should ban Cryptocurrencies

  23-02-2021 11:54 via zeenews.india.com
  
  The Government or Reserve Bank of India has not authorised any VCs as a medium of exchange. Further, the Government or any other regulator in India has not given license to any agency for working as exchange or any other kind of intermediary for any VC. Persons dealing in them must consider these facts and beware of the risks involved in dealing in VCs.
  
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• RBI wants to limit banks' stake in insurance cos

  02-03-2021 14:58 via timesofindia.indiatimes.com
  
  The Reserve Bank of India (RBI) wants banks to limit ownership stakes in capital intensive insurance companies at a maximum 20%, less than half of what the current regulations permit, three sources with knowledge of the discussions said.
  
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• Spectrum auction ends; Reliance Jio top buyer

  02-03-2021 14:15 via timesofindia.indiatimes.com
  
  India's first auction of telecom spectrum in five years ended on Tuesday with Rs 77,814.80 crore of airwaves being bought, mostly by billionaire Mukesh Ambani's Reliance Jio.
  
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• 'RBI limiting banks from raising stakes in insurance cos'

  02-03-2021 14:15 via timesofindia.indiatimes.com
  
  The Reserve Bank of India (RBI) wants banks to limit ownership stakes in capital intensive insurance companies at a maximum 20%, less than half of what the current regulations permit, three sources with knowledge of the discussions said.
  
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• India woos Tesla with offer of cheaper production costs than China

  02-03-2021 14:15 via timesofindia.indiatimes.com
  
  India is ready to offer incentives to ensure Tesla Inc's cost of production would be less than in China if the carmaker commits to making its electric vehicles in the country, transport minister Nitin Gadkari said.
  
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• Spectrum auction ends with Rs 77,815cr bids; Jio top buyer with Rs 57,122cr

  02-03-2021 13:48 via timesofindia.indiatimes.com
  
  India's first auction of telecom spectrum in five years ended on Tuesday with Rs 77,814.80 crore of airwaves being bought, mostly by billionaire Mukesh Ambani's Reliance Jio.
  
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• Sensex rises 447 points as IT, auto stocks jump

  02-03-2021 13:48 via timesofindia.indiatimes.com
  
  Equity indices continued to surge on Tuesday with the benchmark BSE sensex rising nearly 450 points amid gains in IT and auto stocks. Sensex jumped 447 points or 0.90 per cent to close at 50,297; while the broader NSE Nifty moved 158 points or 1.07 per cent higher to settle at 14,919.
  
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• BPCL to pay shareholders from refinery stake sale

  02-03-2021 13:48 via timesofindia.indiatimes.com
  
  Privatisation-bound Bharat Petroleum Corporation Ltd (BPCL) may use Rs 9,876 crore proceed from stake sale in Numaligarh Refinery to pay a special dividend to shareholders, the biggest being Government of India, BPCL director (finance) N Vijayagopal said on Tuesday.
  
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• Sensex rises 447 points as IT, auto stocks jump; Nifty ends above 14,900

  02-03-2021 11:32 via timesofindia.indiatimes.com
  
  Equity indices continued to rise on Tuesday with the benchmark BSE sensex rising nearly 450 points amid gains in IT and auto stocks. Sensex jumped 447 points or 0.90 per cent to close at 50,297; while the broader NSE Nifty moved 158 points or 1.07 per cent higher to settle at 14,919.
  
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• Sensex ends 447 points higher, Nifty above 14,900; auto, IT stocks surge

  02-03-2021 11:28 via zeenews.india.com
  
  The broader markets were also very positive for the day with the midcap and smallcap indices up 1-2 percent each. On the Nifty50 index, Tata Motors, M&M, Wipro, Adani Ports, and Hero Moto were the top gainers while ONGC, HDFC, Dr Reddy's, Powergrid and Coal India led the losses. 
  
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• Exports dip 0.25% to $27.67 billion in February

  02-03-2021 11:24 via timesofindia.indiatimes.com
  
  India's exports marginally declined 0.25 per cent to $27.67 billion in February while imports grew by 6.98 per cent to $40.55 billion during the month, according to provisional data released by the commerce ministry on Tuesday.
  
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• Gold Price Today, 2 March 2021: Gold prices falls by Rs 11,000; silver drops to Rs 66,600

  02-03-2021 11:06 via zeenews.india.com
  
  Gold and silver remained volatile throughout last week due to the recovery in international prices. In the international market, gold was trading 0.49 per cent lower at USD 1,714.50 per ounce in New York. The price of gold varies from state to state based on taxes and duties, as well as making charges at different jewellery stores.
  
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• Indian economy on #39;upswing#39;; govt set to spend more along with pro-growth reforms: Arvind Panagariya

  02-03-2021 10:13 via moneycontrol.com
  
  In an interview to PTI, the eminent economist described the government#39;s decision to privatise two public sector banks next fiscal as an #39;unprecedented#39; effort to #39;finally right a wrong done 50 years ago#39;.
  
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• IndiGo flight lands due to medical emergency

  02-03-2021 09:39 via timesofindia.indiatimes.com
  
  An IndiGo Sharjah-Lucknow flight on Tuesday had to be diverted to Karachi due to a medical emergency on board. The passenger, who had taken ill, passed away.
  
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• Jack Ma loses title as China's richest man

  02-03-2021 09:04 via timesofindia.indiatimes.com
  
  Alibaba and Ant Group founder Jack Ma has lost the title of China's richest man, a list published on Tuesday showed, as his peers prospered while his empire was put under heavy scrutiny by Chinese regulators.
  
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• Lawsuit accuses Amazon of 'systemic' racism

  02-03-2021 08:41 via timesofindia.indiatimes.com
  
  A manager at Amazon.com Inc sued the online retailer for discrimination on Monday, saying it hires Black people for lower positions and promotes them more slowly than white workers, and that she was subjected to harassment.
  
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• 'Make in India epitomises trade challenges with US'

  02-03-2021 08:18 via timesofindia.indiatimes.com
  
  The Biden administration has told the US Congress that India's recent emphasis on import substitution through the 'Make in India' campaign has "epitomised" the challenges facing the bilateral trade relationship.
  
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• 'Make in India epitomises challenges facing US-India trade'

  02-03-2021 07:25 via timesofindia.indiatimes.com
  
  The Biden administration has told the US Congress that India's recent emphasis on import substitution through the 'Make in India' campaign has "epitomised" the challenges facing the bilateral trade relationship.
  
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• Volvo bets big on EVs, plans to make only electric vehicles by 2030

  02-03-2021 07:15 via zeenews.india.com
  
  The Swedish automaker is planning to unveil its second fully electric car, a follow-up to last year's XC40 Recharge, a compact SUV. Volvo said its goal is to have half of its global sales be fully electric cars by 2025, with the remaining half made up of hybrids.
  
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• Bad news for Tata Motors! Delhi govt suspends subsidy on Tata Nexon EV due to complaints

  02-03-2021 06:33 via zeenews.india.com
  
  This came as a setback for Tata Motors as the company termed the development as "unfortunate" and asserted that it will continue to "engage constructively" with relevant authorities to protect the interests of its customers. Last month, a show-cause notice was issued to Tata Motors by the transport department about a complaint from a user of Tata Nexon EV.
  
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• Race for SCI: GE Shipping, Watsa’s Fairfax, Vedanta in fray

  02-03-2021 06:25 via timesofindia.indiatimes.com
  
  The stage is set for a battle for Shipping Corporation of India’s (SCI’s) privatisation, with the government receiving multiple bids, including from Great Eastern (GE) Shipping, a consortium comprising Prem Watsa’s Fairfax and the UAE’s Safe Seas and Anil Agarwal’s Vedanta group.
  
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• Sensex rises over 500 points, Nifty above 14,900

  02-03-2021 06:10 via timesofindia.indiatimes.com
  
  Equity indices surged on Tuesday with benchmark BSE sensex rising over 500 points o trade above the 50,000-mark in opening session. The 30-share BSE index was up 527 points or 1.06 per cent at 50,377; while the broader NSE Nifty was trading 165 points or 1.12 per cent higher at 14,913.
  
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• Car sales stay strong in Feb despite supply chain woes

  02-03-2021 06:10 via timesofindia.indiatimes.com
  
  Car sales witnessed a strong month in February, with companies such as Maruti Suzuki, Hyundai, Toyota and Tata Motors recording healthy growth in volumes, while others such as Nissan riding historic highs on demand for its new model Magnite.
  
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• Good news for homebuyers! SBI reduces home loan interest rates, waives processing fee till March 31

  02-03-2021 05:53 via zeenews.india.com
  
  SBI home loan interest rates are linked to CIBIL score and start from 6.70 percent for loans up to Rs 30 lakh and 6.95 percent for loans above Rs 30 lakh. SBI customers are eligible to apply for the loan with the help of the YONO app to get an additional interest concession of 5 bps.
  
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• Sensex gains 300 points, Nifty above 14,800; banks, IT stocks lead

  02-03-2021 05:08 via zeenews.india.com
  
  On the Nifty50 index, BPCL, IOC, Bajaj Finance, Hero Moto and Grasim were the top gainers while ONGC, HDFC, Powergrid, Hindalco and Coal India led the losses. Among sectors, Nifty IT rose the most, up 1 percent while Nifty Bank and Nifty Pharma were up over 0.5 percent each.
  
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• Cos may get new rules on independent directors

  02-03-2021 05:00 via timesofindia.indiatimes.com
  
  Sebi is proposing to make the process of appointment and resignation of independent directors more transparent. The markets regulator plans to make it mandatory that minority shareholders should separately approve such appointments.
  
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• Finance Ministry moots cutting taxes on petrol, diesel to check price hike: Sources

  02-03-2021 04:57 via zeenews.india.com
  
  India has called on OPEC+ to ease production cuts as higher crude prices are hitting fuel demand in Asia’s third-largest economy and are contributing to inflation. The high fuel prices could also affect PM Modi’s popularity ahead of state assembly polls in four states in March and April.
  
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• Biden admin 'undecided' on ending H-1B visa ban

  02-03-2021 04:33 via timesofindia.indiatimes.com
  
  The Biden administration on Monday indicated it is still undecided on ending the Trump-era ban on issuing of new H-1B visas, with the Homeland Security Secretary Alejandro Mayorkas asserting that its top priority is the acute needs of individuals fleeing persecution.
  
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• SBI, Kotak cut home loan rates to new lows

  02-03-2021 04:25 via timesofindia.indiatimes.com
  
  In a bid to grab as many home loan customers as possible before the fiscal year ends, State Bank of India (SBI) and Kotak Mahindra Bank have sweetened their offer in this segment by cutting interest rates by up to 10 basis points (100bps = 1 percentage point).
  
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• All engines of demand starting to fire, says RBI

  02-03-2021 04:05 via timesofindia.indiatimes.com
  
  The RBI’s state of the economy note has said that there is economic recovery with drop in Covid cases and “all engines of aggregate demand are starting to fire”. ​​​The central bank has also said that the only thing missing is private sector investment as even bank credit has started to pick up steam.
  
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