Top headlines: Mumbai airport scam, Mittal on AGR dues and more

Here are the top headlines of the day

Mumbai airport scam: ED searches GVK promoters' residences, offices

The Enforcement Directorate (ED) on Tuesday conducted extensive search operations at the residence and office premises of GVK group Chairman G V K Reddy and his son G V Sanjay Reddy in Mumbai and Hyderabad, in connection with the alleged Rs 705-crore Mumbai airport scam. Read more here

Reliance to pay up to Rs 27,000 cr for Future Group retail chains: Report

Mukesh Ambani's Reliance Industries Ltd will pay between Rs 24,000 crore and Rs 27,000 crore ($3.2-$3.6 billion) to buy the Indian retail chains owned by Future Group, Mint newspaper reported on Tuesday, citing two sources familiar with details of the deal. Asia's richest man, Ambani has been buoyed by investments close to $20 billion from backers including Google and Facebook in his oil-to-telecoms conglomerate, and is seeking to strengthen his hand in India's huge retail sector. Read more 

Govt must close 'legal disputes' hurting telecom: Sunil Mittal on AGR dues

Indian telecom is not “out of the woods” despite proving itself indispensable in the weeks-long lockdown to contain the spread of the coronavirus, said Bharti Airtel chairman Sunil Bharti Mittal on Tuesday, urging the government to "close long-standing legal disputes”. Read more here

Intel ousts chief engineer Renduchintala after company falls behind rivals

Intel Corp's Chief Engineering Officer Murthy Renduchintala is departing, part of a move in which a key technology unit will be separated into five teams, the chipmaker said on Monday. Read more here

Moderna, Pfizer begin Covid-19 vaccine trials, eye year-end launches

German biotech BioNTech and US drugmaker Pfizer Inc said on Monday they would begin a pivotal global study to evaluate their lead Covid-19 vaccine candidate. Read more here

Here's why CLSA and Edelweiss have downgraded Reliance Industries' stock

It has been a dream run for Reliance Industries' (RIL) stock in calendar year 2020 (CY20). From hitting a low of Rs 868 on March 23, the stock has skyrocketed over 150 per cent to a record high of Rs 2,199 on July 27. The stellar rally came on the back of a series of big-ticket investments by marquee names such as Facebook, Google, Intel Capital, and Qualcomm Ventures into RIL's digital arm, Jio Platforms. Read more here

End game for oil? OPEC prepares for an age of dwindling demand

The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already prompting downward revisions in forecasts for long-term oil demand. Read more here