Photo: Mint
Photo: Mint

Flipkart picks up 7.8% stake in ABFRL

  • Aditya Birla Fashion and Retail Ltd approved the raising of Rs1,500 crore by way of preferential issue to Flipkart Group. The equity capital will be raised at Rs205 per share, the company said in a filing to the NSE

Sashidhar Jagdishan will take charge of HDFC Bank on 27 October in one of the most-watched corner office changes in corporate India. He replaces founder CEO Aditya Puri
Sashidhar Jagdishan will take charge of HDFC Bank on 27 October in one of the most-watched corner office changes in corporate India. He replaces founder CEO Aditya Puri

Inside HDFC Bank’s old-new playbook

Incoming CEO Sashidhar Jagdishan inherits a bank in fine fettle. Where will he take it from here?

Future Group founder Kishore Biyani.  (Mint)
Future Group founder Kishore Biyani. (Mint)

Amazon  open to bailing out  Future Group

  • Amazon, along with private equity fund Samara Capital, acquired the supermarket chain, More, from the Aditya Birla Group in 2018
  • Amazon’s offer to help Future stems from the concern that the RIL-Future deal may significantly increase the competition for Amazon in India

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The phase-2 trial of the Covaxin is going on and the second dose is yet to be given to volunteers at some sites. (AFP)
A health worker wearing PPE kit collects samples for COVID-19 tests, at market in Bengaluru (PTI)
A health worker wearing PPE kit collects samples for COVID-19 tests, at market in Bengaluru (PTI)

Active covid cases in India fall below 7 lakh as nearly 74,000 recover in a day

  • The number of coronavirus infections reported in a span of 24 hours remained below 60,000 for the fifth consecutive day on Friday
  • The covid-19 caseload mounted to 7,761, 312 with 54,366 new infections being reported in a day, while the death toll climbed to 11,73,06 with 690 more fatalities.

At close on Thursday, the Sensex was down 148.82 points or 0.37% at 40558.49, and the Nifty was down 41.20 points or 0.35% at 11896.50.
At close on Thursday, the Sensex was down 148.82 points or 0.37% at 40558.49, and the Nifty was down 41.20 points or 0.35% at 11896.50.
LIVE UPDATES

Market LIVE: Sensex up 100 points, Nifty above 11,900; Tata Steel top gainer

  • Tech Mahindra, Nestle India, Yes Bank, ICICI Lombard General Insurance Company, IDBI Bank, JSW Steel, Persistent Systems, Wabco India are among the 38 companies scheduled to announce their September quarter results today

Ambuja Cement's cost control measures give a boost to its operating performance
Flipkart will own 7.8% equity stake in Aditya Birla Fashion and Retail Limited. (REUTERS)

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Chinese President Xi Jinping. (AP)
Chinese President Xi Jinping. (AP)

China warns on ‘red lines’ in remembering its only war with US

  • The Korean War remains the only time China has gone to war with the US, which was commanding United Nations forces in the 1950-1953 conflict
  • Some Chinese online have drawn analogies between the Korean War and China’s current battle for self-sufficiency in technology

Festival organizers wearing face masks to prevent the spread of the coronavirus wait for artisans to complete work on a clay idol of Hindu goddess Durga, ahead of Durga Puja festival in Kolkata, Wednesday. (AP)
If the spouse possesses technical or professional qualifications and the income is solely attributable to the application of his or her technical or professional knowledge and experience, such income cannot be clubbed. Photo: Hindustan Times
If the spouse possesses technical or professional qualifications and the income is solely attributable to the application of his or her technical or professional knowledge and experience, such income cannot be clubbed. Photo: Hindustan Times

Income tax rules, exclusions for clubbing income of minor child and spouse

If the minor child is suffering from any disability of any nature specified under Section 80U of the Income Tax Act, the income cannot be clubbed.

At close on Thursday, the Sensex was down 148.82 points or 0.37% at 40558.49, and the Nifty was down 41.20 points or 0.35% at 11896.50. (Photo: Mint)
At close on Thursday, the Sensex was down 148.82 points or 0.37% at 40558.49, and the Nifty was down 41.20 points or 0.35% at 11896.50. (Photo: Mint)

Stocks to Watch: HFCs, banks, SBI Cards and Payment, ONGC

  • Tech Mahindra, Nestle India, Yes Bank, ICICI Lombard General Insurance Company, IDBI Bank, JSW Steel, Persistent Systems, Wabco India are among the 38 companies scheduled to announce their September quarter results today

Fire broke at a mall in Nagpada area in Mumbai
Gold rates today: On MCX, prices edged higher to  ₹50,845 per 10 gram
US President Donald Trump speaks during the final presidential debate at Belmont University in Nashville, Tennessee.  (AFP)
Remdesivir or Veklury is approved for people at least 12 years old and weighing at least 40 kilograms who need hospitalization for their coronavirus infection. (REUTERS)
Remdesivir or Veklury is approved for people at least 12 years old and weighing at least 40 kilograms who need hospitalization for their coronavirus infection. (REUTERS)

US health regulator approves first treatment for Covid-19

  • Remdesivir or Veklury is now the first and only approved Covid-19 treatment in the United States
  • Veklury is approved for people at least 12 years old and weighing at least 40 kilograms

President Donald Trump.  (AP)
A file photo of Dabolim Airport in Goa.
A file photo of Dabolim Airport in Goa.

Passenger claims 'terrorist' onboard Air India's Delhi-Goa flight

  • A passenger created panic on- board Air India's Delhi-Goa flight when he claimed presence of a 'terrorist' in the aircraft
  • The officer attached to the Dabolim Airport Police Station stated that the passenger, Zia Ul Haq, said to be mentally unsound, was arrested after the flight landed

A pedestrian wearing a face covering walks under power cables near the Bombay Stock Exchange (BSE) building stands in the background in Mumbai. (Bloomberg)
A pedestrian wearing a face covering walks under power cables near the Bombay Stock Exchange (BSE) building stands in the background in Mumbai. (Bloomberg)

Markets may sustain rally

  • Sectors such as real estate, technology are among the best bets, the investors said at Mint’s Pivot or Perish series panel discussion
  • Experts expect global liquidity flow into equities to continue for some more time, and India will be a beneficiary of that

President Donald Trump, left, and Democratic presidential candidate former Vice President Joe Biden, right, during the second and final presidential debate  (AP)
Kerala Chief Minister Pinarayi Vijayan. (PTI)
Deepak Jasani of HDFC Securities shares his top picked large cap companies for decent returns over the next few quarters. (REUTERS)
Dubai launches the Palm Fountain in a bid to break a Guinness World Record as the worlds' largest fountain, at Palm Jumeirah. (AFP)
Dubai launches the Palm Fountain in a bid to break a Guinness World Record as the worlds' largest fountain, at Palm Jumeirah. (AFP)

Dubai sets record for world's biggest fountain

  • The Palm Fountain was crowned the Guinness World Record holder for the world's largest fountain
  • Located at The Pointe in Dubai's waterfront Palm Jumeirah area, the glitzy Palm Fountain was unveiled in a launch that was live-streamed around the world

Construction of a mass transit train line in progress with heavy infrastructure. This photo shows the progress in joining the various blocks/modules of the line with heavy equipment.
Construction of a mass transit train line in progress with heavy infrastructure. This photo shows the progress in joining the various blocks/modules of the line with heavy equipment.

The real reason that all eyes are on Stimulus 3.0

The government’s last two packages in support of India’s economy were far too modest and indirect to achieve much. A third roll-out, expected soon, could make up for those deficiencies

Before choosing an FD, you should compare the interest rates on offer.
Before choosing an FD, you should compare the interest rates on offer.

Compare your bank fixed deposit rates

  • Over-exposure to FDs is not good, and you need to assess your asset allocation and goals to decide how much money you should park in them
  • Before choosing an FD, you should compare the interest rates on offer

U.S. President Trump and first lady Melania Trump arrive at Nashville International Airport. (REUTERS)
The spate of buyout deals in the sector is being driven by the convergence of several macro trends (Mint)
The spate of buyout deals in the sector is being driven by the convergence of several macro trends (Mint)

Pharma promoters look to cash in on PE buyout frenzy

  • At least three promoters are seeking to sell majority stakes to PE funds, according to three people aware of the developments
  • KKR’s $414 mn acquisition of JB Chemicals and Pharmaceuticals Ltd is the biggest buyout deal this year, followed by Carlyle’s $210 mn acquisition of SeQuent Scientific Ltd

Despite this bullish trend, one question that is bothering investors is that whether this rally will sustain or not?
Corporate Business, Indian, Office - Group of staff members clapping after the annual report presentation by a female businesswoman
Food and beverages now account for 39% of the consumption basket from 46.2% earlier. (Mint)
Nearly all of Europe still bans most U.S. travelers, while the UK allows Americans to visit but requires a two-week quarantine upon arrival. (Bloomberg)
Nearly all of Europe still bans most U.S. travelers, while the UK allows Americans to visit but requires a two-week quarantine upon arrival. (Bloomberg)

Major airline groups push for end to coronavirus quarantines, travel bans

  • The groups, which include the International Air Transport Association, Airlines for America, the U.S. Chamber of Commerce, airline unions and the US Travel Association
  • They called on the Trump administration, state governors and international partners 'to pursue a risk-based and data-driven approach to COVID-19 testing'

India’s top selling SUVs include Hyundai’s Creta.  (Pradeep Gaur)
Walmart is also seeking to clarify its legal rights and duties under the Controlled Substance Act. (AP)
Walmart is also seeking to clarify its legal rights and duties under the Controlled Substance Act. (AP)

Walmart sues US in pre-emptive strike in opioid abuse battle

  • Walmart says it is seeking a declaration from a federal judge that the government has no lawful basis for seeking civil damages from the company
  • Walmart operates more than 5,000 pharmacies in its stores around the country.

Significant consolidation and regulatory relaxations will improve consumption in real estate.ramesh pathania/mint
RBI took over the regulation of mortgage lenders last August.
RBI took over the regulation of mortgage lenders last August.

RBI revises norms for housing finance firms

  • Home financiers will now be regulated as a category of non-banking financial companies (NBFCs)
  • RBI set a three-month deadline for mortgage lenders to submit a board-approved plan to meet these criteria, along with a timeline for transition

Thanks to Google, our existing hypochondria has been fanned in ambient conditions of uncertainty (Bloomberg)
Thanks to Google, our existing hypochondria has been fanned in ambient conditions of uncertainty (Bloomberg)

Coronavirus and the web have made self-doctors of us

We all seem to fancy ourselves as doctors nowadays, looking up medical advice on the internet. Signs of it existed earlier, but we now appear to be getting paranoid about our health

Former promoters of DHFL have agreed to settle dues if insolvency cases are withdrawn.
Former promoters of DHFL have agreed to settle dues if insolvency cases are withdrawn.

Key debtors vow to pay, but banks are wary

  • Lenders are staring at huge haircuts in the resolution processes of DHFL and Videocon group
  • The promoters of DHFL have proposed to transfer the rights, title and interest in at least 10 projects valued at 43,879 crore

A file photo of Tesla Inc CEO Elon Musk. (REUTERS)
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