BUSINESS
PSBs' bad loan formation to moderate going forward: Morgan Stanley
"Over the past few years, SOE banks have seen significant capital infusion by the government, lower RWA (risk-weighted assets) density, higher provisioning and some large recoveries. GNPL coverage ratio for SOE banks (excluding SBI) under our coverage has improved to 67 per cent and is 55 per cent on overall impaired loans," it said.
Noida gets Addverb's Rs 75 cr robot-making facility
The facility called "Bot Valley" has a capacity to manufacture more than 50,000 robots of varied types in a year, and is equipped with best-in-class electronics and mechanical machines, the company said in a statement on Thursday.
ED probes Franklin Templeton, its officials for money laundering
We have registered a case of money laundering against Franklin Templeton and its senior officials, a senior ED official said. He added that the agency registered the case on the basis of an FIR lodged by the Economic Offences Wing (EOW) of the Chennai Police.
Market in red, Sensex falls nearly 800 points
Heavy selling was witnessed in metal, banking and finance stocks. The top losers on the Sensex so far were Tata Steel, HDFC and HDFC Bank, whereas the only gainers were ONGC, Infosys and Sun Pharmaceutical Industries.
Electronic goods exports soar to Rs 8,806 cr in Dec 2020
In a statement, the India Cellular and Electronics Association (ICEA) said that the electronics industry is overcoming the unprecedented challenges of COVID and is on a path of regaining its momentum. Mobile phone is the highest contributor in the segment comprising of 35 per cent of the value with an export value of Rs 3,061 crore which is 50 per cent higher than December 2019.
Canada's economy worst on record since 1961
In a statement on Tuesday, Statistics Canada said the country's worst economic output was due to the first wave of the Covid-19 pandemic which shut down businesses and caused millions of people out of work in March and April of 2020.
Airtel acquires 355.45 MHz spectrum for Rs 18,699 cr
A company statement said the the acquisition give Airtel the most formidable spectrum holdings in the country. In addition, this spectrum will also help improve its coverage in villages by offering the superior Airtel experience to an additional 90 million customers in India, it added.
Mukesh Ambani turns 8th richest person in the world
Ambani's wealth increased 24 per cent on a year-on-year basis on the back of a surge in the value of energy-to-telecom giant RIL. Among the countries, India rose to third spot with 177 billionaires, 40 more than last year.
Zoom revenue up 369%, set for strong growth
For the full fiscal year 2021, total revenue was $2,651.4 million, up 326 per cent year-over-year. Zoom said that total revenue is expected to be between $900 million and $905 million for the first quarter of financial year 2022.
Sensex opens 400 points higher, reclaims 50,000
Sensex opened at 50,258.09, higher by 408.25 points from its previous close of 49,849.84 points. Healthy buying was witnessed in IT, oil and gas and banking stocks. The gainers on the Sensex were Bajaj Finance, Tech Mahindra and Infosys, while the only losers were ONGC, HDFC and Power Grid.
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