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Biz EOD: Unemployment grows; bad days ahead for Indian economy; Tatas challenge Mistry's return

Catch the latest top stories from the world of business and economy with BusinessToday.In's end of day report

twitter-logoBusinessToday.In | January 3, 2020 | Updated 00:15 IST
Biz EOD: Unemployment grows; bad days ahead for Indian economy; Tatas challenge Mistry's return
Top stories from the world of business and economy

Data from Centre for Monitoring Indian Economy revealed that unemployment rate grew 10 per cent in December last year. Motilal Oswal predicted India's GDP growth slipping even lower. Tata Sons has moved the Supreme Court against the NCLAT order that reinstated Cyrus Mistry as the executive chairman of the salt-to-software conglomerate. Read for more top stories from the world of business and economy:

1. India's unemployment rate rises to 7.7% in December: CMIE

The CMIE data showed that six out of 10 states in India with the highest unemployment rate are either ruled by the Bharatiya Janata Party, or it is in an alliance with regional parties.

2. Tata Sons moves SC seeking stay against NCLAT order on Cyrus Mistry

The January 9 NCLAT order had termed Mistry's removal from Tata Sons and other companies "illegal". Mistry had gone to NCLAT after his plea was turned down by the Mumbai bench of NCLT.

3. India's GDP to shrink further in Q3; FY20 growth to be around 4.5%: Motilal Oswal

While India's Gross Value Added growth improved, the Motilal Oswal report said the economy was still not out of the woods and showed no sign of recovery in the first two halves of the fiscal year.

4. Auto slowdown: Bosch's India unit to cut workforce by 'a couple of thousands'

Bosch would let go of around 10 per cent of the total workforce of 3,700 white-collar employees in India as part of the company's strategy to transform amidst the downturn in the automotive sector.

5. Metal stocks shine on govt's push for infrastructure spending

Additionally, encouraging sales figures for December quarter by listed companies such as JSPL, SAIL, Steel Strips helped build bullish momentum.

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