News Updates: May 9, 2020

• US PE firm Vista Equity Partners will invest $1.5 billion for a 2.32% stake in Jio Platforms. This is the third such stake sale in the platform after Facebook and Silver Lake have picked up stake recently.
• Government has revised its gross market borrowing target for the current financial year to Rs. 12 Lakh Crore from Rs. 7.8 Lakh Crore earlier.
• The Asian Infrastructure Investment Bank has approved a loan of $ 500 million to support India's efforts to fight Covid.
• The reverse auction of India's first Round the Clock (RTC) renewable energy supply conducted by SECI has concluded with ReNew Power quoting lowest tariff of Rs. 2.90/ unit (first year) for the entire 400 MW capacity. The tariff under this tender will be subject to 3% annual increase for 15 years.
• SBI has increased the home loan rate for new borrowers by 20 bps by widening the spread it charges over the External Benchmark Rate (EBR).
• Government has relaxed tax residency rules for stranded NRIs. Now those NRIs and visitors who are held up in India due to suspension of air travel will not have to count this duration while deciding their tax residency status.
• RBI has fixed the cut-off yield for government's 10 year security at 5.79%, which is the lowest since February 2009.