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For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic.

Instead of hard copies, soft copies of the budget will be provided to all members of the parliament.

The Central government has received permission from the upper and lower houses of parliament for the measure.&nbsp;

The Union Budget is printed every year in the finance ministry's house press in the North Block by nearly 100 employees who stay together for nearly a fortnight till it is printed, sealed and delivered.

Although in a bid to go green,&nbsp;the Central Government had tried to cut down had first tried to cut down on printing hard copies of the Union Budget 2016-2017. But this could be the first time when printing is halted altogether.

Breaking conventions

The coronavirus pandemic has forced the government to look for alternatives because it will be challenging to maintain&nbsp;social distancing in a limited space.

The traditional ''halwa ceremony'' which takes place every year before the budget is presented in the parliament will also be 'low-key'' or subdued as it will be held with a limited gathering.&nbsp;

Usually, this ceremony is attended by all people involved in budget-making and marks the beginning of printing.

The Union Budget 2021 will be introduced in two parts by Finance Minister Nirmala Sitharaman on February 1.

President Ramnath Kovind will address the joint sitting of both the houses on January 29 after which the Economic Survey will be presented in&nbsp;the Lok Sabha.

Changing times

This will not be the change in the presentation of the Union Budget. Last year, Sitharaman&nbsp;broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional&nbsp;'Bahi-Khata', which is a kind of a ledger wrapped in a red coloured cloth.

The word 'budget'&nbsp;has its origin in the French word 'Bougette', which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic. Instead of hard copies, soft copies of the budget will be provided to all members of the parliament.

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic. Instead of hard copies, soft copies of the budget will be provided to all members of the parliament. The Central government has received permission from the upper and lower houses of parliament for the measure. The Union Budget is printed every year in the finance ministry's house press in the North Block by nearly 100 employees who stay together for nearly a fortnight till it is printed, sealed and delivered. Although in a bid to go green, the Central Government had tried to cut down had first tried to cut down on printing hard copies of the Union Budget 2016-2017. But this could be the first time when printing is halted altogether. Breaking conventions The coronavirus pandemic has forced the government to look for alternatives because it will be challenging to maintain social distancing in a limited space. The traditional ''halwa ceremony'' which takes place every year before the budget is presented in the parliament will also be 'low-key'' or subdued as it will be held with a limited gathering. Usually, this ceremony is attended by all people involved in budget-making and marks the beginning of printing. The Union Budget 2021 will be introduced in two parts by Finance Minister Nirmala Sitharaman on February 1. President Ramnath Kovind will address the joint sitting of both the houses on January 29 after which the Economic Survey will be presented in the Lok Sabha. Changing times This will not be the change in the presentation of the Union Budget. Last year, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional 'Bahi-Khata', which is a kind of a ledger wrapped in a red coloured cloth. The word 'budget' has its origin in the French word 'Bougette', which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

Union Budget 2021 goes paperless; hard copies not to be printed for first time in history

Elon Musk-led Tesla has registered a subsidiary company in Bengaluru as it prepares to create a much-awaited manufacturing plant and R&amp;D unit in India. 
 
<a href="https://www.wionews.com/world/elon-musk-asks-people-to-use-signal-app-instead-of-whatsapp-and-facebook-over-privacy-issues-355704">Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues</a> 
 
The company, registered as Tesla Motors India &amp; Energy Pvt Ltd, has named three directors as part of its team in the country, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein.

It is a private unlisted company with an authorized capital of Rs 15,00,000 and a paid-up capital of Rs 1,00,000.

This announcement officially marks Tesla’s India entry in the state of Karnataka. It would be interesting to see if the company would set-up its manufacturing base in Karnataka, or will continue to keep up the suspense and be wooed away by some other state.

Elon Musk, who recently became the wealthiest individual in the world overtaking Amazon founder Jeff Bezos, also enjoys a cult-figure like status in India as he does abroad which has added to the growing demand for Tesla and its products.

India’s transport minister Nitin Gadkari told a local newspaper in December the US electric carmaker would start with sales and then might look at assembly and manufacturing.

Tesla chief executive Elon Musk has tweeted several times in recent years, including as recently as October 2020, about an impending foray into India.

The move comes as Indian Prime Minister Narendra Modi is promoting the production and use of electric vehicles to reduce the country’s oil dependence and cut down on pollution.

(With inputs from agencies)

Elon Musk-led Tesla has registered a subsidiary company in Bengaluru as it prepares to create a much-awaited manufacturing plant and R&D unit in India. Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues The company, registered as Tesla Motors India & Energy Pvt Ltd, has named three directors as part of its team in the country, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein.

Elon Musk-led Tesla has registered a subsidiary company in Bengaluru as it prepares to create a much-awaited manufacturing plant and R&D unit in India. Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues The company, registered as Tesla Motors India & Energy Pvt Ltd, has named three directors as part of its team in the country, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein. It is a private unlisted company with an authorized capital of Rs 15,00,000 and a paid-up capital of Rs 1,00,000. This announcement officially marks Tesla’s India entry in the state of Karnataka. It would be interesting to see if the company would set-up its manufacturing base in Karnataka, or will continue to keep up the suspense and be wooed away by some other state. Elon Musk, who recently became the wealthiest individual in the world overtaking Amazon founder Jeff Bezos, also enjoys a cult-figure like status in India as he does abroad which has added to the growing demand for Tesla and its products. India’s transport minister Nitin Gadkari told a local newspaper in December the US electric carmaker would start with sales and then might look at assembly and manufacturing. Tesla chief executive Elon Musk has tweeted several times in recent years, including as recently as October 2020, about an impending foray into India. The move comes as Indian Prime Minister Narendra Modi is promoting the production and use of electric vehicles to reduce the country’s oil dependence and cut down on pollution. (With inputs from agencies)

Elon Musk's Tesla registers India office in Bengaluru, to start operations with R&D unit

The threat of a $1 trillion U.S. sanctions hit on the Chinese internet giants that have led emerging market stocks to their first record high since 2007 is overshadowing the rally, just as increased scrutiny from Beijing itself squeezes valuations. 
 
US-Sino tensions ratcheted up in recent days as outgoing President Donald Trump`s administration pushed through a ban on Americans investing in 35 firms it considers to be linked to China`s military. 
 
Sources in Washington last week said Trump was considering adding Alibaba and Tencent, worth a combined $1.3 trillion, the second and third biggest EM stocks in the world and held by almost every major U.S. investment fund, to the list of banned firms. 
 
Targeting China`s two most valuable companies would be the most dramatic step yet against the country`s firms as Trump seeks to cement his hardline policy against Beijing during his final days in office. 
 
Goldman Sachs estimates that U.S. investors hold roughly $1 trillion of Chinese internet and tech stocks, or have U.S. listings known as American Depositary Receipts (ADRs) that Washington has also been clamping down on. 
 
"To unwind 1 trillion of investment (if Alibaba and Tencent were removed) is a lot!" said Vivian Lin Thurston, a portfolio manager and Chinese equity analyst at William Blair Investment Management. 
 
"It would be unprecedented," she added. "It hasn`t happened before in any global market." 
 
Swiss bank UBS calculates that just over a third of Alibaba`s $616 billion market cap is held by U.S. investors, while 12% of Tencent`s $35 billion value is. 
 
The two firms also account for almost 11% of MSCI`s $7 trillion Emerging Market index which they respectively joined in 2015 and 2008. Chinese firms now make up 40% of the index, up from just 17% a decade ago. 
 
THE BIG UNWIND 
 
Global index providers such as MSCI, S&amp;P Dow Jones and FTSE Russell as well as the New York Stock Exchange have been forced to eject high profile firms on Trump`s list like China Mobile, China Telecom and semiconductor giant SMIC from their top benchmarks. 
 
William Blair`s Lin Thurston explained how those removals then trigger a wave of selling by investment funds that passively track the indexes. 
 
"As soon as it is delisted - bang it`s gone," she said referring to the need to shed the stocks. 
 
While incoming President Joe Biden could reverse the ban, analysts at UBS say the new administration may not want to appear "soft" on China. 
 
Neither Biden nor his team have commented on the matter, but a reversal still wouldn`t undo the billions of dollars of disruption already caused. 
 
Chinese investors have swooped in to buy up some of the offloaded shares but may struggle to absorb everything if things snowball. 
 
Goldman Sachs estimates there would be a $28 billion selloff if every international fund tracking MSCI`s main global, emerging market or Asia indexes were to liquidate holdings of the 42 Chinese firms its views as at risk, not including Tencent or Alibaba. 
 
It and fellow Wall Street banks JPMorgan and Morgan Stanley have also said they will withdraw as many as 500 Hong Kong-listed structured products they had issued linked to the Chinese firms. 
 
ANT PROBLEMS 
 
The Trump administration has had both Tencent and Alibaba`s financial technology affiliate Ant Group in its crosshairs for some time. 
 
Just last week, Trump signed an executive order banning U.S. transactions with Alibaba`s Alipay mobile payment app and Tencent`s WeChat and QQ Wallet over concerns they could be used to "track the locations of federal employees" and "build dossiers of personal information". 
 
China`s foreign ministry responded saying the U.S. was abusing its power and unreasonably suppressing foreign firms with the measures. 
 
Tencent and Alibaba have declined to comment. 
 
In early November, it was Beijing itself though that rattled investors after the surprise suspension of Ant Group’s $37 billion public listing, set to be the world’s largest stock market debut, with just days to go. 
 
Alibaba, which owns about a third of Ant, has seen its market value shrink by more than a quarter since the IPO was shelved and regulators zeroed in on its business model, although it is still among the biggest 10 companies globally with a valuation of more than $600 billion. 
 
Some fund managers considered Beijing`s move a sensible one as Ant, a major online lender, lacked adequate capital buffers. But others like Aviva Investors` Head of Global Emerging Market Equities Alistair Way are concerned. 
 
"We have become rather more nervous about the regulatory climate in China and the seeming desire to reduce competitive dominance of big e-commerce players such as Alibaba," he said. 
 
"In aggregate we have been reducing exposure to Chinese internet firms." 
 
Standard Life Aberdeen senior investment director Nick Robinson is also unsure. 
 
"It feels unlikely at the moment that they (Alibaba and Tencent) will be added to the blacklist, but so far it hasn`t been right to bet on a de-escalation." 
 
"So could it happen? Absolutely. And if it does happen it could be quite significant."

The threat of a $1 trillion U.S. sanctions hit on the Chinese internet giants that have led emerging market stocks to their first record high since 2007 is overshadowing the rally, just as increased scrutiny from Beijing itself squeezes valuations.

The threat of a $1 trillion U.S. sanctions hit on the Chinese internet giants that have led emerging market stocks to their first record high since 2007 is overshadowing the rally, just as increased scrutiny from Beijing itself squeezes valuations. US-Sino tensions ratcheted up in recent days as outgoing President Donald Trump`s administration pushed through a ban on Americans investing in 35 firms it considers to be linked to China`s military. Sources in Washington last week said Trump was considering adding Alibaba and Tencent, worth a combined $1.3 trillion, the second and third biggest EM stocks in the world and held by almost every major U.S. investment fund, to the list of banned firms. Targeting China`s two most valuable companies would be the most dramatic step yet against the country`s firms as Trump seeks to cement his hardline policy against Beijing during his final days in office. Goldman Sachs estimates that U.S. investors hold roughly $1 trillion of Chinese internet and tech stocks, or have U.S. listings known as American Depositary Receipts (ADRs) that Washington has also been clamping down on. "To unwind 1 trillion of investment (if Alibaba and Tencent were removed) is a lot!" said Vivian Lin Thurston, a portfolio manager and Chinese equity analyst at William Blair Investment Management. "It would be unprecedented," she added. "It hasn`t happened before in any global market." Swiss bank UBS calculates that just over a third of Alibaba`s $616 billion market cap is held by U.S. investors, while 12% of Tencent`s $35 billion value is. The two firms also account for almost 11% of MSCI`s $7 trillion Emerging Market index which they respectively joined in 2015 and 2008. Chinese firms now make up 40% of the index, up from just 17% a decade ago. THE BIG UNWIND Global index providers such as MSCI, S&P Dow Jones and FTSE Russell as well as the New York Stock Exchange have been forced to eject high profile firms on Trump`s list like China Mobile, China Telecom and semiconductor giant SMIC from their top benchmarks. William Blair`s Lin Thurston explained how those removals then trigger a wave of selling by investment funds that passively track the indexes. "As soon as it is delisted - bang it`s gone," she said referring to the need to shed the stocks. While incoming President Joe Biden could reverse the ban, analysts at UBS say the new administration may not want to appear "soft" on China. Neither Biden nor his team have commented on the matter, but a reversal still wouldn`t undo the billions of dollars of disruption already caused. Chinese investors have swooped in to buy up some of the offloaded shares but may struggle to absorb everything if things snowball. Goldman Sachs estimates there would be a $28 billion selloff if every international fund tracking MSCI`s main global, emerging market or Asia indexes were to liquidate holdings of the 42 Chinese firms its views as at risk, not including Tencent or Alibaba. It and fellow Wall Street banks JPMorgan and Morgan Stanley have also said they will withdraw as many as 500 Hong Kong-listed structured products they had issued linked to the Chinese firms. ANT PROBLEMS The Trump administration has had both Tencent and Alibaba`s financial technology affiliate Ant Group in its crosshairs for some time. Just last week, Trump signed an executive order banning U.S. transactions with Alibaba`s Alipay mobile payment app and Tencent`s WeChat and QQ Wallet over concerns they could be used to "track the locations of federal employees" and "build dossiers of personal information". China`s foreign ministry responded saying the U.S. was abusing its power and unreasonably suppressing foreign firms with the measures. Tencent and Alibaba have declined to comment. In early November, it was Beijing itself though that rattled investors after the surprise suspension of Ant Group’s $37 billion public listing, set to be the world’s largest stock market debut, with just days to go. Alibaba, which owns about a third of Ant, has seen its market value shrink by more than a quarter since the IPO was shelved and regulators zeroed in on its business model, although it is still among the biggest 10 companies globally with a valuation of more than $600 billion. Some fund managers considered Beijing`s move a sensible one as Ant, a major online lender, lacked adequate capital buffers. But others like Aviva Investors` Head of Global Emerging Market Equities Alistair Way are concerned. "We have become rather more nervous about the regulatory climate in China and the seeming desire to reduce competitive dominance of big e-commerce players such as Alibaba," he said. "In aggregate we have been reducing exposure to Chinese internet firms." Standard Life Aberdeen senior investment director Nick Robinson is also unsure. "It feels unlikely at the moment that they (Alibaba and Tencent) will be added to the blacklist, but so far it hasn`t been right to bet on a de-escalation." "So could it happen? Absolutely. And if it does happen it could be quite significant."

The trillion dollar weapon in the U.S.-China tech stock war

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts.

The direct benefit transfer (DBT) scheme should be utilised more to support farmers instead of giving subsidies, they added.

"Food processing industry has played an important role in better price realisation for the farmer and reducing the cost of intermediaries. The budget must provide special incentives to food processing through incentives such as interest subvention, lower taxes, access to technology and so on," DCM Shriram Chairman and Senior MD Ajay Shriram said.

Referring to the successful PM-KISAN scheme under which Rs 6,000 is paid annually directly into farmers bank accounts, he said the DBT mechanism should be fine-tuned and gradually should be utilized to support farmers in lieu of other subsidies.

"Let the farmer decide how to judicially use the money. With the benefit of DBT, farmers can then buy better seed, use new-age fertilizers, optimize water usage and so on," Shriram said.

Stating that many Indian startups have invested in the agri-technology space, he advocated for a policy that encourages growth of these companies and adoption of latest techniques.

He said there has not been any significant breakthrough in recent years from indigenous agricultural research and development (R&amp;D) and this could be partly on account of resource crunch.

"Two areas that need immediate attention are firstly linking agricultural research with industry requirements and secondly avoiding ideological resistance to new-age technologies such GM crops," Shriram said.

Consulting firm Deloitte India suggested that more funds should be allocated for research and development as well as for increasing the domestic production of oilseeds to reduce imports of cooking oils.

Stating that livestock farming is one of the key pillars for augmenting farmers' income, the consulting firm said one of the big impediments for development of this sector is the prevalence of various diseases that affect mortality, productivity, and overall production.

"Supply of vaccines is not adequate to address the increasing demand. Funding for developing vaccines and creating necessary infrastructure would be required in this budget," Deloitte said.

Chirag Arora, Founder, Organisch Overseas, said the government must encourage farmers to adopt organic farming.

"The need of the hour is to encourage the private sector into the space by offering tax incentives to startups venturing into this domain. It also needs to augment investment on creation of cold-chains and increase storage capabilities," Arora said.

Last month, in a virtual pre-budget consultation with the finance ministry, Bharat Krishak Samaj (BKS) had said that the government should incentivise balanced use of fertilisers by increasing urea price and lowering rates of phosphatic and potassic (P&amp;K) nutrients in the upcoming Budget.

BKS Chairman Ajay Vir Jakhar had also sought reduction in taxes on diesel and transport subsidy on fruits and vegetables, but demanded tax on unhealthy foods.

He had pitched for tripling investment for micro-irrigation and solar pumps for individual farmers as well as funding for distribution of soil moisture measuring sensors.

"Prioritize investment in human resources over infrastructure. There are about 50 per cent vacancies in agriculture research institutions across India. Target 2 per cent expenditure on agri R&amp;D of agriculture GDP over the next few years," BKS had said.

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts.

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts. The direct benefit transfer (DBT) scheme should be utilised more to support farmers instead of giving subsidies, they added. "Food processing industry has played an important role in better price realisation for the farmer and reducing the cost of intermediaries. The budget must provide special incentives to food processing through incentives such as interest subvention, lower taxes, access to technology and so on," DCM Shriram Chairman and Senior MD Ajay Shriram said. Referring to the successful PM-KISAN scheme under which Rs 6,000 is paid annually directly into farmers bank accounts, he said the DBT mechanism should be fine-tuned and gradually should be utilized to support farmers in lieu of other subsidies. "Let the farmer decide how to judicially use the money. With the benefit of DBT, farmers can then buy better seed, use new-age fertilizers, optimize water usage and so on," Shriram said. Stating that many Indian startups have invested in the agri-technology space, he advocated for a policy that encourages growth of these companies and adoption of latest techniques. He said there has not been any significant breakthrough in recent years from indigenous agricultural research and development (R&D) and this could be partly on account of resource crunch. "Two areas that need immediate attention are firstly linking agricultural research with industry requirements and secondly avoiding ideological resistance to new-age technologies such GM crops," Shriram said. Consulting firm Deloitte India suggested that more funds should be allocated for research and development as well as for increasing the domestic production of oilseeds to reduce imports of cooking oils. Stating that livestock farming is one of the key pillars for augmenting farmers' income, the consulting firm said one of the big impediments for development of this sector is the prevalence of various diseases that affect mortality, productivity, and overall production. "Supply of vaccines is not adequate to address the increasing demand. Funding for developing vaccines and creating necessary infrastructure would be required in this budget," Deloitte said. Chirag Arora, Founder, Organisch Overseas, said the government must encourage farmers to adopt organic farming. "The need of the hour is to encourage the private sector into the space by offering tax incentives to startups venturing into this domain. It also needs to augment investment on creation of cold-chains and increase storage capabilities," Arora said. Last month, in a virtual pre-budget consultation with the finance ministry, Bharat Krishak Samaj (BKS) had said that the government should incentivise balanced use of fertilisers by increasing urea price and lowering rates of phosphatic and potassic (P&K) nutrients in the upcoming Budget. BKS Chairman Ajay Vir Jakhar had also sought reduction in taxes on diesel and transport subsidy on fruits and vegetables, but demanded tax on unhealthy foods. He had pitched for tripling investment for micro-irrigation and solar pumps for individual farmers as well as funding for distribution of soil moisture measuring sensors. "Prioritize investment in human resources over infrastructure. There are about 50 per cent vacancies in agriculture research institutions across India. Target 2 per cent expenditure on agri R&D of agriculture GDP over the next few years," BKS had said.

Union Budget 2021: Government should provide additional funds, incentives for agri sector, say experts

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts.

The direct benefit transfer (DBT) scheme should be utilised more to support farmers instead of giving subsidies, they added.

"Food processing industry has played an important role in better price realisation for the farmer and reducing the cost of intermediaries. The budget must provide special incentives to food processing through incentives such as interest subvention, lower taxes, access to technology and so on," DCM Shriram Chairman and Senior MD Ajay Shriram said.

Referring to the successful PM-KISAN scheme under which Rs 6,000 is paid annually directly into farmers bank accounts, he said the DBT mechanism should be fine-tuned and gradually should be utilized to support farmers in lieu of other subsidies.

"Let the farmer decide how to judicially use the money. With the benefit of DBT, farmers can then buy better seed, use new-age fertilizers, optimize water usage and so on," Shriram said.

Stating that many Indian startups have invested in the agri-technology space, he advocated for a policy that encourages growth of these companies and adoption of latest techniques.

He said there has not been any significant breakthrough in recent years from indigenous agricultural research and development (R&amp;D) and this could be partly on account of resource crunch.

"Two areas that need immediate attention are firstly linking agricultural research with industry requirements and secondly avoiding ideological resistance to new-age technologies such GM crops," Shriram said.

Consulting firm Deloitte India suggested that more funds should be allocated for research and development as well as for increasing the domestic production of oilseeds to reduce imports of cooking oils.

Stating that livestock farming is one of the key pillars for augmenting farmers' income, the consulting firm said one of the big impediments for development of this sector is the prevalence of various diseases that affect mortality, productivity, and overall production.

"Supply of vaccines is not adequate to address the increasing demand. Funding for developing vaccines and creating necessary infrastructure would be required in this budget," Deloitte said. 
Chirag Arora, Founder, Organisch Overseas, said the government must encourage farmers to adopt organic farming.

"The need of the hour is to encourage the private sector into the space by offering tax incentives to startups venturing into this domain. It also needs to augment investment on creation of cold-chains and increase storage capabilities," Arora said.

Last month, in a virtual pre-budget consultation with the finance ministry, Bharat Krishak Samaj (BKS) had said that the government should incentivise balanced use of fertilisers by increasing urea price and lowering rates of phosphatic and potassic (P&amp;K) nutrients in the upcoming Budget.

BKS Chairman Ajay Vir Jakhar had also sought reduction in taxes on diesel and transport subsidy on fruits and vegetables, but demanded tax on unhealthy foods. He had pitched for tripling investment for micro-irrigation and solar pumps for individual farmers as well as funding for distribution of soil moisture measuring sensors.

"Prioritize investment in human resources over infrastructure. There are about 50 per cent vacancies in agriculture research institutions across India. Target 2 per cent expenditure on agri R&amp;D of agriculture GDP over the next few years," BKS had said.

Union Budget 2021: Govt should provide additional funds, incentives for agriculture sector, say experts

Ford will close its three plants in Brazil this year and take pretax charges of about $4.1 billion as COVID-19 pandemic amplified company's underuse of its manufacturing capacity.

World Business Watch: Ford announces closing of Brazil manufacturing operations

Domestic equity benchmark indices surged to new peaks as sentiment was boosted by a positive start to the quarterly earnings season and the commencement of vaccinations in the nation this week.

Frontline Sensex hit a record peak of 49,304 in the intra-day deals today before settling 486.8 points, or 1 per cent, higher at 49,269.32 levels. On the NSE, the Nifty50 ended at record closing peak of 14,484.75 levels, adding 137.5 points or 0.96 per cent today. Earlier today, the index touched lifetime high of 14,498.&nbsp;

Meanwhile, the rupee depreciated by 16 paise to close at 73.40 (provisional) against the US dollar on Monday, tracking a rebound in the American currency overseas.

At the interbank forex market, the domestic unit opened at 73.47 against the US dollar and witnessed an intra-day high of 73.37 and a low of 73.50.

The local unit finally settled at 73.40, registering a fall of 16 paise over its previous close.

Global markets

European stocks slipped from over 10-month highs on Monday as investors booked profits after a strong week, while surging coronavirus cases across the continent and mainland China dragged down energy and mining stocks.

The pan-European STOXX 600 index fell 0.1 per cent, with Germany's DAX index shedding 0.4 per cent and France's CAC 40 down 0.2 per cent.

(With inputs from Reuters)

Domestic equity benchmark indices surged to new peaks as sentiment was boosted by a positive start to the quarterly earnings season and the commencement of vaccinations in the nation this week.

Domestic equity benchmark indices surged to new peaks as sentiment was boosted by a positive start to the quarterly earnings season and the commencement of vaccinations in the nation this week. Frontline Sensex hit a record peak of 49,304 in the intra-day deals today before settling 486.8 points, or 1 per cent, higher at 49,269.32 levels. On the NSE, the Nifty50 ended at record closing peak of 14,484.75 levels, adding 137.5 points or 0.96 per cent today. Earlier today, the index touched lifetime high of 14,498. Meanwhile, the rupee depreciated by 16 paise to close at 73.40 (provisional) against the US dollar on Monday, tracking a rebound in the American currency overseas. At the interbank forex market, the domestic unit opened at 73.47 against the US dollar and witnessed an intra-day high of 73.37 and a low of 73.50. The local unit finally settled at 73.40, registering a fall of 16 paise over its previous close. Global markets European stocks slipped from over 10-month highs on Monday as investors booked profits after a strong week, while surging coronavirus cases across the continent and mainland China dragged down energy and mining stocks. The pan-European STOXX 600 index fell 0.1 per cent, with Germany's DAX index shedding 0.4 per cent and France's CAC 40 down 0.2 per cent. (With inputs from Reuters)

Sensex gains 486 points, ends above 49,250, Nifty tops 14,450

Domestic rating agency Icra Ratings on Monday said it expects the country's real gross domestic product (GDP) to grow by 10.1 per cent in FY2022.

It, however, said the value of GDP in the next financial year will only mildly surpass the level that had been recorded in FY2020.

"After a 7.8 per cent pandemic-driven shrinkage in the ongoing fiscal (FY2021), India's real GDP is projected to record a growth of 10.1 per cent in FY2022. The seemingly-sharp expansion will be led by the continued normalisation in economic activities as the roll-out of COVID-19 vaccines gathers traction, as well as the low base," the agency principal economist Aditi Nayar said in a report.

The agency's principal economist expects a multi-speed recovery in FY2022, with the contact-intensive sectors, discretionary consumption and investment by the private sector trailing the rest of the economy, in the arduous march back to attaining, and sustaining, pre-COVID levels.

"On a sobering note, we project the aggregate value of the Indian GDP in real terms in FY2022, to be only mildly higher than the level recorded in FY2020," Nayar added.

The agency expects the headline CPI inflation to decline to 4.6 per cent in FY2022 from 6.4 per cent in FY2021, while exceeding the mid-point of the Monetary Policy Committee's (MPC's) medium target of 4 per cent, for the third consecutive year.

A favourable base would moderate the retail food inflation to an average of 4.7 per cent in FY2022 from 8 per cent in FY2021, despite the pressures from edible oils, and protein items such as pulses, it said.

With the CPI inflation expected to remain above the MPC's 4 per cent target during FY2022, the agency expects an extended pause for the repo rate.

It expects the "stance of monetary policy to be changed to neutral from accommodative in the August 2021 policy review or later, only after there is greater certainty on the durability of the awaited economic revival." The report said RBI may initiate steps, in a calibrated manner, to reduce the magnitude of the systemic liquidity surplus.

Nayar said the government security yields will take a cue from the size of the borrowing programme of the central and the state governments for FY2022, as well as the outlook for inflation. The agency expects the twin deficits to display a divergent trend in FY2022.

"As the revenue shock ebbs, we project India's general government (centre + states) fiscal deficit to moderate to 8.5 per cent of GDP in FY2022 from the 12-12.5 per cent of the GDP expected in the current year," Nayar said.

However, with imports expected to revive in tune with the anticipated recovery in domestic demand, the current account balance is forecast to slip back into a modest deficit of USD 15-20 billion (or 0.6 per cent of GDP) in FY2022 from a surplus of USD 35-40 billion in FY2021, she said.

Domestic rating agency Icra Ratings on Monday said it expects the country's real gross domestic product (GDP) to grow by 10.1 per cent in FY2022. It, however, said the value of GDP in the next financial year will only mildly surpass the level that had been recorded in FY2020.

Domestic rating agency Icra Ratings on Monday said it expects the country's real gross domestic product (GDP) to grow by 10.1 per cent in FY2022. It, however, said the value of GDP in the next financial year will only mildly surpass the level that had been recorded in FY2020. "After a 7.8 per cent pandemic-driven shrinkage in the ongoing fiscal (FY2021), India's real GDP is projected to record a growth of 10.1 per cent in FY2022. The seemingly-sharp expansion will be led by the continued normalisation in economic activities as the roll-out of COVID-19 vaccines gathers traction, as well as the low base," the agency principal economist Aditi Nayar said in a report. The agency's principal economist expects a multi-speed recovery in FY2022, with the contact-intensive sectors, discretionary consumption and investment by the private sector trailing the rest of the economy, in the arduous march back to attaining, and sustaining, pre-COVID levels. "On a sobering note, we project the aggregate value of the Indian GDP in real terms in FY2022, to be only mildly higher than the level recorded in FY2020," Nayar added. The agency expects the headline CPI inflation to decline to 4.6 per cent in FY2022 from 6.4 per cent in FY2021, while exceeding the mid-point of the Monetary Policy Committee's (MPC's) medium target of 4 per cent, for the third consecutive year. A favourable base would moderate the retail food inflation to an average of 4.7 per cent in FY2022 from 8 per cent in FY2021, despite the pressures from edible oils, and protein items such as pulses, it said. With the CPI inflation expected to remain above the MPC's 4 per cent target during FY2022, the agency expects an extended pause for the repo rate. It expects the "stance of monetary policy to be changed to neutral from accommodative in the August 2021 policy review or later, only after there is greater certainty on the durability of the awaited economic revival." The report said RBI may initiate steps, in a calibrated manner, to reduce the magnitude of the systemic liquidity surplus. Nayar said the government security yields will take a cue from the size of the borrowing programme of the central and the state governments for FY2022, as well as the outlook for inflation. The agency expects the twin deficits to display a divergent trend in FY2022. "As the revenue shock ebbs, we project India's general government (centre + states) fiscal deficit to moderate to 8.5 per cent of GDP in FY2022 from the 12-12.5 per cent of the GDP expected in the current year," Nayar said. However, with imports expected to revive in tune with the anticipated recovery in domestic demand, the current account balance is forecast to slip back into a modest deficit of USD 15-20 billion (or 0.6 per cent of GDP) in FY2022 from a surplus of USD 35-40 billion in FY2021, she said.

India's real GDP to expand by 10.1 per cent in FY2022: ICRA 

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic.&nbsp;

This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed.

Sources said the government has received permission for the same from both the Houses of Parliament.

The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears.

The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block.

This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering.

This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing.

Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces.

This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string.

(With inputs from agencies)

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic.

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. Sources said the government has received permission for the same from both the Houses of Parliament. The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears. The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block. This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering. This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing. Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces. This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string. (With inputs from agencies)

In a first, Finance Ministry to present paperless Budget 2021

According to reports, Korean carmaker Hyundai and US tech giant Apple have planned to sign a partnership deal on autonomous electric cars by March.

World Business Watch: Report says Apple, Hyundai will sign a deal on electric car by March

As part of efforts to open a full-function studio in Shanghai or Beijing and design electric cars tailored to Chinese consumer tastes, Tesla electric car maker is searching for a design director in China.

World Business Watch: Tesla hunts for design chief to create cars for China

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries.

"Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided," Hyundai, in a statement, said.

Watch |&nbsp;

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Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them.&nbsp;

Also read | <a href="https://www.wionews.com/technology/privacy-for-sale-as-apple-and-facebook-fight-for-consumers-354932">Privacy for sale as Apple and Facebook fight for consumers</a>

South Korea's Yonhap news agency quoted a representative from Hyundai as saying that the talks with Apple are "at an initial stage".&nbsp;

Weeks ago, Reuters reported that the iPhone maker was developing self-driving car technology and targetting to manufacture a passenger vehicle as early as 2024 with its own breakthrough battery technology.&nbsp;

Apple's Project Titan is dedicated develop to self-driving technology but the Silicon Valley giant is known to not reveal its projects.

Hyundai has already rolled out fully-electric cars and announced it will come up with ten models of "electrified, eco-focused vehicles" including hybrid and hydrogen-powered models by the end of 2022.

Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close.&nbsp; 
&nbsp;

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries.

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries. "Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided," Hyundai, in a statement, said. Watch | Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them. Also read | Privacy for sale as Apple and Facebook fight for consumers South Korea's Yonhap news agency quoted a representative from Hyundai as saying that the talks with Apple are "at an initial stage". Weeks ago, Reuters reported that the iPhone maker was developing self-driving car technology and targetting to manufacture a passenger vehicle as early as 2024 with its own breakthrough battery technology. Apple's Project Titan is dedicated develop to self-driving technology but the Silicon Valley giant is known to not reveal its projects. Hyundai has already rolled out fully-electric cars and announced it will come up with ten models of "electrified, eco-focused vehicles" including hybrid and hydrogen-powered models by the end of 2022. Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close.

Hyundai in talks with Apple for developing electric cars

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago.

The digital currency has climbed more than 700% from a March 12 closing low.

Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates.

The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on January 2 and $20,000 on December 16.

Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 U.S. cents, respectively. Both currencies often move in tandem with bitcoin.

Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID-19.

Market participants though warned a correction could be in the cards after a scorching rally.

“While further growth is inevitable, investors should not expect this to move in a straight line,” said Gavin Smith, chief executive officer of cryptocurrency consortium, Panxora Group.

“The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits,” he added.

Bitcoins surge happened as the market cap for the entire cryptocurrency sector topped $1 trillion on Thursday, according to data trackers CoinMarketCap and CoinGecko.

Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a “non-zero amount” of the virtual currency reaching an all-time high of more than 33 million.

The information provider also said while interest in bitcoin and news coverage have grown, it is far from being in bubble territory. The number of daily new bitcoins has still not reached 2017 levels, Glassnode said, suggesting the currency is experiencing strong organic growth in adoption, but not the sort of “viral growth typical of a bubble.”

(With inputs from agencies)

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago. The digital currency has climbed more than 700% from a March 12 closing low.

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago. The digital currency has climbed more than 700% from a March 12 closing low. Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates. The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on January 2 and $20,000 on December 16. Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 U.S. cents, respectively. Both currencies often move in tandem with bitcoin. Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID-19. Market participants though warned a correction could be in the cards after a scorching rally. “While further growth is inevitable, investors should not expect this to move in a straight line,” said Gavin Smith, chief executive officer of cryptocurrency consortium, Panxora Group. “The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits,” he added. Bitcoins surge happened as the market cap for the entire cryptocurrency sector topped $1 trillion on Thursday, according to data trackers CoinMarketCap and CoinGecko. Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a “non-zero amount” of the virtual currency reaching an all-time high of more than 33 million. The information provider also said while interest in bitcoin and news coverage have grown, it is far from being in bubble territory. The number of daily new bitcoins has still not reached 2017 levels, Glassnode said, suggesting the currency is experiencing strong organic growth in adoption, but not the sort of “viral growth typical of a bubble.” (With inputs from agencies)

Just five days after passing $30,000, Bitcoin tops $40,000

Domestic stock market indices, Sensex and Nifty rallied more than 1 percent to end at record high levels on Friday.&nbsp;

The Sensex surged 689.19 points or, 1.43 percent, to end at 48,782.51, while the Nifty closed at 14,347.25, up 209.90 points, or 1.48 percent.&nbsp;

In the mid-cap space, S&amp;P BSE MidCap index, though underperformed the frontline index, settled 1 per cent higher at 19,138.7 level after hitting a record peak of 19,161 earlier in the day. The S&amp;P BSE SmallCap index, on the other hand, ended at 18,908.59 levels, up 0.72 per cent.

Global markets

European stocks rose on Friday, with Germany’s DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

The pan-European STOXX 600 index rose 0.7% and was on track for a more than 3% weekly gain, with hopes of more US stimulus boosting economically sensitive sectors such as miners, oil &amp; gas and banks. Germany’s DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November.

(With inputs from Reuters)

Domestic stock market indices, Sensex and Nifty rallied more than 1 percent to end at record high levels on Friday. The Sensex surged 689.19 points or, 1.43 percent, to end at 48,782.

Domestic stock market indices, Sensex and Nifty rallied more than 1 percent to end at record high levels on Friday. The Sensex surged 689.19 points or, 1.43 percent, to end at 48,782.51, while the Nifty closed at 14,347.25, up 209.90 points, or 1.48 percent. In the mid-cap space, S&P BSE MidCap index, though underperformed the frontline index, settled 1 per cent higher at 19,138.7 level after hitting a record peak of 19,161 earlier in the day. The S&P BSE SmallCap index, on the other hand, ended at 18,908.59 levels, up 0.72 per cent. Global markets European stocks rose on Friday, with Germany’s DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers. The pan-European STOXX 600 index rose 0.7% and was on track for a more than 3% weekly gain, with hopes of more US stimulus boosting economically sensitive sectors such as miners, oil & gas and banks. Germany’s DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November. (With inputs from Reuters)

Sensex jumps 689 points, Nifty settles above 14,300

Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time.

Shares in the company led by Elon Musk jumped nearly 8% to end the session at $816, putting its market capitalization at $774 billion and making it Wall Street's fifth-most-valuable company, just behind Google-parent Alphabet and ahead of Facebook.

Facebook's stock market value was $765 billion after its shares rose about 2%, according to Refinitiv data.

Over $39 billion worth of Tesla's shares were bought and sold during the session, a record for Tesla and more than the next three most traded companies combined, which were Apple, Alibaba Group Holding and Amazon.com.

Also read|&nbsp;<a href="https://www.wionews.com/world/elon-musks-strange-reaction-on-becoming-worlds-richest-person-355307">Elon Musk's 'strange' reaction on becoming world's richest person</a>

Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.

Musk surpassed Amazon's Jeff Bezos to become the world's richest person, Bloomberg News reported on Thursday.

Tesla's latest lift came after RBC raised its rating on the stock to "sector perform" from "underperform."

RBC analyst Joseph Spak said in his research note that he previously underestimated Tesla's ability to use its soaring stock price to raise capital to fund the company's expansion.

"We took a fresh look at the growth opportunity, what we got wrong about TSLA's positioning and the valuation and conclude that the stock price itself is likely to be somewhat self-fulfilling to TSLA's growth and strategy," Spak wrote.

Analysts, on average, expect Tesla to report $1.2 billion in net profits for 2020, compared with $5.8 billion in net profits expected from GM and $27.1 billion in net profits expected from Facebook, according to Refinitiv.

Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time. Shares in the company led by Elon Musk jumped nearly 8% to end the session at $816, putting its market capitalization at $774 billion and making it Wall Street's fifth-most-valuable company, just behind Google-parent Alphabet and ahead of Facebook.

Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time. Shares in the company led by Elon Musk jumped nearly 8% to end the session at $816, putting its market capitalization at $774 billion and making it Wall Street's fifth-most-valuable company, just behind Google-parent Alphabet and ahead of Facebook. Facebook's stock market value was $765 billion after its shares rose about 2%, according to Refinitiv data. Over $39 billion worth of Tesla's shares were bought and sold during the session, a record for Tesla and more than the next three most traded companies combined, which were Apple, Alibaba Group Holding and Amazon.com. Also read| Elon Musk's 'strange' reaction on becoming world's richest person Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors. Musk surpassed Amazon's Jeff Bezos to become the world's richest person, Bloomberg News reported on Thursday. Tesla's latest lift came after RBC raised its rating on the stock to "sector perform" from "underperform." RBC analyst Joseph Spak said in his research note that he previously underestimated Tesla's ability to use its soaring stock price to raise capital to fund the company's expansion. "We took a fresh look at the growth opportunity, what we got wrong about TSLA's positioning and the valuation and conclude that the stock price itself is likely to be somewhat self-fulfilling to TSLA's growth and strategy," Spak wrote. Analysts, on average, expect Tesla to report $1.2 billion in net profits for 2020, compared with $5.8 billion in net profits expected from GM and $27.1 billion in net profits expected from Facebook, according to Refinitiv.

Tesla's stock market value tops Facebook's in huge trading

Elon Musk, the outspoken and envelope-pushing founder and CEO of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, US media reported Thursday.

Musk is a major shareholder of the electric car company and has benefited from Tesla's surging share price over the last year. CNBC estimated his wealth at $185 billion.

The distinction is the latest superlative for the South African-born Musk, who also leads the aerospace venture SpaceX.&nbsp;

Tesla is widely seen as a pacesetter for the car industry as conventional automakers try to catch up in electric autos.

Tesla had a strong 2020 as it ramped up production, broke ground on new factories and reported a series of profitable quarters and was added to the prestigious S&amp;P 500 index.&nbsp;

That enabled shares to rise more than 700 per cent during the year, making it more valuable that the world's top carmakers combined.

Overcoming controversy&nbsp;

Musk has hit a stride after stumbling in 2018, when US securities regulators required the Tesla chief to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted.

Musk also was embroiled in a messy public fight over his comments about a British caver, who had mocked the Tesla CEO's offer of a mini-submarine to rescue young soccer players trapped in a cave in Thailand in the summer of 2018.

The caver, Vernon Unsworth, sued Musk after the Tesla chief called him "pedo guy" on social media, but a California jury in December 2019 ruled the remark was not defamation.

Musk put these controversies behind him last year as Tesla significantly boosted output at car factories in California and Shanghai and moved ahead to build new factories in Texas and Germany.

Tesla watchers do not think Musk will be able to match the massive valuation surge in 2021, but expect continued progress as the carmaker adds production capacity and pushes the envelope on new technologies, including autonomous autos.

Still, several analysts consider the stock to be overvalued, even if they praise the company.

"Tesla's performance in 2020 was impressive, but not as impressive as the increase in its shares, which we continue to believe are overvalued," said a note earlier this week from JPMorgan Chase, which has an "underweight" on the equity.

Shares of Tesla surged 6.3 per cent to $803.78 in late morning trading, lifting the company's market capitalization above $750 billion.&nbsp;

Musk holds about 21 per cent of Tesla's shares, according to a securities filing.

Elon Musk, the outspoken and envelope-pushing founder and CEO of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, US media reported Thursday.

Elon Musk, the outspoken and envelope-pushing founder and CEO of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, US media reported Thursday. Musk is a major shareholder of the electric car company and has benefited from Tesla's surging share price over the last year. CNBC estimated his wealth at $185 billion. The distinction is the latest superlative for the South African-born Musk, who also leads the aerospace venture SpaceX. Tesla is widely seen as a pacesetter for the car industry as conventional automakers try to catch up in electric autos. Tesla had a strong 2020 as it ramped up production, broke ground on new factories and reported a series of profitable quarters and was added to the prestigious S&P 500 index. That enabled shares to rise more than 700 per cent during the year, making it more valuable that the world's top carmakers combined. Overcoming controversy Musk has hit a stride after stumbling in 2018, when US securities regulators required the Tesla chief to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted. Musk also was embroiled in a messy public fight over his comments about a British caver, who had mocked the Tesla CEO's offer of a mini-submarine to rescue young soccer players trapped in a cave in Thailand in the summer of 2018. The caver, Vernon Unsworth, sued Musk after the Tesla chief called him "pedo guy" on social media, but a California jury in December 2019 ruled the remark was not defamation. Musk put these controversies behind him last year as Tesla significantly boosted output at car factories in California and Shanghai and moved ahead to build new factories in Texas and Germany. Tesla watchers do not think Musk will be able to match the massive valuation surge in 2021, but expect continued progress as the carmaker adds production capacity and pushes the envelope on new technologies, including autonomous autos. Still, several analysts consider the stock to be overvalued, even if they praise the company. "Tesla's performance in 2020 was impressive, but not as impressive as the increase in its shares, which we continue to believe are overvalued," said a note earlier this week from JPMorgan Chase, which has an "underweight" on the equity. Shares of Tesla surged 6.3 per cent to $803.78 in late morning trading, lifting the company's market capitalization above $750 billion. Musk holds about 21 per cent of Tesla's shares, according to a securities filing.

Elon Musk becomes world's richest person: Reports

The sale of electric cars in Norway overtook those powered by petrol, diesel and hybrid engines last year, with German auto-maker Volkswagen replacing Tesla as the top battery-vehicle producer, new data showed on Tuesday.

Electric cars rise to record 54% market share in Norway in 2020

Honda Motor Co is offering voluntary retirement to some permanent employees at its motorcycles and scooters unit in India amid slowing demand there following the COVID-19 pandemic, the company said on Wednesday.

Honda offers early retirement in India amid slowing motorcycle sales

Digital services taxes adopted by India, Italy and Turkey discriminate against U.S. companies and are inconsistent with international tax principles, the U.S. Trade Representative's office said on Wednesday, paving the way for potential retaliatory tariffs.

USTR slams India, Italy, Turkey on digital taxes but holds off on tariffs

Domestic stock market indices, Sensex and Nifty erased day's gains to end lower Thursday afternoon dragged by selling in FMCG, IT and pharma stocks.&nbsp;

At close, the S&amp;P BSE Sensex was quoting at 48,093 levels, down 81 points or 0.17 per cent, amid sell off in information technology and FMCG stocks. Bharti Airtel (up 3.6 per cent) was the top gainer on the Sensex, followed by IndusInd Bank, Axis Bank, L&amp;T, and HDFC. On the other hand, Hindustan Unilever, Titan, Nestle, Infosys, and ITC ended between 1.5 per cent and 2 per cent lower.

The broader Nifty50, on the other hand, closed 9 points, or 0.06 per cent, lower at 14,137 levels. Out of the total 50 constituents, 27 advances on the Nifty while 23 ended the day in the red. The Nifty50 index hit a new peak of 14,256.25 in the morning deals.

Global markets

Global stocks rose on Thursday, reversing losses incurred on Wednesday. Europe's Euro STOXX 600 gained 0.3 per cent, with indices in Frankfurt and Paris up 0.4 per cent and 0.6 per cent, respectively.&nbsp;

The MSCI world equity index, which tracks shares in almost 50 countries, rose 0.3 per cent.

Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent and Japan's Nikkei hit its highest since 1990.

(With inputs from Reuters)

Domestic stock market indices, Sensex and Nifty erased day's gains to end lower Thursday afternoon dragged by selling in FMCG, IT and pharma stocks. At close, the S&P BSE Sensex was quoting at 48,093 levels, down 81 points or 0.

Domestic stock market indices, Sensex and Nifty erased day's gains to end lower Thursday afternoon dragged by selling in FMCG, IT and pharma stocks. At close, the S&P BSE Sensex was quoting at 48,093 levels, down 81 points or 0.17 per cent, amid sell off in information technology and FMCG stocks. Bharti Airtel (up 3.6 per cent) was the top gainer on the Sensex, followed by IndusInd Bank, Axis Bank, L&T, and HDFC. On the other hand, Hindustan Unilever, Titan, Nestle, Infosys, and ITC ended between 1.5 per cent and 2 per cent lower. The broader Nifty50, on the other hand, closed 9 points, or 0.06 per cent, lower at 14,137 levels. Out of the total 50 constituents, 27 advances on the Nifty while 23 ended the day in the red. The Nifty50 index hit a new peak of 14,256.25 in the morning deals. Global markets Global stocks rose on Thursday, reversing losses incurred on Wednesday. Europe's Euro STOXX 600 gained 0.3 per cent, with indices in Frankfurt and Paris up 0.4 per cent and 0.6 per cent, respectively. The MSCI world equity index, which tracks shares in almost 50 countries, rose 0.3 per cent. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 per cent and Japan's Nikkei hit its highest since 1990. (With inputs from Reuters)

Sensex falls for second straight day, Nifty ends below 14,150

Petrol prices in India have touched an all-time high level, with a litre of the transportation fuel selling at ₹84.20 in Delhi on Thursday.

The increase in fuel prices comes after a jump in oil prices in the international market, where brent crude is currently trading at close to $55 a barrel, a $ 5 increase in just around a weeks’ time.

While the rising petrol prices have been burning a hole in Indian consumers’ pocket, common man is now worried about the rising fuel prices with concerns that petrol prices might touch Rs 100 per litre making things worse for them.

In Delhi, petrol now costs Rs 84.20 per litre and diesel is priced at Rs 74.38. In Mumbai, petrol comes for Rs 90.83 a litre and diesel for Rs 81.07.

This is the highest ever price of petrol in Delhi, while diesel is at record high in Mumbai.

State-owned fuel retailers Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had on Wednesday resumed daily price revision after nearly a month-long hiatus.

Price had been raised by 26 paise per litre for petrol and 25 paise on diesel on Wednesday.

The previous highest ever rate of Rs 84 a litre for petrol in Delhi was touched on October 4, 2018.

On that day, diesel too had scaled to an all-time high of Rs 75.45 a litre.

The government had responded to that situation by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence.

Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later.

However, no tax cut is under consideration as of present, a senior government official had said on Wednesday.

Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out.

They first did not pass on to the customers a reduction in price warranted from the slump in international oil rates witnessed due to demand erosion beginning March 2020.

While they promptly passed on an increase in sales tax by state governments such as the one in Delhi, they adjusted a steep increase in excise duty by the central government against the reduction in retail price warranted.

The government raised excise duty by Rs 13 per litre on petrol and by Rs 15 a litre on diesel in two instalments in March 2020 and May 2020 to garner additional revenue of Rs 1.6 lakh crore.

That adjustment of rate revision against excise duty hike resulted in a 52-day status quo in prices between March 17, 2020, and June 6, 2020.

This was followed by no change in rates between June 30, 2020, and August 15, 2020, and 58-day hiatus in petrol price revision and 48-day status quo on diesel rates from September 22, 2020, and October 2, 2020, respectively.

Rates were again frozen after the last revision on December 7, 2020.

Since May 2020, petrol price has risen by Rs 14.54 per litre and diesel by Rs 12.09 a litre, price notifications of oil companies showed. The highest level for petrol in Mumbai was on October 4, 2018 when it was Rs 91.34.

(With inputs from agencies)

Petrol prices in India have touched an all-time high level, with a litre of the transportation fuel selling at ₹84.20 in Delhi on Thursday. The increase in fuel prices comes after a jump in oil prices in the international market, where brent crude is currently trading at close to $55 a barrel, a $ 5 increase in just around a weeks’ time.

Petrol prices in India have touched an all-time high level, with a litre of the transportation fuel selling at ₹84.20 in Delhi on Thursday. The increase in fuel prices comes after a jump in oil prices in the international market, where brent crude is currently trading at close to $55 a barrel, a $ 5 increase in just around a weeks’ time. While the rising petrol prices have been burning a hole in Indian consumers’ pocket, common man is now worried about the rising fuel prices with concerns that petrol prices might touch Rs 100 per litre making things worse for them. In Delhi, petrol now costs Rs 84.20 per litre and diesel is priced at Rs 74.38. In Mumbai, petrol comes for Rs 90.83 a litre and diesel for Rs 81.07. This is the highest ever price of petrol in Delhi, while diesel is at record high in Mumbai. State-owned fuel retailers Indian Oil Corporation Ltd (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had on Wednesday resumed daily price revision after nearly a month-long hiatus. Price had been raised by 26 paise per litre for petrol and 25 paise on diesel on Wednesday. The previous highest ever rate of Rs 84 a litre for petrol in Delhi was touched on October 4, 2018. On that day, diesel too had scaled to an all-time high of Rs 75.45 a litre. The government had responded to that situation by cutting excise duty on petrol and diesel by Rs 1.50 per litre in a bid to ease inflationary pressure and boost consumer confidence. Alongside, state-owned fuel retailers cut prices by another Re 1 a litre, which they recouped later. However, no tax cut is under consideration as of present, a senior government official had said on Wednesday. Though petrol and diesel rates are to be revised on a daily basis in line with benchmark international price and foreign exchange, government-controlled fuel retailers have been moderating rates since the pandemic broke out. They first did not pass on to the customers a reduction in price warranted from the slump in international oil rates witnessed due to demand erosion beginning March 2020. While they promptly passed on an increase in sales tax by state governments such as the one in Delhi, they adjusted a steep increase in excise duty by the central government against the reduction in retail price warranted. The government raised excise duty by Rs 13 per litre on petrol and by Rs 15 a litre on diesel in two instalments in March 2020 and May 2020 to garner additional revenue of Rs 1.6 lakh crore. That adjustment of rate revision against excise duty hike resulted in a 52-day status quo in prices between March 17, 2020, and June 6, 2020. This was followed by no change in rates between June 30, 2020, and August 15, 2020, and 58-day hiatus in petrol price revision and 48-day status quo on diesel rates from September 22, 2020, and October 2, 2020, respectively. Rates were again frozen after the last revision on December 7, 2020. Since May 2020, petrol price has risen by Rs 14.54 per litre and diesel by Rs 12.09 a litre, price notifications of oil companies showed. The highest level for petrol in Mumbai was on October 4, 2018 when it was Rs 91.34. (With inputs from agencies)

Petrol price at all-time high; citizens worry whether it will reach ₹ 100/litre

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021.

Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/bitcoin-passes-30000-for-the-first-time-354074" hreflang="en">Bitcoin passes $30,000 for the first time</a>

Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government.

Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous &amp; secure transfers.

Also read:&nbsp;<a href="http://13.235.153.162/technology/us-seizes-bitcoins-worth-1billion-the-largest-cryptocurrency-haul-in-history-342170" hreflang="en">US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history</a>

To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods &amp; services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software.

This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers.

The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units.

The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges.

Also read:&nbsp;<a href="http://13.235.153.162/technology/twitter-reveals-how-bitcoin-scammers-hijacked-celebrity-accounts-317307" hreflang="en">Twitter reveals how Bitcoin scammers hijacked celebrity accounts</a>

To add to that - there is no price cap - and no middlemen.

But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price.

Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions.

In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019.

Digital currency is the future with Bitcoin, Ethereum, Z-cash, and Stellar lumens at the fore, among many. On Tuesday, the world's most popular cryptocurrency - Bitcoin soared to a record high of 34,800 dollars in Asia, marking an 800% surge since mid-March 2019. A huge milestone, Bitcoin is all set to become a mainstream mode of payment by the end of 2021. Some refer to Bitcoin as the new gold, but there is still a lot we don’t know. Who created it? Who controls it? Is it backed by any government? How does one use it? How do the transactions take place? And what about illegal transactions? We bring to you the answers. Also read: Bitcoin passes $30,000 for the first time Bitcoin is a purely online currency created from computer code, and has been in circulation since 2009. The identity of its creator remains a mystery to this day. Unlike traditional currencies, it has no central bank and is not backed by any government. Instead, Bitcoin's community of users control and regulate it via the block chain, which a shared public ledger on which the entire bitcoin network relies. It's a mathematical process designed to provide anonymous & secure transfers. Also read: US seizes bitcoins worth $1billion, the largest cryptocurrency haul in history To get started, users can install a Bitcoin wallet on their computer or phone which generates an address unique to each transaction. They can use this to buy goods & services, even other currencies. The transactions are validated by members of the bitcoin community by tracing the origin of each bitcoin using a special software. This technique is known as mining - a process that is intended to ensure that no single bitcoin can be spent in more than one place simultaneously. Members of this network are known as miners. They are pitted against one another as they race to solve increasingly complex ‘’cryptograms’’ on extremely powerful computers. The fastest to do so are issued with new bitcoins as a reward for their efforts. This is the only way new bitcoins can be created. However, there is a limit to how many new bitcoins can be created - capped at 21 million units. The advantages of this cryptocurrency are several - the transactions are anonymous, the transfers are instantaneous, and it’s all free of charges. Also read: Twitter reveals how Bitcoin scammers hijacked celebrity accounts To add to that - there is no price cap - and no middlemen. But that does not mean that there are no disadvantages - Bitcoin transactions are irreversible and it's an extremely volatile currency subject to wild fluctuations in price. Security is also an issue with digital wallets stored in computers or phones, vulnerable to theft by hackers. Lastly, the anonymous nature of Bitcoin makes it a popular currency for illegal transactions. In February 2016, a Los Angeles hospital had to pay 17,000 US dollars in bitcoins to hackers who took control of its computers for more than a week. But the benefits far outweigh the drawbacks, and the popularity of bitcoin is set to grow exponentially in this decade.

Bitcoin: All questions about the growing cryptocurrency - answered!

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire.

Depending on investor response, proceeds could reach $8 billion which the e-commerce leader is likely to use for general corporate expenditure, one of the people said.

The fundraising will be a test of investor sentiment towards Alibaba, coming months after an October speech from billionaire Ma about regulation stifling innovation that led to the halting of affiliate Ant Group`s $37 billion stock market listing.

Ma`s absence from public view in the intervening time has fuelled social media speculation over his whereabouts.

The bond sale plan, including timeline, is not finalised and is subject to change, the people said, all of whom declined to be identified as they were not authorised to speak to the media.

Alibaba declined to comment.

Since Ma`s speech, Chinese regulators have begun an antitrust probe into Alibaba and ordered fintech Ant to change its lending and other consumer finance businesses, including the creation of a holding company to meet capital requirements.

Regulators are also reviewing Ant`s equity investments in dozens of companies and considering whether to instruct the firm to divest of some, Reuters reported last month.

Alibaba`s international bond offering, if finalised, would be the group`s third, Refinitiv data showed. It sold an $8 billion U.S. dollar bond in 2014, and a $7 billion tranche in 2017, the data showed.

With its latest float, Alibaba will join a slew of Asian companies that in recent months have taken advantage of cheaper borrowing costs and abundant liquidity in global markets.

The terms of the offering were not immediately known. Two of the people said marketing documents were likely to be available as soon as next week, and that the tenure of the bond is likely to be 10 years.

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire.

China`s Alibaba Group Holding Ltd plans to raise at least $5 billion through the sale of a U.S. dollar-denominated bond this month, four people with knowledge of the matter said, amid regulatory scrutiny of co-founder Jack Ma`s empire. Depending on investor response, proceeds could reach $8 billion which the e-commerce leader is likely to use for general corporate expenditure, one of the people said. The fundraising will be a test of investor sentiment towards Alibaba, coming months after an October speech from billionaire Ma about regulation stifling innovation that led to the halting of affiliate Ant Group`s $37 billion stock market listing. Ma`s absence from public view in the intervening time has fuelled social media speculation over his whereabouts. The bond sale plan, including timeline, is not finalised and is subject to change, the people said, all of whom declined to be identified as they were not authorised to speak to the media. Alibaba declined to comment. Since Ma`s speech, Chinese regulators have begun an antitrust probe into Alibaba and ordered fintech Ant to change its lending and other consumer finance businesses, including the creation of a holding company to meet capital requirements. Regulators are also reviewing Ant`s equity investments in dozens of companies and considering whether to instruct the firm to divest of some, Reuters reported last month. Alibaba`s international bond offering, if finalised, would be the group`s third, Refinitiv data showed. It sold an $8 billion U.S. dollar bond in 2014, and a $7 billion tranche in 2017, the data showed. With its latest float, Alibaba will join a slew of Asian companies that in recent months have taken advantage of cheaper borrowing costs and abundant liquidity in global markets. The terms of the offering were not immediately known. Two of the people said marketing documents were likely to be available as soon as next week, and that the tenure of the bond is likely to be 10 years.

Alibaba plans $5 billion bond this month amid regulatory scrutiny

The New York Stock Exchange on Wednesday said that it would delist three Chinese telecom companies starting January 11.

This marks another U-turn in a series of delisting plans. On Tuesday, US Treasury Secretary Steve Mnuchin told the NYSE chief that he disagreed with the decision to reverse the delistings. This marks the third such u-turn, owing to the confusion in with regard to rules carved out by Donald Trump administration, with tensions escalating between the US and China.

Also read:&nbsp;<a href="http://13.235.153.162/world/nyse-may-make-second-u-turn-on-china-telecom-delistings-354773" hreflang="en">NYSE may make second U-turn on China telecom delistings</a>

On Monday, the NYSE had reversed the decision to delist China Telecom Corp Ltd, China Unicom Hong Kong Ltd, and China Mobile Ltd after a series of consultations with US regulators.

The plans to delist Chinese firms came amid a White House executive order to ban US investment in companies that are linked to the Chinese military. Mnuchin on Tuesday told NYSE President Stacey Cunningham that he disagreed with NYSE’s previous decision.

Also read:&nbsp;<a href="http://13.235.153.162/world/new-york-stock-exchange-scraps-plan-to-delist-china-telecom-firms-354577" hreflang="en">New York Stock Exchange scraps plan to delist China telecom firms</a>

The about-face was due to ambiguity over an executive order issued by President Donald Trump barring investment in firms Washington says are tied to the Chinese military, and whether the three firms were banned under the order, a source familiar with the matter said on Tuesday.

However, on Tuesday, it said it would go ahead with the delistings, which were planned on or before January 11, if it deems the companies are subject to the order.

Also read:&nbsp;<a href="http://13.235.153.162/business-economy/new-york-stock-exchange-to-delist-chinese-telecom-firms-on-us-executive-order-353745" hreflang="en">New York Stock Exchange to delist Chinese telecom firms on US executive order</a>

Bloomberg earlier reported that the NYSE may flip back.

US Treasury Secretary Steven Mnuchin phoned NYSE President Stacey Cunningham on Tuesday to tell her he disagreed with the exchange operator's decision to reverse course on the delistings.

The NYSE is owned by Atlanta-based Intercontinental Exchange Inc (ICE), which is run by billionaire Jeffrey Sprecher, whose wife Kelly Loeffler, also a former ICE executive, is one of two Republican senators facing run-off elections on Tuesday in Georgia. Loeffler is a staunch supporter of President Trump.

The New York Stock Exchange on Wednesday said that it would delist three Chinese telecom companies starting January 11. This marks another U-turn in a series of delisting plans.

The New York Stock Exchange on Wednesday said that it would delist three Chinese telecom companies starting January 11. This marks another U-turn in a series of delisting plans. On Tuesday, US Treasury Secretary Steve Mnuchin told the NYSE chief that he disagreed with the decision to reverse the delistings. This marks the third such u-turn, owing to the confusion in with regard to rules carved out by Donald Trump administration, with tensions escalating between the US and China. Also read: NYSE may make second U-turn on China telecom delistings On Monday, the NYSE had reversed the decision to delist China Telecom Corp Ltd, China Unicom Hong Kong Ltd, and China Mobile Ltd after a series of consultations with US regulators. The plans to delist Chinese firms came amid a White House executive order to ban US investment in companies that are linked to the Chinese military. Mnuchin on Tuesday told NYSE President Stacey Cunningham that he disagreed with NYSE’s previous decision. Also read: New York Stock Exchange scraps plan to delist China telecom firms The about-face was due to ambiguity over an executive order issued by President Donald Trump barring investment in firms Washington says are tied to the Chinese military, and whether the three firms were banned under the order, a source familiar with the matter said on Tuesday. However, on Tuesday, it said it would go ahead with the delistings, which were planned on or before January 11, if it deems the companies are subject to the order. Also read: New York Stock Exchange to delist Chinese telecom firms on US executive order Bloomberg earlier reported that the NYSE may flip back. US Treasury Secretary Steven Mnuchin phoned NYSE President Stacey Cunningham on Tuesday to tell her he disagreed with the exchange operator's decision to reverse course on the delistings. The NYSE is owned by Atlanta-based Intercontinental Exchange Inc (ICE), which is run by billionaire Jeffrey Sprecher, whose wife Kelly Loeffler, also a former ICE executive, is one of two Republican senators facing run-off elections on Tuesday in Georgia. Loeffler is a staunch supporter of President Trump.

NYSE reverses course again; set to delist three Chinese firms

The Domestic stock market indices, Sensex and Nifty ended lower Wednesday dragged by selling in IT and FMCG stocks amid mixed global cues.

The benchmark S&amp;P BSE Sensex tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864.

ITC and Reliance Industries skid 3 per cent each on the BSE, ending the day as top drags. Other large-caps, down up to 2 per cent, were Bajaj Finance, Axis Bank, HCL Tech, and TCS.

The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,146, down 53 points or 0.38 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040.

Nifty IT and Nifty FMCG indices were the top sectoral losers on the NSE, down over 1 per cent each. On the contrary, Nifty Metal index managed to close 1 per cent higher.

In the broader market, the S&amp;P BSE MidCap index ended the day in the green, up 0.4 per cent at 18,749 level. However, the S&amp;P BSE SmallCap index closed at 18,614 level, down 0.14 per cent.

Global markets

European stocks edged higher on Wednesday, led by economically sensitive sectors such as banks and energy. The pan-European STOXX 600 index was up 0.2 per cent, while UK's FTSE 100 rose 0.7 per cent, and Germany's DAX gained 0.2 per cent.

In Asia, Japan's Nikkei ended 0.4 per cent lower, South Korea's Kospi lost 0.75 per cent, and Australia's S&amp;P/200 index declined 1.1 per cent.

(With inputs from Reuters)

The Domestic stock market indices, Sensex and Nifty ended lower Wednesday dragged by selling in IT and FMCG stocks amid mixed global cues. The benchmark S&P BSE Sensex tanked 264 points, or 0.

The Domestic stock market indices, Sensex and Nifty ended lower Wednesday dragged by selling in IT and FMCG stocks amid mixed global cues. The benchmark S&P BSE Sensex tanked 264 points, or 0.54 per cent, to settle the day at 48,174 levels. In the intra-day session, the index had slumped 750 points from fresh record high of 48,616 levels to hit a low of 47,864. ITC and Reliance Industries skid 3 per cent each on the BSE, ending the day as top drags. Other large-caps, down up to 2 per cent, were Bajaj Finance, Axis Bank, HCL Tech, and TCS. The NSE's Nifty50, meanwhile, slipped below the 14,150-mark and ended the session at 14,146, down 53 points or 0.38 per cent. From the new peak of 14,244, the index dropped 200 points to hit a low of 14,040. Nifty IT and Nifty FMCG indices were the top sectoral losers on the NSE, down over 1 per cent each. On the contrary, Nifty Metal index managed to close 1 per cent higher. In the broader market, the S&P BSE MidCap index ended the day in the green, up 0.4 per cent at 18,749 level. However, the S&P BSE SmallCap index closed at 18,614 level, down 0.14 per cent. Global markets European stocks edged higher on Wednesday, led by economically sensitive sectors such as banks and energy. The pan-European STOXX 600 index was up 0.2 per cent, while UK's FTSE 100 rose 0.7 per cent, and Germany's DAX gained 0.2 per cent. In Asia, Japan's Nikkei ended 0.4 per cent lower, South Korea's Kospi lost 0.75 per cent, and Australia's S&P/200 index declined 1.1 per cent. (With inputs from Reuters)

Sensex plunges over 260 points, Nifty ends below 14,150 

The frontline S&amp;P BSE Sensex ended the choppy session near record-high levels on Tuesday.

BSE Sensex closed at 48,437.78, up 261 points, or 0.54 per cent while the 50-stock NSE Nifty ended at 14,199. Axis Bank shares jumped 6.48% to end as the top Sensex gainer, followed by HDFC, IndusInd Bank, and TCS.&nbsp;

Broader markets outperformed benchmark indices once again. Among Nifty sectoral indices, only Nifty Auto, Nifty Metal and Nifty Realty ended with losses. &nbsp;&nbsp;

Global markets

Asian shares edged lower on Tuesday amid uncertainty about Senate runoffs in Georgia. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.05 per cent, pulling back from a record high. Australian stocks fell 0.26 per cent. Chinese shares erased early losses and rose 0.52 per cent.

Japanese shares lost 0.34 per cent after a spokesman said the government will reach a decision on a state of emergency for Tokyo and surrounding cities on Thursday to curb coronavirus infections.&nbsp;

In Europe, stocks slipped as losses in defensive sectors offset gains in oil and retail stocks. The pan-European STOXX 600 index was down 0.2 per cent.

(With inputs from Reuters)

The frontline S&P BSE Sensex ended the choppy session near record-high levels on Tuesday. BSE Sensex closed at 48,437.78, up 261 points, or 0.54 per cent while the 50-stock NSE Nifty ended at 14,199.

The frontline S&P BSE Sensex ended the choppy session near record-high levels on Tuesday. BSE Sensex closed at 48,437.78, up 261 points, or 0.54 per cent while the 50-stock NSE Nifty ended at 14,199. Axis Bank shares jumped 6.48% to end as the top Sensex gainer, followed by HDFC, IndusInd Bank, and TCS. Broader markets outperformed benchmark indices once again. Among Nifty sectoral indices, only Nifty Auto, Nifty Metal and Nifty Realty ended with losses. Global markets Asian shares edged lower on Tuesday amid uncertainty about Senate runoffs in Georgia. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.05 per cent, pulling back from a record high. Australian stocks fell 0.26 per cent. Chinese shares erased early losses and rose 0.52 per cent. Japanese shares lost 0.34 per cent after a spokesman said the government will reach a decision on a state of emergency for Tokyo and surrounding cities on Thursday to curb coronavirus infections. In Europe, stocks slipped as losses in defensive sectors offset gains in oil and retail stocks. The pan-European STOXX 600 index was down 0.2 per cent. (With inputs from Reuters)

Sensex closes 261 points higher, Nifty just shy of 14,200