BUSINESS
ICICI Bank's Q3FY21 net profit rises 19%
Accordingly, the company's profit after tax grew to Rs 4,940 crore during the quarter under review from Rs 4,146 crore in the quarter ended December 31, 2019. According to the lender, its net interest income (NII) increased by 16 per cent year-on-year to Rs 9,912 crore in Q3-2021 from Rs 8,545 crore in the corresponding quarter of previous quarter.
Govt may review export duty on iron ore
In the wake of a pick up in global steel demand, and Indian iron ore getting exported to countries such as China, the domestic ore prices have also shot up, almost doubling to over Rs 4,000 per tonne from levels of Rs 2,000 per tonne between June to December, 2020.
Covid bonds on the cards for long-term debt mobilisation
Though the budget may be used to announce its launch, the bond issue may be made only in the next financial year as government has almost completed it borrowing calendar for FY21 with finance ministry officials indicating no need to scale up already high levels of borrowings this year.
Myntra likely to change logo after complaint calling it 'offensive'
The complaint was filed by activist Naaz Patel of the Avesta Foundation in December 2020 as Patel found it to be insulting and offensive towards women. Along with taking the matter in various forums and social media, Patel alleged that the logo resembles a naked woman and demanded the removal of the logo by Myntra and asked for appropriate action against the firm.
BSE becomes first Exchange to execute deliveries of Gold mini contracts
Even though the BSE had launched India's first 'options in goods' contracts on gold mini and silver kg based on spot prices in June 2020, these contracts were delivered using serial-numbered gold bars approved by the London Bullion Market Association (LBMA). The Gold mini 'options in goods' contracts delivered on Saturday were delivered based on BSE-BIS India Good Delivery Standards in alignment with "Make in India" and "Atmanirbhar Bharat" initiatives.
Major economic legislations to be considered during Budget Session
Among the bills lined up for consideration during the Budget session of Parliament include legislation's covering delicensing of country's electricity distribution sector, amendments to Competition Commission of India and PFRDA legislations, creation of new development financial institution, ban on private cryptocurrencies.
India's eight core industries' production down 1.3% in Dec
On a sequential basis, the output of eight major industries had contracted by 1.4 per cent in November. ECI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). These industries comprise coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
India's Apr-Dec fiscal deficit at over 145% of budgeted target
The 2020-21 deficit -- the difference between revenue and expenditure -- had been pegged at Rs 7.96 lakh crore, as compared to the revised deficit of Rs 7.66 lakh crore for the last fiscal. As per the Controller General of Accounts (CGA) data released on Friday, the fiscal deficit during the corresponding months of the previous fiscal was 132.4 per cent of that year's target.
Govt may announce farm loan waiver scheme in Budget
Experts say the government may consider announcing a loan waiver scheme to appease farmers across the country. The rationale behind this is that when the government announces a loan waiver, debt-burdened farmers get relief and farmers' confidence in the government increases.
Union Budget 2021: Meet Finance Minister Nirmala Sitharaman's team members
The budget for the next fiscal year is crucial as it will showcase the government's vision on how to it plans to tackle the impact of Covid-19 pandemic on the Indian economy. On the 1st of February, Nirmala Sitaraman will be the cynosure for both media and the general public. However, let's not forget that there is a team of senior civil servants and economists who help the Finance minister in finalising the Budget proposals.
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