BUSINESS
For travel operators, second wave clogs rebound route, revenues to touch only 40% of pre-pandemic levels in FY22
While companies have raised capital last fiscal and will continue with cost-control measures to cut cash losses, a significant decline in travel, and continued uncertainty about the pandemic will weigh negatively on their credit profiles. This is as per Crisil's study of three sector majors that account for over half of the domestic tours and travel industry, with a reported revenue of Rs 11,300 crore in fiscal 2020.
Stock Talk: Top IT companies on Sensex today
The IT industry accounted for 8% of India’s GDP in 2020. Exports from the Indian IT industry are expected to increase by 1.9% to reach US$ 150 billion in FY21. In 2020, the IT industry recorded 138,000 new hires.
SBI may need to raise only up to Rs 9K cr in capital in FY22
Country's largest bank State Bank of India may raise only up to Rs 9,000 crore in capital through additional tier I bonds (AT1 bonds) in current financial year (FY22). Official sources said that the bank is sitting with a sound capital adequacy ratio (CAR) of 13.74 per cent and expects loan growth to touch close to 9 per cent in FY22.
Nirmala Sitharaman calls for changing financing and development priorities
Speaking at the forum co-organised by InfrastructureAsia, EnterpriseSingapore, Ministry of Finance Singapore and Monetary Authority of Singapore, Sitharaman called for re-thinking financing and development priorities for inclusive, sustainable and resilient infrastructure. She emphasised on prioritising healthcare and education, ensuring resilience of global supply chains and creating infrastructure aligned with SDGs.
Economic shocks from 2nd Covid wave will be less severe
The second wave of COVID-19 and the subsequent lockdowns came as India had been on a steady path toward economic recovery and double-digit growth. The virus resurgence adds uncertainty to India's growth forecast for 2021; however, it is likely that the economic damage will remain restricted to the April-June quarter.
Piramal Pharma completes acquisition of Hemmo Pharmaceuticals
In March, Piramal Enterprises, the parent company of Piramal Pharma, had announced the proposed acquisition. "We wish to inform you that PPL has completed the acquisition of Hemmo on 22nd June, 2021 and the transaction is now closed," Piramal Enterprises said in a regulatory filing on Wednesday.
Rs 9,371 cr seized assets of Mallya-Choksi-Nirav Modi transferred to banks: ED
The ED in a statement said that Mallya, Nirav Modi and Choksi have defrauded public sector banks by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the banks. The ED has booked the three on the basis of the FIR filed by the Central Bureau of Investigation (CBI).
Microsoft 2nd US firm to pass $2 trillion market cap for alert
Despite hitting $2 trillion in intraday trading on Tuesday, Microsoft's valuation was about $300 million shy of the high-water mark by the time markets closed, AppleInsider reported. Like Apple, Microsoft has benefitted from the work-from-home and remote education boom created as a result of the Covid-19 pandemic. Since March 2020, when lockdowns began, Microsoft's stock has surged 64 per cent.
Equity indices shed gains post gap-up opening
The key Indian equity indices pared their initial gains after a gap-up opening to trade on a flat-to-negative note on Wednesday morning. Selling pressure was witnessed in oil and gas, power and banking stocks. Around 10.15 a.m., Sensex was trading at 52,555.34, lower by 33.37 points or 0.06 per cent from its previous close of 52,588.71.
Phase 1 of National Single Window System to be launched soon
The digital platform is aimed at allowing investors to identify and apply for various pre-operation approvals required for commencing business in India. There will be 17 ministries or departments and 14 states onboard in the first phase, which is likely to be launched soon, the minister said during the review meeting of the single window system held on Tuesday, said an official statement.
Don't Miss
Advertisement