Top headlines: Sensex on record high; regulations for streaming industry

From Sensex crossing 46,000 amid record FPI flows to Sterling & Wilson eyeing 50 Gw of projects in renewable energy space, here are top headlines this morning

With no stopping the bull, Sensex crosses 46,000 amid record FPI flows

There seems to be no stopping the market bulls. The benchmark Sensex on Wednesday topped the 46,000 mark amid relentless buying by foreign portfolio investors (FPIs). Gaining for a seventh consecutive session, the gauge for the performance of the country’s leading 30 stocks rose 1.1 per cent, or 495 points, to end at 46,103. Read More

Rs 8,000 cr online streaming industry stares at regulatory challenges

A kiss, a love story, meat on the table? It's not clear what can offend people's sensibilities. They are all over social media, filing public interest litigation (PILs) and are issuing calls to ban, maim or kill a film, show, or a celebrity every other day. Will a content code stop them? Should we be afraid that the regulation their clamour pushes through will inhibit the wonderfully different programming on offer by streaming brands such as Netflix, Amazon Prime Video or Voot? Why aren’t Google, Facebook, YouTube et al a part of this regulatory sweep? Read More

Cabinet approves setting up of public Wi-Fi networks across India

To ensure seamless digital connectivity at affordable rates, the Union government on Wednesday approved a proposal to set up public Wi-Fi networks across the country, which will be called PM Wi-Fi Access Network Interface, or PM-WANI. “The Cabinet has taken a decision to launch PM Wi-Fi Access Network Interface to unleash a massive network in the country. Public data centres will be opened in the country. There will be no licence, fee or registration for it,” Information Technology & Telecom Minister Ravi Shankar Prasad told reporters on Wednesday. Read More

Review panel asks vaccine makers to submit more data to get authorisation

The wait for the Covid-19 vaccine just got a bit longer for India as two key players were told on Wednesday that their clinical trial data was inadequate for a fast-track approval. At a virtual review meeting, spread through the day, the subject expert committee (SEC) asked vaccine makers Bharat Biotech International (BBIL) and Serum Institute of India (SII) to come back with more data for getting an accelerated marketing authorisation. Read More

Farmers reject Centre's offer of written assurance on MSP, changes in acts

Farmers on Wednesday rejected the Centre's offer of making some key changes to the three farm Acts, along with a written assurance on continuing with the current minimum support price-based procurement system, further prolonging the stalemate. The Centre, in its proposals communicated in writing to the farmers, also suggested a raft of changes to the new farm Acts, such as power to states to register and charge levy on private mandis outside the regulated agricultural produce market committees (APMCs). Read More

Sterling & Wilson eyeing 50 Gw of projects in renewable energy space

Shapoorji Pallonji group entity Sterling & Wilson Solar is looking at 50 Gw of projects in the renewable energy space for taking up EPC (equipment, procurement and construction) works. In an interview to Business Standard, its global Chief Executive Officer Bikesh Ogra said the low tariffs in solar space did not pose any threat to the use of better technology by developers as costs have been reducing. Ogra said the restrictions on Chinese imports had not impacted projects much. Read More

Will take decision on staying invested in India soon: AirAsia CEO Fernandes

AirAsia will soon take a decision on whether the airline wants to stay invested in India or expand in Southeast Asia, the Group's Chief Executive Officer Tony Fernandes said on Wednesday. AirAsia Berhad and Tata Sons run a joint venture airline in India. While the Indian venture has not made a profit since its inception in 2014, the Covid-19 crisis has forced the Malaysia-based AirAsia group to review its investment in the country. Read More

Facebook India revenue jumps 43%, total expenses at Rs 1,046 cr in FY20

Facebook India Online Services, which operates a social networking website, reported its revenues for the financial year 2019-20 at Rs 1,277 crore. This is a 43 per cent jump since the last financial year, show regulatory documents sourced from business intelligence platform Tofler. Read More

Indian banks risk Rs 12-trn hit till 2024 from Covid-19: McKinsey

Global strategy consultancy firm McKinsey has estimated that banks in India could face a potential hit of Rs 12 trillion till 2024 from the fallout of the Covid-19 pandemic — with revenue foregone estimated at Rs 5.5 trillion and loan loss provisions about Rs 6.7 trillion. The crisis of 2008 came from within the financial services industry, but the current one has affected the real economy and banks are economically afflicted alongside other sectors. Read More