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Following are the top business stories of the day TCS Q3 net profit marginally up at Rs 8,118 cr: Country's largest software services major Tata Consultancy Services (TCS) on Friday reported a muted 0.2 per cent growth in consolidated net profit at Rs 8,118 crore for the third quarter ended December 2019. Iran, India can look at barter trade in agriculture: Mohammed Javad Zarif
Mumbai: Iran's Foreign Minister Mohammad Javad Zarif on Friday pitched for barter trade with India in the agriculture sector as well as setting up of Indian banks in the country which will also enable Iranian businesses to carry out transactions in rupee and rial.
 All foreign investments must adhere to law of the land: Goyal on Amazon row
Ahmedabad: A day after stating that Amazon was not doing any favour to India by investing one billion dollars, Union minister Piyush Goyal on Friday said the country welcomes all kinds of investments that follow the "letter and spirit" of the law. Rupee drops 15 paise to 71.08 against US dollar: The Indian rupee furthered its losses for the second day, dropping 15 paise to close at 71.08 against the US dollar on Friday amid strengthening of the American currency overseas and rising crude prices.
 INDIA
Amazon to create one million jobs in India by 2025, says Bezos: World's largest online shopping platform Amazon on Friday announced plans to create one million new jobs in India over the next five years as it firefights comments from Commerce Minister Piyush Goyal on the firm not doing a favour to the country by making the investments. Market ends flat; banks slide on NPA concerns after top court's AGR ruling: Market gauges Sensex and Nifty gave up early gains to close on a flat note on Friday as investors moved to the sidelines amid concerns that the Supreme Court ruling on telecom AGR issue might further aggravate stressed assets problem in the banking sector.
 Telecom dues: Curative petitions rarely admitted, say analysts: With just one week left for them to pay over Rs 88,600 crore in past dues, Bharti Airtel and Vodafone Idea are left with last legal remedy of filing a curative petition but such petitions are rarely admitted by the Supreme Court, analysts said on Friday.
 RBI should act as lender of last resort, provide liquidity to NBFCs: SBI: With difficulties in NBFC sector continuing, economists at SBI on Friday pitched for the Reserve Bank to play its role as the lender of last resort, something the central bank has avoided since the start of troubles in 2018.

DCM33 BIZ-2LD PIRAMAL-DRG
Piramal sells DRG business to Clarivate Analytics for USD 950 mn
New Delhi: Ajay Piramal-led Piramal Enterprises has signed an agreement for sale of its Decision Resources Group (DRG) business to US-headquartered Clarivate Analytics for USD 950 million (over Rs 6,745 crore), and will use the money to reduce debt and to explore organic and inorganic growth opportunities. 
 Vodafone Idea shares nosedive nearly 26 pc; m-cap drops by Rs 4,367 cr post SC order: Shares of Vodafone Idea on Friday plunged nearly 26 per cent after the Supreme Court dismissed telcos' plea seeking review of its earlier order asking them to pay Rs 1.47 lakh crore in past statutory dues by January 23.

Business Wrap: TCS Q3 Net profit up 0.2%, RIL Q3 net profit up 13.5% and other top business news of the day

<div class="KonaFilter image-container display-table float_right"><div><div class="image">iStockMillennials in particular have sought resources for help with student debt.</div></div></div>According to the <a href="https://www.shrm.org/hrdisciplines/benefits/articles/pages/student-loan-repayment.aspx" target="_blank">Society for Human Resource Management</a> (SHRM), only about 3% of companies in the US offer to help employees chip away at student loans.Most of the employees currently receiving this benefit work in the public sector, such as nurses, teachers, and lawyers.But a new study from personal finance site <a href="http://www.nerdwallet.com/blog/loans/student-loans/employer-benefit-student-loans/" target="_blank">NerdWallet</a> finds companies in the private sector are contributing to student debt repayment for the first time.It couldn't come at a better time. Based on numbers from the <a href="http://ticas.org/posd/map-state-data-2015" target="_blank">Institute for College Access &amp; Success</a>, student loan debt in the US has topped $1.3 trillion. That's an average of about $29,400 per student.Last September, big four consulting firm Pricewaterhouse Coopers announced it will launch a program to help employees with student loan debt in July 2016. The program, <a href="http://www.pwc.com/us/en/careers/experienced/why-pwc/employee-benefits.html" target="_blank">Student Loan Paydown</a> (SLP), is administered by Boston-based startup <a href="https://www.gradifi.com/employer" target="_blank">Gradifi</a> and is currently in its pilot stage.Under SLP, the company will contribute $100 a month towards an associate's or senior associate's student loan for up to six years or when the employee is promoted to manager level, whichever comes first.According to Michael Fenlon, global director for PwC, the benefit could be worth $10,000 thanks to the impact extra payments have on interest, and shave off 2-3 years off the total payment period."Eighty percent of our workforce is millennials," said Fenlon. "They are the ones who told us that this is a big deal to them."Elaine Florentino, 23, an associate at PwC, <a href="http://www.businessinsider.com/help-paying-student-loans-employee-benefits-2016-3">is one of the 76 employees in the pilot program</a>. She anticipates the $100 a month will cut one year off payments for her $57,000 of student loans."It's kind of like a light at the end of the tunnel," she told Business Insider. "It will get paid."PwC isn't the only company choosing to offer this benefit. For instance, <a href="https://www.shrm.org/hrdisciplines/benefits/articles/pages/student-loan-repayment.aspx" target="_blank">Natixis Global Asset Management</a> offers $5,000 to an employee who has been with the company for five years, with the opportunity to earn an additional $1,000 for each of the next five years.Fidelity Investments offers its full-time employees the <a href="https://jobs.fidelity.com/our-culture/benefits/work-life-programs.html" target="_blank">Step Ahead Student Loan Assistance</a> program, which contributes $2,000 toward an employee's student loan debt annually, for up to five years.However, many employers are hesitant to help employees pay student loans. Unlike 401(k) contributions and tuition reimbursement (for employees who pursue degrees sponsored by their employer), student loan debt assistance is not currently tax-deductible. In fact, the amount gets taxed as income for the employee. But the "<a href="https://www.congress.gov/bill/114th-congress/house-bill/1713" target="_blank">Employer Participation in Student Loan Assistance Act</a>," a bill proposed by Congressman Rodney Davis (R-IL) and Congresswoman Gwen Graham (D-Fl), could change that by making repayment assistance tax-deductible just like tuition reimbursement is, according to <a href="https://www.sofi.com/blog/new-student-loan-legislation-helps-employer-pay-debt/" target="_blank">Dan Macklin, cofounder of student lender SoFi</a>.<div class="KonaFilter image-container display-table float_right"><div><div class="image"><a href="https://www.flickr.com/photos/itupictures/9025689028/">ITU Pictures / Flickr</a>Alternative solutions to helping employees pay debt are beginning to take shape.</div></div></div>"PwC is offering the student loan paydown because our people have told us that it's an issue that matters to them," said Fenlon. "It ties to a bigger commitment at our firm and it's our goal to help solve important problems for our clients and society. We think student debt is a major societal problem and we want to be leaders in helping to solve it."Alternative solutions to helping employees pay debt are beginning to take shape. <a href="http://studentloangenius.com/" target="_blank">Student Loan Genius</a>, a student loan benefits provider, recently introduced the <a href="http://i0.wp.com/studentloangenius.com/wp-content/uploads/2016/03/Student_Loan_Genius_Infographic_401k_Feature-3.png" target="_blank">Student Loan 401(k) Contribution.</a> With this feature, employers match a percentage of what an employee pays towards student loan debt, as a contribution to the individual's retirement plan. The contribution would be pre-tax for both the employer and the employee. "By putting unused, already budgeted, pre-tax retirement plan dollars to work, this feature helps break down one of today's biggest investment road blocks for employees who are held back by student debt," Tony Aguilar, Student Loan Genius cofounder and CEO, told Business Insider. While the benefits benefits provider is working with dozens of companies to implement this feature, it hasn't yet been offered to any employees."Employers are really waking up to the fact that while adding other benefits are nice, they need to be more in tune with what employees really want in order for them to acquire top talent," said Andrew Josuweit, CEO of student loan repayment website <a href="https://studentloanhero.com/about/" target="_blank">Student Loan Hero</a>, in an email. "Rather than simply go with the status quo and what they think employees want, it's encouraging to see some companies are doing more to address what employees actually need to improve their financial health." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/best-underrated-netflix-movies-2016-3">The 8 best movies on Netflix you've probably never heard of</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="RtNzl0MTE6pe4jjn7Y4AkJCfVzMjYKTw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

A billion-dollar company is trying a new perk to attract millennials: Paying employees' student loan debt

<ul><li><keyword id="2628697" type="PERSON" weightage="20" keywordseo="Billionaire-Mukesh-Ambani">Billionaire Mukesh Ambani</keyword> lost about $5.8 billion as RIL stock crashed this week. </li><li>This comes after crude oil prices fell more than 31% fearing coronavirus spread that may lead to a global recession. </li><li>Not only did <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword> lost his crown, his Reliance industry also lost the title of being the company with “highest market capitalisation.” </li></ul>Billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> might have lost his place among the top ten richest men in the world as his <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>’ stock crashed along with the exchanges. On Monday, RIL recorded its highest fall at 13% since October 2008 and its market cap fell to ₹7 lakh crore, losing its tag as India’s most valued company to TCS. As a result, Ambani lost $5.8 billion of his personal wealth on March 9, according to the <a href="https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/">Bloomberg Billionaire Index. </a> While this index never placed Ambani amongst the top ten richest men like Hurun and Forbes, it said that Ambani also lost the richest Asian man tag to internet billionaire Jack Ma. As per this index, Ambani is the 19th richest man with $42.3 billion. <div type="image" title="Reliance" msid="74572085" hostid="261"></div>

 If he falls below Jack Ma, this means Ambani might have lost his place in other rich lists too which do not give out real-time data. Until two weeks back, Hurun calculated his <a href="https://www.thehindubusinessline.com/economy/hurun-global-rich-list-2020-bezos-retains-top-rank-mukesh-ambani-at-9th/article30920461.ece">riches at $67 billion as the ninth richest man along with Steve Ballmer, the former Microsoft head. </a> As per Hurun list, if Ambani’s place would have fallen below Jack Ma whose rank is at 21, then Ambani could have lost at least 12 ranks thanks to the stock fall. As Ambani controls almost 42% of Reliance Industries, his coffers are linked to the stock performance. A crude awakening <a href="https://trak.in/tags/business/2020/03/10/coronavirus-wipes-away-rs-6-5-lakh-cr-from-indian-stock-market-5-reasons-why-this-happened/">Indian stock markets have lost at least ₹6.5 lakh crore </a> in the last few weeks as fears of a Coronavirus-led slowdown are fast spreading. The cases in India also doubled in the last <a href="https://www.businessinsider.in/india/news/coronavirus-cases-in-india-double-from-last-week-to-62-kerala-shuts-down/articleshow/74569885.cms">one week to </a>62, making businesses and people weary. Ambani however has bigger problems. While his telecom and retail businesses are going strong, his oil refining business is directly linked to the price of crude oil. As Saudi Arabia and Russia wage a price war, the commodity will wreak havoc with its complicated calculations as an offshore refiner -- keeping investors on the edge. As much as three-fifths of RIL’s operating profits come from oil and petrochemicals. The deal in question RIL’s fortunes are also tethered to the outcome of oil war and how well Saudi is successful in ‘stabilizing’ them. Investors fear Reliance Industries might not be able to close its $15 billion deal with Saudi state-owned company Saudi Aramco it announced in August last year. This deal is key to cutting down the massive $21 billion debt that the group has run up, Ambani has promised that he will turn RIL into a zero net debt company by 2021. However, even the Narendra Modi-led BJP government is throwing spokes in the wheel. The government filed a petition that sought a halt on the sale of stake, saying, RIL owed them money over its stake in Panna Mukta Tapti fields. Last month, <a href="https://thewire.in/law/shell-reliance-industries-english-high-court">Ambani won the case. </a>That however does not change the fact that Ambani’s throne is not as stable as it was, a few months back.

Here’s how Mukesh Ambani lost $5.8 billion in a day

<ul><li>Coronavirus has wiped out all Reliance Industries’ gains in the last two years. </li><li>Since mid-2018, RIL stock has been trading above ₹1000 a piece. </li><li>Its share price has plummeted 32.6% between February 19 and March 16. </li><li>On March 9, the Ambani-led conglomerate saw its worst share price fall in 12 years and its market cap fell to ₹7 lakh crore, losing its tag as India’s most valued company to TCS. </li></ul>Coronavirus wiped out all that Reliance Industries’ stock gained in the last two years. Since mid-2018, RIL stock has been trading above ₹1000. Moreso, it added a whopping ₹2.49 trillion — highest addition in market value — in 2019 alone. All was well for Reliance Industries before Coronavirus spread, its shares were trading between ₹1300 and ₹1500 a piece. However, its share price plummeted 32.6% between February 19 and March 16 during the massive selloff triggered by Coronavirus. 
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 On March 9, the Ambani-led conglomerate saw its worst share price fall in 12 years and its market cap fell to ₹7 lakh crore, losing its tag as India’s most valued company to TCS. However, the former soon recovered. <keyword id="10924" type="PERSON" weightage="20" keywordseo="Ambani">Ambani</keyword> loses Asia's richest man tag to Jack Ma Ambani l<a href="https://www.bloomberg.com/billionaires/profiles/mukesh-d-ambani/">ost a whopping $16.1 billion in a month</a> after panic about the novel coronavirus crashed the stock markets, according to the Bloomberg Billionaire Index. RIL’s stock on March 16 alone crashed 8.42% to ₹1012. Ambani also lost the tag of 'Asia's richest man' to internet billionaire Jack Ma. Ambani however has bigger problems. While his telecom and retail businesses are going strong, his oil refining business is directly linked to the price of crude oil. <a href="https://markets.businessinsider.com/news/stocks/oil-price-war-escalates-russia-saudi-arabia-opec-talks-open-2020-3-1028981025">As Saudi Arabia and Russia wage a price war,</a> the commodity will wreak havoc with its complicated calculations as an offshore refiner —-keeping investors on the edge. As much as three-fifths of RIL’s operating profits come from oil and petrochemicals. RIL’s fortunes are also tethered to the outcome of the oil war and how well Saudi is successful in ‘stabilizing’ them. Investors fear Reliance Industries <a href="https://www.business-standard.com/article/pti-stories/ril-saudi-aramco-deal-unlikely-to-close-by-march-end-says-cfo-120011701581_1.html">might not be able to </a>close its $15 billion deal with Saudi state-owned company Saudi Aramco <a href="https://markets.businessinsider.com/news/stocks/saudi-aramco-buys-15-billion-stake-reliance-industries-mukesh-ambani-2019-8-1028437515">it announced in August last year. </a> Yet, analysts are hopeful that Ambani’s plans to achieve zero net debt can re-rate the stock. “We expect RIL to emerge as a relatively safer play amid commodity segment volatility due to its dynamic crude sourcing, enhanced integration, feedstock flexibility and start-up of upgrade projects. Also, RIL's LOI with Saudi Aramco to sell a 20% stake for$15bn should help support valuations,” said a report by UBS. See also: <a href="https://www.businessinsider.in/india/news/mukesh-ambani-has-lost-at-least-17-billion-in-26-days-as-coronavirus-fears-dent-ril-shares/articleshow/74608907.cms">Mukesh Ambani has lost at least $17 billion in 26 days as Coronavirus fears dent RIL shares</a> <a href="https://www.businessinsider.in/business/news/heres-how-mukesh-ambani-lost-5-8-billion-in-a-day/articleshow/74572111.cms">Here’s how Mukesh Ambani lost $5.8 billion in a day</a>

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Business Wrap: TCS Q3 Net profit up 0.2%, RIL Q3 net profit up 13.5% and other top business news of the day

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A billion-dollar company is trying a new perk to attract millennials: Paying employees' student loan debt

Jessica Mai

Here’s how Mukesh Ambani lost $5.8 billion in a day

Preeti Soni

The last time you could buy Reliance Industries share below ₹1000 a piece was in mid-2018

Preeti Soni

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