BUSINESS
Options being explored to further sweeten BPCL privatisation deal
Sources said that the Department of Promotion of Investment and Internal Trade (DPIIT) may soon issue a clarification that the BPCL under new private-sector owners would be free to bring in foreign direct investments (FDIs) to the tune of the entire 100 per cent equity of the company without conditions.
Personal loan growth boosted credit outflow in April: HDFC Securities
Accordingly, the personal loan segment witnessed further improvement in growth at 12.6 per cent YoY, after hitting a 10-year low of 9.1 per cent YoY in January. "This was led by growth in home loans and other personal loans. Growth in credit card receivables improved to 17.1 per cent YoY," HDFC Securities said in a report.
As India's forex reserves cross $600B, liquidity gush to fuel equities
"The success of these efforts is reflected in the stability and orderliness in market conditions and in the exchange rate in spite of large global spillovers. In the process, strength is imparted to the country's balance sheet by the accumulation of reserves," RBI Governor Shaktikanta Das added. Experts say foreign exchange reserves have topped $600 billion and more than $105 billion this year alone indicating huge liquidity in the system.
India's auto demand to recover despite Covid second wave: Fitch
This should drive double-digit growth across most segments in the financial year ending March 2022 (FY22) from a low base, it said. "We expect sales volume to remain below the peak in FY19," Fitch said. "We believe less stringent curbs and lower business disruption will limit the economic fallout compared with last year.
Petrol, diesel price rise goes for a pause again
Accordingly, the pump prices of petrol and diesel remain at Rs 94.76 and Rs 85.66 per litre respectively in Delhi on Saturday. In the city of Mumbai, where petrol prices crossed the Rs 100 mark for the first time ever last Saturday, the fuel price remains at new high of Rs 100.98 per litre. Diesel price also continues to be at Rs 92.99 a litre, the highest among metros.
Expanded ECLGS to aid liquidity needs of MECs: Repor
Centre had launched the ECLGS in May 2020 to protect the MSME sector from the massive economic upheaval caused by the pandemic. Recently, the Centre expanded the scope of the scheme. "The additional funds made available for their working capital requirements along with extending the moratorium period in their previously availed ECLGS loans would lower repayment obligations in FY22," the ratings agency said in a note.
India's forex reserves rise by over $5 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $598.165 billion from $592.894 billion reported for the week ended May 21. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
PNB's Q4FY21 net profit at over Rs 586 cr
The bank had reported a net loss of Rs 697.20 crore for the corresponding quarter of the previous fiscal. "Net profit stood at Rs 2,022 crore during FY21. Operating profit increased Y-o-Y by 28.4 per cent to Rs 22,980 crore during FY21," the company said in the result statement. Besides, net interest income grew YoY by 1.9 per cent to Rs 6,938 crore during Q4FY21 and by 17 per cent to Rs 30,477 crore during FY21.
RBI calls for targeted policy support for export
In his statement post the Monetary Policy Committee's (MPC) bi-monthly meeting, RBI Governor Shaktikanta Das said that with external demand strengthening, a rebound in global trade is taking hold, which should support India's export sector. Global demand conditions are expected to improve further buoyed by fiscal stimulus packages and the fast progress of vaccination in advanced economies, he said.
Tapering Covid: RBI retains rates accommodative stance
Accordingly, the Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Likewise, the reverse repo rate was kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the 'Bank Rate' at 4.25 per cent.
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