Top headlines: Trump sues in 3 states, Saudi fund to invest in RIL unit

From S&P downgrading Tata Motors to Trump suing in 3 states to contest US election result, Business Standard brings you top news of the evening

Trump sues in 3 states to contest election results as Biden stays ahead

As Democrat Joe Biden inched closer to the 270 Electoral College votes needed to win the White House, President Donald Trump's campaign put into action the legal strategy the president had signaled for weeks: attacking the integrity of the voting process in states where the result could mean his defeat. Democrats scoffed at the legal challenges the president's campaign filed Wednesday in Pennsylvania, Michigan and Georgia. In spite of the aggressive move, the flurry of court action did not seem obviously destined to impact the election's outcome. Read More...

Saudi Public Investment Fund to invest Rs 9,555 crore in Reliance Retail

Reliance Industries said on Thursday Saudi Arabia’s Public Investment Fund will put in Rs 9,555 crore (approximately $1.3 billion) in its retail arm for an for an equity stake of 2.04 per cent. This investment values Reliance Retail Ventures Limited (RRVL) at a pre-money equity value of Rs 4.587 trillion (approximately $62.4 billion), said the Indian company. Read More...

Loan moratorium: RBI urges SC to lift order banning declaration of NPAs

The RBI Thursday urged the Supreme Court to lift its interim order, which held that accounts not declared as non-performing assets till August 31 this year are not to be declared NPAs till further orders, saying it is facing difficulty due to the directive. In a relief to stressed borrowers who are facing hardships due to the impact of COVID-19 pandemic, the apex court had passed the interim order on September 3. Read More...

Covid-19 impact: S&P downgrades Tata Motors outlook to negative from stable

Rating agency S&P Global Ratings has downgraded the outlook for Tata Motors to negative from stable on account of a slower than expected recovery in company’s operational performance, it said in a statement on Thursday. The negative outlook, it said, reflects the risk that the continued impact of the Covid-19 pandemic on the global automotive market could disrupt the recovery we expect in Tata Motors' volumes and earnings over the next 12-24 months. Read More...

Mutual funds see record outflow in October; may turn net sellers in 2020

Mutual funds continued their selling spree for the fifth straight month in October, pulling out Rs 14,344 crore from the equity markets during the month, as per Sebi data. This is the highest single-month withdrawal since March 2016 when they had pulled out Rs 10,198 crore. Thus far in the calendar year 2020 (CY20), mutual funds’ net inflows stand at Rs 2,671 crore. If the pace of withdrawal continues, they are likely to turn net sellers for the first time in seven years. Earlier, in CY13, mutual funds had sold equities to the tune of Rs 21,082 crore. Read More...