Today's Paper - 17/04/2021+ Print Archive

Tata Steel arm to double ferro chrome output

It first started its operation in the Sukinda mines in September last year following which it started operations of the Saurabil and Karmada mines in November last year transferreing the leases from commercial to mining.

The company has ferro chrome plants at Athagarh and Gopalpur in Orissa.

Traders call off raisin auctions in Maharashtra

Last year, raisin auctions had initially gone online in March as a pilot project of eNAM and it had worked for a while until the outbreak of Covid.

Kumbhar pointed out that buyers, mostly traders, come from across the country to buy the raisins here and can also spread the virus.

Maharashtra APMCs to continue functioning

Now, vehicles will be allowed to enter the market premises by 10 pm and continue till 10 am, a total of 12 business hours.

For instance, to control the crowd, the Mumbai APMC located in Vashi, has increased its business hours.

Telcos seek DoT help for movement during curfew

In response to the curfew in Delhi, industry body COAI has written to DoT that local police authorities are not allowing any movement of vehicles and personnel of telecom service providers, internet service providers, infrastructure providers, their partn

Telecom is recognised as an “essential service” in various government orders and, to enable this service to run on a 24x7 basis, the staff of these TSPs, ISPs, infrastructure providers and their partners should be allowed to access the telecom sites/work places. Otherwise, the same will result in complete breakdown in service.

Adar Poonawalla urges US to lift ban on jab material exports

SII has committed to make 1 billion doses of Covavax and the company has to supply 500 million doses of this globally through GAVI.

Poonawalla on Friday tweeted, “if we are to truly unite in beating this virus, on behalf of the vaccine industry outside the U.S., I humbly request you to lift the embargo of raw material exports out of the U.S. so that vaccine production can ramp up. Your administration has the details.”

ESAF SFB mops up Rs 162 crore via pref allotment of shares

The shares were priced at 2.64 times pre-issue and 2.45 times post-issue of its book value as of September 30, 2020, sources at ESAF said.

According to the unaudited results, the bank has achieved a year-on-year (y-o-y) growth of 25.86% in gross business during FY21.

Analyst Corner: Upgrade Astral to ‘buy’ with revised TP of Rs 1,663

We expect ASTRA’s earnings to outpace its key peers in FY22 driven by likely least impact of the recent strict restrictions imposed by few states amid the ongoing second Covid wave.

Considering the robust growth outlook amid the ongoing second Covid wave, we increase our revenue and PAT estimates by 4.4%/8.3%/8.1% and 6.7%/7.2%/7.9% for FY21E/FY22E/FY23E, respectively.

Analyst Corner: Wipro: Maintain ‘buy’ with unchanged TP of Rs 550

The pipeline remains healthy too. All in all, we remain optimistic about the demand environment. Maintain ‘BUY’ with an unchanged TP of `550 as we roll over the valuation to Q2FY23E.

Operating margin at 21% again outperformed expectations despite the company handing out wage hikes to 80% of its employees in January 2021.

Indian Railways rules out running migrants-special trains, plans 5,000 coaches as Covid-care centres

To clear the extra rush, it is also operating 140 additional trains which will make 483 trips in April and May. These trains are for destinations with high demand

Migrant workers are swarming railway stations to travel to their hometowns as measures to contain the fresh wave of Covid-19 cases have hit employment in several states. (File image)

Lockdowns Again: Back to the start?

The economic impact of the current lockdowns will be significant, though not as sharp as that of last year

For a country that is still struggling to deliver vaccines to the public, distributing this amount will be a big challenge as beneficiaries have to be identified.

Labour law implementation might get delayed further

However, as of now, not more than half a dozen states have framed draft rules and also, while some of them have drafted rules for all codes, others have drafted for only a couple of them.

The delay in implementation of the codes might hit India’s prospects of attracting fresh investments, at a time fixed asset creation in the economy needs to gather pace for the much-awaited economic rebound.

SC issues guidelines for cheque bounce cases, asks govt to amend laws

The SC said that over the years, courts have been inundated with cheque bounce complaints which could not be decided within a reasonable period and “this gargantuan pendency of complaints … has had an adverse effect in disposal of other criminal cases

Of the 2.31 crore pending criminal cases, 35.16 lakh relate to dishonoured cheques. The reason for the backlog of cases, according to amici curiae, is that while there is a steady increase in complaints every year, the rate of disposal does not match the rate of institution of complaints.

Industry body writes to Sebi on speculation in soya prices

The industry body said that it was hard to fathom what has changed so dramatically in such a short period to warrant this unprecedented upswing in prices.

Moreover, at this price, crushers find disparity of Rs 4,000-5,000 per tonne of processing, he said. In the process, the availability of soyabean meal has reduced dramatically, he explained.

Tata Consultancy Services Rating: Buy- A strong performance in the last quarter

Margins at a 5-year high; deal TCV of $9.2 bn augurs well for growth; FY22-23e EPS up 1-2%; TP revised to Rs 3,740; ‘Buy’ retained

TCS’ margins expanded 20bps q-o-q to 26.8% – its highest in 22 quarters despite a sharp 20% q-o-q rise in subcontracting costs and employee additions of 19,388 (highest ever) during Q4.

BFSI: Momentum revival to reflect in Q4

Asset quality narrative will be key; >60% earnings growth expected for banks ex-Yes

Q4 is seasonally strong both on sourcing as well as collections.

Spectrum Auction: Frequencies assigned to telcos

The assignment was accompanied by a frequency harmonisation exercise, whereby spectrum blocks assigned to telecom operators in the current auction have been made contiguous with the spectrum blocks already held by them, wherever possible, in various bands

Both the companies have paid Rs 2,306.97 crore (Rs 157.38 crore from Bharti and Rs 2,149.59 crore from Jio) to DoT immediately, rather than in August/ September, 2021.

Maharashtra mills seeking transport subsidy amounts to protectionism, says UP sugar industry

“Not only will the sugar sale in UP suffer, the cane price payments to millions of farmers shall be jeopardised,” the letter said. A unilateral incentive or rebate will vitiate the market dynamics and major sugar-producing states shall have a great di

The letter said it is also requesting the UP government to provide a similar rebate/ incentive to sugar mills in the state so that they can survive in the marketplace.

Zydus Cadila to double remdesivir production

After the company cut the price of its Remdesivir injection to Rs 899 per 100 mg lyophilized injection from `2,800 per vial it charged earlier, people started queuing up at its outlet in Ahmedabad and other major hospitals to buy the drug.

Also known as Zydus Cadila, the company is one of the seven manufacturers of Remdesivir in India. Remdesivir is being widely used to treat Covid-19 patients across the country.

Haffkine Biopharma gets nod to produce Bharat Biotech’s Covaxin

Haffkine is a 121-year-old biomedical research enterprise based in Mumbai that has been into research and manufacturing of vaccines including polio vaccines.

This would start after receiving all approvals on safety and quality standards from the central government regulatory bodies. Haffkine has an installed capacity to make 22.8 crore vials a year.

IMD Forecast: Normal, dispersed monsoon seen

A timely boon for rural India, but farm-gate prices hold the key

Insurepays hopes to raise $5-7 million in Series A funding

Insurepays currently has 1.6 lakh customers and is looking to increase this to 30 lakh over the next 12-18 months. By that time, it expects its members to have paid Rs 300 crore worth of premiums, Jain said.

So far, members, who have been coming on board since November 2020, have paid Rs 140 crore worth of premiums and have redeemed almost Rs 6.3 crore worth through discounts at various vendors.
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