BUSINESS
BSNL merger or Satyam type fire sale; What next for Vodafone Idea
The Modi government where the matter now rests will have to now take a tough call on a possible merger with BSNL which is already in financial problems or do a fire sale a la Satyam as Birla has already offered his equity but that is a long drawn out process. The issue which is not clear is the Vodafone stance on Birla offering his equity as the other big stakeholder is Vodafone.
Adani Ports achieves highest ever quarterly volume growth of 83%
Its consolidated revenue also grew to Rs 4,557 crore as compared to Rs 2,293 crore in the same period of previous year, registering a growth of 99 per cent. "The results are a validation of the strong fundamentals of the APSEZ strategy leading to a continued gain of market share as the company transforms into a full-fledged pan-India Ports & Logistics platform," Karan Adani, Chief Executive Officer.
PM Modi launches digital payment system e-RUPI: 10 Key benefits
The prime minister called it a "revolutionary step" in the direction of guaranteeing leak-proof delivery of social services. Government and commercial enterprises may utilise the new digital payment system (e-voucher) to offer particular advantages such as immunizations to those in need. This platform, in addition to regular payments, can also be utilised to provide services under other government programmes.
IMF approves largest SDR allocation in history
"This is a historic decision, the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis," Xinhua news agency quoted IMF Managing Director Kristalina Georgieva as saying on Monday. Noting that the SDR allocation will benefit all IMF members, address the long-term global need for reserves.
IMAC announces closing of $200 mn IPO
The units were sold at a price of $10 per unit, resulting in total gross proceeds of $200 million, prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit consists of one share of common stock, one right to receive one-twentieth of a share of common stock upon the consummation of an initial business combination, and one redeemable warrant to purchase three-fourths of a share of common stock at a price of $11.50 per whole share.
Faster economic rebound lift equities, Nfty crosses 16k mark
Notably, the Nifty has breached the all-time high of 16,000. Besides, healthy macro-economic data as well as better-than-expected quarterly results boosted investors' sentiments. Segment wise, FMCG, Consumer Durables and Telecom shares saw healthy demand. Consequently, the S&P BSE Sensex hit a record level of 53,478.57 points and the Nifty50 touched a new high of 16,025 points.
SEBI bars Green Money Solution for unauthorised investment advisory
In an interim ex-parte order, SEBI said that in October last year, it had a complaint that GMS allegedly had taken a total amount of Rs 64,048 plus GST in the name of providing investment advisory services in the securities market with Rs 4,500 profit per week, and for assistance in opening demat account. The SEBI conducted an examination in relation to the affairs of M/s Green Money Solution and its proprietor.
Fuel prices remain static for 17 consecutive days
Accordingly, in the national capital, petrol continues to be sold for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre on Tuesday. The pump price of fuel has been static since July 18. With OPEC reaching an agreement to raise crude production, oil prices are expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval. The pump price of fuel has been static since July 18.
Sensex, Nifty hit new record highs
The Sensex hit a record level of 53,292.82 and the Nifty50 touched a new high of 15,970.65 points. Around 10.20 a.m., Sensex was trading at 53,269.01, higher by 318.38 points or 0.60 per cent from its previous close of 52,950.63. The Nifty50 on the National Stock Exchange was trading at 15,964.70, higher by 79.55 points or 0.5 per cent from its previous close.
PNB's YoY Q1FY21 net profit up 232%
The lender's net profit rose to Rs 1,023 crore in Q1FY22 from Rs 308 crore, during the like period of the previous fiscal. Besides, its net interest income grew by 6.6 per cent, on a YoY basis, to Rs 7,227 crore in Q1FY22. In addition, Gross Non Performing Assets (GNPA) stood at Rs 1,04,076 crore as on June 2021 as against Rs 1,01,849 crore in the like period of last year.
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