BUSINESS
HDFC's consolidated net profit up 31%
The company's consolidated net profit rose to Rs 5,311 crore from Rs 4,059 crore in the previous year. Besides, for the quarter ended June 30, 2021, the consolidated profit after tax attributable to the corporation stood at Rs 5,041 crore as compared to Rs 3,614 crore in the previous year, representing a growth of 39 per cent. As per the statement, cumulative Covid-19 provision as at June 30, 2021 was Rs 1,017 crore.
Tata Motors to increases passenger vehicle prices by average of 0.8%
Besides, the company said it will offer protection from the price increase for 'New Forever range' of vehicles that will be retailed on or before August 31. The price protection is applicable only on vehicles which are retailed or billed on or before August 31, 2021.
Healthy data, global cues buoy indices; realty stocks' gain
Besides, IMD's latest forecasts, which showed that 2021 monsoon appears set to exceed the long period average supported the market's upmove. The equity markets had a gap up opening due to positive global cues and investors' optimism over healthy Q1FY21 results. Sector-wise, realty, oil and gas, auto and IT indices gained the most.
Vedanta Aluminium becomes India's largest green power purchaser
For its largest integrated aluminium production facility at Jharsuguda in Odisha, Vedanta procured 354 million units of solar and non-solar renewable energy, primarily from the Green Term-Ahead Market (GTAM) at IEX. IEX is a premiere energy marketplace and is the largest power exchange in the country. GTAM, introduced last year by IEX, supports buyers in procuring green energy .
SBI launches SIM Binding feature on its online banking platform
The new version of these platforms will protect customers from various digital frauds. With the SIM Binding feature, YONO and YONO Lite will work only on those devices which have SIM of mobile numbers registered with the bank. To access the new version of YONO and YONO Lite, users will have to update their mobile app and complete the one-time registration process on these apps.
Glenmark to make, market SaNOtize's nasal spray against Covid-19
According to Glenmark, NONS will be sold in India and in Asian markets including Singapore, Malaysia, Hong Kong, Taiwan, Nepal, Brunei, Cambodia, Laos, Myanmar, Sri Lanka, Timor-Leste and Vietnam. "In March 2021, SaNOtize's clinical trials showed NONS was a safe and effective antiviral treatment to prevent the transmission of Covid-19, shorten its course, and reduce the severity of symptoms," Glenmark said
SoftBank backs Policybazaar to keep market pulse racing with its IPO
Policybazaar joins a growing number of Indian startups looking to raise funds from the capital markets to support the country's booming digital economy. The IPO will be undertaken by PB Fintech Ltd, the parent of Policybazaar. The issue comprises fresh issue of Rs 3,750 crore worth of equity shares and an offer for sale of Rs 2,267.50 crore by existing shareholders and promoters.
Raghu Vamsi bags Boeing contract, to set up $15M facility in Hyderabad
The company also announced setting up a facility dedicated to Boeing's requirements in Adibatla, Hyderabad with an initial investment of $15 million. The unit will employ more than 300 people over the next three years. This manufacturing work will lead to the availability of a pool of skilled workforce in support of the growing aerospace and defence industry in Telangana.
Growth Rebound: India's July manufacturing output zooms, says PMI
Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 55.3 (index reading) in July as against a reading of 48.1 in June. The PMI ranges between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month. Besides, the latest reading pointed to renewed stream of new orders, exports, quantity of purchases and input stocks.
Healthy sales, tax data buoy indices; realty stocks' gain
Initially, the equity markets had a gap up opening due to positive global cues and investors' optimism over healthy Q1FY21 results. Sector wise, realty and oil and gas indices have gained the most in early trade. Consequently, the BSE Sensex traded at 52,946.95 points, at 11.35 a.m., higher by 360.11 points or 0.68 per cent from its previous close.The Nifty50 on the National Stock Exchange traded at 15,873.40.
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