Business Highlights

Following are the top business stories at 1830 hours:-

DEL41 BIZ-MOODYS-INDIA-GROWTH Nominal GDP growth projections ambitious given structural challenges:Moody's

New Delhi: Moody's Investors Service on Tuesday said economic growth projections made by Finance Minister Nirmala Sitharaman in her Budget for 2020-21 appear ambitious given the structural and cyclical challenges facing the Indian economy.

DEL83 BIZ-LD STOCKS Sensex, Nifty log best day in over 4 mths tracking global peers

Mumbai: Market gauge Sensex on Tuesday shot up 917 points to clock its best day in over four months, recouping losses incurred in a brutal sell-off on Budget day, as investors globally seemed gathering confidence amid efforts to contain coronavirus. DEL48 BIZ-DEPOSIT-INSURANCE

Work begins on Budget proposals; DFS approves raising deposit insurance to Rs 5 lakh: Fin Secretary New Delhi: The government has started implementing Budget announcements with Department of Financial Services (DFS) conveying the approval of the Centre to DICGC for raising the insurance cover on saving deposits to Rs 5 lakh per depositor, Finance Secretary Rajiv Kumar said on Tuesday.

DEL99 BIZ-AIRINDIA-FDI

Govt working on proposal to allow 100 pc FDI in Air India New Delhi: The government is working on a proposal to allow 100 per cent foreign direct investment in Air India as it moves ahead with disinvestment of the national carrier, according to sources.

DCM19 BIZ-RBI-MPC MEET

RBI's rate setting panel starts meeting amid rising inflation, slowing GDP Mumbai: Reserve Bank of India Governor Shaktikanta Das headed six-member rate setting panel started its three-day brainstorming meeting on Tuesday in the backdrop of Union Budget projecting a widening of fiscal deficit amid slowing economy and hardening inflation.

DEL97 BIZ-LD RESULTS-PNB

PNB Q3 loss at Rs 492 cr as NPA provisioning spikes New Delhi: Punjab National Bank (PNB) on Tuesday reported a standalone net loss of Rs 492.28 crore for December quarter 2019-20 as provisioning for bad loans was raised substantially.

DEL85 LS-LD AIRCRAFT ACT

Govt introduces bill to amend Aircraft Act; proposes fine up to Rs 1 cr for violations New Delhi: The government on Tuesday introduced a bill in the Lok Sabha to amend the Aircraft Act wherein the fine amount for violations will be hiked from Rs 10 lakh to up to Rs 1 crore.

DEL100 BIZ-LD RUPEE

Rupee gains 11 paise against US dollar on crude oil, FII boost Mumbai:The rupee on Tuesday appreciated by 11 paise to close at 71.27 against the US dollar as forex market participants gauged improved sentiment in global markets amid efforts to contain deadly coronavirus.

DEL98 BIZ-RESULTS-BHARTI AIRTEL

Bharti Airtel posts Rs 1,035 cr loss in Q3 FY20 New Delhi: Telecom operator Bharti Airtel on Tuesday posted a consolidated loss of Rs 1,035 crore for the third quarter ended December 31, 2019.

DCM47 RS-ONION-EXPORT

Export of KP Onions from AP to be permitted in couple of days: Goyal New Delhi: Export of KP Onion variety from Andhra Pradesh will be permitted in a day or two, Commerce and Industry Minister Piyush Goyal said in the Rajya Sabha on Tuesday.

DCM42 BIZ-STOCKS-WEALTH

Investor wealth jumps Rs 3.57 lakh crore in two days of market rally New Delhi: Investors' wealth increased Rs 3.57 lakh crore in two days of market rally where the Sensex zoomed 917 points on Tuesday in a broad-based recovery after the Budget-day fall.

DCM35 BIZ-PMC-MSC

Maharashtra Co-op Bank pitches for branch merger of PMC Bank Mumbai: Maharashtra State Co-operative (MSC) Bank has written to Union Finance Minister Nirmala Sitharaman seeking merger of branches of PMC Bank, in case of a takeover of the troubled lender, a top official said on Tuesday.