Business highlights

FGN24 WEF-OXFAM STUDY INEQUALITY Wealth of India's richest 1% more than 4-times of total for 70% poorest: Oxfam Davos: India's richest 1 per cent hold more than four-times the wealth held by 953 million people who make up for the bottom 70 per cent of the country's population, while the total wealth of all Indian billionaires is more than the full-year budget, a new study said on Monday.

DCM13 BIZ-TELECOM-OIL-DUES DoT seeks Rs 48,000 cr from Oil India in telecom dues; co to challenge it in TDSAT New Delhi: The telecom department has slapped a Rs 48,000 crore demand notice on Oil India in past statutory dues, an order which the country's second-biggest state oil producer plans to challenge in Telecom Disputes Settlement and Appellate Tribunal (TDSAT).

DEL51 BIZ-LD STOCKS Sensex slumps 416 pts on profit-booking; Kotak Bank tanks 5 pc Mumbai: Market benchmarks tumbled from record highs to close deep in the red on Monday as investors booked profits in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and TCS following their quarterly results.

DCM20 BIZ-BUD-HALWA Customary 'Halwa Ceremony' kickstarts process of printing Budget documents New Delhi: Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the finance ministry on Monday participated in the symbolic 'Halwa Ceremony' that marks the launch of formal printing of Budget 2020-21 documents. FES41 WEF-INDIA SOCIAL MOBILITY India ranks low at 76th place on global Social Mobility Index Davos: India has been ranked very low at 76th place out of 82 countries on a new Social Mobility Index compiled by the World Economic Forum, while Denmark has topped the charts.

DEL65 BIZ-LD RUPEE Rupee settles 3 paise down at 71.11 against US dollar Mumbai: The rupee slipped 3 paise to close at 71.11 against the US dollar on Monday, tracking a steady rise in crude oil prices and weakness in domestic equities.

DCM11 BIZ-RESULTS-KOTAKBANK Kotak Mahindra Bank Q3 profit rises 24 pc to Rs 1,596 cr New Delhi: Kotak Mahindra Bank on Monday reported 24 per cent growth in standalone net profit to Rs 1,596 crore for the third quarter ended December 31, 2019.