BUSINESS
Robust demand, firm steel prices boost JSPL's profitability
The company's standalone Q1 FY22 net profit stood at Rs 2,661, up from Rs 505 crore in the same period of the previous year. However, the company's profitability had been hit due to pandemic disruptions as is evident from MoM profit figures. The company had reported net profit of Rs 3,426 crore in Q4 period of FY21.
Banks' asset risks rise, but credit strength to stay intact: Moody's
According to a report by Moody's Investors Service, continued policy support and strong loss-absorbing buffers mitigate the negative impact for banks in ASEAN and India, coronavirus outbreaks triggering strict containment steps will impede economic recovery and erode borrowers' debt repayment capacity, increasing their asset risks
India Inc seals 181 deals worth $13.2 bn in July
"This surge in deal activity was primarily due to companies continuing to borrow economically and spending their cash reserves on transformative deals to reposition themselves for the post-Covid-19 world. Corporate India has previously demonstrated agility and adaptability in the face of crisis," said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat.
France's economic activity close to pre-pandemic level
In its monthly economic report released on Monday, the Banque de France confirmed a positive economic trend in the country, notably due to continued improvement in hotels, restaurants, transport, leisure and cultural activities, reports Xinhua news agency. The level of activity in the restaurant business rose to 79 per cent of the level considered normal, against 69 per cent in the previous month.
Vehicle scrappage policy to boost metal recycling business: Report
Accordingly, in a report, Grant Thornton Bharat said that the policy is likely to affect major changes in the Indian automotive industry. "Be it generating employment, reducing pollution, or accelerating demands for electric vehicles, the policy proves to be a win-win situation for the auto industry and various other stakeholders," the report said.
Revenue Deficit Grant of Rs 9,871 cr released to 17 states
With the release of this installment, a total amount of Rs 49,355 crore has been released to eligible states as Post Devolution Revenue Deficit Grant (PDRD) in the current financial year. The Post Devolution Revenue Deficit Grant is provided to the States under Article 275 of the Constitution.
After 5G telecom gear, Tata Group readies to enter semiconductor manufacturing
Tata group will try to get a foothold in the $1 trillion high-tech electronics manufacturing industry, the company's chairman said while speaking at an industry event on Monday. The group has recently entered the 5G telecom equipment manufacturing by acquiring a majority stake in Tejas Networks and became a competitor to global gear market leaders like Ericsson, Nokia, Huawei and Samsung.
Sensex, Nifty climb new highs; banking, IT stocks rise
The BSE Sensex has touched its record intra-day high of 54,772.07 points, while the Nifty50 on the National Stock Exchange has hit its all-time high of 16,359.25 points. Around 11.45 a.m., Sensex was trading at 54,746.06, higher by 343.21 points or 0.63 per cent from its previous close of 54,402.85. It touched an intra-day low of 54,450.34 points. The Nifty50 was trading at 16,348.40, higher by 90.15 points or 0.55 per cent from its previous close.
Reliance New Energy Solar to invest in US-based energy storage firm Ambri Inc
The investment will help the company commercialise and grow its long-duration energy storage systems business globally. RNESL will invest $50 million to acquire 42.3 million shares of preferred stock in Ambri. Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries.
Sensex up 200 points, banking stocks rise
Healthy buying was witnessed in banking and finance stocks. Around 10.05 a.m., Sensex was trading at 54,626.70, higher by 223.85 points or 0.41 per cent from its previous close of 54,402.85. It opened at 54,461.31 and has so far touched an intra-day high of 54,683.45 and a low of 54,450.34. The Nifty50 on the National Stock Exchange was trading at 16,311.40, higher by 53.15 points or 0.33 per cent from its previous close.
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