BUSINESS
IOC Q1 profit soars on big inventory gains
Presenting the company financials, IndianOil Chairman, S M Vaidya, said, "IndianOil sold 20,325 million tonnes of products, including exports, during the first quarter of financial year 2021-22. Our refining throughput for Q1 2021-22 is 16.719 million tonnes and the throughput of the Corporation's countrywide pipelines network is 19.875 million tonnes during the same period."
India extends international flights suspension to August 31
"In partial modification of circular dated June 26, 2020, the competent authority has further extended the validity of circular issued on the above subject... regarding scheduled international commercial passenger services to or from India till 2359 hrs IST of August 3, 2021," the circular issued by the Directorate General of Civil Aviation (DGCA) said. The circular said that the restriction shall not apply to international all-cargo operations.
Elon Musk's Neuralink raises $205mn Series C funding
The company said that they are also happy to share that a group of leading executives and entrepreneurs in areas of strategic importance are also joining the round, including Robert Nelson (Co-Founder of ARCH Venture Partners), Blake Byers (Byers Capital), Sam Altman (Chairman of YC Group and CEO of OpenAI), Fred Ehrsam (Co-founder of Paradigm and Coinbase) and Ken Howery (Co-Founder of PayPal and Founders Fund).
Hopes of healthy Q1 results lift equity indices
Consequently, the BSE Sensex traded at 52,744.44 points, at 9.50 a.m., higher by 91.37 points or 0.17 per cent from its previous close. The Nifty50 on the National Stock Exchange traded at 15,811.65, higher by 33.20 points or 0.21 per cent from its previous close.
No revision in fuel prices for 13th day
Accordingly, in the national capital, petrol continued to be sold for Rs 101.84 per litre, while diesel was being sold at the unchanged rate of Rs 89.87 a litre on Friday. The pump price of fuel has been static since July 18. One of the main reasons for the pause is an over 10 per cent fall seen in global oil prices with benchmark crude sliding to $69 a barrel from a high of over $77 barrel just couple of weeks back.
Amazon shares fall even after posting over $100bn sales in Q2
For the second quarter (Q2), the net sales increased 27 per cent to $113.1 billion, compared with $88.9 billion in the second quarter of 2020, the company said in a statement late on Thursday. It was down from $115.2 billion as estimated by global analysts. Amazon Web Services (AWS) grew its revenue 37 per cent at $14.81 billion in the second quarter.
India, US sponsoring forum to boost Indo-Pacific business cooperation
The US Chamber of Commerce, the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry, and the US-ASEAN Business Council (USABC) are partnering in the fourth meeting of the forum scheduled for October 28 and 29. The government and business leaders from across the region at the meeting will "be able to explore regional government and business partnerships and commercial opportunities".
IFC makes equity investment in Federal Bank to promote green recovery
The investment is expected to improve access to finance for the small businesses. "Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from Covid-19 are expected in the wake of a $126 million (Rs 916 crore) equity investment in Federal Bank, one of the country's leading private sector banks," an official statement said.
Union Bank registers 255% growth in profit
The standalone net profit of the bank, in the April-June quarter, stood at Rs 1,181 crore up from Rs 332.7 crore in corresponding period last fiscal. The higher profit has been achieved with a growth in other non-interest income and despite increased coverage provided for non-performing assets (NPAs). The Credit cost reduced by 135 bps QoQ for Q1FY22.
'Favourable global outlook to accelerate India's export growth'
Ind-Ra said that India's exports, which have been languishing for quite some time, can take advantage of the favourable trade growth outlook of 2021 and consolidate its position further than what has been witnessed in Q1FY22. "In YoY growth terms, India's exports grew 60.29 per cent, 195.72 per cent, 69.35 per cent and 48.35 per cent in the months of March, April, May and June 2021, respectively.
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