BUSINESS
Adani Green logs 9-fold jump in Q1 net profit
During the same period of last fiscal, the company had reported a net profit of Rs 20 crore. The company posted a total income of Rs 1,079 crore for the first quarter of FY22, compared to Rs 878 crore, Adani Green said in a regulatory filing. "In just two years, AGEL has marched to the very forefront of the world's renewable energy brigade, accelerating the transition to green energy faster than any other company in the world.
Parliament clears LLP amendment bill, decriminalises provisions
The bill was earlier cleared by the Lok Sabha. So, with Parliamentary approval now, it will become law after Presidential assent. This the first amendment to LLP legislation since its enactment in 2008. It largely supports the growing startup ecosystem where companies are flourishing. The new amended legislation has decriminalised 12 offences for LLPs, and three sections of earlier laws have been omitted.
Merchantrade, NPCI to offer real-time remittances to India through UPI
Today's inward remittances are processed via payment modes such as NEFT/IMPS/RTGS. This partnership will help International partners to push funds to beneficiaries on-boarded on UPI apps which means anyone from the Merchantrade network is able to do real-time remittances to India. The solution will assist with Beneficiary name matching and facilitate all the requisite compliance checks in a safe, secure, and convenient manner.
SBI's Q1FY22 net profit up 55% YoY
Accordingly, the bank, reported its highest quarterly net profit of Rs 6,504 crore in Q1FY22. Besides, the lender's net interest income for the quarter under review increased by 3.74 per cent YoY. "Net NPA ratio at 1.77 per cent is down 9 bps YoY. Gross NPA ratio at 5.32 per cent is down 12 bps YoY." "Provision Coverage Ratio (PCR) is at 85.93 per cent, down 39 bps YoY."
RBI cautions against offers of buying or selling old notes
In a statement, the central bank said that certain elements are fraudulently using the name and logo of the Reserve Bank of India, and seeking charges, commission and tax from public, in transactions related to buying and selling of old banknotes and coins through various online and offline platforms. The RBI has advised members of public to remain cautious.
Canada's largest auto dealer Ajay Dilawri honoured
The Dilawri Group, owned by Ajay Dilawri and his two brothers, owns 76 dealerships across five provinces in Canada. After immigrating from India, the family started the auto business in 1985. Today, the Group is Canada's top auto dealer, selling 35 brands and employing about 4,000 staff.
Global cues push equities higher; banking stocks shine
Initially, India's benchmark indices started on a positive note with the global sentiments intact towards positivity, completely ignoring the spread of Delta variant around the world. However, expensive valuations capped gains. In the process, the S&P BSE Sensex hit intra-day record level of 54,440.8 points and the Nifty50 touched a new high of 16,290.2 points.
With global crude fluctuating, OMCs to wait & watch on fuel
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 $72.5 a barrel. With no price increase by OMCs, 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.
Sensex surges 400 points, hits 54,000 for first time
Both Sensex and the Nifty50 traded at record levels. Healthy buying was witnessed in metal, finance and banking stocks. Around 9.45 a.m., Sensex was trading at 54,233.97, higher by 410.61 or 0.76 per cent from its previous close of 53,823.36. It opened at 54,071.22 and has touched an intraday high of 54,274.40 and a low of 54,034.31 points.
Pulse production on the rise in India: Govt
The NFSM-Pulses programme is being implemented in 644 districts of 28 states and Union Territories (UTs) of Jammu & Kashmir and Ladakh to increase the production of pulses, Agriculture and Farmers Welfare Minister Narendra Singh Tomar told the Lok Sabha in a written reply.
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