BUSINESS
Power reforms: Pvt genco dues head to 4-year low of less than 100 days
Liquidation of receivables from state power distribution companies (discoms) following the central government's Atmanirbhar stimulus, and better payment cycles on regular billings will drive the improvement, the ratings agency said in its fresh assessment of financial position of discoms. According to Crisil, the improved financials of discoms, in turn, would support credit profiles.
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Expect strong recovery in second half of 2021, says JCB India
Accordingly, the company has pinned hopes on the record high budget set aside to create infrastructure especially roads and highways. "Overall, we are hopeful of a strong recovery towards the second half of the year once the vaccination programs start showing their effect and the pandemic begins to taper," said JCB India's CEO and Managing Director Deepak Shetty.
Banking, oil & gas stocks pull indices lower
Around 12.25 Sensex was trading at 52,575 lower by 160 points, down from its previous close of 52,735.59. It opened at 52,795.76 and has so far touched an intra-day high of 52,816.42 and a low of 52,552.41 points. The Nifty50 on the National Stock Exchange was trading at 15,750.85, lower by 63.85 points or 0.4 per cent from its previous close.
Fuel price rise continues unabated, rates rise sharply again
The retail prices of petrol and diesel rose by a sharp 35 paise and 28 paise per litre on Tuesday to touch new high of Rs 98.81 and Rs 89.18 per litre respectively in Delhi. In the city of Mumbai, where petrol price crossed Rs 100 per litre mark for the first time on May 29, the fuel price reached new high of Rs 104.90 per litre on Tuesday. Diesel price also increased in the city to reach Rs 96.72 a litre, the highest among metros.
Post 2nd wave mayhem, government enhances funds for health infra
Accordingly, Finance Minister Nirmala Sitharaman announced an additional outlay of Rs 23,220 crore for public health. Addressing the media, Sitharaman said that the new scheme would be focused on short-term emergency preparedness with special emphasis on children and paediatric care and paediatric beds.
Domestic tractor volumes expected to grow 1-4% YoY in FY22: ICRA
"Even as uncertainty with regard to the evolution of the pandemic exists, the underlying demand drivers for the industry remain intact. Expectations of healthy rabi cash flows, continuation of various Government support programmes, healthy financing availability and a normal monsoon forecast, are likely to aid farm sentiments," the agency said.
NCLT grills IDBI Bank over settlement with Siva Industries: Report
The bench last week questioned the alacrity being shown by the lead lender IDBI Bank as CBI has charged C Sivsasankaran in a loan fraud case of IDBI Bank. The bench also asked the bank consortium in what capacity did the proposer give the settlement plan and the "real intent" behind the one-time settlement offer.
Covid relief: Measures worth over Rs 6 lakh cr announced
Accordingly, Finance Minister Nirmala Sitharaman announced eight relief measures worth Rs 6,28,993 crore. These measures entail enhancement of existing relief schemes such as ECGLS and support for state governments. Besides, a total of four new measures were announced to provide loans to micro credit borrowers as well as tourism industry.
Govt extends PLI for large-scale electronics manufacturing till FY26
The participating companies will get the option of choosing any five years for meeting their production targets under the scheme. Further, investments made in 2020-21 will continue to be covered. The scheme provides incentive of 6 per cent to 4 per cent on incremental sales of goods under target segments that are manufactured in India, for a period of five years.
Vedanta rolls out scheme for MSMEs under 'Saathi' programme
Under the company's Vedanta Saathi programme, MSMEs can avail a discount of Rs 500 per tonne on the first 500 tonnes of purchase in Aluminium, Zinc, Lead, Silver, Steel and Pig Iron, on first come first served basis. The scheme will be live for this week, ending on July 3, 2021. For eligibility, MSMEs must have manufacturing operations in the metals business.
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