BUSINESS
LIC's holding at all time low on profit booking
In INR value terms though, it reached an all-time high of Rs 7.24 lakh crore in the quarter ending March 31, 2021, an increase of 6.30 per cent over the previous quarter. Sensex and Nifty rose by 3.70 and 5.10 per cent respectively during this period. LIC also continues to command a lion's share of investments in equities by insurance companies (76 per cent share).
Eli Lilly signs agreements with Cipla, Lupin and Sun Pharma
Lilly is in discussions with several other Indian manufacturers for the potential grant of additional voluntary licenses. These voluntary licensing agreements will ensure high quality manufacturing and accessibility of baricitinib during this pandemic improving the local treatment options
Equity indices in green; metal, healthcare stocks surge
Around 10.05 a.m., Sensex was trading at 49,455.42, higher by 248.95 points or 0.51 per cent from its previous close of 49,206.47. It opened at 49,496.05 and has so far touched an intra-day high of 49,590.43 and a low of 49,412.05 points. The Nifty50 on the National Stock Exchange was trading at 14,909.50, higher by 86.35 points or 0.58 per cent from its previous close.
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.
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