BUSINESS
EU economy rebounds, 4.2% growth projected
The higher economic forecasts come as the vaccination rollout speeds up across the EU, resulting in a more ambitious easing of restrictions on business operations, Xinhua news agency quoted the Commission as saying on Wednesday. The rebound in Europe's economy that began last summer stalled in the fourth quarter of 2020 and in the first quarter of 2021
India will have to invest heavily in infrastructure for economy to recover: UN expert
"A crisis often presents an opportunity" and making the right investments can have a multiplier effect in steering the economies to a recovery, while also making a monumental difference in people's life," Hamid Rashid, the head of the UN Development Research Branch, said on Wednesday in an exclusive interview to IANS TV. Developing countries like India do not have the option of financing a stimulus programme like the US he added
Jindal Steel & Power's Q4 net profit surges to Rs 1,900 cr
In a statement, the company said that solid operational performance, divestment of non-core assets and lower CAPEX have all contributed to JSPL's path of deleveraging with net debt declining sharply from Rs 35,919 crore in FY20 to Rs 22,146 crore in FY21.
India's March industrial output zooms on low base effect
The Index of Industrial Production (IIP) for March accelerated by 22.4 per cent over the same month a year ago and a contraction of 3.4 per cent reported for February. On a fiscal basis, the IIP contracted by (-) 8.6 per cent in FY21 from (-)0.8 per cent during the April-March period of the previous financial year.
RBI announce Rs 35K cr G-sec Acquisition Programme
As announced in the RBI Governor's statement of May 5, the second tranche of G-sec purchase will involve buying back securities of Rs 35,000 crore. The Reserve Bank will purchase the Government securities maturing between November to March 2035. These securities bear coupon rate ranging from 5.85 per cent to 7.17 per cent.
Tech Mahindra, HCL to help with O2 supply
Tech Mahindra Foundation, the CSR arm of Tech Mahindra, announced its support to Mission Oxygen, an initiative by Democracy People Foundation, to ensure last-mile delivery of oxygen supply across India. The partnership will strive to ensure that hospitals, nursing homes and medical care facilities, especially in tier-2 cities, get immediate access to oxygen.
Zydus Cadila to sell its India focused animal health biz for Rs 2,921 cr to Multiples, RARE
Zydus AH is the animal health business of ZAHL focused on India and certain other countries. The consortium, including Canada Pension Plan Investment Board and RARE Enterprises has agreed to purchase the undertaking through an SPV controlled by them, in the name of Zenex Animal Health India Private Limited.
Edible oil, LPG prices go through roof in 2 years
Mustard oil which was Rs 90 a litre in May 2019 is now selling at Rs 190 a litre while rice bran oil which was Rs 80 a litre is now at Rs 150 per litre. Similarly, groundnut oil is touching Rs 200 a litre in May this year compared to Rs 156 in 2019. Soybean oil is at Rs 140 compared to Rs 95 a litre in 2019.
Samsung, Sony, Hitachi invest in UK healthtech firm Huma
"We're already demonstrating how ‘hospital at home' can transform healthcare, and how decentralized clinical trials can advance research in ways that weren't imaginable even one year ago. Now we want to accelerate the pace of change and continue to innovate for better care and research worldwide.," said Dan Vahdat, Founder and CEO of Huma.
Refiners cut output to prevent stock build up in a market with subdued demand
Industry sources said, country's largest public sector refiner IndianOil has reduced cut output at its refineries to less than 90 per cent levels this month after clocking over 95 per cent refinery throughput last month to prevent build up of stocks as storage facilities are getting full with restricted dale in the market.
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