Top headlines: Mayhem on D-Street, EPFO may cut interest rates, and more

From Bezos entering food delivery biz to SoftBank exec running smear campaigns, here are the top stories for the day

Investors lose Rs 11.4 trillion in 6 days; selling overdone, say analysts

Continuous selling for six sessions in the Indian markets in line with global peers that have tumbled as coronavirus fears escalated has shaken investor confidence and made a serious dent in their portfolios. Total investor wealth, as measured by cumulative market value of all listed stocks on the BSE, has dropped by Rs 11.4 trillion in the past six trading days to Rs 147 trillion – its lowest level since October 16, 2019, exchange data show. Read more.

India's GDP growth at 4.7% in Dec quarter, marginal improvement from Q2

India’s gross domestic product (GDP) growth in the October-December quarter of 2019 (Q3 of FY20) stood at 4.7 per cent, showed official data released by the Central Statistics Office (CSO) on Friday. The rate of the country’s economic growth had stood at a six-year-low of 4.5 per cent in the previous quarter (Q2) and 6.6 per cent in the same quarter a year earlier (Q3 of FY19). India’s GDP growth in full FY19 had stood at 6.8 per cent. Read more.

India's April-January fiscal deficit remains above full-year target

India's fiscal deficit in the first 10 months through January stood at 9.85 trillion rupees ($137.05 billion), or 128.5% of the revised budgeted target for the current fiscal year, government data showed on Friday. Read more.

Core sector grows by 2.2% in January as power generation picks up

Eight core industries recorded a 2.2 per cent growth in January helped by expansion in the production of coal, refinery products and electricity, official data released on Friday showed. Read more.

Cut in the offing? EPFO may cut interest rate to 8.5% for FY20, says report

The Employees' Provident Fund Oragnisation (EPFO) might reduce its interest rate by 15 basis points to 8.5% in FY20. The issue is likely to be taken up at the central board of trustees (CBT) meeting of the EPFO on March 5, says a news report in The Economic Times. Read more.

Jeff Bezos teams up with Narayana Murthy to enter India's food delivery biz

The launch of the service, which would be offered as part of either Amazon’s Prime Now or Amazon Fresh platform, could happen as soon as next month. With this, Amazon will take on estabished players such as Zomato and Swiggy. Read more.

Top SoftBank exec ran smear campaigns against Nikesh Arora, Sama: Report

In a bid to emerge as the probable right-hand man of Masayoshi Son — chief of SoftBank — Rajeev Misra, Softbank's Vision Fund chief, ran a smear campaign to oust top executives Nikesh Arora and Alok Sama, The Wall Street Journal reported. Arora was once seen as the successor of Son. However, Misra wanted the position for himself. Misra runs a $100-billion technology fund that has invested in companies like in Uber, WeWork, Paytm, Oyo, etc. Read more.

US spy agencies monitor COVID-19 spread; concerned about outbreak in India

US intelligence agencies are monitoring the global spread of coronavirus and the ability of governments to respond, sources familiar with the matter said on Thursday, warning that there were concerns about how India would cope with a widespread outbreak. Read more.