BUSINESS
Modern retail severely dented due to 2nd wave of Covid: SCAI
In a statement, the industry body noted that it has been urging the government to support the industry with financial waivers and allow shopping malls to operate once they reopen the other markets. In order to supplement the government's effort in carrying out an extensive vaccination drive, SCAI has also approached the state governments to conduct the vaccination camps at malls.
Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 Cr NPA for Indian and Foreign Banks
According to experts, based on the NCLAT Judgement, the Resolution Plan of UV Asset Reconstruction Company Ltd. (UVARCL) for Aircel, which was approved in June 2020, will be unworkable and the company will be heading for liquidation, resulting in zero recoveries for Rs 18,000 crore owed to the lenders.
HDFC Bank's Q4 standalone net profit rises over 18%
The bank's net profit for the fourth quarter of FY21 rose to Rs 8,186.5 crore on a YoY basis. "After providing Rs 2,652.6 crore for taxation, the bank earned a net profit of Rs 8,186.5 crore, an increase of 18.2 per cent over the quarter ended March 31, 2020," HDFC Bank said in a statement.
Second Covid wave to disrupt fabric demand: Ind-Ra
"Woven fabrics production continued to improve mom, though marginally, in January 2021, despite remaining 21 per cent YoY lower," Ind-Ra said. "While recoveries for blended and knitted fabrics were quicker, that of woven is expected to be delayed with micro-lockdowns and work-from-home culture."
Crude to be around $60 a barrel in 2021
According to a research report by ICICI Securities, Brent has recovered and is over $ 60/bbl since February, 21 vs April, 20 low of $ 21/bbl driven by demand recovery from lows and OPEC+ capping supply to ensure supply deficit since July last year. "OPEC+ capping supply until demand recovers is estimated to ensure supply deficit of 1.3 million barrels of oil per day in calendar year 2021 and keep Brent above $60/bbl," the brokerage said.
FICCI writes to 25 CMs on Covid management, urges to avoid lockdown
In the letter written to state CMs by FICCI President Uday Shankar, the chamber has acknowledged the need to break the Covid chain but has suggested the strategy to focus more on ramping up covid testing, awareness drive and enforcement of Covid appropriate behaviour rather than lockdown.
Regulation of insolvent firms' shares still remains a dilemma
Several concerns have been raised in terms of trading in the stocks of insolvent companies as many of them gained substantially amid the bull run in the past year. Amid concerns for public shareholders and the need for transparency, the capital market regulator has also enhanced the disclosure norms for companies under bankruptcy and they now have to inform the exchanges on any approved resolution plan.
SEBI penalises 2 brokerages in NSE Co-Location case
The regulator has imposed a total fine of Rs 6 lakh on PRB Securities and Rs 12 lakh on CPR Capital Services. The SEBI said that it had received multiple complaints pertaining to allegations of malpractices with respect to the co-location facility being provided by the National Stock Exchange of India Ltd (NSE).
India's forex reserves up by over $4 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $581.213 billion from $576.869 billion reported for the week ended April 2. 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).
JSPML divests complete stake in JSIS Oman
In the second and final tranche of the divestment transaction, JSPML divested 51 per cent to Vulcan Steel. Last year, the subsidiary had divested 4,86,999 shares, representing 48.99 per cent of the share capital of Jindal Shadeed Iron and Steel LLC, Oman.
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