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RIL's energy, telecom arms make up for retail blip
by Priyanka Choudhary / 07:45 pm 24 Jul 2021 Saturday

Better spreads on energy products and robust subscriber-led growth in the telecom business helped Reliance Industries, offset the impact of a temporary revenue moderation in its retail vertical through the June quarter, which coincided with the second viral wave and strict mobility curbs. RIL reported an operating profit of ₹23,368 crore, despite retailing revenue falling 18% sequentially.

Wheat, paddy procurement at all-time high
by Priyanka Choudhary / 07:15 pm 24 Jul 2021 Saturday

Around 433.32 LMT wheat procured in the current season RMS 2021-22 so far, against the last year corresponding purchase of 387.66L MT -11.77 % more in comparison to last year’s corresponding period. In addition, 869.76LMTs of paddy was procured on MSP for ongoing KMS 2020-21 and RMS benefitting 128.37 Lakh farmers. This is 14.55 % more paddy procured in comparison to last year.

Yes Bank sees retail stress build up due to second wave
by Priyanka Choudhary / 06:45 pm 24 Jul 2021 Saturday

As compared to the previous quarter (January-March), Yes bank retail gross NPA ratio rose 40 basis points (bps) to 3.3% of retail assets. That apart, retail loans that were overdue between 61-90 days rose to ₹790 crore in the June quarter, from ₹234 crore in the March quarter and ₹513 crore a year ago.

Forex reserves zoom to record high of $612.73 billion
by Priyanka Choudhary / 06:15 pm 24 Jul 2021 Saturday

The country's foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021. In the previous week ended July 9, 2021, the reserves had surged by $1.883 billion to $611.895 billion. The FCA, a major component of the overall reserves, rose by $463 million to $568.748 billion in the reporting week.

Vodafone Idea's future hinges on relief from govt
by Priyanka Choudhary / 05:45 pm 24 Jul 2021 Saturday

Vodafone Idea may soon be left without an option but to file for bankruptcy with the Supreme Court rejecting reassessment of its dues to the government, which could spoil its efforts to raise funds in time to meet payment obligations. Without funding, Vi may find it a challenge to meet its immediate ₹24,000 crore-plus payment obligation.

Reliance Retail sees Q1 net profit more than double YoY
by Priyanka Choudhary / 05:15 pm 24 Jul 2021 Saturday

Reliance Retail, saw its net profit more than double year-on-year(YoY) to ₹962 crore in the June quarter, although mobility and business curbs through the period under review caused sequential profit moderation in the vertical. In the year-ago period, profit was at ₹431 crore. Revenue was up 22% on-year to ₹38,547 crore, even though it reported a sequential shrinkage.

Exports up 45% on-yr in first 3 weeks of July: Govt
by Priyanka Choudhary / 04:45 pm 24 Jul 2021 Saturday

Led by petroleum, gems & jewellery, engineering goods, India’s goods exports in the first three weeks of July rose 45.13% year-on-year to $22.48 billion. Imports in the first three weeks of July posted a sharper increase of 64.82% to $31.77 billion, commerce and industry ministry said in a statement. “The exports momentum remains strong,” said an official.

Tata Motors opens 8 new showrooms in Ahmedabad
by Priyanka Choudhary / 04:15 pm 24 Jul 2021 Saturday

Tata Motors opened 8 showrooms in one go in Ahmedabad. With several pockets emerging into upmarket retail locations, Ahmedabad is a dynamic and rapidly growing market. In FY21 the business registered its highest ever annual sales in 8 years, while posting a growth of 69% as compared with FY20. With this, showrooms in Gujarat expands to 57.

Rise in bad loans make SBI Cards profit shrink by 22% in Q1
by Suvayan Sen Gupta / 04:00 pm 24 Jul 2021 Saturday

SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a 22 per cent decline in net profit to Rs 305 crore in the first quarter ended June 30 due to higher delinquencies. The SBI-promoted card issuance company had reported a net profit of Rs 393 crore in the April-June quarter of the previous fiscal.As of June 30, 2021, the company's Capital Adequacy Ratio was 26.1 per cent compared to

Engineering goods exports to China, Singapore & Malaysia fall sharply in June
by Priyanka Choudhary / 03:45 pm 24 Jul 2021 Saturday

While engineering goods exports from India to most key nations recorded high double-digit growth in June mirroring global trade recovery, shipments to China, Singapore and Malaysia fell sharply during this period. Exports to China, in value terms declined 33% to US$ 501.9 million in June, 2021 from US$ 747.1 million in the same month last year.

Adani Wilmar likely to file DRHP for IPO in the upcoming week
by Suvayan Sen Gupta / 03:30 pm 24 Jul 2021 Saturday

The excitement around initial public offerings (IPOs) on D-Street is not expected to die down anytime soon as Adani Wilmar are all set to file its draft red herring prospectus (DRHP). The total fundraising that Adani Wilmar could look through its IPO would be approximately Rs 5,000 crore. The entire issue is expected to be a fresh issue and the entire fundraise is expected to come into the company as far

India sees significant improvement in UNESCAP score on trade facilitation
by Priyanka Choudhary / 03:15 pm 24 Jul 2021 Saturday

India's score has jumped to 90.32% in 2021 from 78.49% in 2019 in the United Nation’s Economic and Social Commission for Asia Pacific's (UNESCAP) latest global survey on digital and sustainable trade facilitation. The Survey notes that India is the best performing country when compared to South and South West Asia region (63.12%) and Asia Pacific region (65.85%).

IPOs will drive startup revolution in India - Niti Aayog CEO Amitabh Kant
by Suvayan Sen Gupta / 03:00 pm 24 Jul 2021 Saturday

IPOs will drive our start-up revolution. Indian start-ups will raise money in Indian markets from the Indian public. This is truly 'Aatmanirbhar Bharat'. Digitisation has provided an impetus to the start-up ecosystem in India, remarked Niti Aayog Ceo Amitabh Kant. The intersection between internet and business would bring in a new era as far as the Indian markets are concerned calling on Start-ups to leverage technology for social good as the

Info Edge, which backs acquires HR tech startup DoSelect
by Shubh Singh / 02:48 pm 24 Jul 2021 Saturday

Info Edge (India) Ltd., which backs to Zomato, has acquired HR technology startup DoSelect for Rs 21 crore. As part of the Info Edge ecosystem, which includes, DoSelect will provide an intelligent decision engine to help organizations target relevant job applications more efficiently.

SC dismisses Voda Idea and Airtel's applications in AGR case
by superadmin / 02:47 pm 24 Jul 2021 Saturday

The Supreme Court on Friday dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, seeking rectification of the alleged errors in the calculation of Adjusted Gross Revenue (AGR) related dues payable by them. During the hearing, the bench observed that no re-assessment of AGR related dues can be done.

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