Moneycontrol Selects: Top stories this evening

A round-up of the big stories

Here is a collection of the most important stories this evening:

TGIF! Fed, Adani-GQG deal and strong economic data fuel Friday rally on D-Street

Indian equity markets ended the trading week on a strong note as investors cheered a confluence of positive factors. Sensex zoomed 1000 points intraday and closed at 59,808. Meanwhile, while Nifty crossed the psychological 17,500 mark and ended at 17,594.

Adani Enterprises, Adani Ports and State Bank of India were the top index gainers. Action in the broader markets was a bit subdued with Nifty Midcap and Nifty Smallcap indices higher by 0.5 percent.

Read here to know more

Yes Bank AT1 case: SC puts on hold Bombay HC order quashing write-off of bonds

The Supreme Court, while hearing the Yes Bank additional tier 1 (AT1) bonds case on March 3, directed to put on hold the order issued by the Bombay High Court that quashed the lender's write-off of bonds. The high court had on January 20 quashed Yes Bank’s March 2020 decision to write off Rs 8,415 crore of AT1 bonds, but had given the lender six weeks to appeal against the order. The order remained stayed as the bank decided to approach the apex court.

Read here to know more

RBI fines Amazon Pay (India) Rs 3.06 crore for not complying with KYC, PPI norms

The Reserve Bank of India (RBI) on March 3 said it has slapped a penalty of Rs 3.06 crore on Amazon Pay (India) Pvt Ltd, charging the company of not complying with the know your customer (KYC) norms.

The company has also been charged of being non-complaint with some of the provisions of Prepaid Payment Instruments (PPIs), as per the release issued by the central bank.

Read here to know more

SoftBank chief Masayoshi Son may visit India next week, portfolio founders asked to be on standby

SoftBank chief Masayoshi Son could visit India next week in what would be his first visit to the country since 2018, according to people aware of the matter. Founders of SoftBank portfolio companies, both public and private, have been asked to be on standby for a meeting with Son during the visit to Delhi.

“This will also be one of his first foreign visits after Covid. He will be maintaining Covid protocols and probably be in a bio-bubble. It is expected to be a very short visit,” said a source.

Read here to know more

AP Global Investors Summit: Adani Group to set up cement plants, data centre in Andhra Pradesh

Adani group will set up two new cement manufacturing plants, 15,000 MW of renewable power projects and a data centre in Andhra Pradesh as it looks to double down on its presence in the state, Karan Adani, founder family's scion, said on Friday.

Read here to know more

Uzbekistan cough syrup deaths: 3 Marion Biotech employees arrested, directors absconding, says police

Three employees of Noida-based Marion Biotech have been arrested for selling adulterated medicine that allegedly led to the death of 18 children in Uzbekistan last year, police informed on March 3.

The Noida police have arrested Marion Biotech’s head of operation Tuhin Bhattacharya, Atul Rawat, the manufacturing chemist, and Mool Singh, the analytical chemist, under various sections of the Indian Penal Code (IPC).

Read here to know more

Tech Mahindra to invest Rs 700 crore in products and platforms division in two years

Tech Mahindra on Friday said it will invest up to Rs 700 crore in the newly carved out division of products and platforms in the next two years.

The Mahindra group company is already present in the products and platforms business with its acquisition of the telecom sector-focused Comviva and other offerings which are delivering an annual revenue run rate of $450 million, company's chief executive and managing director C P Gurnani said.

Read here to know more