BUSINESS
India shines in energy transition with strong renewable path
Just a few days ago, the Ministry of New and Renewable Energy announced that the total installed renewable energy capacity in India, excluding large hydropower, has crossed the milestone of 100 GW or 100,000 MW, about 26 per cent of the total capacity, a turning point in the history of renewables as India is celebrating 75th Independence Day. The global surface temperature is already about 1.1 degrees higher today than in the period 1850-1900.
Petrol, diesel rates nearing a month without any revision
In the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Saturday. Across the country as well, fuel prices remained unchanged providing some relief to consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.
ONGC logs multi-fold rise in Q1 net profit at Rs 4,335 cr
During the same period of the last fiscal, the company had reported a net profit of Rs 497 crore. In a tweet, the company said: "Energy Maharatna ONGC posts net profit of Rs 4,335 crore for Q1 FY 2021-22, up over 772 per cent from Q1 FY 2020-21. Crude Oil Production 5.4 MMT, Gas 5.3 BCM in this current Q1." Its gross revenue for the first quarter of FY22 stood at Rs 23,022 crore, nearly 77 per cent higher than Rs 13,011 crore.
India's July exports rise by 50% YoY
Exports during July 2020 stood at $23.64 billion. The data by the Ministry of Commerce and Industry also showed that in comparison to July 2019, last month's exports rose by 35.05 per cent. "Exports in July 2021 were $35.43 billion, as compared to $23.64 billion in July 2020, exhibiting a positive growth of 49.85 per cent. As compared to July 2019, exports in July 2021 exhibited a positive growth."
Airtel, Jio conclude spectrum trading agreement
Airtel has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer, said a statement from Airtel. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum. In April, Airtel had announced the agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio.
Boeing supports India's focus on becoming global aerospace leader
Salil Gupte says "We are committed to India's 'Aatmanirbhar Bharat' vision in aerospace and defence and are helping build India's local manufacturing, engineering and innovation capabilities through our investments in a 275-strong and growing supplier-partner network and through our technical skilling initiatives that train local talent".
SpiceJet's YoY Q1FY22 net loss widens to Rs 729 cr
The Q1FY22 net loss is higher than Rs 593 crore in the same quarter of the previous year as flight operations were severely impacted due to Covid-19's second wave. However, total revenue rose to Rs 1,266 crore for the quarter as against Rs 705 crore in the same quarter of the previous year. Operating expenses were Rs 1,995 crore as against Rs 1,298 crore for the same period.
CCI okays Zomato's 9.3% stake purchase in Grofers
The acquisition involves an investment of $100 million by Zomato in the online grocer. Taking to Twitter, the anti-trust body said: "Commission approves proposed acquisition by Zomato of approximately 9.3 per cent stake in Grofers India and Hands on Trades." 'Hands on Trades' is the wholesale entity of Grofers.
RBI's Central Board takes stock of current economic situation
In its 590th meeting, chaired by Governor Shaktikanta Das and held via video conferencing, the board also reviewed global and domestic challenges facing the country and various areas of operations of the bank. The Board also reviewed the functioning of the Local Boards. Secretary, Financial Services, Debasish Panda, and Secretary, Economic Affairs, Ajay Seth also attended.
Sensex surges nearly 600 points to end at record closing level
Earlier in the day, Sensex crossed the landmark 55,000 mark for the first time in its history and touched its all-time intra-day high of 55,487.79 points. It closed at 55,437.29, higher by 593.31 points, or 1.08 per cent, from its previous close of 54,843.98. It had opened at 54,911.95 and touched an intra-day low of 54,905.49 points. Nifty also recorded its all-time high of 16,543.60 points during the day.
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