BUSINESS
Amidst gradual recovery, private airports to double capex to Rs 42K cr
The confidence on capex stems from the strong long-term fundamentals and regulated tariff structure, which allows pass through of capex costs and thereby keeping the risks low. Before the onset of Covid-19 in India, towards the end of fiscal 2020, private airports were bursting at their seams, operating at over 115 per cent of their design capacity (i.e operating at 175 million passengers on a design capacity of 150 million passengers).
India's core industrial output up 9.4% in July
The Index of Eight Core Industries (ICI) readings for the last month showed an expansion of 9.4 per cent from a decline of 7.6 per cent in output, during the same month of the previous year. On a sequential basis, the core industrial growth during June stood at 9.3 per cent. The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP).
India's April-July fiscal deficit reaches 21.3% of FY22 target
The fiscal deficit -- the difference between revenue and expenditure -- for the April-June 2021-22 period stood at Rs 321,143 crore, or 21.3 per cent of the budget estimates (BE). The FY22 deficit has been pegged at Rs 15.06 lakh crore. Besides, the CGA data showed that the fiscal deficit during the corresponding months of the previous fiscal was 103.1 per cent of that year's target.
India's Q1FY22 GDP growth zooms 20.1% YoY
In 2020, the pandemic had battered the country's GDP which had contracted by 24.4 per cent during Q1FY21. India's GDP at constant of 2011-12 prices has been estimated at Rs 32.38 lakh crore, as against Rs 26.95 lakh crore in Q1FY21. Last year, the pandemic-triggered national lockdown during Q1FY21 had a massive impact on the economy. It was only on June 1, 2020 that the partial unlock measures were implemented.
Bharti Airtel calls reports on investment by Google 'speculation'
The company responded after the exchanges had sought clarification on the reports of a possible investment running into thousands of crores by the US-headquartered technology major into the telco. "We would like to submit that the Company, as a matter of policy, does not comment on media speculation/report(s)," it said in a regulatory filing.
Kerala's top financial institution performs well amid Covid-19
Sanjay Kaul, KFC Chief Managing Director (CMD), said though the economy is under severe stress due to Covid-19, the KFC could position itself well. "We were able to improve the performance in terms of all-time high loan portfolio growth, higher sanctions, disbursements, and recovery.
Chinese apps making profit in India despite facing ban
Last year, the government had banned 267 Chinese apps using the provision of Section 69A under the IT Act. These apps included TikTok, PUBG, Helo, UC Browser, Likee, Shareit, WeChat, Mi Community and more. However, some popular apps that were banned directly have made an unnoticed entry into India, as most of the companies have tried to hide their Chinese ownership of the apps.
Drugs and Pharma sectors lead growth in exports from SEZs
Exports from these zones had taken a hit during the fiscal year 2020-21 due to Covid disruptions and lockdown. The main reasons for the growth in exports from SEZs in April-June quarter has been good performer shown by drugs and pharmaceuticals sectors that are meeting the global needs of medicines amidst the pandemic. But the performance of engineering goods and gems and jewellery sectors has also been good.
Kotak Mahindra Bank to sell 8.5% stake in Airtel Payments Bank to Bharti Enterprises
Kotak Mahindra Bank Limited has executed a share purchase agreement for the sale, the bank said in a regulatory filing. It said that the shares were acquired for an aggregated consideration of Rs 200 crore invested in tranches during calendar years 2016 and 2017. The cash consideration for the share sale would be equal to or higher than Rs 294.8 crore.
Nifty hits 17,000 for first time, Sensex well above 57,000 (Ld)
The landmark feat comes just after the BSE Sensex hit the 57,000 marks earlier in the day. The Nifty50 has touched a new record high of 17,048.80 points, while the Sensex has hit an all-time high of 57,280.44 points. Healthy buying was witnessed in telecom and healthcare stocks. The rise in Indian indices came amid a mixed trend in the global markets.
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