Top headlines: BSE firms' m-cap tops Rs 200 trn, RBI's plan to revive PMC

Walmart-owned digital payments firm PhonePe has distributed ESOPs (employee stock ownership plans) worth $200 million among its 2,200 employees. Read top news with Business Standard

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.

The combined market capitalisation of the National Stock Exchange of India-listed companies was a shade lower at Rs 199.1 trillion, based on Thursday's closing. Read more

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