Top headlines: Modi warns against second Covid-19 wave, speaks to CMs

Business Standard brings you a snapshot of news pieces which made it to the headlines today

1. PM Modi warns CMs of emerging 'second peak' of Covid, calls for 'decisive steps'

At his meeting with chief ministers, Prime Minister Narendra Modi on Wednesday expressed concern over rising coronavirus cases in the some states and called for "quick and decisive steps".

"India's fight against Covid is being cited as an example in world, our recovery rate is over 96% and fatality rate among the lowest," Modi told chief ministers. Read more here... 

2. Govt favours retaining RBI's 2%-6% inflation band: Report

India’s government is likely to leave the inflation targeting band for its central bank unchanged, according to people familiar with the matter, while policy makers remain focused on rising prices amid the rebound from the pandemic.

A consumer-price inflation band tracked by the Reserve Bank of India is likely to be retained at the current 2%-6% range, said the people, who asked not to be identified citing rules before the framework is finalized by March 31.  Read on...

3. Anil Agarwal sweetens offer for Vedanta Ltd shares by 47%

Anil Agarwal, billionaire founder of the Vedanta Group, has pledged his stake in a cash-rich Indian unit to help sweeten terms for a takeover attempt that’s key to his debt-repayment plans.

London-based Vedanta Resources Ltd. will now seek to buy 17.51% of Mumbai-listed Vedanta Ltd. at 235 rupees ($3.24) a share, it said in an exchange filing Tuesday. Read on...

4. Analysts see the tide turning for Reliance Industries stock

Despite a massive underperformance at the bourses since the last six months, analysts are turning optimistic on Reliance Industries (RIL). Those at Jefferies, for instance, say that the company is a proxy play for India’s consumption growth story. Read on...

5. CBDT may take measures to correct withholding tax anomaly for FPIs

The government is expected to maintain a status quo on the withholding tax for foreign portfolio investors (FPIs) on the interest they earn on rupee-denominated bonds, currently at 5 per cent, going into the next financial year.

An amendment last year through Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 had inadvertently deleted the special provision for the concessional withholding rate for FPIs on the interest they earn on rupee-denominated bonds issued by Indian firms and government securities. Read on...