A report released by Cobrapost has alleged that Dewan Housing Finance Limited diverted funds worth 31,000 crore rupees from the public money. The investigative news website accused the non-banking finance company of siphoning the money by granting and disbursing unsecured loans and advances through dubious shell companies controlled by Wadhwans - Kapil Wadhawan, Aruna Wadhawan and Dheeraj Wadhawan, which in turn was passed onto a company owned by them. The report also said that donations worth 20 crore rupees to the Bharatiya Janata Party in 2014-2015 and 2016-2017 were under-reported in their fiscal. DHFL has dissed these allegations saying they are done with malafide intent and warned of legal step against Cobrapost.

A global recession is likely if Coronavirus becomes a pandemic, and the odds of that are uncomfortably high and rising with infections surging in Italy and Korea, Moody's Analytics said on Wednesday.&nbsp;"COVID-19 is battering the global economy in numerous ways. Chinese business travel and tourism has all but stopped; global airlines are not going to China and cruise lines are cancelling most Asia-Pacific itineraries. This is a huge problem for major travel destinations, including in the US, where some 3 million Chinese tourists visit each year," Moody's Analytics said.

Stock markets on Wednesday tumbled as the rise in coronavirus&nbsp;cases globally has created panic among investors of a worldwide economic slowdown. Benchmark indices&nbsp;fell further during the second half of the session after San Francisco declared state of emergency due to coronavirus.
The Sensex&nbsp;fell 392.24 points to close at&nbsp;39,888.96 and the Nifty ended the day at 11,678.50, down over a percent.
Auto, metal and IT stocks dragged the markets down. GAIL, Sun Pharma, TATA&nbsp;Motors, Grasim and Hindalco were the top five Nifty losers. While, Yes Bank, SBI, HCL&nbsp;Tech, Infratel and Britannia were in green.
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Market benchmark Sensex plunged nearly 400 points in opening session on Wednesday. Starting over 393.03 points lower, the Sensex pared some losses to trade 201.94 points, or 0.5% down in opening trade. The Nifty also dropped 58.10 points, to open trade at 11,739.80. Top losers in the Sensex pack included Sun Pharma, Bharti Airtel, Tata Steel, Reliance Industries and HDFC, shedding up to 2%. HUL, Nestle India, Power Grid and Asian Paints were among the gainers. The Rupee opened higher on Wednesday, at 71.75 against the US dollar.

CARE Ratings has placed Yes Bank's bonds worth more than&nbsp;₹21,000 crore on credit watch with negative implications. The ratings for tier two and infrastructure bonds has been downgraded from 'A' to 'A-'. The ratings have been revised on account of continued uncertainty related to quantum and timeline of raising equity capital.&nbsp;Further, the bank has delayed the publishing of the financial results for the quarter ended December 31, 2019.

The Reserve Bank of India has lifted regulatory restrictions imposed on&nbsp;Bandhan&nbsp;Bank, allowing it to open new branches without prior permission. Bandhan&nbsp;Bank informed exchanges, that the restriction has been lifted on the condition that 25% of the new banking outlets be opened in unbanked rural centres.&nbsp;The&nbsp;RBI had imposed penalties on the bank as it had violated regulatory norms to dilute promoter shareholding.
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SBI&nbsp;Cards and Payments Services has finalised its IPO&nbsp;price band to range between ₹750 to ₹755 per share, the public lender informed exchanges.&nbsp;The bid lot size for the offer has been finalized to be 19 equity shares and in multiples of 19 equity shares thereafter. The IPO&nbsp;is set to open from March 2 till March 5.&nbsp;In the last two years ending March 2019, SBI Cards' total income has grown by a compounded growth of 45% to ₹7,286 crore and net profits at a compounded rate of 52% to ₹862 crore.

Gold prices in India may surpass ₹47,000 per 10 grams mark in the next 12 to 15 months over mounting concerns due to the coronavirus outbreak, brokerage firm Motilal Oswal said on Tuesday. Gold prices&nbsp;have been on the rise ever since US President Donald Trump decided to impose tariffs on China back in 2018 and now the outbreak of coronavirus is helping the safe haven asset to outperform most global asset classes. On Monday, it surpassed a record high of ₹43,500 per 10 grams.&nbsp;

IT major SAP has closed it offices in India as a precautionary measure after&nbsp;two of its employees in Bengaluru were found H1N1 (Swine Flu) positive.&nbsp;The German-based tech company has closed its offices in Bengaluru, Mumbai&nbsp;and Gurugram&nbsp;for extensive sanitation and has asked its employees to work from home from February 20 to 28.&nbsp;

The current global health scare represents a buying opportunity as&nbsp;India's financial market faces low downside risk from coronavirus' impact on supply chains,&nbsp;Luis Oganes, JP Morgan's head of currencies and emerging market said. Emerging market central banks may cut interest rates further and the dollar will remain strong, he said. "If China's growth declines by half a point or one full point, how much that affects other parts of the world, India is not topping the charts in terms of that beta," he added.

United States President Donald Trump promised Indian business leaders that the market will rise "thousands and thousands" of points if he wins the upcoming US national election.

US President: During our visit we discussed the importance of a secure 5G wireless network &amp; the need for this emerging technology to be a tool for freedom, progress, prosperity, not to do anything with where it could be even conceived as a conduit for suppression &amp; censorship.

Gold prices soared by 2.8% on Monday to its highest level in seven years, as investors worried about global economic growth amid rising coronavirus cases outside China. Spot gold was up 1.9% at $1,674.40 per ounce. US gold futures jumped 1.7% to $1,676.80 an ounce. Mirroring gold's gains, silver jumped 2% to $18.83 an ounce, having hit its highest since September at $18.90.

The coronavirus outbreak disrupted the US markets on Monday, just as the global economy was stabilising after the US-China trade war fallout. The Dow Jones Industrial Average sank more than 1,000 points on Monday, the drop was the worst for the index in two years and wiped out all its gains so far in 2020. The S&amp;P 500 also 3.4%, while the Nasdaq fell 3.7%.

The country's largest gold-financier&nbsp;Muthoot Finance on Friday said it has raised $550 million from International Bond Markets for a 3.5 year tenor at 4.4%.&nbsp;The company had placed $450 million for a 3 year tenor at 6.12% in October 2019. The proceeds of the issue will be used for onward lending.&nbsp;Following a strong order book momentum supported by high quality real money investors, the company was able to tighten pricing by 35 basis points to 4.4%. This comes when NBFC&nbsp;sector is going through severe liquidity crisis as investors turned cautious about funding them.

Sovereign wealth funds are likely to change their investment strategy for Indian infrastructure projects and are expected to use the direct investment route more in the near future, compared to the current trend of investing through funds or joint ventures. As per a report the 100% tax exemption announced for sovereign wealth funds for their investments in infrastructure in the Union Budget 2020, would help increase investments into affordable housing, logistics and warehousing.

Telecom major Vodafone Idea's survival is in serious doubt as the company's ratings have been downgraded by three rating agencies in the span of just two days. India Ratings, Brickwork Ratings and&nbsp;Crisil&nbsp;have downgraded Vodafone Idea's rating on ₹3,500 crore&nbsp;worth of non-convertible debentures. However, Vodafone shares rose as much as&nbsp;59% in last two trading sessions after govt officials said that the company's bank guarantees won't be encashed.

India has been hitting the US 'very hard' on trade for many years with high tariffs, according to President Donald Trump who said he will 'talk business' with Prime Minister Narendra Modi during his first visit to the country. "I'm going to India next week and we're talking trade. They've been hitting us very hard for many, many years," Trump said at a 'Keep America Great' rally in Colorado on Thursday. Downplaying the expectation of a trade deal with India during his visit, Trump said the two countries could make a "tremendous" trade deal, but indicated that the talks on this might slow down if he did not get a good deal.

GMR Infrastructure has entered into a strategic partnership with France's Groupe ADP to sell 49% stake in its airports arm for an equity consideration of ₹10,780 crore. The deal calculates the valuation of GMR&nbsp;Airports at ₹22,000 crore. GMR&nbsp;Infrastructure, in a statement, said this money will help deleverage the group further and result in improved cash flows and profitability. The company&nbsp;has over ₹20,000 crore&nbsp;debt.&nbsp;As part of the terms of transaction, GMR will retain management control of the airports business while Groupe ADP will have the customary rights and board representation at GMR&nbsp;Airports ltd.

The government is exploring the option to appoint third-party audit firms to recalculate dues payable by telecom&nbsp;firms&nbsp;after differences emerged in individual calculations made by the government and telcos, the Mint reported.
To ensure Vodafone&nbsp;Idea is not forced to close, the government is also&nbsp;considering to defer non-AGR&nbsp;dues, the Economic Times reported. Out of the total ₹1.47 lakh&nbsp;crore&nbsp;dues, telecom companies' unpaid licence fees amount to ₹22,589 crore, while interest and penalties took the total liability to ₹92,641 crore. Besides licence fees, telecom companies owe ₹55,054 crore in spectrum usage charges, as per estimates of the Department of Telecommunications (DoT).&nbsp;
Out of the total unpaid basic licence fee, telecom companies that are operational collectively owe around ₹16,746 crore, according to the estimates prepared by the DoT in July 2019.&nbsp;The unpaid licence fees of Bharti Airtel was assessed at ₹5,528.52 crore&nbsp;and&nbsp;Vodafone Idea ₹6,870.69 crore.
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Airtel chief Sunil Bharti Mittal met telecom Minister Ravi Shankar Prasad amid the massive payments crisis looming over telcos, over the Supreme Court's order on Adjusted Gross Revenues.
Calling the AGR issue an unprecedented crisis for the telecom industry, Mittal said that Airtel is fully committed to comply with the top court's order.
Airtel chief Sunil Bharti Mittal and Kumar Mangalam Birla, chairman of Vodafone Idea, head the two telcos that together serve more than 580 million customers in India. The Supreme Court on Friday came down heavily on both companies over non-payment of AGR&nbsp;dues of Rs 1.47 lakh crore.

DHFL siphoned ₹31,000cr of public money: Cobrapost

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