BUSINESS
JSPL reports record steel production during Covid 2.0
JSPL's steel production during the April-June quarter of the fiscal surged 20% y-o-y to 2.01 million tonnes (June 21 - 0.64 million tonnes), marking a record first quarter production and second highest quarterly production ever. The company said that the decision to divert oxygen towards saving precious lives led to production getting impacted slightly, still it was able to produce more than before.
Amid disinvestment push, FinMin to now house Dept of Public Enterprises
The department, which was under the Ministry of Heavy Industries and Public Enterprises so far, would look into the residual work relating to erstwhile Bureau of Public Enterprises including the Industrial Management Pool. It would also look into coordination of matters of general policy affecting all public sector enterprises (PSEs). Review of capital projects also would be taken care of by the department.
Sensex, Nifty close at record levels on last hour surge
Healthy buying was witnessed in metal and realty stocks. The BSE Sensex closed at 53,054.76, higher by 193.58 points or 0.37 per cent from its previous close of 52,861.18. It had opened at 52,919.71 and touched an intra-day high of 53,105.41 points and a low of 52,751.76 points. The Nifty50 on the National Stock Exchange also settled at a record closing high of 15,879.65, higher by 61.40 points or 0.39 per cent from its previous close.
Piramal ascribes Re 1 to Rs 45,000 cr recoveries in DHFL: 63 moons objects at NCLAT
Notably, Piramal Capital and Housing Finance Ltd has ascribed only a sum of Re 1 to Rs 45,000 crore worth of potential recoveries from DHFL promoters. The Mumbai-based fintech company has urged the NCLAT to ensure that the proposed recovery of Rs 45,000 crore from Wadhawans and their associates and companies must benefit only creditors and not unjustly enrich a resolution applicant like Piramal Group.
Edtech firm upGrad earmarks $250 mn for M&A, non-linear growth
upGrad is set to cross $500 million annual revenue run rate by March 2022 and is looking to raise close to $400 million at a $4 billion valuation. "Outside of cash, we see a very strong value currency in our stock to look to merge/acquire companies with exceptional founders who will join us as fellow entrepreneurs to build this out over the next decade," said Ronnie Screwvala, Co-founder, and Chairman, upGrad.
Strong potential for further recovery in air traffic: IndiGo
IndiGo's Chief Commercial Officer William Boulter said: "We have witnessed increasing loads and demand for travel after mid-May and look forward to achieving 80 per cent capacity utilisation that we had in February by end of this year." At present, airlines' permissible capacity deployment is at 65 per cent of pre-Covid levels applicable up till July 31, 2021.
GST collections keep alive hope of 6.8% fiscal deficit in FY22
The June numbers for GST indicate a total collection of Rs 92,849 crore. While this is much lower than record number of Rs 1.41 lakh crore in April, and reasonably well collection of 1.02 lakh crore in May, it is still considered good as it largely records collections made during May, the peak of second Covid wave in India. Given localized and less stringent lockdowns this year, the dent in tax collections seems to have been lesser.
Stock Talk: Top 5 electronic goods companies stocks on Sensex today
According to Retailers Association of India (RAI), sales of consumer electronics increased by 2% in September 2020 and 8% in October 2020, as compared with same months in the last year
Samsung expects record $11 bn profit in Q2 on robust chip biz
In its earnings guidance, the South Korean tech giant estimated its operating profit at 12.5 trillion won ($11 billion) for the April-June period, up 53.4 per cent from a year ago. Its second-quarter operating income estimate beat the market consensus of 11.2 trillion won in a survey by Yonhap Infomax, the financial arm of Yonhap News Agency that surveyed 15 local brokerage houses last month.
Equity market flat amid volatility, weak global cues
A weak trend in the global markets also weighed on the domestic investor sentiments, analysts said. Heavy selling pressure was witnessed in oil and gas and power stocks, while realty stocks witnessed high buying activity. Around 10.25 a.m., Sensex was trading at 52,911.55, higher by 50.37 points or 0.10 per cent from its previous close of 52,861.18.
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