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dna Money must reads: From Sensex fall of over 800 points to Coca-Cola suspending 3 manufacturing plants and more

Here are the top 5 business stories of the day

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Here are the top 5 business stories of the day:

Sensex crashes 800 points on FII outflows, massive sell-off

Market benchmark Sensex crashed below 23,000-level in pre-close session after nosediving over 800 points while the NSE Nifty broke 7,000-mark on massive sell-off in banks and persistent foreign fund outflows.

The benchmark BSE Sensex slumped by over 800 points or 3.45 per cent to 22,950.90. The Nifty crashed 232.30 points or 3.21 per cent to 6,983.40.

Barring Cipla, all the stocks from the 30-share Sensex traded down. Besides, all the sectoral indexes led by realty, bank, metal and power were lower by up to 6.24%. Read more here.

Here is why UAE's ADNOC will give India two-thirds oil for free

In a first of its kind deal, UAE's national oil company Abu Dhabi National Oil Company (ADNOC) has agreed to store crude oil in India's maiden strategic storage facility and give two-third of the oil to it for free.

India, which is 79% dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonnes of crude oil to guard against global price shocks and supply disruptions. Read more here.

BHEL bags Rs 3,500 crore order for two 800 MW steam generators

State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) has won a major order for the supply of two 800 MW steam generators with supercritical parameters from National Thermal Power Corporation (NTPC) after outbidding competitors in an open global tender.

"Valued at nearly Rs 3,500 crore, the contract has been placed on BHEL by NTPC , for setting up the 2x800 MW Steam Generator (SG) island package at Telangana Super Thermal Power Project (TnSTPP)," BHEL said in a press release. Read more here

Government to revise small savings interest rates in day or two: Shaktikanta Das

The government will revise interest rates for small savings schemes in a day or two so as to align them with market rates, but keep them unchanged for the girl child and senior citizens, Economic Affairs Secretary Shaktikanta Das said on Thursday.

"The decisions have been taken and executive order and notification would be issued in a day or two. Broadly the underlying philosophy of small savings rate changes is to make the rate more frequently market aligned, make it as closely market aligned as possible," he said. Read more here.

Coca-Cola suspends manufacturing at 3 locations in India

Coca-Cola India's bottling arm Hindustan Coca-Cola Beverages (HCCB) has suspended manufacturing at three locations in India citing absence of "long-term economic viability", which may affect at least 300 employees.

The company has suspended manufacturing at Kaladera near Jaipur (Rajasthan), Visakhapatnam (Andhra Pradesh) and Brynihat (Meghalaya). Read more here

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