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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

<ul><li>The Union Budget announced a 20% tax on buyback shares last week and IT companies are already feeling the pressure. </li><li>The Budget also proposed increasing public shareholding limits in a company to 35%, which means promoters of companies will have to <a href="https://www.businessinsider.in/indian-promoters-may-sell-3-7-trillion-worth-shares-to-meet-new-free-float-norms/articleshow/70122641.cms">dilute their shareholding</a>.</li><li>The new changes will particularly impact Wipro and Infosys since payout yields, rather than earnings, was the primary determinant for investors.</li></ul>What was shaping up to be a year of buybacks might be for naught with <a href="https://www.businessinsider.in/budget">Union Budget 2019</a> announcing a 20% dividend distribution tax on buyback shares with immediate effect. 
 
 
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 Dampening the markets further, Nirmala Sitharaman also announced a proposal to increase the minimum public shareholding limits in a company from the current 25% to 35% 
 
 
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 Both, the buyback tax and increase in public shareholding, might lead to a 4-8% fall in the yield of IT stocks, according to Dart Research. Infosys and Wipro, in particular, will bear the impact since payout yields, rather than company earnings, was one of the primary determinants for investors. <div type="ExtQuote" text="The announcement of a 20% tax on buybacks goes further than just eliminating the tax arbitrage with dividend payout – it spells the end of the buyback option altogether for corporates." auname="India Infoline"></div>

 The combination of both those factors is one of the major reasons behind the <a href="https://economictimes.indiatimes.com/markets/stocks/news/budget-blues-sensex-tanks-793-pts-logs-biggest-single-day-fall-in-three-years/articleshow/70128208.cms">biggest</a> Sensex crash in three years — and IT companies are bearing the brunt. The buyback plan IT giants, Infosys and Wipro, whose buyback offers were open at the time of the budget, saw their stocks drop with the announcement of a 20% tax on the buyback of shares. Infosys and other IT giants — like TCS, Infosys, HCL Tech, and Tech Mahindra — have been using buybacks to payout shareholders because paying out dividends attracts a tax of 20.56%. For the past three years, these companies have been using a mix of both dividend payouts and share buybacks to distribute cash to their shareholders. 
 
 
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 Infosys announced a ₹8,260 buyback offer in January. Soon after, Wipro announced its buyback offer in April this year, which is the third of its kind in the past four years. Cumulatively in the past two years, Wipro has used buybacks to make 90% of its shareholder payouts. TCS, on the other hand, made 60% payouts using buybacks.

TCS, Wipro, Infosys and peers may have to review share buyback plan as the new budget may take a bite out of it

<ul><li>State Bank of India’s (SBI) share price is up by 6% after its second-quarter earnings showed a 52% jump in profit. </li><li>It’s currently the most active stock on the market today, along with being one of the top gainers.</li><li>Most brokerages have upgraded their outlook and target prices.</li></ul>The share price of India’s largest public-sector lender, the State Bank of India (SBI), is up by over 6% after the bank reported a 52% jump in its profits yesterday during its second-quarter earnings. “SBI reported a healthy performance in a challenging environment,” noted Motilal Oswal Securities. <div type="image" title="sbi share price" msid="79055337" hostid="261" caption="&amp;lt;p&amp;gt;SBI&amp;#39;s share price movement since 1 August 2020&amp;lt;/p&amp;gt;"></div> <div type="Article" hostid="261" msid="79039165" title="SBI’s profit jumps over 50% in Q2 — India’s largest bank plans to outperform the industry when it comes to credit growth" mstype="2" mssubtype="0"></div> Not only is SBI’s stock one of the most active on the market today, but it’s also the top gainer so far. In addition to its profit beating market estimates, the rally in the bank’s stock price is also partially a function of its expectations on the slippages front. “Clarification on overall stress at 2.5% of loans and Covid-19 provisions building up, the hangover of uncertainty is abating,” said ICICI Direct Securities in its review. The brokerage also pointed out that the SBI’s customer portfolio, which consists mostly of salaried and government employees, may be more resilient in paying back loans amid the pandemic. <div type="Article" hostid="261" msid="79041421" title="SBI received restructuring requests for over ₹6,000 crore in October — expects that to more than double over the next three months" mstype="2" mssubtype="0"></div> Analysts bullish on SBI <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Target price for SBI </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹340 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JM Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹300 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹290 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sharekhan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹280 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elara Capital </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹255 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Direct Securities </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹235 </td></tr></tbody></table>Source: Respective review reports Not everyone believes that SBI will be able to keep its spillages that low. “While we expect stress loans to be higher than guidance and view the low COVID provisions as a negative, we recommend Buy as we see little downside from the current valuation,” said Elara Capital in its review. Yet, most brokerages agree on one thing. SBI’s remains the best bet for recovery among public sector banks with a healthy provision coverage ratio of 71%, robust capitalisation, and improved core operating profit. SEE ALSO: <a href="https://www.businessinsider.in/policy/foreign-policy/news/donald-trump-vs-joe-biden-us-election-result-and-relations-with-india-and-pm-modi/articleshow/79022098.cms">If Joe Biden wins, he’ll be the third US president to deal with Modi — Here’s how that could play out</a> <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-others-to-see-more-freshers-than-lateral-hires-in-the-next-six-months/articleshow/79014794.cms">TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months</a>

SBI rallies over 6% after strong earnings with analysts pegging it to be the first to recover among public sector banks

<ul><li>Digital payments transactions in India are expected to cross the 200 million mark in the next three years.</li><li>The Indian digital payments ecosystem grew at an annual rate of 49% in the past six years to 72 billion in FY2022.</li><li>RBI's Payments Vision 2025 could have a pivotal role to play in the digital payments growth in India.</li></ul>Digital payments transactions in India are expected to cross the 200 million mark in the next three years, Emkay Research’s recent report has revealed. The Reserve Bank of India’s recently released ‘Payments Vision 2025’ is not only going to boost digital payments in India but make them a strong ecosystem too, the report added. The brokerage firm’s research shows that the digital payments transactions in India are expected to grow at a compound annual growth rate (GAGR) of 44% to reach 216 billion by fiscal year 2025. <div type="image" title="Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them" msid="92357933" hostid="261" sizebytes="96807"></div> The Indian digital payments ecosystem grew at an annual rate of 49% in the past six years. The online transactions — through <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword>, credit cards, IMPS and other payment mechanisms — grew from 9.7 billion in FY2017 to 72 billion in FY2022. <cmsannotation type="cmsannotation" annotationid="This is where RBI’s payments vision documents comes into play" comment="subhead" text="This is where RBI’s payments vision documents comes into play">This is where RBI’s payments vision documents comes into play</cmsannotation> Emkay Research believes that the Reserve Bank of India’s (RBI) special focus on digital payments and the regulation of fintech companies — under the Payment Vision 2025 — is going to play a big role in the higher adoption of these new-age payments solutions. The core theme of the vision document, released by the central bank of India last weekend, is based on four Es — e-payments for everyone, everywhere and everytime. “To promote innovation, the RBI aims to explore a UPI-like system for cards, enable networks for IOT-based payments and interoperability for contactless transit card payments in the offline mode, and create payment systems for merchants. With the new initiatives, the RBI expects to increase digital payment transactions by 3x,” Emkay noted. RBI’s decision to revisit the merchant discount rate (MDR) as well as the regulation to link credit card and credit components to UPI will have a role to play. “Linking credit cards to UPI is another game changer as would globalization of India's Central Bank Digital Currencies (CBDCs)," Avinash Godkhindi, MD and CEO of global digital bank Zaggle, added. Emkay Research believes that a comprehensive review of MDR — a charge paid by merchants to payments companies to accept online payments — could lead to relatively higher charges on credit card and wallet payments. This could also lead to introduction of MDR on UPI, which is currently prohibited and a long standing demand of players like<a href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms"> Paytm, PhonePe, Google Pay and others</a>. <cmsannotation type="cmsannotation" annotationid="UPI players too have the most to gain from it" comment="subhead" text="UPI players too have the most to gain from it">UPI players too have the most to gain from it</cmsannotation> <div type="image" title="Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them" msid="92358008" hostid="261" sizebytes="103072"></div> “We believe linking credit cards to UPI is positive for spends growth, but without MDR, its acceptance in non-Rupay cards will be limited. Moreover, the reduction in MDR to improve affordability could be negative for card/wallet companies (SBIC, Paytm),” Emkay added. Sameer Nigam, the founder of <a href="https://www.businessinsider.in/finance/news/whatsapp-carried-out-only-17-million-upi-transactions-and-phonepe-was-at-20-billion-in-india-in-2021-22/articleshow/90726109.cms">India’s biggest digital payments company in terms of UPI </a>transactions, in September highlighted that currently<a href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms"> 85-90% of PhonePe transactions are carried out using UPI </a>that has "zero MDR". For perspective, PhonePe actually processed nearly <a href="https://www.phonepe.com/pulse/explore/transaction/2022/1/">7.6 billion transactions</a> in the January-March quarter of 2022. A 90% rate would mean that PhonePe did not earn any money over 6.8 billion transactions. Suhail Sameer, CEO of merchants payments platform BharatPe, noted that the Payments Vision 2025 shows the regulator’s intent and the roadmap to enhance the outreach of digital payments, instill customer centricity and ensure after and transparency in online payments. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/enterprise/news/indias-tech-talent-pool-is-from-vizag-indore-and-warangal-thats-where-infosys-tcs-and-others-are-heading/articleshow/92351346.cms">India’s tech talent pool is from Vizag, Indore and Warangal — that’s where Infosys, TCS and others are heading</a> <a href="https://www.businessinsider.in/stock-market/news/ril-vedanta-tata-steel-yes-bank-among-stocks-to-watch-out-for-on-june-21/slidelist/92349563.cms" data-type="tilCustomLink">RIL, Vedanta, Tata Steel, Yes Bank among stocks to watch out for on June 21</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-2t-smartphone-india-pricing-and-launch-date-leaked/articleshow/92352401.cms">OnePlus Nord 2T India pricing and launch date leaked – here’s everything you need to know </a>

Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them

<ul><li>On March 13th, a surge in the <keyword id="6359580" type="UNKNOWN" weightage="20" keywordseo="Share-Price">share price</keyword> of <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> drove the lender past a <keyword id="6463972" type="UNKNOWN" weightage="20" keywordseo="market-value">market value</keyword> of ₹6 trillion. </li><li>HDFC Bank has been on a remarkable run as of late. The shares of the bank have risen in each of the last five trading sessions, capping a 6% jump to a record high of ₹2,227.40. </li><li>At a time when the Indian <keyword id="6354778" type="ORGANIZATION" weightage="20" keywordseo="Banking">banking</keyword> sector has seen profits shrink amid higher provisions for bad loans, HDFC has consistently recorded a 20% growth in profits for the last couple of years. </li></ul>On March 13th, a surge in the share price of HDFC Bank drove the lender past <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;biw=1366&amp;bih=625&amp;ei=Z8WIXMb9EMTQvgShp6KABg&amp;q=hdfc+bank+share+price&amp;oq=hdfc+bank+share+price&amp;gs_l=psy-ab.3..0i131j0l9.64.1619..1714...0.0..0.155.1572.0j11......0....1..gws-wiz.......0i71j0i67.YCB4Bu0F1RA">a market value of ₹6 trillion</a> - making it only the third Indian company to do so after Mukesh Ambani’s <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> and Tata Consultancy Services, which crossed the mark <a href="https://www.newsbytesapp.com/timeline/Business/12311/64525/reliance-industries-market-cap-touches-rs-6-trillion">in October 2017</a> and <a href="https://www.moneycontrol.com/news/business/tata-consultancy-services-regains-most-valued-firm-crown-with-rs-6-lakh-cr-m-cap-2548069.html">April 2018</a>, respectively. HDFC Bank has been on a remarkable run as of late. The shares of the bank have risen in each of the last <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;biw=1366&amp;bih=625&amp;ei=Z8WIXMb9EMTQvgShp6KABg&amp;q=hdfc+bank+share+price&amp;oq=hdfc+bank+share+price&amp;gs_l=psy-ab.3..0i131j0l9.64.1619..1714...0.0..0.155.1572.0j11......0....1..gws-wiz.......0i71j0i67.YCB4Bu0F1RA">five trading sessions</a>, capping a 6% jump to a record high of ₹2,227.40. Concurrently, the Nifty Bank Index hit <a href="https://www.google.com/search?q=Bank+Nifty+index&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=Bank+Nifty%C2%A0index&amp;aqs=chrome..69i57&amp;sourceid=chrome&amp;ie=UTF-8">an all-time high </a>of nearly 29,000 points this morning. The increased enthusiasm for HDFC Bank’s shares follows an announcement that the bank will meet on <a href="https://www.thehindubusinessline.com/companies/announcements/results/hdfc-bank-ltd-board-meeting-intimation-for-financial-results-for-quarter-and-year-ending-31st-march-2019-and-recommendation-of-dividend-if-any/article26511006.ece">April 20th </a>to review its results for the 2018-19 fiscal year. The bank started as housing finance company in 1977, before commencing operations as a scheduled commercial bank in 1995 as part of the RBI’s drive to liberalise India’s banking sector. In the last one year, HDFC Bank’s shares have risen by 19%. At a time when the Indian banking sector has seen profits shrink amid higher provisions for bad loans, HDFC has consistently recorded a 20% growth in profits for <a href="https://economictimes.indiatimes.com/hdfc-bank-ltd/yearly/companyid-9195.cms">the last couple of years</a>. The bank posted <a href="https://www.hdfcbank.com/htdocs/common/pdf/corporate/Financial-Results-for-Quarter-and-Nine-months-ended-December-30-2018.pdf">a solid earnings report</a> for the quarter ended December, with a 20% growth in profits as well and a bad loan ratio of less than 1.5%. In February, CLSA, a global brokerage, listed the bank as one of its best bets in India’s banking sector, citing its<a href="https://www.moneycontrol.com/news/business/markets/clsa-bullish-on-hdfc-hdfc-bank-expects-25-30-upside-going-ahead-3577771.html"> healthy growth and increasing market share</a>. The lender seems set to be the highest-valued bank in India for a long while. The second-largest bank by market cap is ICICI, which has a market value of <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;ei=iNCIXLLeLMS_8QOFhJaoAg&amp;q=ICICI+bank+share+price&amp;oq=ICICI+bank+share+price&amp;gs_l=psy-ab.3..0i7i131i30j0l9.14972.15642..16038...0.0..0.147.698.0j5......0....1..gws-wiz.......0i71j0i7i30.10-S3K80BW4">₹2.52 trillion</a>. HDFC Bank still has miles to go, however, if it wants to catch up with Reliance Industries, which has a market value of <a href="https://www.google.com/search?rlz=1C1GCEU_enIN820IN820&amp;ei=r8SIXIyFKIn4vgSSgomACw&amp;q=reliance+share+price&amp;oq=reliance+share+price&amp;gs_l=psy-ab.3..0i131i67j0i7i30l9.4755.5611..5801...0.0..0.148.1122.0j8......0....1..gws-wiz.......0i71.8NcVOVptXpY">₹8.52 trillion</a>, and TCS, with <a href="https://www.google.com/search?q=tcs+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=tCS+sha&amp;aqs=chrome.0.69i59j0j69i57j0l3.2779j0j7&amp;sourceid=chrome&amp;ie=UTF-8">₹7.49 trillion</a>. In July 2018, Reliance Industries overtook TCS to become <a href="https://www.businessinsider.in/reliance-industries-just-beat-tata-consultancy-services-to-become-indias-highest-valued-company/articleshow/65212268.cms">India’s most valuable company</a>, with a market cap of ₹7.46 trillion compared to the latter’s ₹7.39 trillion. At the time, HDFC Bank had a market value of ₹5.74 trillion. SEE ALSO: <a href="https://www.businessinsider.in/reliance-industries-just-beat-tata-consultancy-services-to-become-indias-highest-valued-company/articleshow/65212268.cms">Reliance Industries just beat Tata Consultancy Services to become India’s highest-valued company</a>

HDFC just became the third Indian company after Reliance and TCS to achieve a market  value of more than ₹6 trillion

As part of <keyword id="6355311" type="General" weightage="50" keywordseo="japan" source="Orion">Japan</keyword>'s efforts to combat <keyword id="138820" type="General" weightage="20" keywordseo="cyberbullying" source="Orion">cyberbullying</keyword>, a <keyword id="6362397" type="General" weightage="20" keywordseo="prison" source="Orion">prison</keyword> sentence of up to one year and additional harsher penalties for <keyword id="22508" type="General" weightage="20" keywordseo="online" source="Orion">online</keyword> insults went into force on Thursday. According to the Kyodo news agency, the revised Penal Code also raised the fine for insults to up to 300,000 yen ($2,200 approx), upping the ante from the current penalty of detention for less than 30 days or a fine of less than 10,000 yen ($73.55 approx). The statute of limitations for insults has also been extended from one year to three years, the report said. Moves to amend the law gained traction after Hana Kimura, a 22-year-old professional wrestler and cast member on the popular Netflix reality show "Terrace House," was believed to have committed suicide in May 2020 after receiving a barrage of hateful messages on <keyword id="6354632" type="General" weightage="20" keywordseo="social-media" source="Orion">social media</keyword>. Two men in Osaka and Fukui prefectures were fined 9,000 yen ($66.29 approx) each for insults posted about TV personality Kimura before her death, but some expressed concern the penalties were too light, which led to the push for legal changes. The <keyword id="6357043" type="General" weightage="80" keywordseo="justice" source="Orion">Justice</keyword> Ministry's Legislative Council recommended to Justice Minister <keyword id="13814964" type="General" weightage="80" keywordseo="yoshihisa-furukawa" source="Orion">Yoshihisa Furukawa</keyword> last October that the penalties should be tougher, the report said. The proposed amendment was submitted at this year's ordinary Diet session, but the main opposition Constitutional Democratic Party of Japan and others had opposed the revision, arguing that it could stifle legitimate criticism of politicians and public officials. The bill was passed at an Upper House plenary session on June 13 after the ruling Liberal Democratic Party reached an agreement that a supplementary provision, stipulating that a review will be conducted within three years of its enactment to determine if it unfairly restricts free speech, would be added. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tcs-to-flag-off-the-earnings-season-heres-what-to-expect/articleshow/92713823.cms">TCS to flag off the earnings season — here’s what to expect</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/monsoon-rain-wreaks-havoc-in-himachal-and-karnataka-orange-alert-in-gujarat/articleshow/92704563.cms">Monsoon rain wreaks havoc in Himachal and Karnataka, orange alert in Gujarat</a>

In Japan, you could get a prison sentence for online insults and cyberbullying

New research adds to the growing body of evidence that <keyword id="693065" type="PERSON" weightage="20" keywordseo="delirium">delirium</keyword>, a state of acute <keyword id="3254444" type="PERSON" weightage="20" keywordseo="mental-confusion">mental confusion</keyword>, accompanied by a fever could be an early symptom of Covid-19. Delirium is an abrupt change in the brain that causes mental confusion and <keyword id="10225411" type="UNKNOWN" weightage="20" keywordseo="emotional-disruption">emotional disruption</keyword>. It makes it difficult to think, remember, sleep, pay attention, and more. The study, published in the Journal of Clinical Immunology and Immunotherapy, highlights the fact that, together with the loss of the senses of taste and smell and headaches that occur in the days prior to the manifestation of coughing and breathing difficulties, some patients also develop delirium. "As such, the manifestation of this state of confusion, when accompanied by high fever, should be considered an early marker of the disease, particularly in the case of elderly patients," said study researcher Javier Correa from Universitat Oberta de Catalunya (UOC) in Spain. "We need to be on the alert, particularly in an epidemiological situation like this, because an individual presenting certain signs of confusion may be an indication of infection," Correa added. For the results, the research team reviewed the body of scientific work published on the effects of Covid-19 in relation to the central nervous system, i.e. the brain. The review found that, although the first cases of pneumonia were reported in China focused on the damage it causes to the lungs and other organs, such as the kidneys and heart, there are growing indications that the coronavirus also affects the central nervous system and produces neurocognitive alterations, such as headaches and delirium, as well as psychotic episodes. "The main hypotheses which explain how the coronavirus affects the brain point to three possible causes: hypoxia or neuronal oxygen deficiency, inflammation of brain tissue due to cytokine storm and the fact that the virus has the ability to cross the blood-brain barrier to directly invade the brain," commented Correa. He stressed that any one of these three factors has the potential to result in delirium and explained that evidence of hypoxia-related brain damage. It has been observed in autopsies carried out on patients who have died from the infection and that it has been possible to isolate the virus from the cerebral tissue. According to the researchers, delirium, cognitive deficits and behavioural anomalies are most likely to be the result of systemic inflammation of the organ and a state of hypoxia, "It also causes the neuronal tissue to become inflamed and cause damage in areas such as the hippocampus, which are associated with the cognitive dysfunctions and behavioural alterations presented by patients suffering delirium," the team explained. Last month, another study, published in the journal Age and Ageing, revealed that delirium is a key symptom of Covid-19 in frail, older people. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sbi-share-price-rises-over-6-after-strong-earnings-with-analysts-pegging-it-to-be-the-first-to-recover-among-public-sector-banks/articleshow/79055329.cms">SBI rallies over 6% after strong earnings with analysts pegging it to be the first to recover among public sector banks</a> <a href="https://www.businessinsider.in/policy/foreign-policy/news/donald-trump-vs-joe-biden-us-election-result-and-relations-with-india-and-pm-modi/articleshow/79022098.cms">If Joe Biden wins, he’ll be the third US president to deal with Modi — Here’s how that could play out</a> <a href="https://www.businessinsider.in/careers/news/tcs-infosys-hcl-tech-and-others-to-see-more-freshers-than-lateral-hires-in-the-next-six-months/articleshow/79014794.cms">TCS, Infosys, HCL Tech, and others to see more freshers than lateral hires in the next six months</a>

Early symptoms of COVID-19 can include mental confusion and emotional disruption, finds new study

Mumbai, Jan 17 () Market benchmarks Sensex and Nifty ended on a mixed note after a volatile session on Friday, with gains in Reliance Industries offsetting losses in other heavyweights HDFC, ICICI Bank and TCS.
 After hitting a record intra-day high of 42,063.93, the 30-share BSE Sensex settled 12.81 points, or 0.03 per cent, higher at 41,945.37.
 The broader NSE Nifty, however, ended 3.15 points, or 0.03 per cent, down at 12,352.35.
 On the Sensex chart, Bharti Airtel was the top gainer, rallying 5.47 per cent, after experts said the Supreme Court's rejection of a review of its order that put Rs 1.47 lakh crore liability of past dues on telcos, will weaken Vodafone Idea's ability to compete in the Indian market; in turn, providing an opportunity for Bharti Airtel and Reliance Jio to gain market share.
 Shares of Vodafone Idea plunged 25.21 per cent.
 Ahead of their quarterly earnings, Reliance Industries and HCL Tech advanced up to 2.79 per cent, while TCS fell 0.79 per cent.
 Heavyweight HDFC dropped 1.23 per cent.
 In percentage terms, IndusInd Bank, SBI, HDFC, ICICI Bank and L&amp;T were among the top losers.
 On the contrary, Bharti Airtel, Reliance, Sun Pharma, HCL Tech and Maruti Suzuki emerged as major gainers. 
 According to traders, domestic investors are awaiting directional cues from key corporate results for cues amid concerns over higher bank non-performing assets and a spike in retail inflation.
 Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended higher. European markets also started on a positive note.
 Brent crude oil futures rose 0.36 per cent to USD 64.86 per barrel.
 The rupee depreciated 11 paise to 71.04 per US dollar (intra-day). ANS
MKJ

Benchmark indices end mixed; RIL saves the day

Mumbai, Jan 17 () 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.
 At the closing bell, the BSE benchmark Sensex was up 12.81 points or 0.03 per cent at 41,945.37. The index also marked its new all-time high of 42,063.93 in intraday trading, before surrendering some of its gains.
 The broader Nifty, however, settled 3.15 points or 0.025 per cent lower at 12,352.35. The NSE barometer too touched its life-time intraday peak of 12,385.45 in early deals before losing momentum.
 During the week, the Sensex advanced 345.65 points or 0.83 per cent; while the Nifty rose 95.55 points or 0.77 per cent.
 In a session marked by high volatility, gains in Reliance Industries offset losses in other heavyweights HDFC, ICICI Bank and TCS.
 On the Sensex chart, Bharti Airtel was the top gainer, rallying 5.47 per cent, after experts said the Supreme Court's rejection of a review of its order that put Rs 1.47 lakh crore liability of past dues on telcos, will weaken Vodafone Idea's ability to compete in the Indian market; in turn, providing an opportunity for Bharti Airtel and Reliance Jio to gain market share.
 Shares of Vodafone Idea plunged 25.21 per cent.
 Ahead of their quarterly earnings, Reliance Industries and HCL Tech advanced up to 2.79 per cent, while TCS fell 0.79 per cent.
 Heavyweight HDFC dropped 1.23 per cent.
 In percentage terms, IndusInd Bank, SBI, HDFC, ICICI Bank and L&amp;T were among the top losers.
 On the contrary, Bharti Airtel, Reliance, Sun Pharma, HCL Tech and Maruti Suzuki emerged as major gainers.
 Sectorally, BSE bankex, metal, finance, capital goods and IT indices fell up to 0.78 per cent. While energy, telecom, healthcare, consumer durables, power and auto indices rose up to 1.79 per cent.
 In the broader market, BSE midcap and smallcap indices rose up to 0.54 per cent.
 "As anticipated mid and small caps are outpacing the broader market... Main indices are impacted by Supreme Court verdict on AGR, having an effect on telecom and banking sectors which are already facing NPA problem. The pre-budget rally has been very solid on a month-on-month basis, market may consolidate in the short-term and take cues from the actual budget and on-going results," Vinod Nair, Head of Research, Geojit Financial Services, said.
 The Supreme Court on Thursday dismissed review petitions filed by telecom companies against its October 24, 2019 order that asked for inclusion of non-telecom revenues for calculating statutory dues such as licence fee and spectrum usage charge.
 Dues, which total to Rs 1.47 lakh crore for 15 telecom companies including Airtel and Vodafone Idea, as per the October order, have to be paid by January 23.
 According to traders, domestic investors are awaiting directional cues from key corporate results for cues amid concerns over higher bank non-performing assets and a spike in retail inflation.
 Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended higher. European markets also started on a positive note.
 Brent crude oil futures rose 0.36 per cent to USD 64.86 per barrel.
 The Indian rupee depreciated 15 paise to 71.08 per US dollar.
 "Global markets witnessed a strong rally as easing trade tensions and promising economic data buoyed the sentiments. Indian markets too ended the week with strong gains especially in midcaps and small caps. Midcap and small caps have significantly outperformed the Nifty... We are seeing strong traction in the broader market with revived risk appetite among investors ahead of Budget," Hemang Kapasi, Portfolio Manager - Equity Investment Products, Sanctum Wealth Management, said. ANS MKJ

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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

PTI

TCS, Wipro, Infosys and peers may have to review share buyback plan as the new budget may take a bite out of it

Prabhjote Gill

SBI rallies over 6% after strong earnings with analysts pegging it to be the first to recover among public sector banks

Prabhjote Gill

Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them

Kritti Bhalla

HDFC just became the third Indian company after Reliance and TCS to achieve a market value of more than ₹6 trillion

Dilsher Dhillon

In Japan, you could get a prison sentence for online insults and cyberbullying

IANS

Early symptoms of COVID-19 can include mental confusion and emotional disruption, finds new study

IANS

Benchmark indices end mixed; RIL saves the day

PTI

Market ends flat; banks slide on NPA concerns after top court's AGR ruling

PTI

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