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Sensex touches 59,600, Nifty surges above 17,750 as markets hit record highs

The Indian benchmark indices hit new all-time highs on Friday amid mixed global cues after closing at record highs on the previous day. The Sensex jumped more than 450 points to surge above 59,600, while the broader Nifty 50 jumped over 120 points to trade above 17,750. Bajaj Finance, Titan and ITC were among top Sensex gainers.

Serum Institute commits 100 million vaccine doses a year for 15% stake in Biocon Biologics

Biocon Biologics, a Biocon subsidiary, has said it’ll offer around 15% stake to Serum Institute Life Sciences, a Serum Institute of India (SII) subsidiary, at a post-money valuation of $4.9 billion. In return, Biocon will get committed access to 100 million vaccine doses per annum for 15 years. SII CEO Adar Poonawalla will have a Board seat in Biocon Biologics.

Investors get ₹1.1 lakh crore richer as Sensex ends above 59,000 for 1st time

Investors’ wealth rose by ₹1.1 lakh crore on Thursday after Sensex closed above 59,000 points for the first time. The 30-share pack Sensex rose 417.96 points to close at record 59,141.16, while the broader Nifty 50 climbed 110.05 points to 17,629.50 for the first time. The overall market capitalisation of BSE-listed firms jumped to over ₹260 lakh crore.

Government guarantee of up to ₹30,600 crore approved for ‘bad bank’: FM Sitharaman

Finance Minister Nirmala Sitharaman has announced that Cabinet approved a government guarantee of up to ₹30,600 crore for security receipts which will be issued by National Asset Reconstruction Company (NARCL). The receipts will be issued when NARCL or ‘bad bank’ takes over stressed assets from banks. Sitharaman had first announced the setting up of NARCL in her Budget 2021-22 speech.

BYJU’S acquires US-based coding platform Tynker in its 9th buy this year

India’s most valuable startup BYJU’S has acquired Tynker, an eight-year-old US-based coding platform for kids, as part of its expansion to international markets. The startup, led by Byju Raveendran, is reportedly paying $200 million to acquire the company. This is the ninth acquisition by BYJU’S this year after Aakash Educational Services, Great Learning, Toppr and Gradeup, among others.

World Bank discontinues ‘Doing Business’ report as probe finds ex-CEO favoured China

The World Bank Group has decided to discontinue publication of its ‘Doing Business’ rankings of country business climates after an investigation found irregularities in the 2018 and 2020 editions. According to the investigation, top World Bank officials, including then-CEO Kristalina Georgieva, applied “undue pressure” on staff to boost China’s ranking in the “Doing Business 2018” report.

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