BUSINESS
Lockdowns led to 12% fall in liquor sales in FY21: CIABC
Though the sales picked up in the second half of 2020-21 in most parts, the States which imposed high Corona cess and other taxes after the first wave of Covid-19 showed poor recovery. The total sales of IMFL products in 2020-21 was 305 million cases (9 litres each) which is nearly 12 per cent below the previous year
Health crisis can be more pervasive, debilitating for economy: RBI
It added that private investment is the missing piece in the story of the Indian economy in 2020-21; reviving it awaits an environment in which "animal spirits" are rekindled and entrepreneurial energies are released so that backward and forward linkages and multipliers prepare the ground for a durable investment-driven recovery.
Asia-Pacific's large, diversified banks better positioned to cope with climbing climate risks: Moody's
"Asia-Pacific economies with weak infrastructure are particularly vulnerable to physical climate risks, which can hurt banks' asset quality because a natural disaster can damage borrowers' assets or disrupt their cash flow. Many banks in the region also face asset risks from large exposures to sectors susceptible to carbon transition risks"
Residential realty demand may grow 5-10%, but recovery to pre-pandemic levels only after FY23
However, absolute demand will catch up with pre-pandemic levels only after fiscal 2023. The demand in the first half of this fiscal will be impacted by the second wave of the pandemic. Nevertheless, healthy recovery is expected in the second half, much like the previous fiscal, the ratings agency said. That said, established developers with well-managed balance sheets would grow faster than the industry.
Impact & duration of Covid2.0 biggest risks to growth estimates: RBI
In its annual report for FY21, the central bank has said that the onset of the second wave has triggered a raft of revisions to growth projections, with the consensus gravitating towards RBI's projection of 10.5 per cent for the year 2021-22.It had last projected a 26.2 per cent growth in Q1, 8.3 per cent in Q2, 5.4 percent in Q3 and 6.2 per cent in Q4.
2nd Covid wave to impact credit card spends in near term
The 'Credit Card Business Monitor' noted that Citi Bank's exit from the credit cards business and domestic corporate loan cycle yet to pick up, credit cards will remain a growth avenue, especially for the major players such as SBI Cards, ICICI Bank. "Given the challenges posed by COVID 2.0, we expect the spends, new sourcing, and business volumes to remain impacted in the near term," it said.
Amazon agrees to buy MGM studios for $8.45 billion, major boost to Prime Video library
This would boost Amazon Prime Video’s library with around 4,000 movies and 17,000 tv shows that MGM studios produced. This includes highly rated and popular franchise like James Bond, Rocky and The Hobbit. The deal comes with the surge of online streaming networks and their popularity. With other streaming platforms like Netflix and Disney+, Amazon would look to reach the top spot by acquiring MGM studios.
Equity indices trade flat ahead of F&O expiry
Around 10.30 a.m., Sensex was trading at 51,069.33, higher by 51.81 points or 0.10 per cent from its previous close of 51,017.52. It opened at 51,128.80 and has touched an intra-day high of 51,128.80 and a low of 50,917.59 points. The Nifty50 on the National Stock Exchange was trading at 15,321.00, higher by 19.55 points or 0.13 per cent from its previous close.
Andy Jassy to become Amazon CEO on July 5: Bezos
The outgoing CEO Bezos said that he chose the date because July 5 is sentimental one for him. "It's the date that Amazon was incorporated in 1994, exactly 27 years ago," he said. Dave Lee, a correspondent with the Financial Times who covers Amazon, late on Wednesday tweeted the remarks by Bezos made to reporters.
BPCL reports Rs 11,940 cr Q4 profit, declares Rs 58 final share dividend
The total income of the company during Q4 FY21 saw a robust jump to Rs 1,00,419.63 crore from Rs 82,452.99 crore seen in the same quarter of previous year. The turnaround witnessed by the company in its profitability is largely on account of inventory gains, and also on account of a V-shape recovery seen by the company in the second half of financial year resulting in robust growth in fuel sales.
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