BUSINESS
Twin crises of Covid, climate change offer opportunities: Amitabh Kant
"The industry organisations have to 'restructure', 'resize' and 'redesign' and the role of the CII is to prepare and guide its membership to adapt to the new environment. The pandemic has presented the industry with an opportunity to be globally competitive by developing quality products and becoming a part of global supply chains."
Hero MotoCorp logs Q1 net profit of Rs 365.4cr
The net profit witnessed nearly 6-fold growth compared to Rs 61.31 crore reported during the same period of FY21. Its revenue from operations during the period under review increased 84.65 per cent to Rs 5,487.07 crore, compared to Rs 2,971.54 crore earned in Q1 FY21. In a statement, the company said that during the quarter the two-wheeler major recorded sales of 10.25 lakh units of motorcycles and scooters despite Covid-19 related disruptions.
B Govindarajan to lead Royal Enfield as Vinod Dasari quits
B. Govindarajan will take on the responsibility of leading Royal Enfield. Effective August 18, he will be inducted as a Wholetime Director on the Board of Eicher Motors Ltd and will take on as Executive Director - Royal Enfield. Govind has been the Chief Operating Officer at Royal Enfield since 2013.
Low base, rising demand accelerates June YoY industrial production
Wavering impact of Covid 2.0 and easing of travel restrictions triggered demand and subsequently the production rate. The Index of Industrial Production (IIP) for June showed a rise of 13.6 per cent from a decline of 16.6 per cent reported for the like month a year ago. However, the production rate was lower than the exponential growth of over 28.60 per cent seen for May. In June, the IIP index reading stood at 122.6 as against May's 116.
Power Finance Corporation profit up 34% in Q1 FY22
The company's net profit in the Q1 period of FY22 stood at Rs 2,275 crore as compared to profit of 1,700 crore in the same period of previous year. During the quarter, the financier's Net Interest Income rose 15 per cent to Rs 3,525 crore as against Rs 3,073 crore in Q1'21. PFC declared Interim Dividend of Rs 2.25 per share.
Gates and Bezos-backed firm to pay $15 mn to hunt metals for EVs
KoBold will spend $15 million through 2024 to help Bluejay locate natural resources as part of its Disko-Nuussuaq project in Central West Greenland. "The Disko region has seen the rare convergence of events in earth's history that could have resulted in forming a world-class battery metal deposit," said Kurt House, CEO of KoBold.
'Rigorous' work underway to achieve privatisation targets: Nirmala Sitharaman
The government has set a target to complete the privatisation of Air India and BPCL, among other state-run companies and banks, in FY22. Calling upon the industry to invest more in the country, the minister further said that it is time that the Indian industry comes out and shows its risk-taking abilities and takes decisions to expand.
Union govt aims to complete Air India, BPCL sell-off in FY22
Tuhin Kant Pandey, Secretary in the Department of Investment and Public Asset Management (DIPAM) on Wednesday said that the government aims to complete the privatization of public carrier Air India, state-owned refiner Bharat Petroleum Corporation Limited (BPCL) and other identified companies during the current fiscal year.
Positive domestic cues buoy equity indices; banking stocks rise
Initially, markets had a gap up opening and gradually moved up through the morning to touch record high levels. Globally, Asian shares were mixed on Thursday as worries about Chinese regulatory changes and the spread of the Delta variant of the coronavirus weighed on sentiment.Sector wise, indices such as Media, IT, PSE and PSU Bank moved higher, whereas pharma stocks fell.
NCLT orders liquidation of Siva Industries
NCLT said that Sivasankaran application under section 12 (A) does not stand. NCLT has also dismissed the SBI application. Siva Industries and Holdings Limited (Siva Industries) will go into liquidation after the NCLT rejected the application. This is as per provisions of the Insolvency and Bankruptcy Code where 90 per cent of the lenders had not given approval.
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