State Bank of India (SBI) -- the country's largest lender by assets -- on Wednesday reported a net profit of Rs 7,626.6 crore for the quarter ended September. On the eve of Diwali, the Narendra Modi government announced excise duty reduction on petrol and diesel by Rs 5 and Rs 10 respectively. The WHO said it has granted emergency use listing (EUL) to Bharat Biotech's COVID-19 vaccine Covaxin. here are some top news of the day

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ECONOMY/BUSINESS

Centre releases Rs 17,000 crore as GST compensation to states/UTs

The Narendra Modi government on Wednesday released GST Compensation of Rs 17,000 crore to states. The total amount of compensation released to the states/UTs so far including the aforesaid amount during the year 2021-22 is Rs 60,000 crore. Read more

Govt announces excise duty reduction on petrol and diesel

On the eve of Diwali, the Narendra Modi government on Wednesday announced excise duty reduction on petrol and diesel by Rs 5 and Rs 10 respectively. Read on

Govt approves 42 proposals for white goods PLI scheme

The Narendra Modi government on Wednesday approved 42 companies under the white goods Production-Linked Incentive (PLI) scheme and expects an incremental production of Rs 81,254 crore and direct employment of about 44,000 people. Read more

MARKETS

SBI Q2 Results: Net profit up 67% at Rs 7,627 crore

State Bank of India (SBI) -- the country's largest lender by assets -- on Wednesday reported a net profit of Rs 7,626.6 crore for the quarter ended September. That was up 66.7 percent on a year-on-year basis. SBI shares recovered intraday losses after the earnings announcement. Read more

What analysts are expecting from Diwali Muhurat trading and Samvat 2078

Indian share markets will be open for a one-hour special Muhurat Trading session on November 4, the day of Diwali, to mark the beginning of the Hindu New Year 2078. In this session, investors usually make token purchases or sales of shares as the day is considered to be auspicious. Read more

Sun Pharma Q2FY22: Focus on core business continues

Sun Pharma reported a healthy set of earnings for the quarter ended September 30. The company’s net profit came in at Rs 2,047 crore for the quarter, exceeding Street estimates by a wide margin. The net profit increased 12.9 percent on a year-on-year basis. Read more

INDIA

WHO grants emergency use licence to Bharat Biotech's Covaxin

In a major development, the WHO on Wednesday said it has granted emergency use listing (EUL) to Bharat Biotech's COVID-19 vaccine Covaxin.