BUSINESS
Bharat Biotech terminates Covaxin supply deal with Brazil amid corruption row
The deal, which was signed through a Memorandum of Understanding (MoU) back in November 2020, has been scrapped with immediate effect, Bharat Biotech officials said in a statement. The move comes after Brazilian authorities suspended the $324 million contract, signed for procuring a total of 20 million covid vaccines, amid a major political row in Brazil. It even launched an investigation into the deal.
7-day relief: No revision in fuel prices in a week
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 Already, crude has firmed a bit for last few days and this could prevent price cut by the OMCs. With no change in prices on Saturday, in the national capital petrol continues to be sold for Rs 101.84 per litre, while diesel remains at the unchanged price of Rs 89.87 a litre.
RBI raises loan limit to Directors on bank boards to Rs 5 crore
In a circular issued on Friday, the central bank said that unless sanctioned by the Board of Directors or the Management Committee, banks should not grant loans and advances aggregating Rs 5 crore and above to any relative other than spouse and minor or dependent children of their own Chairmen and Managing Directors or other Directors. Same would be the rule in terms of relatives of Chairman or Managing Director or other directors of other banks.
Railways opens bid to operate 29 private trains
A railway spokesperson said that after detailed exercise and multiple rounds of discussion with the industry players, the bids for PPP in passenger train operations project were opened on Friday. "This is an entirely new attempt to bring world class trains through PPP in India," he said. "The Ministry of Railways will expeditiously complete the evaluation and decide the bids," he added.
India's forex reserves rise by over $800 million
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $612.730 billion from $611.895 billion reported for the week ended July 9. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
RIL's O2C business logs 75% rise in Q1 revenues on high crude prices
"Segment Revenues for 1Q FY22 increased by 75.2 per cent Y-o-Y to Rs 103,212 crore ($ 13.9 billion) primarily on account of sharp increase in product prices on the back of higher Crude prices," said a company statement. Operational flexibility and responsiveness to market dynamics continue to play a significant role in Reliance's O2C performance, it said,
Must not be afraid: Karnataka HC junks Amazon, Flipkart plea against CCI probe
The high court bench noted that by no stretch of imagination the inquiry can be quashed at this stage and the appellants shouldn't be afraid of investigation by CCI. The bench said: "In the considered opinion of the court, appeals filed by appellants are devoid of merit and deserved to be dismissed..."
Jio Platforms logs 45% rise in Q1 net profit at Rs 3,651 cr
Jio's average revenue per user (ARPU) for 1Q FY22 was Rs 138.4, with improved subscriber mix and better seasonality being offset by Covid impact. Its customer base as on June 30, 2021, was 440.6 million, with a net addition of 42.3 million customers YoY. The total data traffic was 20.3 billion GB during the quarter, reporting a growth of 38.5 per cent on a YoY basis and the total voice traffic was 1.06 trillion minutes during the quarter, or 19.5 per cent growth YoY.
SEBI extends timeline for top 100 companies to hold AGM
The SEBI said that it is in receipt of representations from listed entities and the Institute of Company Secretaries of India (ICSI), requesting extension of time to the top 100 listed entities for holding their AGM inter-alia due to the Covid-19 pandemic.
Dream Debut: Zomato's market cap near Rs 1 lk cr at the end of day's trade
At the end of the day's trade, the market capitalisation of Zomato was at Rs 98,731.59 crore. On Friday, its shares on the BSE closed at Rs 125.85, higher by Rs 10.85 or 9.43 per cent from the issue price of Rs 76 per share.At the BSE, it got listed at Rs 115 a share. Further, on the National Stock Exchange, its shares ended the day's trade at Rs 125.30, against the issue price of Rs 76.
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