BUSINESS
GAIL net profit jumps 498% to Rs 1,530 cr in Q1 FY 22
The company's net profit jumped 498 per cent in Q1 FY22 to Rs 1,530 crore from Covid affected profit of mere Rs 256 crore in the same period of previous year. In the April-June quarter, GAIL recorded turnover of Rs 17,352, a growth of 44 per cent over Rs 12,060 crore turnover reported in Q1 FY21.The increase in the profits is mainly attributable to better physical performance in natural gas marketing and transmission.
Govt to resume E-way bill blocking for non-compliant taxpayers
E-way is a permit needed for inter-state and intra-state transportation of goods. If this is blocked, the business of traders dealing sale of goods or service across multiple locations in the country would come to a standstill. As per an advisory issued by the Goods and Service Tax Network (GSTN).
Midcaps outperform largecaps in last 12 months
A Motilal Oswal Financial Services report said that in the last 12 months, midcaps have risen by 80 per cent against a 42 per cent rise for the Nifty. In the last five years, midcaps have outperformed by 6 per cent, it said. "In P/E (price to earnings) terms, the Nifty Midcap 100 is trading at a 3 per cent premium to the Nifty," the 'Bulls & Bears (August 2021) India Valuations Handbook' said.
Air passenger traffic recovery continued in July: ICRA
According to the ratings agency, the growth on YoY basis was 132 per cent. Besides, the airlines' capacity deployment for July 2021 was around 90 per cent higher than July 2020. On a sequential basis, the agency said that the number of departures in July 2021 were higher by 49 per cent, as Covid-19 infections demonstrated a downward trajectory.
FDI into Nepal thins as India pulls back investments
Though China topped the list of countries which invested the most in Nepal, overall FDI kitty has thinned. That apart, now with apprehensions that China could lower its investments in the coming months as Beijing tightened the norms of lending for its banks and local governments, Nepal's dependence on India is set to rise.
'We are compliant to Indian laws', says Flipkart on ED notice
Responding to a query on the notice, the company said in a statement: "Flipkart is in compliance with Indian laws and regulations, including FDI regulations.""We will cooperate with the authorities as they look at this issue pertaining to the period 2009-2015 as per their notice," it said. A senior ED official related to probe told IANS, "Yes, a notice has been issued to Flipkart, its founders and nine others."
Buying support, global cues buoy indices; telecom stocks rise
Globally, Asian shares held onto this week's gains, however, uncertainty about Chinese policy made investors nervous. Consequently, the two key indices - S&P BSE Sensex and NSE Nifty50 - touched new intra-day record highs before ceding some of their gains. The Sensex touched a new high of 54,604.2 points and the Nifty50 hit a record 16,327.1 points. Amongst sectors, Telecom index gained the most while Realty was the main loser.
Petrol, diesel prices unchanged for 19th consecutive day
Global crude prices have swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and crossing $ 75 a barrel later in the month. The oil prices have softened again to just over $70 a barrel on concerns of growing Covid cases, slowing industrial recovery globally and rising US oil inventory.
ED issues notices to Flipkart, its founders in forex violation case
A senior ED official related to probe told IANS, "Yes, a notice has been issued to Flipkart, its founders and nine others." He, however, did not reveal the details of the persons to whom notices have been sent. According to financial probe agency sources, in the notice they have asked to explain why they should not face a penalty of $1.35 billion for alleged violation of foreign investment laws.
Vodafone Idea shares continue freefall after Birla quit as Chairman
Its shares have been tumbling for the past three days after Birla offered to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational. Around 11.50 a.m., its shares on the BSE were trading at Rs 5.33, lower by 11.61 per cent from its previous close. It touched a new 52-week low of Rs 4.55 per share.
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