'Growth is down but not a recession yet', says FM Sitharaman : Bulletin: Business Today
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'Growth is down but not a recession yet', says FM Sitharaman

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November 28, 2019

'Not a recession yet': FM Sitharaman calms nerves on economic slowdown
In her address to Rajya Sabha on Wednesday, Finance Minister Nirmala Sitharaman agreed economy has lost steam, but maintained that matters have not descended into a recession yet. She further said that there would never be a recession in the country. "If you are looking at the economy with a discerning view, you see that growth may have come down but it is not a recession yet, it will not be a recession ever," the Finance Minister said in her address.

RIL becomes first Indian company to hit market cap of ?10 lakh crore
Shares of Mukesh Ambani's Reliance Industries Ltd (RIL) have reached a record high of Rs 1,577 apiece as they rose about 0.50%, pushing its market capitalisation to Rs 10 lakh crore. The broader markets also hit a new high today. RIL shares have been on a high since the start of this year. Ambani had earlier announced  plans to cut the company's net debt to zero in 18 months. These included measures like a stake sale in the oil-to-chemicals business to Saudi Aramco.

Mukesh Ambani first Indian with wealth of Rs 5 lakh crore
Billionaire Mukesh Ambani's wealth crossed the Rs 5 lakh crore ($70 billion) landmark on Wednesday after the country's most valuable firm Reliance Industries (RIL) headed closer to embrace Rs 10 lakh crore market capitalisation (m-cap). The shareholding wealth of Ambani and his family has increased by around 45 per cent over the last 15 weeks in line with surge in the share price of RIL and increase in promoter shareholding by 2.76 per cent to 50.05 per cent in the September quarter.

Ola, Uber rates: Govt plans to cap commission per ride at 10% of total fare
The Centre is planning to impose a ceiling on the commission earned on rides by cab-aggregators such as Uber and Ola. The central government is mulling a 10% cap of the total fare in its forthcoming norms for ride-hailing companies and the rules regarding the same may be in place by this year-end. This is the first time the government is considering to regulate the commission earned by such firms, which at present stands at around 20%.

SBI Cards files for IPO with SEBI
SBI Cards and Payments Services Ltd, the credit card subsidiary of State Bank of India, has filed draft red herring prospectus for its initial public offer (IPO) with market regulator Securities and Exchange Board of India (SEBI). The company plans to offer up to 13 crore equity shares via offer for sale route, which will include up to 3.7 crore share sale by SBI and up to 9.3 crore shares on offer by Carlyle Group (CA Rover). Additionally, the company plans on issuing fresh equity shares worth Rs 500 crore.

Xiaomi posts slowest-ever revenue growth in third-quarter
Chinese smartphone maker Xiaomi Corp posted its slowest-ever quarterly revenue growth, as the country's smartphone market copes with a protracted lull in sales and bigger rival Huawei grabs more market share. Revenue in the first quarter ended Sept 30 rose 5.5% to 53.66 billion yuan from the same period last year, largely in line with analysts' expectations of 53.74 billion yuan.
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