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Biz EOD: FM Sitharaman slams Rajan, Mindtree profit dips, plastic sector jobs at risk

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Biz EOD: FM Sitharaman slams Rajan, Mindtree profit dips, plastic sector jobs at risk
Top stories from the world of business and economy.

FM Nirmala Sitharaman launched a scathing attack on former RBI governor Raghuram Rajan and former Prime Minister Manmohan Singh over their handling of the banking sector during their reign. Mindtree has reported 35% y-o-y decline in its net profit at Rs 135 crore for second quarter ended September 30, 2019. The Modi government's aim to limit the consumption of single-use plastic without issuing clear guidelines on the matter has the plastic industry confused about their future course of action. Read for more top stories from the world of business and economy:

1. 'Loans were given based on crony leaders' phone calls ': Nirmala Sitharaman slams Raghuram Rajan, Manmohan Singh

The finance minister said that while she is grateful that Rajan did an asset quality review, but people should know what makes the banks ailing today.

2. Mindtree Q2 profit dips 35% to Rs 135 crore, revenue rises 9%

Mindtree Q2 results: The revenue of IT services company grew by 9.1 per cent to Rs 1,914.30 crore in Q2FY20 versus Rs 1,755.40 crore in Q2FY19.

3. 'Plastic sector staring at 4.5 lakh job losses,' says industry body official

With the government yet to announce clear guidelines regarding its plans to eliminate consumption of single-use plastic by 2022, the Rs 4 lakh crore plastic industry is seeing a spate of business closures on account of uncertainty.

4. India falls behind Pakistan, Bangladesh, Nepal in global hunger index; ranks 102nd among 107 countries

South Asian countries like Pakistan (94), Bangladesh (88), Sri Lanka (66) and Nepal (73) have fared better than India in terms of high-levels of hunger.

5. BPCL share gains over 6% on reports of Saudi Aramco likely to buy stake

Saudi oil giant Aramco is reportedly mulling investment in BPCL, including possible partnership with Reliance India Ltd.

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