BUSINESS
Govt crackdown on erring insolvency professionals, IBBI institutes hefty penalties
Bankruptcy regulator, the Insolvency and Bankruptcy Board of India (IBBI) has tightened disciplinary proceedings for insolvency professionals (IPs), instituting heavy penalties for violations of laid down code of conduct with possibility of erring professionals also losing their licence to practice. The IBBI had decided that misconduct or violations by IPs would attract a penalty.
IDFC First Bank's Q1FY22 net loss at Rs 630 cr
"Net Loss of Rs 630 crore for Q1FY22 because of prudent provisions for Covid wave 2.0," the bank said in a statement. "Covid provision pool increased from Rs 375 crore to Rs 725 crore during the current quarter on a prudent basis to act as a cushion for Covid impact," it added. Besides, its total income grew by 36 per cent on year-on-year basis to reach Rs 3,034 crore in Q1FY22.
IL&FS plans to sell stake in Shendra Green Energy
SGEL is a 100 per cent subsidiary of IEDCL. In an advertisement, IL&FS has said that LSI Financial Services Pvt Ltd is the transaction advisor to IL&FS for the potential transaction. SGEL is a 13 MW biomass-based power with 21.6 acres of land, incorporated on February 18, 2005 and is situated in Shendra MIDC Aurangabad, Maharashtra.
Hopes of healthy Q1 results to push equities higher
Accordingly, market observers, expect a status-quo on key lending rates as well as hopes of healthy Q1 earnings to push the indices' higher. Besides, the direction of foreign fund flows, will also impact investors' sentiments. Earlier, India's equity markets ended the previous week almost on a flat note - with NSE Nifty50 down by 0.59 per cent, while S&P BSE Sensex was down 0.73 per cent.
Static fortnight: No change in fuel prices
Accordingly, in the national capital, petrol continues to be sold at Rs 101.84 per litre, while diesel also is unchanged at Rs 89.87 a litre. The pump price of fuel has been static since July 18. With the OPEC reaching an agreement to raise crude production, oil prices were expected to remain soft. This could make way for fuel prices in India to actually fall after a long interval.
SpiceJet to launch 16 new flights from August
Accordingly, they will add Bhavnagar in Gujarat to its domestic network. Bhavnagar will now be connected to Delhi, Mumbai and Surat with direct flights starting August 20. Besides, the budget carrier will also launch 10 more flights that will connect Gwalior with Jaipur, Kishangarh (Ajmer) with Mumbai, Belagavi with Delhi and Vishakhapatnam with Bengaluru, and add an additional frequency to the Delhi-Jammu sector.
Elon Musk refutes claim that he tried to replace Tim Cook as Apple CEO
The book, titled 'Power Play: Tesla, Elon Musk, and the Bet of the Century' by The Wall Street Journal reporter Tim Higgins, claims that Musk reportedly wanted to become the Apple CEO in a 2016 phone call with Cook, who suggested to Musk that the iPhone maker acquire the electric car-maker.
US squashes Bezos' protest against NASA-SpaceX $2.9 bn contract
Blue Origin and defence contractor Dynetics had filed a protest with the US GAO against NASA for awarding $2.9 billion contract to SpaceX for landing astronauts on the Moon by 2024. The US space agency was expected to pick two lunar lander prototypes (including one of Blue Origin's) but funding cut from US Congress led the agency to select SpaceX over Blue Origin
Tata Steel deploys EVs for transportation of steel
This will be the first-ever deployment of EVs by any steel producer in the country for the transportation of finished steel. Tata Steel has contracted 27 EVs, each with a carrying capacity 35 tonnes of steel (minimum capacity). The company plans to deploy 15 EVs at its Jamshedpur plant and 12 at its Sahibabad plant.
India's forex reserves fall by over $1.58 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves decreased to $611.149 billion from $612.730 billion reported for the week ended July 16. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
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