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Biz EOD: India to not join RCEP, HDFC profit up 60%, GDP growth may slip below 5%

BusinessToday.In     November 5, 2019

India decided to stay away from RCEP deal citing concerns over market access. HDFC reports a 60 per cent rise in net profit during September quarter on the back of tax gain worth Rs 1,627 crore following stake sale in Gruh Finance. Meanwhile, SBI Ecowrap report warns against further slowdown in Indian economy. Reed for more top stories from the world of business and economy.

1. India decides to not join RCEP; 15 other nations to go ahead with trade deal

RCEP is meant to create the biggest free trade region in the world with sixteen countries (including India). These countries represent half the world's population and one-third of the global GDP.

2. HDFC Q2 net profit surges 60% to Rs 3,961 crore, revenue up 10%

The total revenue from operations increased by 10.35 per cent to Rs 10,478.33 crore in Q2FY20 from Rs 9,494.70 crore in Q2FY19.

3. Indian Overseas Bank Q2 loss widens to Rs 2,254 crore, asset quality improves

For the quarter ended September 2019, the lender logged total revenue of Rs 5,024 crore as compared to Rs 5,348.35 crore during the same quarter last year.

4. SBI report warns India's GDP growth may dip below 5% in September quarter

The SBI Ecowrap report expect FY20 growth rate to decline below 6 per cent as against a Reserve Bank of India projection of 6.1 per cent.

5. Your 9 to 5 job may become 9 to 6 if govt has its way

The draft rules under Section 67 of the Code on Wages, recently released by the labour ministry for stakeholder comments, recommends nine-hour working days with one day of rest every week. It has drawn flak from trade unions.

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