BUSINESS
IndusInd Bank YoY Q1FY22 consolidated net profit up 99%
Its net profit during the quarter under review rose to Rs 1,016 crore from Rs 510 crore in the corresponding period of last fiscal. Net interest income for the quarter under review rose to Rs 3,564 crore, up by 8 per cent from Rs 3,309 crore for the quarter ended June 30, 2020. As per the lender, net interest margin for Q1FY22 stood at 4.06 per cent from 4.28 per cent for Q1FY21.
IndiGo's Q1FY22 net loss widens to Rs 3,174.2 cr on Covid
"Our financial results for the first quarter were severely impacted by the second Covid wave. The number of passengers travelling declined sharply in the months of May and June. With the second Covid wave receding, we are seeing a measured recovery in bookings for July and August," CEO Ronojoy Dutta said. the airline said it has a "strong balance sheet" with a total cash of Rs 17,067.9 crore.
Canara Bank net profit triples as provisions fall
The bank said in a statement that its net interest income rose just 0.84 per cent year-on-year (YoY) in Q1FY22 to Rs 6,147 crore versus Rs 6,096 crore. The net interest margin fell to 2.71 per cent for Q1 against 2.84 per cent in the year-ago period. But it made more of this fall from big 67.47 per cent jump in non-interest earnings in the April-June quarter.
IMF cuts India growth to 9.5% due to Covid Delta, but it retains top spot
The IMF's World Economic Outlook Update (WEOU) on Tuesday made the cuts to the projection of 12.5 per cent made in April, and the January projection of 11 per cent. "Growth prospects in India have been downgraded following the severe second Covid wave during March-May and expected slow recovery in confidence from that setback," said the update released in Washington.
HMIL invested over $4 bn in last 25 years
Notably, the company is observing 2021 as its 25th year of commencing operations in India. "Hyundai Motor India has invested over $4 billion in India and has 17 regional offices and 2,449 customer touchpoints across India." On Tuesday, the automaker inaugurated its new state-of-the-art corporate Headquarters in Gurugram.
50% of BSES' power portfolio to turn green by 2024
Green portfolio of BSES, comprising pure play renewable energy and hydro power, will make it one of the greenest discoms in the country. Strengthening its green drive, recently, Reliance Infrastructure-led BSES signed agreements with SECI to procure 510 MW of solar and hybrid power at less than Rs 2.50/unit. In fact, BSES became the first discom in Delhi and among only a handful in the country to procure hybrid power.
Capacity, fare regulations slowing India's aviation sector recovery: IATA
Notably, the centre's regulations have been justified as to protect the domestic aviation sector from economic turmoil unleashed by Covid-19. However, IATA's Director General Willie Walsh during a media interaction said that the regulations are distorting the market rather than supporting growth of the market.
Adani Ports & SEZ 1st Indian infra firm to raise 20-year's money from markets
The issuances were closed on July 26, 2021 and was oversubscribed by over three times. APSEZ has continued to receive exceedingly strong participation (for its successive bond offerings) from its high-quality real money investors across all geographies. This issuance establishes the Adani Group as an issuer with the ability to access international capital markets across all market cycles.
FMCG revenue growth seen doubling to 10-12% this fiscal: Crisil
Accordingly, the trend is expected to be driven by price hikes effected across product categories to offset the impact of raw material price increase and a raft of other favourable factors. Besides, the agency said that operating margin, on the other hand, will be restored to the normal level of 19-20 per cent with a moderation of 80-100 basis points (bps) this fiscal due to increase in advertising expense and rise in raw material prices.
Fuel prices could have reduced by Rs 1 but for OMCs' reluctance
In the block of the last 30 days, benchmark Brent crude has remained on an average over $74 a barrel in a fortnight while the average has fallen to about $72 a barrel in the immediately preceding fortnight. The price movement has been similar for Indian basket of crude that is benchmark used by Indian oil companies and global prices of products.
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