BUSINESS
Energy Security: PM Modi announces National Hydrogen Mission
Delivering his Independence Day speech, the Prime Minister stressed on the need for energy independence and said that the plan involves India becoming a global hub for green hydrogen production and exports. He said that among all the programmes being carried out today in the country, the one which would help India make a large leap is the area of green hydrogen.
Shift to e-mobility inevitable for India: Grant Thornton-Ficci
The report cited factors such as increasing government support, decreasing cost of technology, growing interest of the country in EVs, distressing pollution levels, would accelerate India's transition to EVs. The Centre is planning to massively increase the share of EVs by 2030, with two-wheeler penetration for the segment being targeted to reach 35 per cent,
Higher pvt spending required to spur growth in 2020s: Report
The MOFSL research note cited limitations in government revenues to support growth in the decade ahead. Moreover, the Centre has provided a revised fiscal roadmap to bring down its deficit from 9.5 per cent in FY21 to 6.8 per cent of GDP in FY22 and further to 4.5 per cent of GDP by FY26. Notably, government spending is seen as a major catalyst for economic growth over the next few years.
India shines in energy transition with strong renewable path
Just a few days ago, the Ministry of New and Renewable Energy announced that the total installed renewable energy capacity in India, excluding large hydropower, has crossed the milestone of 100 GW or 100,000 MW, about 26 per cent of the total capacity, a turning point in the history of renewables as India is celebrating 75th Independence Day. The global surface temperature is already about 1.1 degrees higher today than in the period 1850-1900.
Petrol, diesel rates nearing a month without any revision
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 Saturday. Across the country as well, fuel prices remained unchanged providing some relief to consumers already feeling the heat of higher inflation that has raised prices of several other commodities including food items.
ONGC logs multi-fold rise in Q1 net profit at Rs 4,335 cr
During the same period of the last fiscal, the company had reported a net profit of Rs 497 crore. In a tweet, the company said: "Energy Maharatna ONGC posts net profit of Rs 4,335 crore for Q1 FY 2021-22, up over 772 per cent from Q1 FY 2020-21. Crude Oil Production 5.4 MMT, Gas 5.3 BCM in this current Q1." Its gross revenue for the first quarter of FY22 stood at Rs 23,022 crore, nearly 77 per cent higher than Rs 13,011 crore.
India's July exports rise by 50% YoY
Exports during July 2020 stood at $23.64 billion. The data by the Ministry of Commerce and Industry also showed that in comparison to July 2019, last month's exports rose by 35.05 per cent. "Exports in July 2021 were $35.43 billion, as compared to $23.64 billion in July 2020, exhibiting a positive growth of 49.85 per cent. As compared to July 2019, exports in July 2021 exhibited a positive growth."
Airtel, Jio conclude spectrum trading agreement
Airtel has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer, said a statement from Airtel. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum. In April, Airtel had announced the agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in Andhra Pradesh (3.75 MHz), Delhi (1.25 MHz) and Mumbai (2.50 MHz) to Jio.
Boeing supports India's focus on becoming global aerospace leader
Salil Gupte says "We are committed to India's 'Aatmanirbhar Bharat' vision in aerospace and defence and are helping build India's local manufacturing, engineering and innovation capabilities through our investments in a 275-strong and growing supplier-partner network and through our technical skilling initiatives that train local talent".
SpiceJet's YoY Q1FY22 net loss widens to Rs 729 cr
The Q1FY22 net loss is higher than Rs 593 crore in the same quarter of the previous year as flight operations were severely impacted due to Covid-19's second wave. However, total revenue rose to Rs 1,266 crore for the quarter as against Rs 705 crore in the same quarter of the previous year. Operating expenses were Rs 1,995 crore as against Rs 1,298 crore for the same period.
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