Business highlights

Following are the top business stories at 1900 hours

DEL32 BIZ-LD-RESULTS-ITC New Delhi: Diversified group ITC on Wednesday reported 3.84 per cent increase in standalone net profit at Rs 3,209.07 crore in the December quarter 2018 helped by good performance in FMCG and agri businesses.

DCM31 BIZ-VODAFONEIDEA-RIGHTS ISSUE

New Delhi: Vodafone and Aditya Birla Group will infuse over Rs 18,000 crore into India's largest telecom operator Vodafone Idea Ltd through a rights issue to arm the company with firepower to take on market competition intensified by Reliance Jio.

DCM32 BIZ-CAB-LD GST-APPELLATE New Delhi: The Union Cabinet Wednesday approved setting up of the national bench of the GST Appellate Tribunal which will act as forum for second appeal in case of dispute and also decide cases where there are divergent orders at the state level.

DCM39 BIZ-GOVT-DRUGPRICES

New Delhi: The government will constitute a standing committee on affordable medicines and health products that would act as a recommending body to the national drug pricing regulator with respect to prices of drugs and health products.

FGN19 WEF-JACK MA Davos: Chinese tech czar Jack Ma on Wednesday said there are no experts for tomorrow and all they know about is yesterday.

DEL41 BIZ-LD STOCKS

Mumbai: Equity benchmark Sensex Wednesday tumbled over 336 points to end at 36,108 on emergence of intense selling towards the fag-end mainly in FMCG, financial and IT stocks, while renewed concerns over US-China trade tiff further jolted investors' sentiment.

DEL44 BIZ-RUPEE-CLOSE Mumbai: The Indian rupee Wednesday snapped its three-day losing streak and settled higher by 11 paise at 71.33 against the US dollar on increased selling of the American currency by exporters and banks.

FGN15 WEF-JAPAN-ABE

Davos: Japanese Prime Minister Shinzo Abe on Wednesday asked world leaders to rebuild trust in the international trading system and urged countries like the US, China and India to breathe fresh life into the WTO.

DCM5 BIZ-NCLAT-ESSAR STEEL New Delhi: The National Company Law Appellate Tribunal (NCLAT) Wednesday directed the Ahmedabad bench of NCLT to pass an order on the insolvency resolution plan submitted by Essar Steel's RP, in which ArcelorMittal emerged as the highest bidder.

FES43 WEF-BAJAJ-REGULATIONS

Davos: Financial services major Bajaj Finserv's chief Sanjiv Bajaj on Wednesday said NBFCs must be subjected to the right regulations as that would give consumers greater confidence about the companies working under an effective regulatory watch.