BUSINESS
Centre's ethanol focus positive for sugar industry, as exports likely to reduce: India Ratings and Research
As per the report, record exports and a resilient domestic demand made sugar one of the few sectors to witness strong revenue growth in the Covid-19 affected in 1HFY21.
"The growth was also supported by an increase in the distillery revenue. The aggregate revenue of major sector entities grew 30 percent YoY in 1HFY21...," the report said.
Paddy procurement at MSP goes up by 23% in 2020
In Punjab, paddy is the main staple that drives the incomes of cultivators and to support this information, the data show that Punjab’s total share in paddy procurement stands at 42%. Furthermore, the government’s total paddy procurement of summer paddy will likely to touch 74.2 million tonnes this year, an increase of 18% from the last 63.7 million procured during 2019-20.
India's December merchandise exports slips by 0.80% Year-on-Year
Accordingly, the country's merchandise exports during the month under review receded by 0.80 per cent to $26.89 billion from $27.11 billion in December 2019. "India's merchandise exports in December 2020 was $26.89 billion, as compared to $27.11 billion in December 2019, a marginal fall of 0.80 per cent," a Ministry of Commerce and Industry statement said on the basis of preliminary data.
Sebi fines RIL, Mukesh Ambani for alleged manipulative trading
The regulatory order of Friday said that between October and November 2007, ‘RIL admittedly appointed 12 agents’ to undertake transactions in RPL derivative contracts on its behalf. During November 2007, these 12 agents took short positions in the derivatives segment on behalf of RIL, while the company traded in RPL shares in cash segment.
Hero MotoCorp logs over 5% growth in December 2020 sales
The company sold 447,335 units of motorcycles and scooters last month from an off-take of 424,845 units during the corresponding month of the previous year. Besides, the Hero MotoCorp clocked "its best ever third quarter" with 18.45 lakh units sold during the October-December period.
Hyundai Motor India's overall Dec sales up 33.14%
Similarly, the company's domestic sales rose during the month under review. It edged higher by 24.89 per cent to 47,400 units from 37,953 units sold during the corresponding month of the previous year. Besides, exports increased by 58.84 per cent to 19,350 units from 12,182 units shipped out during December 2019.
India's foreign exchange reserves slip by $290 mn
India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF). On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $253 million to $537.474 billion.
Bajaj Auto's market capitalisation crosses Rs 1 lakh crore
At present, the company's brands like Pulsar, Boxer, Platina and RE are being sold in over 70 countries around the world. Recently, it announced a major investment of Rs 650 crore in a fourth plant to be built in Chakan, Maharashtra for premium range of motorcycles and electric two-wheelers.
Zomato clocked GMV of Rs 75 cr on New Year's Eve
This is despite the fact that the platform could not process all the orders that it received on New Year's Eve as the platform saw a massive spike in demand on the day as people by and large kept indoors while bidding adieu to the Covid-hit year. "Yesterday, we clocked 60 per cent more GMV than last new year's eve. That's GMV of Rs 75 crores in one single day, with peak orders per minute (OPM) rate of 4,254," Zomato CEO Deepinder Goyal said in a tweet.
New York Stock Exchange starts delisting 3 Chinese telco giants
The decision to delist the three Chinese companies was taken in order to comply with an executive order signed by US President Donald Trump on November 12, NYSE said on Thursday. The order targets companies believed to be affiliated with China's military.
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