BUSINESS
Lower Covid numbers lift equities, banking, auto stocks shine
Both key indices kick-started the week on a positive note with a gap up opening and ended with one of the biggest single day gains in more than a month. Globally, stocks traded mixed on Monday after China reported consumer spending grew more slowly than expected in April.
Home sales across top 7 cities up 21% in Q1 2021: PropEquity
However, the new supply or launches of housing units decreased by 40 per cent in the same period to 59,737 units in Q1 2020 as against 1,00,343 units.Bengaluru, Chennai, Hyderabad, MMR, NCR, and Pune are the cities where home sales witnessed a growth in Q1 2021 versus Q1 2020 at 13 per cent, 29 per cent, 16 per cent, 26 per cent and 6 per cent, respectively.
Bharti Airtel reports Q4 net profit of Rs 759 cr
During the same period of FY20, the company had reported a loss of 5,237 crore. Its revenues for the period under review rose 17.6 per cent to Rs 25,747 crore. India revenue was at Rs 18,338 crore increased by 17.5 per cent YoY on a comparable basis and 9.6 per cent YoY on a reported basis. Mobile revenues grew by 19.1 per cent YoY on comparable basis on account of the improved realizations as well as strong customer addition.
Telecom moving beyond connectivity, nearly 25% revenues to come from new biz models in coming years
In the last few years, telecommunications has clearly moved beyond providing people-to-people connectivity besides successfully adding layers around it to contribute more meaningfully. Public health companies today are leveraging emerging technologies like artificial intelligence, machine learning, geographic information system to help the government and healthcare agencies manage and monitor the virus spread.
Jio constructs largest international submarine cable system centred on India
Jio, in conjunction with several key global partners and world-class submarine cable supplier SubCom, is currently deploying two next generation cables to support the extraordinary growth in data demand across the region. The India-Asia-Xpress (IAX) system connects India eastbound to Singapore and beyond, while the India-Europe-Xpress (IEX) system connects India westbound to the Middle East and Europe.
Vedanta calls for EoI to transport 800 tpd O2 from Sterlite unit
According to a company official, the oxygen plant again became operational on Sunday. Vedanta said its oxygen unit at Sterlite Copper has a total installed capacity of 1,050 tpd and the existing infrastructure has the potential to transport 200-250 tpd medical oxygen to various hospitals.
Federal Bank's Q4 net profit up 58.6%
Gross advances reached Rs 1,34,876.71 crore as on March 31, 2021 from Rs 1,24,153.18 crore as on March 31, 2020 registering a growth of 8.64 per cent. Shyam Srinivasan, Managing Director & CEO, Federal Bank said: "We delivered our highest every quarterly profit despite an extremely challenging environment.
India's WPI inflation rises to 10.49% in April
Significantly, this is the highest rate of WPI inflation in the last 6-months. The monthly rate of inflation, based on month over month movement of the WPI index, in April 2021 stood at 1.86 per cent as compared to March 2021. On a year-on-year basis, the inflation rate last month was higher. The WPI had come in about (-) 1.57 per cent in April of 2020.
Pvt equity investor KKR invests $95 million in Lenskart
Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers' virtual and omni-store experience.
Credit card expenses by Indian subsidiary of a multinational corporation liable to GST
According to a recent ruling by Tamil Nadu Appellate Authority for Advance Ruling (AAAR), any expenses made by employees of an Indian subsidiary of a multinational corporation that is later reimbursed by the overseas holding company qualifies as service and hence needs to be taxed under GST here.
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