Markets opened higher led by Tata and ICICI Bank while midcaps underperformed.

After Supreme Court made it clear that telecom companies will have to pay the ₹1.47 lakh crore in past dues, SBI Chairman Rajnish Kumar on Saturday said banks will &lsquo;have to pay the price&rsquo; in case any telecom firm files for bankruptcy.&nbsp;The chief of the country&rsquo;s largest lender said it is in the &lsquo;wait-and-watch mode&rsquo; and the onus of ensuring telecom companies&rsquo; compliance with the Supreme Court order lies with the Department of Telecommunications under the government.&nbsp;Asked if any telco account is currently classified as non-performing asset, he said there are two accounts, Aircel and&nbsp;RCom, that went into bankruptcy.&nbsp;

The Department of Telecom&nbsp;has withdrawn its order that asked for 'no coercive action' against telecom companies and has&nbsp;ordered&nbsp;Bharti Airtel, Vodafone Idea, others to clear dues by 11:59 PM on Friday. This comes after the Supreme Court on Friday took a strong view of non-compliance with its October 24 order. According to the Supreme Court's October judgment,&nbsp;telcos and other firms owe&nbsp;AGR&nbsp;dues&nbsp;of ₹1.47 lakh crore to the Department of Telecommunications.&nbsp;Vodafone Idea and Airtel face statutory dues of ₹53,039 crore and ₹35,586 crore, respectively.
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The annual rate of inflation based on monthly Wholesale Price Index stood at 3.1% for January 2020 as compared to 2.59% for the previous month and&nbsp;2.76%&nbsp;during the corresponding month of the previous year, as per the data released by Ministry of Commerce and Industry.
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Indian equity markets ended lower on Friday, dragged by bank, auto and metal heavyweights.&nbsp;
The Sensex&nbsp;closed 202.05 points down at 41,257.74, Similarly, Nifty ended the day at 12,113.45, down 61.20 points or 0.50%.
GAIL, Infratel, IndusInd&nbsp;Bank, Eicher&nbsp;Motors and Power Grid were the top five Nifty losers. While, Yes Bank, Bharti&nbsp;Airtel, UPL, BPCL and HCL&nbsp;Tech were the top gainers.
During the week,&nbsp;Sensex&nbsp;and Nifty gained 0.3% and 0.1%, respectively. PSU&nbsp;Bank was the top losing index this week, down 4.4%.
At 4:30 PM, the India rupee was down 5 paise&nbsp;at 71.37 against the greenback.&nbsp;

The US Justice Department has added new criminal charges against Chinese tech giant Huawei and two of its US subsidiaries, accusing the company in a plot to steal trade secrets from competitors in America, federal prosecutors announced Thursday. The case comes as the Trump administration is raising national security concerns about Huawei, the world's largest telecommunications equipment manufacturer, and is lobbying Western allies against including the company in wireless, high-speed networks.&nbsp;Huawei&nbsp;already faced bank fraud charges in Brooklyn and a separate trade secrets theft in federal court in Seattle.
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Indian markets opened higher on Friday over global markets stabilising as China is set to halve tariff rates on certain US products with effect later during the day.
At around 9:25 AM, the BSE&nbsp;Sensex&nbsp;was high&nbsp;196.26 points at 41,656.05. Nifty was trading at&nbsp;12,237.10, up&nbsp;62.45 points or 0.51%.
Yes Bank, Tata Motors, BPCL, Asian Paints and Nestle India were leading the markets up.
The India rupee opened at 71.30 against its&nbsp;Thursday close of 71.32 per US dollar.&nbsp;

Liquor tycoon Vijay Mallya&nbsp;has once again asked Indian banks to take back 100% of the principal amount owed to them at the end of his three-day British High Court appeal on Thursday against an extradition order to India.&nbsp;The 64-year-old former Kingfisher Airlines boss said the Enforcement Directorate and the Central Bureau of Investigation are fighting over the same assets and not treating him reasonably in the process. Vijay&nbsp;Mallya&nbsp;is wanted in India on charges of fraud and money laundering amounting to an alleged ₹9,000 crores in unpaid bank loans.

State-owned Bharat Petroleum Corporation's net profit&nbsp;jumped nearly three times to&nbsp;₹2,051&nbsp;crore for the third quarter of the current fiscal year.&nbsp;BPCL had reported&nbsp;a net profit of&nbsp;₹698&nbsp;crore in the corresponding quarter of previous year. Revenue from operations, however, dropped to&nbsp;₹85,926&nbsp;crore from&nbsp;₹89,324&nbsp;crore a year ago on lower oil prices.&nbsp;Operating profit rose 13.8% to&nbsp;₹2,703 crore.

The Supreme Court on Friday issued show cause notice of contempt against the telecom companies including Airtel and Vodafone. The Managing Directors and CMDs of telecos have to personally appear on March 17 if the&nbsp;AGR dues are not cleared before it.
Contempt notice has also been issued to the officer of the Department of Telecommunications who had allegedly issued notification freezing AGR recovery.&nbsp;
Calling it the&nbsp;contempt of court, Justice Arun&nbsp;Mishra&nbsp;said, "how a desk officer can stay the SC order?&nbsp;We have decided and said what we have to on this case."
Vodafone Idea and Airtel face statutory dues of ₹53,039 crore and ₹35,586 crore, respectively. Vodafone Idea has said it will shut shop, if forced to pay its dues at one go.

Vodafone Idea on Thursday reported a consolidated net loss of ₹6,438.8 crore for the quarter ended December 31, 2019. During the same period of the last fiscal, the company had reported a net loss of ₹5,004.6 crore. In a regulatory filing, the telecom major also raised concerns over its survival on the back of AGR dues, existing loans and increase of interest rates by certain lenders.
The company's ability to continue dependent on a positive outcome of the modification application before the Supreme Court.

India urgently needs more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy due to the rising debt levels while ensuring a more accommodative fiscal stance in the budget, the IMF has said.
Responding to a question on the budget presented by Union Finance Minister Nirmala Sitharaman, International Monetary Fund (IMF) spokesperson Gerry Rice said the economic environment in India is weaker than what the organisation had forecast earlier.
The IMF in January lowered India's economic growth estimate for the current fiscal to 4.8%.

India, the world's largest milk-producing nation, has offered to partially open up its poultry and dairy markets in a bid to rebuild bonds during&nbsp;US President Donald Trump's first official visit&nbsp;to the country this month, Reuters reported on Friday. India has traditionally restricted dairy imports to protect the livelihoods of 80 million rural households. The US is India's second-largest trade partner after China.
India has offered to allow imports of US chicken legs, turkey and produce such as blueberries and cherries, Indian government sources said, and has offered to cut tariffs on chicken legs from 100% to 25%. Although, US negotiators want that tariff cut to 10%.

Benchmark indices&nbsp;ended lower on Thursday&nbsp;tracking negative Asian markets as coronavirus cases spiked. Selling in private banks and metal stocks dragged the indices further.
Sensex on Thursday closed 106 points lower at 41,459.79. Similarly, Nifty ended the day losing 26.55 points at&nbsp;12,174.65.
IndusInd&nbsp;Bank was the biggest Nifty loser, closing the day 3.57% down. Tata&nbsp;Steel, NTPC, ICICI&nbsp;Bank, Kotak&nbsp;Mahindra&nbsp;Bank and HDFC&nbsp;were the other top losers. While, Yes Bank, DrReddy, Zee&nbsp;Ltd, SBI&nbsp;and Titan gained over 2% each.
At 3:40 PM, the India rupee was trading at 71.346 against the US dollar, down 5 paise.

Senior bureaucrat Rajiv Bansal was on Thursday appointed as the chairman and managing director of Air India, according to a Personnel Ministry order.&nbsp;Bansal, a 1988-batch IAS officer of Nagaland cadre, is at present additional secretary in the ministry of petroleum and natural gas.&nbsp;The Appointments Committee of the Cabinet has approved his appointment as chairman &amp; managing director, Air India in the rank and pay of additional secretary.&nbsp;The post became vacant after incumbent Ashwani Lohani completed his tenure.

Apex consumer forum National Consumer Disputes Redressal Commission of India (NCDRC) has directed ICICI Bank to pay ₹1 lakh as compensation to a customer for losing original sale-deed of his property which was deposited with the bank against a loan. The NCDRC&nbsp;also imposed a cost of ₹1 lakh on the bank as a 'stern advice of caution'. Out of the ₹1 lakh,&nbsp;₹50,000 has to be paid to the couple and the remaining to be deposited with the Consumer Legal Aid Account of the district forum, the commission said. The NCDRC&nbsp;also advised the bank to conduct an inquiry to fix responsibility for loss of the document.

Global rating agency S&amp;P on Thursday affirmed India&rsquo;s sovereign ratings at 'BBB-/A-3' with a stable outlook, saying that it expects GDP growth to recover over two-three years. It also said that India is experiencing a cyclical, rather than a structural, economic slowdown. The Reserve Bank of India last week projected the economy to expand by 6% during the next financial year.&nbsp;The economic survey, tabled in the Parliament last month, estimated the GDP growth during FY21 at 6-6.5%.

Sales growth of consumer durables like refrigerators, ACs and washing machines in 2019 was the best since demonetisation,&nbsp;as per the data released by market research firm,&nbsp;GfK India.
Volume sales in the overall consumer electronics and major domestic appliances market grew 9% year-on-year in 2019 against 1% in 2018 and 4% in 2017.
As per the data, refrigerator sales went up by 9% in 2019, washing machines by 12%, and air-conditioners by 25%.&nbsp;Smartphone sales growth in offline stores declined marginally from 10.9% in 2018 to 8.7% last year. However, online sale of&nbsp;smartphones&nbsp;grew at 45% last year.
Television sales declined 2% in 2019 due to a shift towards audio-visual consumption over smartphones.&nbsp;

Stock markets fell in early trade on Thursday after govt data on Wednesday showed that industrial output had contracted by 0.3% in December.
At around 10 AM, the&nbsp;Sensex&nbsp;was down 0.30% at 41,440.04, the while the Nifty was trading at&nbsp;12,157.15, down 0.36%.
Private bank, auto and metal heavy-weights&nbsp;pulled the markets down. Kotak Mahindra&nbsp;Bank, Axis Bank, HCL&nbsp;Tech, IndusInd&nbsp;Bank and Adani&nbsp;Ports were the top Nifty losers.
Yes Bank, Titan, SBI, Zee&nbsp;Ltd and TCS&nbsp;were among the top five gainers.
The Indian rupee also traded lower by 8 paise at 71.41 against the US dollar.

Shares of IRCTC surged as much as 13% to&nbsp;₹1596.95 on Thursday after the company's Q3 profit nearly tripled to&nbsp;₹206 crore, from&nbsp;₹73 crore in the same period of the previous year.&nbsp;
Revenue from operations also increased 64.59% to ₹715.98 crore in Q3FY20. IRCTC has also announced a&nbsp;₹10 interim dividend per share.
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The US dollar rose as investors expressed confidence that the novel coronavirus outbreak will be contained soon.&nbsp;The dollar index, which measures the greenback against six major peers, rose 0.32% at 99.0435 in late trading on Wednesday.
The euro, and the pound sterling&nbsp;were down against the US dollar while the Australian dollar rose.&nbsp;Traditional safe-haven currencies Japanese yen and Swiss franc weakened against the greenback.
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Markets open in green, midcaps underperform

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