U.S. Stock Index Futures Gain on Possible Dip-Buying, New Drugs

(Bloomberg) — U.S. stock-index futures rose on Tuesday in Asia as some investors deemed that Monday’s equity rout brought prices to attractive levels.

S&P 500 Index futures contracts expiring in March rose 0.9% as of 11:31 a.m. in Tokyo, while contracts climbed 0.8% for the Dow Jones Industrial Average and advanced 1.2% for the Nasdaq 100.

Overnight, all three main U.S. stock benchmarks fell more than 3% amid growing concerns that the novel coronavirus is spreading more widely outside China. The S&P 500 dropped the most since February 2018 for the third consecutive day, its longest losing streak since December.

Fighting pile-up: Govt to move Supreme Court for bulk disposal of tax disputes

Also, the assessee could pay just half the tax amount sans penalty and interest if she had won the case at a particular forum and the taxman’s appeal is being heard at the higher forum.

About 70-80% of the direct tax disputes – nearly 5 lakh involving tax demands of Rs 9.5 lakh crore at last count and piling up – may get resolved in one stroke, as the government has decided to move the Supreme Court, pleading for definitive rulings on 20 issues identified by the tax department as being at the heart of these disputes, revenue secretary Ajay

Aditya Puri sells stake worth Rs 156 crore in HDFC Bank

The bank had last year in November set up a panel to search for his successor globally but has not yet come up with any update.

Aditya Puri, the managing director and CEO of HDFC Bank, India’s largest private sector lender by market capitalisation, has sold off part of his equity stake valued at Rs 156.44 crore from February 11-12.

The banker sold 12.52 lakh equity shares through the open market. The stock of HDFC Bank, which has lost about 7% from its December peak, closed at Rs 1,210 on the BSE on Monday.

In a filing to the

Teck Pulls Application for Oil-Sands Mine in Relief for Trudeau

(Bloomberg) — Teck Resources Ltd. is pulling its application for a controversial new oil-sands mine in Alberta, freeing Prime Minister Justin Trudeau from a political predicament.

The Vancouver-based company said in a statement late Sunday it is withdrawing its Frontier proposal from the regulatory process and plans to write down the project’s C$1.13 billion ($852 million) carrying value.

Teck’s decision not to proceed with the mine frees Trudeau from possibly the toughest test yet of his vow to balance developing Canada’s resources with fighting climate change. Rejecting the mine would have sparked widespread anger in Alberta, where the mine would

Coronavirus puts global economy recovery at risk, says IMF to G20

Global growth was poised for a modest rebound to 3.3% this year, up from 2.9% last year. (Reuters)

The deadly coronavirus epidemic could put an already fragile global economy recovery at risk, the IMF warned Sunday, as G20 financial chiefs discussed ways to contain its economic ripple effects. Global growth was poised for a modest rebound to 3.3 per cent this year, up from 2.9 per cent last year, International Monetary Fund chief Kristalina Georgieva said after a two-day meeting of G20 finance ministers and central bank governors in Riyadh.
“The projected recovery… is fragile,” Georgieva said. “The COVID-19 virus

Onida Fire: Decent-priced full HD TV with good sound, picture quality

The Onida Fire TV Edition is available in two models – 32-inch HD (Rs 12,999) and 43-inch Full HD (1080p), that carries a price tag of Rs 21,999.

Those in their forties and beyond will recall the Onida commercial with a memorable tagline, ‘Neighbour’s Envy, Owner’s Pride.’ Competition might have relegated the brand to the fringes, but the television set maker is making a concerted attempt to revive the old magic with its new innovation—Onida Fire TV Edition smart TVs. In partnership with Amazon, Onida has introduced a new generation of smart TVs featuring built-in Fire TV experience, including

Virus Investors Don’t Need No (Online) Education

(Bloomberg Opinion) — Investors looking for an angle on the coronavirus crisis have naturally landed upon the online education sector in the hopes that tens of millions of quarantined school kids will turn such providers into profit-making machines on par with China’s hottest internet companies.

Almost every mainland province and city has pushed back the starting date of the spring term by weeks. Most students haven’t seen the inside of a classroom since Lunar New Year in late January. Not wanting to be left behind, students, their schools and parents have turned to online alternatives, including options not offered by

PM Fasal Bima premiums may not exceed 40% during upcoming kharif season

Under PMFBY, launched in 2016, farmers pay 1.5% of sum insured for rabi crops and 2% for kharif, while it is 5% for cash crops.

By Prabhudatta Mishra

The premium under Prime Minister Fasal Bima Yojana (PMFBY) to be quoted by insurance companies may not exceed 40% during the upcoming kharif season —against as high as 75% in many water-stressed and drought-prone area earlier — as most states are unlikely to bear the extra subsidy burden after the Centre’s decision to limit its share of subsidy.

According to a recent Cabinet decision, effective Kharif 2020, the Centre will foot the

Bharti Infratel-Indus Towers merger gets DoT’s nod, meeting on Feb 24 to chart future course of action

The merger will create a pan-India tower company with over 163,000 towers. (File Photo)

Bharti Infratel on Saturday said its board will meet on February 24 to chart out the future course of action following the telecom department’s approval for merger with Indus Towers.

The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas. The combined entity will be the largest tower company in the world outside China.

“…FDI approval for merger of Indus Towers with Bharti Infratel has been received late evening yesterday,” Bharti

Industry body urges govt to stop issuing licences for refined Palmolein import

India has issued import licences for 1.1 million tonne of refined palmolein from Indonesia.

Strongly criticizing the government’s decision to permit licences for import of palmolien, the Solvent Extractors Association of India (SEA) has said that this move has the potential of destroying the palm refining oil in the country. In a statement, Atul Chaturvedi, president, SEA, stated that in the last one-and-a-half month, edible oil prices in the international market, as well as the domestic market, are showing downward trend and there is no shortage of refined palmolein or edible oils in the country. “It is most surprising that