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Biz EOD: Adani Enterprises Q3 profit jumps 362%; Flipkart shuts down Jabong; investors get richer by Rs 5.13 lakh cr

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twitter-logo BusinessToday.In   New Delhi     Last Updated: February 5, 2020  | 22:41 IST
Biz EOD: Adani Enterprises Q3 profit jumps 362%; Flipkart shuts down Jabong; investors get richer by Rs 5.13 lakh cr
Top stories from the world of business and economy.

Adani Enterprises, the flagship company of Adani Group, on Wednesday reported three-fold jump in its consolidated net profit at Rs 426 crore in Q3 ended December 31, 2019. Walmart-owned Flipkart has formally shut down Jabong to concentrate on its premium fashion marketplace Myntra. Sensex and Nifty closed higher for the third straight session on Wednesday, making stock market investors wealthier by Rs 5.13 lakh crore since Union Budget 2020 was presented on February 1. Market capitalisation on BSE rose from Rs 153.04 lakh crore on Saturday to Rs 158.18 lakh crore at the end of trading today. Read for more top stories from the world of business and economy:

1. Adani Enterprises Q3 net profit jumps 362% to 426 crore; revenue up 5%

The company's EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) rose by 58 per cent to Rs 884 crore in Q3FY20 versus Rs 562 crore in Q3FY19.

2. Flipkart shuts down Jabong; to concentrate on Myntra

Flipkart had bought Jabong for $70 million (in cash) in 2016 but has since been finding it difficult to work out a conclusive long-term strategy for the fashion portal.

3. Investors get richer by Rs 5.13 lakh crore as Sensex gains over 1,400 points post Budget

While Sensex has gained over 1,407 points or 3.54 per cent over the last three sessions, Nifty rose 427.30 points or 3.66 per cent during the period

4. Vivad se Vishwas Bill tabled in Parliament; aims to resolve tax disputes worth Rs 9.32 lakh crore

The Union Budget had proposed 'Vivad Se Vishwas' Scheme', which aims to resolve 4.83 lakh direct tax disputes pending in various tribunals

5. RBI MPC meet: Central bank likely to hold rates post Budget 2020 proposals

RBI had maintained a status quo in December, leaving the key repo rate-- the rate at which it lends to banks -- at 5.15 per cent amid rising concerns over inflation

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