BUSINESS
ITC's YoY standalone net profit up over 28.6% in Q1FY21
On a comparable basis, its net revenue rose Rs 12,133 crore in the quarter, up by about 36.7 per cent from Rs 8,875 crore in the corresponding period of the previous year. "After severe disruptions during the quarter, business is rebounding with the easing of restrictions led by leisure destinations, staycations and weekend getaways," ITC said in a statement, adding: "Structural cost management actions aided in mitigating impact."
ICICI Bank's YoY Q1FY22 standalone net profit up 78%
On a standalone basis, the profit after tax grew to Rs 4,616 crore compared to Rs 2,599 crore in Q1FY21. Similarly, the bank's net interest income (NII) during the quarter rose by 18 per cent year-on-year to Rs 10,936 crore, from Rs 9,280 crore earned during the corresponding quarter of the previous year. The bank made provisions of Rs 2,852 crore in Q1FY22 .
CBIC reduces compliance burden by abolishing renewals of licences and registrations
This move is expected to help reduce the compliance burden cast on the trade, which had to otherwise file applications and submit numerous documents to renew their licences/registrations. The net effect of the amendments carried out to the Customs Brokers Licensing Regulations, 2018 and Sea Cargo Manifest and Transhipment Regulations, 2018, is that the existing licenses/registration would have a lifetime validity.
DMI Finance aims to be leading long-term credit business in New India
Founded in 2008 by Shivashish Chatterjee and Yuvraja C. Singh, and supported by a deeply experienced team, DMI has grown into a pan-India credit platform with core businesses in corporate lending, housing finance, digital consumer and MSME finance and asset management. DMI is supported by global institutional investors, strategic family offices and leading banks and public market creditors in India.
Pent-up demand to sustain consumer durables' revenue traction
"Leading companies have taken price hikes to pass on the raw material inflation, while restoration of operational costs will be compensated for by op-lev. Hence, the EBITDA margin will remain healthy in the coming quarters," HDFC Securities said in a report. As per the report, the earnings potential will sustain the rich valuations, while market share gain will be the key monitorable for stock performances.
Reliance Jio clocks strong subscriber adds in Q1
This along with lower churn, resulted in 14.3 million net additions in Q1. Assuming 0.6m additions on Jiofiber, Reliance Jio added 13.8m mobile subscriber on net basis which surprised positively given 1Q was impacted by Covid. "We expect Jio's subscriber additions to remain robust led by recent capacity additions, JioPhone offers and launch of JioPhone Next", the report said.
IPO fund outflow, commodity prices to keep rupee subdued
Besides, high imported commodity prices is expected to subdue the Indian rupee against the US dollar. "Expect rupee to depreciate in the coming week due to Zomato outflows and other IPO money going back," said Sajal Gupta, Head, Forex and Rates at Edelweiss Securities. "Crude can again head towards 75 dollar per barrel mark and concerns over the Delta variant can keep markets nervous."
We can make next 30 years the best in India's history: Mukesh Ambani
Ambani said India and the world changed dramatically at the beginning of the 1990s. Communist Soviet Union collapsed. The cold war ended. And India embarked on a bold new path of economic reforms. "Thirty years later, the global order is changing fundamentally yet again. The speed, scale and substance of this change are unprecedented, even unpredictable. Yet, one thing is absolutely predictable: India's time has come", Ambani said.
RBI plans to introduce Digital Currency in India | 10 key points
The introduction of CBDC will create an India-centric legal and legitimate form of digital currency that will be on par with other already established cryptocurrencies, according to Deputy Governor of RBI T Rabi Sankar. Sankar further said that the central bank is working on a legal framework so that the CBDC can coexist with cash and digital payment methods in India.
US Treasury Secretary urges Congress to raise debt limit
"As you know, the Bipartisan Budget Act of 2019 suspended the statutory debt limit through Saturday, July 31, 2021. I am writing to inform you that beginning on Sunday, August 1, 2021, the outstanding debt of the US will be at the statutory limit," Yellen wrote in a letter sent to congressional leaders on Saturday.
Don't Miss
Advertisement