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CG Power reports net profit of Rs 94 crore in Q2

The company had the benefit of uninterrupted working in Q2. All businesses have performed satisfactorily, improving capacity utilisation, the company said in a release.

It further said on a q-o-q basis, sales have increased by 42% and PBT by 88%, signalling a recovery in business performance.

Covid vaccines: Bharat Biotech CMD bats for public private partnerships

If PPP worked for infrastructure projects such as airports, it should also work in science and technology, Ella said.

He was speaking at 'Ficci HEAL 2021' organised jointly with the ministry of health and family welfare, GoI and NITI Aayog.

NTPC invites 2 million tonne coal import tender

NTPC plants will use 1 MT imported coal, and the tender for the remaining volume has been floated on behalf of the power plants of Damodar Valley Corporation (DVC), jointly owned by the Centre and the state governments of Jha

NTPC imported 0.5 MT coal in Q1FY22 against 0.2 MT imported in the corresponding quarter last year. Its overall coal consumption in the quarter increased by 14.6% to 46.3 MT. NTPC’s captive mines produced 2.5 MT of the fuel in Q1, marginally higher than 2.4 MT in the same period in FY21.

Govt sets lofty $100-billion textile export target in 5 years

Speaking on the occasion, textile secretary Upendra Prasad Singh said the government is making efforts to address various challenges and facilitate the creation of an “enabling environment” for the growth of the sector.

India’s textiles and allied product exports stood at just $30.4 billion in FY21, down 10% from a year before due to the Covid crisis. In the first five months of this fiscal, such exports jumped by 87% on year to $16.6 billion, aided by strong economic recovery in key markets such as the US and the EU. Still, the target remains much too ambitious.

Bombay High Court asks ZEE to call EGM as sought by Invesco

The court said that if this argument was accepted, no requisition could ever be called for removal of directors as a company’s board would be controlling the NRC.

The court was hearing a petition filed by Zee on October 2 asking it to declare Invesco’s EGM notice as “illegal and invalid”.

Govt to issue 4 tranches of sovereign gold bonds in H2, to offer 2.5% annual interest to investors

The last tranche of bonds in the current fiscal can be subscribed to by handing out applications between February 28 and March 4, and the papers will be issued to the eligible candidates on March 8.

The investors will get the interest (2.5%) payable semi-annually on the nominal value of the investment. The minimum permissible investment is one gram and the maximum limit is 4 kg for individuals and 20 kg for trusts and similar entities per fiscal.

CCEA decision: Cabinet secretary-led group to review PM GatiShakti roll-out

The EGOS will be headed by the cabinet secretary and consist of secretaries of 18 ministries as members and the head of the commerce ministry’s logistics division as convenor. It will review the implementation of the progra

The PM GatiShakti NMP is expected to fast-track infrastructure projects and cut delays as well as cost over-runs through a holistic and well-coordinated approach.

Covid vaccination landmark! India crosses 1-billion jabs mark, PM Modi calls it ‘historic’

India is the second country to cross the one billion doses Covid-19 mark. China has crossed the two billion dose mark.

A record 2.5 crore vaccine was administered on a single day on September 17. The government has to date provided 103.5 crore vaccines do to States and Union Territories and they have a stock of 10 crore unutilized vaccines available with them.

Bank of Maharashtra Q2 net profit jumps 103% on higher interest income

The bank's net NPA was at 1.73%, while gross NPA came in at 5.56%, as against a net NPA ratio of 3.30% and gross NPA ratio of 8.81% last year. The bank's provisional coverage ratio improved to 92.38%. It held cumulative Covid

In the retail loan segment, housing loans grew by 20.35%, while vehicle loans were up 27% compared to a year ago. The earlier stressed MSME too was showing clear signs of cash flow and better capacity utilisation, the CEO said. MSME advances grew 20.66% YoY to Rs 22,995 crore for Q2FY22.

Coal crisis abates, but stocks may not return to normalcy soon

“Coal stocks are unlikely to improve to the previous level of 15-18 days inventory anytime soon,” the latest report by CRISIL Research said.

Coal shortage also led to daily average power prices at the spot exchanges rising to prohibitively high levels of around `15 per unit.

IDBI Bank net profit jumps 75% in Q2 on lower employee costs, higher net interest income

The bank’s NII, or the difference between interest earned and interest expended, rose 9.45% y-o-y to Rs 1,854 crore.

Slippages amounted to Rs 1,541 crore, down from Rs 1,577 crore in Q1FY22. Recoveries and upgrades were to the tune of Rs 1,910 crore, up from Rs 1,596 crore in the June quarter. The slippage ratio for the year so far stands at 2.2% and the bank intends to contain it at around 3% for the full year.

Good news for central govt employees! Govt hikes dearness allowance to 31% from 28%

On July 14, the Centre had hiked DA and DR for government employees and pensioners by 11 percentage points to 28% of basic pay/pension, which would cost the exchequer an additional about Rs 25,800 crore for the July-March per

The increase reflected the three additional instalments that were frozen.

Foreign portfolio investors turn net sellers of debt so far in October

They were net buyers in August and September with investments worth $1,839.31 million and $1,488.90 million, respectively.

Additionally, foreign investors are looking at the yields in the US, which have consistently been moving upwards. This has led to sell-off by these entities in developing markets, including India

LetsVenture to allow founders to turn angel investors via new fund

The new syndicate, LV Fuel, comprises more than 375 founders from LetsVenture’s portfolio companies, including start-ups such as Trell, Khatabook, Classplus, Dukaan, Airmeet, Infeedo, Agnikul Cosmos and Bimaplan.

LV Fuel aims to invest in at least 20 start-ups initially and is targeting to onboard 200+ founder-investors in the next two years.

JSW Steel logs highest-ever quarterly net profit of Rs 7,179 crore in Q2

During the quarter, JSW Steel’s capacity utilisation across its steel-making operations stood at 91%. While recovery is on track, JSW Steel has cautioned that high inflation and re-emergence of Covid-19 cases could present

Despite the capex on expansion, JSW Steel’s consolidated net debt to equity stood at 0.92x at the end of the quarter, against 1.04x at the end of Q1 FY2022. Leverage (net debt to EBITDA) stood at 1.58x, as against 1.89x at the end of Q1 FY2022.

Life Insurance: Private life insurers set to post strong growth in FY22

India’s mortality protection gap & retirement funding gap are expected to provide life insurers a significant multi-decadal growth opportunity

Private sector leaders are best-positioned to deliver innovative solutions to the demand for protection from mortality and longevity risks.

NCLAT seeks fresh NCLT order against senior executives of Videocon Telecom

The Mumbai bench of the NCLT, on a plea by the Government of India, had attached and frozen moveable and immoveable properties, including bank accounts, lockers and demat accounts, including the jointly held properties, of Ar

Bali and Bansal had moved the NCLAT alleging that the NCLT order was illegal as it did not provide them a hearing. The order has affected their livelihood and brought their families into a “penury position”, they had said.

Kushinagar international airport to boost Buddhist tourism

The new airport is part of the Centre’s effort to boost tourism by connecting Buddhist pilgrimage sites and facilitate the travel of pilgrims, especially from Sri Lanka, Japan, Singapore, Thailand, China, South Korea and Vi

Novavax on track to produce 150 m doses by Q4 end

Novavax and SII have applied for emergency use listing (EUL) to the World Health Organization (WHO) for the Novavax Covid-19 vaccine candidate.

Novax, SII, mobilising their global manufacturing network, Covid-19 vaccine=, Indian vaccine maker Serum Institute of India, emergency use listing

India is close to turning the pandemic tide: Poonawalla

Adar Poonawalla, CEO of Serum Institute of India (SII), expects the world to go back to the pre-Covid times by this time next year

Adar Poonawalla, CEO of Serum Institute of India, FICCI HEAL 2021, vaccinating large group pf population, stage of normality, tide on the pandemic, FICCI Healthcare Excellence Award

Developed world should help ISA to provide clean energy access: Union power minister RK Singh

ISA, a treaty-based inter-governmental organisation headquartered in Gurgaon, was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries.

ISA, a treaty-based inter-governmental organisation headquartered in Gurgaon, was established following the Paris Declaration as an alliance dedicated to the promotion of solar energy among its member countries. (Representative image)

OPEC-plus should factor in consumer sentiments: Hardeep Singh Puri

He added that “we are all in this together since there is a direct correlation between economic activity and oil price” and slowing economic activity will also lower demand for oil and gas. The minister was speaking at th

Due to the rise in global crude oil rates, the value of the import was $42.2 billion, 137% higher than the same period in 2020.

Mid & smallcap indices lose steam after sharp run up since 2020

While the Nifty Midcap index lost 692.40 points to end the session at 31,478.30 points, the smallcap index settled at 11,202.10, down 278.60 points. Both the indices have fallen more than 2% on Wednesday, taking the total los

In contrast, Nifty50 and Sensex have gained 50.1% and 48.5%, respectively, during the same period. Nifty50 now commands a one-year forward PE of 22.5x, against its five-year average of 18.3. (Representative image)

Vodafone Idea accepts 4-yr moratorium on spectrum payments

The company is the first telecom operator to have sent its acceptance to the DoT following the government's revival package for the sector which involves deferring the payment of spectrum instalments with the net present valu

vodafone

Real Estate: Hiranandani Group offers homes with millennials in mind

Moreover, the new-age populace has been considering buying homes in their early years of life to combat the unprecedented Covid crisis.

According to Niranjan Hiranandani, MD, Hiranandani Group, “We sell holistic living in a township culture and not just an apartment. Hiranandani Homes encompasses values like work-life balance, community living, township conveniences, sustainable ecosystem to enrich quality of life and offers value proposition to the homebuyers.”

Supreme Court says UP govt must dispel doubts that it is dragging its feet on Lakhimpur Kheri incident

When Salve told the bench that the state had filed a status report in a sealed cover, the CJI said that there was no need to file it in a sealed cover, and it had received the report just before the hearing. “We waited till

Several videos of the incident have been received and sent for forensic examinations, the senior lawyer said, while seeking further time to file a fresh status report.

Online Extortion: Protect yourself from tech support scams

Five pro-tips from Microsoft Security to protect yourself from tech support scams

Service providers never make unsolicited phone calls for tech support. If you didn’t reach out for tech support, they won’t call you to offer tech support. Beware, scammers often fake Caller ID.
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