BUSINESS
Axis Bank's Q1FY22 YoY net profit rises 94%
The net profit for the period under review rose to Rs 2,160 crore from Rs 1,112 crore for the corresponding period of previous fiscal. "The bank's operating profit for the quarter grew 10 per cent YoY to Rs 6,416 crore while the core operating profit grew 13 per cent to Rs 5,896 crore," the bank said in a statement.
No new debt scheme till SAT disposes appeal, Franklin Templeton to SC
On Monday, a bench comprising Justices Abdul Nazeer and Krishna Murari took on record a submission made by the fund house that it would not launch any new debt scheme till the pendency of the appeal before SAT. The bench, however, refused to interfere in the other part of the order, which directed the Franklin Templeton to pay Rs 250 crore against demand of Rs 512 crore, and granted four weeks to the petitioner to file their reply before the tribunal.
Investment in REITs, InvITs to fuel multi-sector economic growth: EY
The report titled 'REITs and InvITs - financing urbanization and infrastructure in India,' with favourable government policies and a long-term investment outlook, many marquee investors including sovereign and pension funds are continuing to invest in such vehicles and are benefiting from receiving regular cash distributions, stable yield with sponsors getting the opportunity to expand their asset base.
BYJU's acquires Singapore-based Great Learning for $600M
The partnership marks BYJU'S' entry into the professional and higher education segment with a $1 billion commitment. The move combines BYJU'S leadership in education technology and content with Great Learning's expertise in upskilling for students and professionals Great Learning will continue to operate under its current leadership led by its founders, Mohan Lakhamraju, Hari Nair and Arjun Nair.
Fuel consumers get relief, no revision in petrol, diesel prices
However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision. With no change in prices on Monday, petrol continues to be sold in the national capital for Rs 101.84 per litre, while diesel is also being sold at the unchanged price of Rs 89.87 a litre.
$18bn worth of loans to India realty under 'severe stress', $67bn stress-free
Another 15 per cent, is under some pressure but has scope for resolution with certainty on at least the principal amount, according to the report. The report noted that around 18 per cent of the overall lending to Indian real estate is under 'severe stress', implying that there has been high leveraging by the concerned developers who have either limited or extremely poor visibility of debt servicing due to multiple factors.
Sensex inches higher to reclaim 53,000-mark amid choppy trade
Healthy buying was witnessed in healthcare and IT stocks. Around 10.20 a.m., Sensex was at 53,007.05, higher by 31.25 points or 0.06 per cent from the previous close of 52,975.80. It opened at 52,985.26 and has touched an intraday high of 53,052.68 and a low of 52,783.63 points. The Nifty50 on the National Stock Exchange was trading at 15,867.55, higher by 11.50 points or 0.07 per cent from its previous close.
China trying to paint dark outlook for Indian economy
Global Times warned regional governments to be wary. "The 1997 Asian financial crisis started in Thailand. If a similar crisis happens to India, it would likely send the regional financial markets into an even more severe mess. Governments in the region need act quickly to avert a deepening health and economic crisis," it said.
Elon Musk wants to bring Tesla to India, blames high import duties
Replying to an Indian YouTuber on Twitter, who asked him to launch Tesla cars ASAP in India, Musk blamed high import rates in the country. "We want to do so, but import duties are the highest in the world by far of any large country!" he wrote. "Moreover, clean energy vehicles are treated the same as diesel or petrol, which does not seem entirely consistent with the climate goals of India," he added.
RIL likely to produce natural gas from MJ field starting Q3FY23
The company, in an investor presentation, said that the first offshore installation campaign has been completed and the second offshore installation campaign will commence in November 2021. Noting that drilling and completion of wells are underway and FPSO and Subsea Production System on track, the presentation said: "First gas expected by 3Q FY23."
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