Top headlines: Brent hops past $70; Tata Motors to hive off PV business

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Brent hops past $70 for first time since pandemic began

Brent crude futures climbed above $70 a barrel on Monday for the first time since the Covid-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities. Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since Jan. 8, 2020, and were at $70.56 a barrel by 0730 GMT, up $1.20, or 1.7%. US West Texas Intermediate (WTI) crude for April rose $1.08, or 1.6%, to $67.17. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018. Read more

Tata Motors shareholders approve hiving off PV business

Tata Motors on Monday said its shareholders have approved hiving off its passenger vehicles business into a separate entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the passenger vehicles business unit to TML Business Analytics Services Ltd as a going concern on a slump sale basis for a lump sum consideration. Read more

NIA takes over case of bomb scare near Antilia 

The National Investigation Agency (NIA) has taken over the case of a vehicle laden with explosives being found near industrialist Mukesh Ambani's residence in Mumbai, an official spokesperson said on Monday. The NIA took over the case following orders from the Ministry of Home Affairs, he said. The agency is in the process of re-registering the case, the spokesperson added. The Scorpio, with 20 gelatin sticks inside, was found near Ambani's high-rise south Mumbai home on February 25. Read more

Public participation should be basis of celebrations for India's 75 years of independence: PM Modi

Prime Minister Narendra Modi on Monday said the celebrations for India's 75 years of independence should reflect the spirit of the country's freedom movement and showcase its achievements to the world since 1947. Speaking after the first meeting of the 259-member high-level national committee headed by the prime minister to commemorate 75 years of India's independence, Modi said public participation should be the basis of the celebrations. "It is an opportunity to showcase to the world our achievements since 1947. We need to tell people about the sacrifice of freedom movement heroes," he said after the virtual meeting. Read more

World shares weaken as yields and oil ring inflation alarm

World shares dipped on Monday as the US Senate's passage of a $1.9 trillion stimulus bill put fresh pressure on Treasuries and tech stocks with lofty valuations, raising inflation jitters. These concerns overshadowed the prospect that stimulus would give another boost to the world's No.1 economy, likely helping global growth rebound faster from the Covid-19 downturn. Analysts expect a sharp acceleration in inflation, stoked in part by the latest spike in oil prices, which on Monday climbed above $70 for the first time since the pandemic began. Read more