BUSINESS
FPIs pull out Rs 5,936 cr from Indian equities in 1st week of May
The subdued investor sentiments come on the back of the deepened Covid crisis in the country. The lockdowns and restrictions across states also have weakened the prospects of economic recovery, analysts said. The selling in May continues after FPIs withdrew net investments of Rs 9,659 crore in April. The bearish trend last month came after incessant buying in the preceding six months.
Reliance Retail is second fastest growing retailer in the world
Reliance Retail remains the 2nd fastest growing retailer in the world despite the base effect of being No.1 last year. Reliance Retail features consecutively for the 4th time in the list of Global Powers of Retailing and World's Fastest Retailers. Reliance Retail, last year's Fastest 50 leader, dropped to second place. The company recorded YoY growth of 41.8%, driven primarily by a 13.1% increase in the number of stores in its consumer electronics.
Maruti Suzuki boosts manufacturing of O2 PSA generator plants
In a statement, the company said that these plants are being made by small scale units with very limited resources or ability to scale-up production. We located two companies in the NCR area, Airox Nigen Equipments Pvt Ltd and SAM Gas Projects Pvt Ltd. They were flooded with orders but had a capacity to manufacture only 5-8 plants a month.
Govt advances grant of Rs 8923.8 cr to Panchayats for Covid relief
The Rs 8,923.8 crore grants released by Finance Ministry are meant for all the three tiers of Panchayati Raj Institutions - village, block and district. The amount released on Saturday is the first instalment of the 'Untied Grants' for the year 2021-22. It is meant to be utilised by the RLBs, among other things, for various prevention and mitigation measures needed to combat the COVID-19 pandemic.
Sennheiser sells off its consumer brand
The deal will bring headphones and soundbars to Sonova's existing portfolio, which is largely centered around healthcare products, TechCrunch reported. Among other things, however, the deal could have interesting implications for the so-called hearables category, which can walk the line between headphones and healthcare products. Sennheiser, meanwhile, will shift the entirety of its focus to its pro products.
Bandhan Bank's net profit falls 80% on higher provisioning
During the same period of FY20, the bank had reported a net profit of Rs 517.28 crore. The sharp decline in profit came on the back of higher provisioning. During the last quarter of FY21, Bandhan Bank's provisions rose to Rs 1,594.30 crore, compared to Rs 827.36 crore in the corresponding quarter of the previous fiscal.
$210M daily output loss in India over April-June in severe scenario: S&P Global Ratings
In a severe scenario, pandemic peaks late June, declines slower and mobility 40 per cent below normal, normalizes only by year-end. In this scenario, initial shock relays through economy via various channels - labour markets weaker, household incomes lower. Growth number for FY 21/22 will be significantly influenced by GDP growth outcome for January-March 2021, S&P Global Ratings said.
Despite shortage, global semiconductor market to hit $522B in 2021
The robust growth will continue in consumer, computing, 5G, and automotive semiconductors. "Supply constraints will continue through 2021. While shortages initially occurred in automotive semiconductors, the impact is being felt across the board in semiconductors manufactured at older technology nodes," the IDC said in a report this week.
RBI extends restrictions on Millath Co-op Bank by 3 months
As per RBI's directions, the co-operative bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise.
China's export rebate withdrawal augurs well for Indian steel exporters: ICRA
China's steel exports have been on an uptrend in the current year and grew sharply by 24 per cent YoY in Q1 CY2021, partly aided by a lower base and improving demand from other geographies. Another key reason behind the export growth momentum was market expectations of a cut in export rebates by the Chinese government to rein in steel production.
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