Top headlines: Disengagement in Galwan, RIL m-cap at record high & more

Here are the top headlines of the day

India and China agree to respect LAC, complete ongoing disengagement

India and China agreed that both sides “should strictly respect and observe the LAC” and “should not take any unilateral action to alter the status-quo". The two sides also agreed to complete the ongoing disengagement process along LAC “expeditiously, so as to ensure “a phased and stepwise de-escalation” in their border areas. Read more here.

Indian and Chinese troops begin disengagement in Galwan Valley on LAC

Following the agreement, both Indian and Chinese troops have retreated two kilometres each along the LAC in the Galwan Valley. The Chinese Army is reportedly removing tents and moving back from certain areas of the Valley, government sources said. Read more here.

Paytm, CEO Sharma to acquire general insurer Raheja QBE for Rs 568 crore

Paytm and its CEO Vijay Shekhar Sharma will acquire Raheja QBE, a Mumbai-based private sector general insurer, for nearly Rs 568 crore to expand the digital payments company's financial services. As per regulatory filings, Raheja QBE General Insurance had revenue of Rs 189.46 crore and net worth of Rs 154.38 crore as of March 31, 2020. Read more here.

Adani Transmission to buy Kalpataru's transmission asset for Rs 1,286 cr

Adani Transmission (ATL) said on Monday it will buy Kalpataru's Alipurduar Transmission unit with an enterprise value of Rs 1,286 crore. The acquisition will bolster the pan-India presence of ATL consolidating its position as the largest private sector transmission company in India. Read more here.

Reliance Industries' m-cap breaches Rs 11.5 trillion-mark, stock up 2.5%

Reliance Industries (RIL) hit a fresh record high of Rs 1,847.7, advancing 3.4 per cent, on the BSE on Monday after the company bagged 12th foreign investment from Intel Capital for its digital arm Jio Paltforms on Friday. In the past two months, Jio has raised Rs 1.17 trillion through stake sales to ramp up its digital services business and expedite its debt reduction goals. Read more here.

Over 100 mm rain in suburban Mumbai, Thane; IMD predicts 4.6 m high tide

According to IMD, Mumbai and neighbouring Thane district received over 100 mm rainfall in the last 24 hours. The weather office also predicted more heavy showers in those areas and other parts of Konkan Maharashtra. Meanwhile, Matheran bureau in Raigad district recorded 90 mm rainfall during the 24-hour period, while the Dahanu observatory in Palghar recorded 60.3 mm rain. Read more here.

Coronavirus tests in India cross 10 million; 1,105 labs functioning: ICMR

The total number of tests for detection of Covid-19 crossed the 10 million mark in India on Monday. Around 2,00,000 samples have been tested on an average daily for the last 14 days. Read more here.