Red-hot rally: BSE firms' market capitalisation crosses Rs 200 trillion
The sum of the market value of BSE-listed companies crossed Rs 200 trillion for the first time, on Thursday. The feat comes a day after the S&P BSE Sensex closed above the coveted 50,000-mark. The Sensex, on Thursday, ended at 50,614.29, up 358.54 points.
How RBI plans to revive PMC Bank through a three-pronged strategy
If the revival formula works as planned, it will be the first time in recent years that the Deposit Insurance and Credit Guarantee Corporation (DICGC) will have been roped in for the revival of a stressed bank. Read more
Chinese steel mills may gain from customs duty cut announced in Budget
Chinese steel mills may stand to gain from the cut in customs duty announced by the finance minister in the budget. Spiraling steel prices led the government to cut customs duty by 2.5-5.5 per cent on a range of products from semi-finished to flat and long products for the benefit of MSMEs, that have been at the receiving end.
However, it may have an unintended beneficiary, which is China. Read more
PhonePe distributes ESOPs worth Rs 1,500 crore among all employees
Walmart-owned digital payments firm PhonePe has distributed ESOPs (employee stock ownership plans) worth $200 million (about Rs 1500 crore) among its 2,200 employees. This after the company recently raised $700 million in primary capital at a post-money valuation of $5.5 billion from the existing Flipkart investors, including Tiger Global, led by Walmart. Read more
Budget 2021 has heated up the bond market. This is how RBI can cool it down
There was a sharp rise in yields on government bonds after Finance Minister Nirmala Sitharaman announced high borrowing numbers in her Budget for 2021-22. Now, the Reserve Bank of India (RBI) may be prompted to unveil measures to cool the yields down in order to keep the cost of funds in check. Read more
1 in 5 Indians has been exposed to coronavirus, shows serosurvey
The third national serosurvey has shown that 21.5 per cent of the population has been exposed to Covid-19. The Indian Council of Medical Research said the highest prevalence was found to be in the urban slums with more than 31 per cent of the population showing Covid antibodies. Among the age groups, 25 per cent of those in the 10-17 years old were exposed to the virus, according to the survey. Read more
Average HNI earns Rs 50-lakh interest that's tax free: Govt defends PF move
Amid backlash over the Budget proposal to tax the interest earned from provident fund contribution of over Rs 2.5 lakh a year, the government on Thursday reiterated that the move is aimed at preventing high-net-worth individuals (HNIs) depositing large sums “in a scheming manner” at the cost of salaried class taxpayers to earn assured and tax-exempt returns. Read more