Royal Dutch Shell's profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company's retail network and trading business helped cushion the blow.

Shell's profit slumps in 2020 as the pandemic bites

PayPal is set to wind down domestic payments business in India in a few months. In a statement on Friday, PayPal said that it plans to wind down domestic business by April 1 this year. PayPal will now focus on cross-border payment business.

This means that global customers will be able to pay Indian merchants using the service.

"From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India," the company said.

"This means we will no longer offer domestic payment services within India from 1 April."

PayPal has been one of the pioneering payment solutions started by Elon Musk decades ago. However, with number of payment solutions coming up over years, PayPal has seen its primacy in the markets go away.

(With Reuters inputs)

PayPal is set to wind down domestic payments business in India in a few months. In a statement on Friday, PayPal said that it plans to wind down domestic business by April 1 this year.

PayPal is set to wind down domestic payments business in India in a few months. In a statement on Friday, PayPal said that it plans to wind down domestic business by April 1 this year. PayPal will now focus on cross-border payment business. This means that global customers will be able to pay Indian merchants using the service. "From 1 April 2021, we will focus all our attention on enabling more international sales for Indian businesses, and shift focus away from our domestic products in India," the company said. "This means we will no longer offer domestic payment services within India from 1 April." PayPal has been one of the pioneering payment solutions started by Elon Musk decades ago. However, with number of payment solutions coming up over years, PayPal has seen its primacy in the markets go away. (With Reuters inputs)

PayPal to wind down domestic business in India

Samsung Electronics Co Ltd is considering Austin, Texas, as one of the sites for a new $17 billion chip plant that the South Korean firm said could create 1,800 jobs, according to documents filed with Texas state officials.

Samsung considers Austin for $17 billion chip plant, eyes tax breaks of at least $806 million

The BSE <a href="https://www.wionews.com/business-economy/sensex-ends-above-50600-mark-for-the-first-time-nifty-nears-15000-361379">Sensex</a> surged 216.47 points to reach 50,830.76 in early trade on Friday with the Nifty rose 73.30 points to 14,968.95 after closing at a fresh lifetime peak of 50,687.51 on Thursday.

The 30-share BSE Sensex briefly touched the 51,000-level.

The top gainers on Friday were IndusInd Bank, &nbsp;Kotak Bank, SBI, HDFC, ONGC and Axis Bank with 22 shares trading in the green.

The Reserve Bank is scheduled to announce its bi-monthly monetary policy decision in a short.

The Nifty had ended at 14,896 eyeing the 15,000 mark, the index had hit a lifetime high of 14,914 in the intra-day trade on Thursday. ITC was the top gainer in the Sensex jumping over 6 per cent with UltraTech Cement, SBI, &nbsp;Kotak Bank, Bajaj Finserv, NTPC, Bajaj Finance.

SBI stocks had climbed 5.73 per cent on Thursday, however, IndusInd Bank, Asian Paints, Bharti Airtel, Tech Mahindra, Titan and Infosys were the losers on the day.

The BSE Sensex surged 216.47 points to reach 50,830.76 in early trade on Friday with the Nifty rose 73.30 points to 14,968.95 after closing at a fresh lifetime peak of 50,687.

The BSE Sensex surged 216.47 points to reach 50,830.76 in early trade on Friday with the Nifty rose 73.30 points to 14,968.95 after closing at a fresh lifetime peak of 50,687.51 on Thursday. The 30-share BSE Sensex briefly touched the 51,000-level. The top gainers on Friday were IndusInd Bank, Kotak Bank, SBI, HDFC, ONGC and Axis Bank with 22 shares trading in the green. The Reserve Bank is scheduled to announce its bi-monthly monetary policy decision in a short. The Nifty had ended at 14,896 eyeing the 15,000 mark, the index had hit a lifetime high of 14,914 in the intra-day trade on Thursday. ITC was the top gainer in the Sensex jumping over 6 per cent with UltraTech Cement, SBI, Kotak Bank, Bajaj Finserv, NTPC, Bajaj Finance. SBI stocks had climbed 5.73 per cent on Thursday, however, IndusInd Bank, Asian Paints, Bharti Airtel, Tech Mahindra, Titan and Infosys were the losers on the day.

Sensex jumps over 200 points, touches 51,000 level for first time

Israeli's top business chamber, the Federation of Israeli Chambers of Commerce (FICC) has extended strong support to a free trade agreement (FTA) with India.

Uriel Lynn, President of the Federation of Israeli Chambers of Commerce in response to a question by WION said, "You can export to Israel as much you can, as much you want...we would like to see a free trade agreement with India because our economy is based on free competition.... You don't have to worry about Israel. We are not such a big country, you are a big country".

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/extracting-potable-water-from-air-this-israeli-firm-in-gaza-is-turning-air-into-drinking-water-354882/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

FICC, more than 100 years old was formed in 1919 is the country's largest business organization. &nbsp;"Many many Israeli countries would like to invest in India, you are a big market", Uriel Lynn pointing out to sectors like agriculture, cyber, water resources where Israel has a strong footprint.

India is Israel's third-largest trade partner in Asia and seventh largest globally. Bilateral trade has diversified into several sectors such as pharmaceuticals, agriculture, IT and telecom, and homeland security.

Even as high-level political engagement increased between the 2 countries, the focus is increasingly on business and investment. During PM Modi’s famous visit in July 2017, the first meeting of the newly established India-Israel CEOs Forum took place. The second meeting of the forum took place during PM Netanyahu’s visit to India. 
&nbsp;

Israeli's top business chamber, the Federation of Israeli Chambers of Commerce (FICC) has extended strong support to a free trade agreement (FTA) with India. Uriel Lynn, President of the Federation of Israeli Chambers of Commerce in response to a question by WION said, "You can export to Israel as much you can, as much you want.

Israeli's top business chamber, the Federation of Israeli Chambers of Commerce (FICC) has extended strong support to a free trade agreement (FTA) with India. Uriel Lynn, President of the Federation of Israeli Chambers of Commerce in response to a question by WION said, "You can export to Israel as much you can, as much you want...we would like to see a free trade agreement with India because our economy is based on free competition.... You don't have to worry about Israel. We are not such a big country, you are a big country". Watch | FICC, more than 100 years old was formed in 1919 is the country's largest business organization. "Many many Israeli countries would like to invest in India, you are a big market", Uriel Lynn pointing out to sectors like agriculture, cyber, water resources where Israel has a strong footprint. India is Israel's third-largest trade partner in Asia and seventh largest globally. Bilateral trade has diversified into several sectors such as pharmaceuticals, agriculture, IT and telecom, and homeland security. Even as high-level political engagement increased between the 2 countries, the focus is increasingly on business and investment. During PM Modi’s famous visit in July 2017, the first meeting of the newly established India-Israel CEOs Forum took place. The second meeting of the forum took place during PM Netanyahu’s visit to India.

Israel's top business chamber bats for FTA with India

The central bank had slashed the repo rate by 115 basis points since late March 2020 to support growth

India's central bank to keep repo rate unchanged at 4%

Indian equities managed to eke out modest gains, ending higher for the fifth straight session after hitting record highs in early trade. &nbsp;

The S&amp;P BSE Sensex ended 0.2% higher at 50,731 after crossing the 51,000 mark earlier in the day. &nbsp;

The NSE Nifty 50 too briefly traded above the 15,000 mark, making an intraday high of 15,014. The index ended 0.2% higher at 14,924. &nbsp;

For the week, both the benchmark indices were up 9.5% - their best weekly advance since April last year.&nbsp;

Among stocks, government-owned State Bank of India moved up by 11.3 per cent to Rs 395.30 per share. &nbsp;

Kotak Mahindra Bank ticked up by 4.1 per cent and HDFC Bank by 1.1 per cent. The other major gainers were Tata Steel, Dr Reddy, Cipla, ITC and Hindustan Unilever. However, Bharti Airtel dipped by 2.7 per cent to Rs 584.40 per share and Tata Motors skidded by 2.3 per cent. &nbsp;

Axis Bank dropped by 3 per cent, ICICI Bank by 1.7 per cent, Tata Motors by 2.3 per cent, Maruti Suzuki by 1.8 per cent and GAIL by 1.4 per cent.&nbsp;

Meanwhile, Asian shares were in the green with Japan`s Nikkei gaining by 1.54 per cent. Hong Kong stocks saw the best weekly show in three months on mainland demand with Hang Seng index up by 0.6 per cent and South Korea`s Kospi by 1.07 per cent. &nbsp;

(With inputs from agencies)&nbsp;

Indian equities managed to eke out modest gains, ending higher for the fifth straight session after hitting record highs in early trade. The S&P BSE Sensex ended 0.

Indian equities managed to eke out modest gains, ending higher for the fifth straight session after hitting record highs in early trade. The S&P BSE Sensex ended 0.2% higher at 50,731 after crossing the 51,000 mark earlier in the day. The NSE Nifty 50 too briefly traded above the 15,000 mark, making an intraday high of 15,014. The index ended 0.2% higher at 14,924. For the week, both the benchmark indices were up 9.5% - their best weekly advance since April last year. Among stocks, government-owned State Bank of India moved up by 11.3 per cent to Rs 395.30 per share. Kotak Mahindra Bank ticked up by 4.1 per cent and HDFC Bank by 1.1 per cent. The other major gainers were Tata Steel, Dr Reddy, Cipla, ITC and Hindustan Unilever. However, Bharti Airtel dipped by 2.7 per cent to Rs 584.40 per share and Tata Motors skidded by 2.3 per cent. Axis Bank dropped by 3 per cent, ICICI Bank by 1.7 per cent, Tata Motors by 2.3 per cent, Maruti Suzuki by 1.8 per cent and GAIL by 1.4 per cent. Meanwhile, Asian shares were in the green with Japan`s Nikkei gaining by 1.54 per cent. Hong Kong stocks saw the best weekly show in three months on mainland demand with Hang Seng index up by 0.6 per cent and South Korea`s Kospi by 1.07 per cent. (With inputs from agencies)

Sensex ends above 50,700 for the first time, Nifty tops 14900, indices log record closing 

General Motors Co became the latest automaker hit by the global shortage of semiconductor chips as the U.S. automaker said on Wednesday it will take down production next week at four assembly plants.

GM hit by chip shortage, to cut production at four plants

Companies in the UK that had directly been selling their produce to customers within the EU are not facing the brunt. Brexit has created many unforced hurdles for them and a British based cheese company is considering shifting a large chunk of its investments to France.

British companies facing hurdles post Brexit

Denmark approved a plan on Thursday to build the world`s first energy island in the North Sea that will produce and store enough green energy to cover the electricity needs of 3 million European households. 
 
The artificial island, which in its initial phase will be the size of 18 football fields, will be linked to hundreds of offshore wind turbines and will supply both power to households and green hydrogen for use in shipping, aviation, industry and heavy transport. 
 
The move came as the European Union unveiled plans to transform its electricity system to rely mostly on renewable energy within a decade and increase its offshore wind energy capacity 25-fold by 2050. 
 
"This is truly a great moment for Denmark and for the global green transition," Energy Minister Dan Jorgensen told a press briefing. 
 
"(The island) will make a big contribution to the realisation of the enormous potential for European offshore wind," he said. 
 
The energy island, which will cost around 210 billion Danish crowns ($33.9 billion) to build, is an important part of Denmark`s legally binding target to cut greenhouse gas emissions by 70% by 2030 from 1990 levels, one of the world`s most ambitious. 
 
The Nordic country, home to wind turbine maker Vestas and offshore wind farm developer Orsted, was with its favourable wind speeds a pioneer in both onshore and offshore wind, building the world`s first offshore wind farm almost 30 years ago. 
 
In December, it decided to halt the search for oil and gas in the Danish part of the North Sea and hopes instead to make it a hub for renewable energy and carbon storage. 
 
The island, to be located 80 kilometres off Denmark`s west coast, and its surrounding wind turbines will have an initial capacity of 3 gigawatt and be operational around 2033. 
 
Denmark also has plans for an energy island in the Baltic Sea. The state will hold a controlling stake in both islands.

Denmark approved a plan on Thursday to build the world`s first energy island in the North Sea that will produce and store enough green energy to cover the electricity needs of 3 million European households.

Denmark approved a plan on Thursday to build the world`s first energy island in the North Sea that will produce and store enough green energy to cover the electricity needs of 3 million European households. The artificial island, which in its initial phase will be the size of 18 football fields, will be linked to hundreds of offshore wind turbines and will supply both power to households and green hydrogen for use in shipping, aviation, industry and heavy transport. The move came as the European Union unveiled plans to transform its electricity system to rely mostly on renewable energy within a decade and increase its offshore wind energy capacity 25-fold by 2050. "This is truly a great moment for Denmark and for the global green transition," Energy Minister Dan Jorgensen told a press briefing. "(The island) will make a big contribution to the realisation of the enormous potential for European offshore wind," he said. The energy island, which will cost around 210 billion Danish crowns ($33.9 billion) to build, is an important part of Denmark`s legally binding target to cut greenhouse gas emissions by 70% by 2030 from 1990 levels, one of the world`s most ambitious. The Nordic country, home to wind turbine maker Vestas and offshore wind farm developer Orsted, was with its favourable wind speeds a pioneer in both onshore and offshore wind, building the world`s first offshore wind farm almost 30 years ago. In December, it decided to halt the search for oil and gas in the Danish part of the North Sea and hopes instead to make it a hub for renewable energy and carbon storage. The island, to be located 80 kilometres off Denmark`s west coast, and its surrounding wind turbines will have an initial capacity of 3 gigawatt and be operational around 2033. Denmark also has plans for an energy island in the Baltic Sea. The state will hold a controlling stake in both islands.

Denmark to create world's first energy island in the North Sea

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&amp;M helped the benchmark S&amp;P BSE Sensex scale a fresh lifetime peak of 50,687.51 level. At close, the index was 358.54 points, or 0.71 per cent, up at 50,614 levels.

The broader Nifty50, on the other hand, continued its march towards the crucial 15,000-mark and ended at a new closing high of 14,896 levels, up 106 points or 0.7 per cent. The index hit a lifetime high of 14,914 in the intra-day trade today.

Global cues

Stocks dipped on Thursday as a spike in short-term Chinese interest rates fanned worries about policy tightening in the world’s second-largest economy.&nbsp;

MSCI's ex-Japan Asian-Pacific index fell 1.2 per cent, led by drops in South Korea and China, while Japan's Nikkei lost 1.1 per cent.

In Europe, shares paused after a three-day rally. The STOXX 600 index was flat in early trading, while Milan's FTSE MIB index fell 0.2 per cent.&nbsp;

(With inputs from Reuters)

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&M helped the benchmark S&P BSE Sensex scale a fresh lifetime peak of 50,687.

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&M helped the benchmark S&P BSE Sensex scale a fresh lifetime peak of 50,687.51 level. At close, the index was 358.54 points, or 0.71 per cent, up at 50,614 levels. The broader Nifty50, on the other hand, continued its march towards the crucial 15,000-mark and ended at a new closing high of 14,896 levels, up 106 points or 0.7 per cent. The index hit a lifetime high of 14,914 in the intra-day trade today. Global cues Stocks dipped on Thursday as a spike in short-term Chinese interest rates fanned worries about policy tightening in the world’s second-largest economy. MSCI's ex-Japan Asian-Pacific index fell 1.2 per cent, led by drops in South Korea and China, while Japan's Nikkei lost 1.1 per cent. In Europe, shares paused after a three-day rally. The STOXX 600 index was flat in early trading, while Milan's FTSE MIB index fell 0.2 per cent. (With inputs from Reuters)

Sensex ends above 50,600-mark for the first time, Nifty nears 15,000

Royal Dutch Shell announced on Thursday that it had suffered a net loss of USD 21.7 billion in 2020. The coronavirus pandemic-hit year had seen a massive drop in demand for energy.

In 2019, the Anglo-Dutch company had registered a net profit of USD 1.8 billion. Shell's result is similar to British rival BP, which on Tuesday reported a 2020 &nbsp;net loss of $20.3 billion.

Both companies are cutting jobs to tackle the economic fallout from the pandemic.

After governments worldwide closed their doors and airlines grounded planes towards the end of last year's first quarter, oil prices dropped off a cliff, even briefly turning negative.

Prices then rebounded sharply however -- and they soared Tuesday to pre-pandemic levels on the brightening economic outlook as more progress was reported on vaccines.

(With AFP inputs)

Royal Dutch Shell announced on Thursday that it had suffered a net loss of USD 21.7 billion in 2020. The coronavirus pandemic-hit year had seen a massive drop in demand for energy.

Royal Dutch Shell announced on Thursday that it had suffered a net loss of USD 21.7 billion in 2020. The coronavirus pandemic-hit year had seen a massive drop in demand for energy. In 2019, the Anglo-Dutch company had registered a net profit of USD 1.8 billion. Shell's result is similar to British rival BP, which on Tuesday reported a 2020 net loss of $20.3 billion. Both companies are cutting jobs to tackle the economic fallout from the pandemic. After governments worldwide closed their doors and airlines grounded planes towards the end of last year's first quarter, oil prices dropped off a cliff, even briefly turning negative. Prices then rebounded sharply however -- and they soared Tuesday to pre-pandemic levels on the brightening economic outlook as more progress was reported on vaccines. (With AFP inputs)

Oil giant Shell suffered loss of $21 billion in 2020

Ant Group Co has agreed a restructuring plan with Chinese regulators under which the fintech giant will become a financial holding company, a person with direct knowledge of the matter said, potentially easing founder Jack Ma`s regulatory woes. 
 
The plan calls for putting all of Ant`s businesses into the holding company, including its payment processing and technology offerings in areas like blockchain and food delivery, the person said, declining to be named due to confidentiality constraints. 
 
Bloomberg News first reported Ant had reached an agreement with Chinese regulators about the proposed restructuring. 
 
An announcement about the restructuring, which will result in the company being subject to capital requirements similar to those for banks, could come before the start of China`s Lunar New Year holiday on Feb. 11, the Bloomberg report said. 
 
An agreement on the restructuring of Ant, an affiliate of e-commerce giant Alibaba Group, would ease investor concerns about a regulatory crackdown on billionaire Ma`s business empire. 
 
Also read:&nbsp;<a href="http://13.235.153.162/world/chinese-state-media-omits-jack-mas-name-from-list-of-entrepreneurial-leaders-360782" hreflang="en">Chinese state media omits Jack Ma's name from list of entrepreneurial leaders</a> 
 
The catalyst for Ma`s current woes was an Oct. 24 speech in which he blasted China`s regulatory system, leading to the suspension of Ant`s $37 billion initial public offering just days before its dual-listing in Hong Kong and Shanghai. 
 
Regulators have since launched an anti-trust probe into the tech sector with Alibaba taking much of the heat, besides pushing Ant to revamp its business structure to bring it under tighter regulatory supervision. 
 
Ma, who is not known for shying away from the limelight, subsequently disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged last month with a 50-second video appearance. 
 
Despite the agreement with the regulator on revamping Ant, whose businesses include consumer lending and insurance products distribution, the anti-trust probe into Alibaba would continue to cloud the outlook for Ma`s empire.

Also read:&nbsp;<a href="http://13.235.153.162/world/alibabas-jack-ma-makes-first-public-appearance-after-months-via-video-link-357945" hreflang="en">Alibaba's Jack Ma makes first public appearance after months via video link</a> 
 
Bloomberg`s report said that Ant was still exploring opportunities to revive its stock market listing, citing one person familiar with the matter. It said it was unclear how long authorities would need to sign off on a listing. 
 
Ant`s financial holding structure is expected to weigh on its valuation, as the fintech firm was valued as a technology firm in its previous fundraising rounds. Typically, valuations are much higher on technology firms than on financial companies. 
 
Ant, which earlier on Wednesday declined to comment on the Bloomberg report, also declined to comment when contacted by Reuters. China`s central bank did not immediately respond to a faxed request for comment. 
 
Alibaba`s Hong Kong-listed shares closed 0.4% higher on Wednesday. They had tumbled early in the session after the company reported third-quarter results and warned it faced a near-term challenge from changing regulations. 
 
It also warned that Ant`s business prospects and IPO plans "are subject to substantial uncertainties". 
 
"Currently, we are unable to make a complete and fair assessment of the impact that these changes and uncertainties will have on Alibaba Group," it said.

Ant Group Co has agreed a restructuring plan with Chinese regulators under which the fintech giant will become a financial holding company, a person with direct knowledge of the matter said, potentially easing founder Jack Ma`s regulatory woes.

Ant Group Co has agreed a restructuring plan with Chinese regulators under which the fintech giant will become a financial holding company, a person with direct knowledge of the matter said, potentially easing founder Jack Ma`s regulatory woes. The plan calls for putting all of Ant`s businesses into the holding company, including its payment processing and technology offerings in areas like blockchain and food delivery, the person said, declining to be named due to confidentiality constraints. Bloomberg News first reported Ant had reached an agreement with Chinese regulators about the proposed restructuring. An announcement about the restructuring, which will result in the company being subject to capital requirements similar to those for banks, could come before the start of China`s Lunar New Year holiday on Feb. 11, the Bloomberg report said. An agreement on the restructuring of Ant, an affiliate of e-commerce giant Alibaba Group, would ease investor concerns about a regulatory crackdown on billionaire Ma`s business empire. Also read: Chinese state media omits Jack Ma's name from list of entrepreneurial leaders The catalyst for Ma`s current woes was an Oct. 24 speech in which he blasted China`s regulatory system, leading to the suspension of Ant`s $37 billion initial public offering just days before its dual-listing in Hong Kong and Shanghai. Regulators have since launched an anti-trust probe into the tech sector with Alibaba taking much of the heat, besides pushing Ant to revamp its business structure to bring it under tighter regulatory supervision. Ma, who is not known for shying away from the limelight, subsequently disappeared from the public eye for about three months, triggering frenzied speculation about his whereabouts. He re-emerged last month with a 50-second video appearance. Despite the agreement with the regulator on revamping Ant, whose businesses include consumer lending and insurance products distribution, the anti-trust probe into Alibaba would continue to cloud the outlook for Ma`s empire. Also read: Alibaba's Jack Ma makes first public appearance after months via video link Bloomberg`s report said that Ant was still exploring opportunities to revive its stock market listing, citing one person familiar with the matter. It said it was unclear how long authorities would need to sign off on a listing. Ant`s financial holding structure is expected to weigh on its valuation, as the fintech firm was valued as a technology firm in its previous fundraising rounds. Typically, valuations are much higher on technology firms than on financial companies. Ant, which earlier on Wednesday declined to comment on the Bloomberg report, also declined to comment when contacted by Reuters. China`s central bank did not immediately respond to a faxed request for comment. Alibaba`s Hong Kong-listed shares closed 0.4% higher on Wednesday. They had tumbled early in the session after the company reported third-quarter results and warned it faced a near-term challenge from changing regulations. It also warned that Ant`s business prospects and IPO plans "are subject to substantial uncertainties". "Currently, we are unable to make a complete and fair assessment of the impact that these changes and uncertainties will have on Alibaba Group," it said.

Ant Group reportedly reaches deal with China regulators on restructuring

The bulls are back once again in the Indian stock markets. If there were any fears among investors before the Budget 2021, they have been clearly put to rest by India's finance minister Nirmala Sitharaman in her speech on February 1.&nbsp;

Clearly, absence of any 'Robinhood' tax has cheered the investor community and the unbridled growth in the markets has resumed.&nbsp;

Today also both major indices in India Sensex and Nifty closed at record highs of 50255.75 and 14789.45 respectively, extending their post-budget gains for the third straight day.&nbsp;

Why are Indian stock markets at record high?

Budget proposals and the absence of any negative news globally have given another booster dose of optimism to investors. While the Budget proposal to raise foreign direct investment (FDI) limit in insurance from 49 per cent to 74 per cent has led to rise in prices of insurance stocks today, scrappage policy for vehicles is leading to rise in prices of auto stocks as well.&nbsp;

Absence of the much-feared COVID cess and any surcharge on Income Tax has also delivered much needed respite to investors. Fearing these taxes, Indian markets closed in red in some days prior to Budget 2021.&nbsp;

Sensex had lost over 3,500 points in the six sessions before the Budget. Also, proposal for privatization of 2 nationalized banks has put to rest speculations regarding government going slow on disinvestment process. This coupled with announcement on LIC's IPO gave a message to investors that government's financial priorities are clear.

Indian markets are also in line with the rally in major global markets that started at the beginning of this week with major corporate earnings meeting expectations.&nbsp;

So the 5 per cent gain in Sensex on the Budget day showed that markets have taken the annual exercise as a reform and growth-orientation Budget, supportive of the right economic policies in the country and will bring economic change in India that came after the 1991 Budget that supported liberalization.&nbsp;

Analysts also expect these gains in the markets to continue. However another factor that will impact markets this week will be the central bank RBI's decision on interest rates in its monetary policy meet on February 5.

The bulls are back once again in the Indian stock markets. If there were any fears among investors before the Budget 2021, they have been clearly put to rest by India's finance minister Nirmala Sitharaman in her speech on February 1.

The bulls are back once again in the Indian stock markets. If there were any fears among investors before the Budget 2021, they have been clearly put to rest by India's finance minister Nirmala Sitharaman in her speech on February 1. Clearly, absence of any 'Robinhood' tax has cheered the investor community and the unbridled growth in the markets has resumed. Today also both major indices in India Sensex and Nifty closed at record highs of 50255.75 and 14789.45 respectively, extending their post-budget gains for the third straight day. Why are Indian stock markets at record high? Budget proposals and the absence of any negative news globally have given another booster dose of optimism to investors. While the Budget proposal to raise foreign direct investment (FDI) limit in insurance from 49 per cent to 74 per cent has led to rise in prices of insurance stocks today, scrappage policy for vehicles is leading to rise in prices of auto stocks as well. Absence of the much-feared COVID cess and any surcharge on Income Tax has also delivered much needed respite to investors. Fearing these taxes, Indian markets closed in red in some days prior to Budget 2021. Sensex had lost over 3,500 points in the six sessions before the Budget. Also, proposal for privatization of 2 nationalized banks has put to rest speculations regarding government going slow on disinvestment process. This coupled with announcement on LIC's IPO gave a message to investors that government's financial priorities are clear. Indian markets are also in line with the rally in major global markets that started at the beginning of this week with major corporate earnings meeting expectations. So the 5 per cent gain in Sensex on the Budget day showed that markets have taken the annual exercise as a reform and growth-orientation Budget, supportive of the right economic policies in the country and will bring economic change in India that came after the 1991 Budget that supported liberalization. Analysts also expect these gains in the markets to continue. However another factor that will impact markets this week will be the central bank RBI's decision on interest rates in its monetary policy meet on February 5.

Budget rejuvenates the bulls, stock markets at record high

Domestic stock market indices, Sensex and Nifty ended at record high levels Wednesday extending gains for the third straight session led by gains in banking, metal and pharma indices.&nbsp;

Broader markets also surged for the day with the midcap and smallcap indices up over 1 percent each.&nbsp;

At close, the Sensex was up 458.03 points or 0.92% at 50,255.75, while the Nifty rose 142.10 points or 0.97% to 14,790.

IndusInd Bank, Power Grid Corp, Sun Pharma, Dr Reddy’s Labs and Divis Lab were among major gainers on the Nifty, while losers were Shree Cements, UltraTech Cement, Maruti Suzuki, ITC and UPL.

Global markets marched higher following renewed hopes for the passage of the USD 1.9 trillion COVID-19 relief bill in the US.

In rest of Asia, bourses in Hong Kong, Seoul and Tokyo ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were also trading on a positive note in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.36 per cent higher at USD 58.01 per barrel.

The Indian rupee ended on a flat note and settled 1 paisa higher at 72.95 (provisional) against the US dollar.

Stepping up their purchase of domestic shares, foreign institutional investors were net buyers to the tune of Rs 6,181.56 crore on Tuesday, according to exchange data.&nbsp;

(With inputs from agencies)

Domestic stock market indices, Sensex and Nifty ended at record high levels Wednesday extending gains for the third straight session led by gains in banking, metal and pharma indices.

Domestic stock market indices, Sensex and Nifty ended at record high levels Wednesday extending gains for the third straight session led by gains in banking, metal and pharma indices. Broader markets also surged for the day with the midcap and smallcap indices up over 1 percent each. At close, the Sensex was up 458.03 points or 0.92% at 50,255.75, while the Nifty rose 142.10 points or 0.97% to 14,790. IndusInd Bank, Power Grid Corp, Sun Pharma, Dr Reddy’s Labs and Divis Lab were among major gainers on the Nifty, while losers were Shree Cements, UltraTech Cement, Maruti Suzuki, ITC and UPL. Global markets marched higher following renewed hopes for the passage of the USD 1.9 trillion COVID-19 relief bill in the US. In rest of Asia, bourses in Hong Kong, Seoul and Tokyo ended with gains, while Shanghai was in the red. Stock exchanges in Europe were also trading on a positive note in early deals. Meanwhile, the global oil benchmark Brent crude was trading 0.36 per cent higher at USD 58.01 per barrel. The Indian rupee ended on a flat note and settled 1 paisa higher at 72.95 (provisional) against the US dollar. Stepping up their purchase of domestic shares, foreign institutional investors were net buyers to the tune of Rs 6,181.56 crore on Tuesday, according to exchange data. (With inputs from agencies)

Sensex closes above 50,000, Nifty near 14,800

There is a container shortage across the world that has resulted from China's massive export. It is now threatening industries and businesses worldwide, from India's sugar and the auto industry to America's agricultural exports.

World Business Watch: Global shipping-container shortage is hampering exports

Oil prices were up two per cent (2%) on Tuesday (February 02) after major producers showed that they were reining in output roughly in line with their commitments.

World Business Watch: Oil prices hit highest in a year as producers limit supply

Japan's services sector shrank at the fastest pace in five months, as a heavy blow to demand from a resurgence in coronavirus infections and a state of emergency in parts of the country greatly hurt new business orders.

World Business Watch: Japan's service sector slump deepens as COVID-19 emergency hits business

The Euro Zone economy contracted less than expected in the fourth quarter of 2020 amid pandemic-induced lockdowns, initial EU estimates showed that it is also heading for another, steeper decline in the first quarter of this year.

World Business Watch: Euro Zone fourth-quarter GDP falls less than expected

Stepping into their centenary year, the Board of the Thoothukudi(Tuticorin)-based Tamilnad Mercantile Bank (TMB) has revealed the reviewed results for the quarter ended on December 31st, 2020.

Stepping into their centenary year, the Board of the Thoothukudi(Tuticorin)-based Tamilnad Mercantile Bank (TMB) has revealed the reviewed results for the quarter ended on December 31st, 2020. The Bank has reported a net profit of Rs.180.81cr, with a growth of 95.64%, when compared to the 2019-20 figure of Rs.92.42cr. Net NPA, meanwhile, dropped by 52.08 per cent to Rs.270.36 crore from Rs. 564.18 crore, whereas, in percentage terms, it dropped to 0.92 per cent from 2.13 per cent. Gross NPA dropped 30.69 per cent to Rs 977.88 crore from Rs 1,410.98 crore, in percentage it dropped to 3.24 per cent from 5.16 per cent. The total business of the bank at the nine-months ended December 2020 stood at Rs 68,101.12 Crores with a growth rate of 8.88 per cent, over the previous year’s 62,544.21cr in the corresponding period. According to a statement, the bank has been giving continued thrust on Loans to Priority sectors like Agriculture, MSME, Education, Housing etc, constituting 76.57% of its Adjusted Net Bank Credit (ANBC), above the regulatory requirement of 40%. The bank's advances to the Agriculture sector stood at Rs.7,812.54crores, which is 25.86% of the bank’s advances. In terms of credit to MSME sector, it has increased to Rs.11,893.72cr, from the previous year’s 10,362.56cr. WION also had an exclusive conversation with K V Rama Moorthy, MD & CEO, Tamilnad Mercantile Bank. WION: The board has revealed that the bank has always posted profits in its 99-year existence. Tell us more about how you make this possible. K V Rama Moorthy: Historically, this bank has been a regional one - more connected to customers and branch-level connectivity is the key. How strongly we are connected is aptly demonstrated by the rapport that our bank managers share with the customers. WION: What are some of the significant lessons from over the years? K V Rama Moorthy: Our learning has been that - come what may, we shouldn’t leave our customer’s relationship. We need to create a confidence level in the customer’s mind that, this bank is almost ready for any of may difficulties. Even on a rainy day, this bank is ready with an umbrella. With that confidence, we can emerge the winner. WION: Based on your interaction with customers and the overall performance, how do you view the economic recovery? K V Rama Moorthy: Most customers in the agro sector don’t have any problem. Micro, small and medium industries (MSME) had issues earlier, but are getting back to near-normal. Retail will take another 3 to 6 months, some people who lost their jobs, had a dip in income will pick up in 3 to 6 months. WION: Kindly tell us about your targets and how far you've come towards achieving them. K V Rama Moorthy: Rs 72500 crore is the top-line target and we've reached Rs 68,000 crore. We are very confident of posting remaining numbers by March. Also, regarding the bottom line that we projected, very comfortably, we’ll be able to surpass. Gross NPA level, whichever was projected we should be able to maintain. WION: What are your thoughts on the budget? K V Rama Moorthy: It is a well-balanced exercise. It has satisfied a good number of people. Overall, it has come under a challenging time. It will help the healthcare, MSME and Agro sector.

Tamilnad Mercantile Bank reports net profit of Rs 180.81 crore, with a growth of 95.64%

Dubai's house prices are expected to fall at a slower pace this year and next than previously thought as hopes for a successful vaccine rollout and an economic recovery boost confidence in the sector, a Reuters poll showed.

Dubai house prices to drop at slower pace

Alphabet Inc's Google will spend $3.8 million, including $2.6 million in back pay, to settle allegations that it underpaid women and unfairly passed over women and Asians for job openings, the US Department of Labour said on Monday.

Google to spend $3.8 million to settle accusations of hiring

A day after finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Sitharaman</a> presented the Union Budget 2021, the BSE Sensex rose over 1,300 in early trade today and then dipped to settle over 1,000 points to settle at 49,635.

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-what-budget-2021-does-not-mention-360730/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The strong showing at the stock exchange was dominated by finance and infra stocks with HDFC Bank rising 6.6 per cent.

The NSE Nifty was higher by 222.65 points at 14,503.85 in early trade.

Infrastructure firm Larsen &amp; Toubro climbed 6 per cent as the post-Budget euphoria continued in the Indian stock market. On Tuesday, the Sensex closed 2,314.84 points up to close at 48,600.61 after reaching an intra-day high of 48,764.40.

The Nifty was also boosted by the <a href="https://www.wionews.com/business-economy/union-budget-2021-22-personal-tax-untouched-healthcare-infrastructure-in-focus-360610">Budget </a>surging 646.60 points to finish at 14,281.20.

In the <a href="https://www.wionews.com/business-economy/union-budget-2021-how-will-it-affect-petrol-and-diesel-prices-360695">post-Budget</a> meeting, India's finance minister Nirmala Sitharaman had said that the government had chosen to spend big on infrastructure spanning across roads, power generation, bridges and ports.

The finance minister had said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year.

A day after finance minister Nirmala Sitharaman presented the Union Budget 2021, the BSE Sensex rose over 1,300 in early trade today and then dipped to settle over 1,000 points to settle at 49,635.

A day after finance minister Nirmala Sitharaman presented the Union Budget 2021, the BSE Sensex rose over 1,300 in early trade today and then dipped to settle over 1,000 points to settle at 49,635. Watch: The strong showing at the stock exchange was dominated by finance and infra stocks with HDFC Bank rising 6.6 per cent. The NSE Nifty was higher by 222.65 points at 14,503.85 in early trade. Infrastructure firm Larsen & Toubro climbed 6 per cent as the post-Budget euphoria continued in the Indian stock market. On Tuesday, the Sensex closed 2,314.84 points up to close at 48,600.61 after reaching an intra-day high of 48,764.40. The Nifty was also boosted by the Budget surging 646.60 points to finish at 14,281.20. In the post-Budget meeting, India's finance minister Nirmala Sitharaman had said that the government had chosen to spend big on infrastructure spanning across roads, power generation, bridges and ports. The finance minister had said disinvestment will continue with Life Insurance Corporation(LIC) to launch an IPO this year.

Day after Budget, Sensex surges 1,300 points; Nifty tops 14,500

Domestic stock markets extended gains to end over 2 per cent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among. &nbsp; 
&nbsp;&nbsp; 
BSE Sensex zoomed 1,197 points, or 2.46 per cent, to settle the day at 49,797.7 levels. The index reclaimed the 50,000 level in intra-day deals and hit a high of 50,154 before paring some of the gains. The broader Nifty50 index, meanwhile, topped the 14,600-mark and closed at 14,648 levels, up 367 points or 2.57 per cent.&nbsp; 
&nbsp;&nbsp; 
Most analysts are of the view that the equity markets reacted positively to the Budget primarily due to higher capital expenditure plans, status quo on direct taxes and no incremental taxes on capital gains.&nbsp; 
&nbsp;&nbsp; 
Global cues&nbsp; 
&nbsp;&nbsp; 
Global stock markets gained for a second day on Tuesday, spurred by increased optimism about economic stimulus and global recovery, while retail investors retreated from GameStop and their new-found interest in silver.&nbsp; 
&nbsp;&nbsp; 
Positive momentum from Asia carried through to Europe, with the pan-European STOXX 600 edging up 0.9 per cent.&nbsp; 
&nbsp;&nbsp; 
MSCI's world equity index, which tracks shares in 49 countries, was 0.4 per cent firmer after posting its strongest day in three months on Monday.&nbsp; 
&nbsp;&nbsp; 
MSCI's gauge of Asia Pacific stocks outside Japan rose 1.5 per cent, with China's benchmark CSI300 Index climbing 1.5 per cent, helped by easing concerns about tight liquidity and falling cases of new coronavirus infections. Japan’s Nikkei 225 added 1 per cent.&nbsp; 
&nbsp;&nbsp; 
E-mini futures for the S&amp;P 500 index added 0.8 per cent.&nbsp; 
&nbsp;&nbsp; 
(With inputs from Reuters)&nbsp;

Domestic stock markets extended gains to end over 2 per cent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among.

Domestic stock markets extended gains to end over 2 per cent higher on Tuesday, as investors continue to cheer Budget announcements amid positive global cues among. BSE Sensex zoomed 1,197 points, or 2.46 per cent, to settle the day at 49,797.7 levels. The index reclaimed the 50,000 level in intra-day deals and hit a high of 50,154 before paring some of the gains. The broader Nifty50 index, meanwhile, topped the 14,600-mark and closed at 14,648 levels, up 367 points or 2.57 per cent. Most analysts are of the view that the equity markets reacted positively to the Budget primarily due to higher capital expenditure plans, status quo on direct taxes and no incremental taxes on capital gains. Global cues Global stock markets gained for a second day on Tuesday, spurred by increased optimism about economic stimulus and global recovery, while retail investors retreated from GameStop and their new-found interest in silver. Positive momentum from Asia carried through to Europe, with the pan-European STOXX 600 edging up 0.9 per cent. MSCI's world equity index, which tracks shares in 49 countries, was 0.4 per cent firmer after posting its strongest day in three months on Monday. MSCI's gauge of Asia Pacific stocks outside Japan rose 1.5 per cent, with China's benchmark CSI300 Index climbing 1.5 per cent, helped by easing concerns about tight liquidity and falling cases of new coronavirus infections. Japan’s Nikkei 225 added 1 per cent. E-mini futures for the S&P 500 index added 0.8 per cent. (With inputs from Reuters)

Sensex soars nearly 1,200 points, Nifty near 14,650 extending Budget day rally 

Union Budget 2021 was presented by Finance Minister Nirmala Sitharaman in Indian parliament on Monday (February 1). <a href="https://www.wionews.com/topics/budget">Budget 2021</a> was India's first budget since coronavirus pandemic had a severe impact on global economy. The main thrust of budget this year was health and infrastructure. Income Tax slabs remained unchanged. The budget may have all the complex numbers but for a common man, what matters is things getting cheaper or costlier. This impacts his pocket in one of the ways that are more direct.

<h2>What got cheaper in Union Budget 2021</h2>

<ul>
	<li>Insurance</li>
	<li>Steel utensils</li>
	<li>Items made of Copper</li>
	<li>Nylon clothes</li>
	<li>Silk and Cotton</li>
	<li>Gold and gold dore</li>
	<li>Silver and silver dore</li>
	<li>Iron</li>
	<li>Steel</li>
</ul>

Also Read | <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget</a>

<h2> 
What got costlier in Union Budget 2021</h2>

<ul>
	<li>LED lamps</li>
	<li>Compressors for refrigerators and air conditioners</li>
	<li>Printed circuit boards</li>
	<li>Mobile phone charger components such as input and raw materials for Lithium-ion battery</li>
	<li>Mobile phone parts like camera module, PCBA, back cover, connectors, side keys</li>
	<li>Finished leather products</li>
	<li>Plastic builder wares</li>
	<li>Ink spray nozzles</li>
	<li>Ink cartridges</li>
	<li>Nylon fibre</li>
	<li>Nylon yarn</li>
	<li>Cut, polished synthetic stones, cut polished cubic Zirconia</li>
	<li>Solar inverters</li>
	<li>Raw Silk</li>
	<li>Raw Cotton</li>
	<li>imported automobile parts such as toughened glass, windscreen wipers, signalling equipment</li>
</ul>

(With inputs from PTI)

Union Budget 2021 was presented by Finance Minister Nirmala Sitharaman in Indian parliament on Monday (February 1). Budget 2021 was India's first budget since coronavirus pandemic had a severe impact on global economy.

Union Budget 2021 was presented by Finance Minister Nirmala Sitharaman in Indian parliament on Monday (February 1). Budget 2021 was India's first budget since coronavirus pandemic had a severe impact on global economy. The main thrust of budget this year was health and infrastructure. Income Tax slabs remained unchanged. The budget may have all the complex numbers but for a common man, what matters is things getting cheaper or costlier. This impacts his pocket in one of the ways that are more direct. What got cheaper in Union Budget 2021 Insurance Steel utensils Items made of Copper Nylon clothes Silk and Cotton Gold and gold dore Silver and silver dore Iron Steel Also Read | Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget What got costlier in Union Budget 2021 LED lamps Compressors for refrigerators and air conditioners Printed circuit boards Mobile phone charger components such as input and raw materials for Lithium-ion battery Mobile phone parts like camera module, PCBA, back cover, connectors, side keys Finished leather products Plastic builder wares Ink spray nozzles Ink cartridges Nylon fibre Nylon yarn Cut, polished synthetic stones, cut polished cubic Zirconia Solar inverters Raw Silk Raw Cotton imported automobile parts such as toughened glass, windscreen wipers, signalling equipment (With inputs from PTI)

Union Budget 2021: What got cheaper, what is now costlier

India's finance minister Nirmala <a href="https://www.wionews.com/india-news/union-budget-2021-nirmala-sitharaman-announces-rs-35000-crore-for-covid-19-vaccines-in-health-plan-360559">Sitharaman</a> while presenting the Budget before Parliament on Monday said that&nbsp;Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-FDI-limit-insurance-sector-from-49%25-to-74%25-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Also Read:&nbsp;LIVE Union Budget 2021</a>

BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister announced. The finance minister announced the undertaking of disinvestment of two PSBs and one general insurance companies apart from IDBI bank in the financial year 2021 with legislations amendments to be introduced in this session.

"The Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised," the finance minister said.

<h2>2021 Budget for banking sector</h2>

The finance minister said asset reconstruction and management company will be set up for stressed assets of banks. The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore.

"Barring four strategic areas, PSUs in other sectors will be divested," &nbsp;the finance minister said while announcing the new disinvestment policy while adding that &nbsp;NITI Aayog will be asked to work on the next list of central public sector companies for disinvestment.

The finance minister said that the definition of small companies will be revised by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh.

<h2>Insurance sector Budget 2021-22</h2>

The minister said that Foreign Direct Investment(FDI) in insurance will be increased to 74 per cent from 49 per cent.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament on Monday said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament on Monday said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22. Also Read: LIVE Union Budget 2021 BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister announced. The finance minister announced the undertaking of disinvestment of two PSBs and one general insurance companies apart from IDBI bank in the financial year 2021 with legislations amendments to be introduced in this session. "The Pipelines of GAIL (India) Ltd, Indian Oil Corp (IOC) and HPCL will be monetised," the finance minister said. 2021 Budget for banking sector The finance minister said asset reconstruction and management company will be set up for stressed assets of banks. The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. "Barring four strategic areas, PSUs in other sectors will be divested," the finance minister said while announcing the new disinvestment policy while adding that NITI Aayog will be asked to work on the next list of central public sector companies for disinvestment. The finance minister said that the definition of small companies will be revised by raising the capital base to Rs 2 crore from the current limit of Rs 50 lakh. Insurance sector Budget 2021-22 The minister said that Foreign Direct Investment(FDI) in insurance will be increased to 74 per cent from 49 per cent.

Union Budget 2021: LIC IPO in 2021-22; FDI in insurance increased