Top headlines: Passenger vehicles sales dip; Finance Commission report out

The Bombay High Court refused to grant interim bail to TV journalist Arnab Goswami.

Markets closed at a record high as Democrat Joe Biden’s win in the US election led to a weaker dollar, fuelling hopes for more fund inflows into emerging markets. Here is more on what happened to business today.

Joe Biden win, global cues: Factors behind market hitting new high today

It was literally an early Diwali on Dalal Street on Monday as the stock market scaled an all-time peak in intra-day deals. The optimism was led by firm global cues after Democrat Joe Biden defeated Donald Trump in the US Presidential Elections 2020. The S&P BSE Sensex rallied as much as 752 points, or 1.79 per cent to hit a record high of 42,645.33 levels against Friday's close of 41,893.06. NSE's Nifty, too, hit a fresh record high of 12,474 levels in the intra-day session. Read More...

Passenger vehicle retail sales dip 9% in October on supply woes: FADA

Automobile dealers' body FADA on Monday said passenger vehicle (PV) retail sales in October witnessed a year-on-year decline of 8.8 per cent to 2,49,860 units, as registrations slowed down owing to supply issues. According to the Federation of Automobile Dealers Associations (FADA), which collected vehicle registration data from 1,257 out of the 1,464 regional transport offices (RTOs), PV sales stood at 2,73,980 units in October 2019. Read More...

15th finance commission submits report on tax devolution to Prez Kovind

The 15th Finance Commission submitted its report for 2021-22 to 2025-26 to the President Ram Nath Kovind on Monday. The main task of the Commission is to recommend devolution of the central taxes among the union government and the states. The Commission, headed by former bureaucrat N K Singh, had retained the devolution at the same level in its interim report for 2020-21 as was recommended by the previous Commission, even as at the outset it seemed that it had reduced it. Read More...

HC refuses interim bail to Arnab Goswami, asks him to move lower court

The Bombay High Court on Monday refused to grant interim bail to Republic TV Editor-in-Chief Arnab Goswami and two others in a 2018 case of abetment of suicide of an interior designer. A division bench of Justices S S Shinde and M S Karnik while rejecting the interim bail pleas of Goswami and the two other accused Feroze Shaikh and Nitish Sarda said "no case has been made out for us (court) to exercise our extraordinary jurisdiction". With the high court refusing interim bail to Goswami, his stay at the Taloja jail will be extended. Read More...

Demand for Covid-19 drug Remdesivir rising sharply in India, says Cipla

Demand for COVID-19 antiviral drug remdesivir is rising sharply in India, a top executive at drugmaker Cipla Ltd said on Monday, even as experts remain divided over its effectiveness. Remdesivir was developed by U.S. drugmaker Gilead Sciences Inc , which cut its 2020 revenue forecast last month, citing lower-than-expected demand and difficulty in predicting sales of the treatment. Cipla is among several firms licensed to make and sell generic versions in developing nations. Read More...