BUSINESS
Negative ratings in Mar-Dec exceeds 5-year average: ICRA
An ICRA statement said that the credit quality of India Inc has experienced rapid changes since the onset of the Covid-19 pandemic and the imposition of the nationwide lockdown in March 2020. It said that business health has been bruised in general and some entities in select sectors have been badly hurt, even though the effects have not been apocalyptic, and the worst-case scenarios have not played out.
Total FDI inflow of $58.37 billion received during Apr-Nov 2020
According to the statement, the FDI inflows was the highest ever for the first eight months of a financial year and 22 per cent higher as compared to the first 8 months of 2019-20 when the country attracted $47.67 billion. In terms of FDI equity, inflow received during FY 20-21 April to November 2020 stood at $43.85 billion.
Bank of Baroda's Q3FY21 net profit at Rs 1,061 cr
The bank had posted a net loss of Rs 1,407 crore during the corresponding period of the previous fiscal. On a consolidated basis, the net profit is at Rs 1,196 crore. "Operating profit for Q3FY'21 is Rs 5,591 crore registering an increase of 12.77 per cent YoY and 0.70 per cent QoQ," the bank said in a statement.
It's official, Sabyasachi sells 51% stake to Aditya Birla Fashion
The namesake label of designer Sabyasachi Mukherjee has been a leading retailer and couturier in Indian fashion since 1999 with a strong presence across the country and internationally. From humble beginnings in Kolkata, designer Sabyasachi Mukherjee has grown his brand from strength to strength, being the proud owner of what can only be called as India's first 'Luxury Fashion House' in the real sense of the term.
Axis Bank's Q3FY21 net profit falls 36%
Accordingly, the bank's net profit fell to Rs 1,116.6 crore from Rs 1,757 crore reported during the corresponding period of the previous fiscal. The bank said profit after tax for the quarter was adversely impacted to the extent of Rs 1,050 crore on account of prudent expenses and provisioning charges.
Cryptocurrency industry hopeful as RBI mulls over digital currency
The RBI made the remarks in a booklet titled "Payment and Settlement Systems in India" released this week. "Private digital currencies (PDCs) / virtual currencies (VCs) / crypto currencies (CCs) have gained popularity in recent years. In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks," said the booklet.
Hero MotoCorp to enter Mexico; targets rapid expansion
The two-wheeler major said following the agreement, both the companies have come together to form one of the largest distribution networks globally to 'sell competitive, high-quality products in the large Mexican market'. As per a company statement, in the first phase of operations, Hero MotoCorp will launch nine products, including motorcycles - for work (100cc), street (125cc), premium (150cc, 160cc) and on-off segments - and scooters.
Govt should eye better collections than raising taxes for funds: Survey
According to the pre-budget survey 2021-22, only 2 per cent of the respondents feel that raising taxes would be the solution to mobilise additional revenue for the government that sees an increase in its expenditure due to the pandemic.
SpaceX, Amazon spar over satellite Internet projects
Amazon's Project Kuiper has the aim of delivering fast, affordable broadband through a constellation of over 3,000 low Earth orbit satellites. SpaceX's Starlink project has similar goals as it plans to deliver high-speed Internet through a network of about 12,000 satellites.
RLDA invites bids for redeveloping Ernakulam railway station
According to RLDA, it conducted the online pre-bid meeting for the redevelopment of Ernakulam Railway Station in which calls for Request for Qualification (RFQ) took place and over 15 participants including Kalpataru Group, Anchorage Infrastructure, I Squared Capital, Adani Group, GMR Group, Omaxe Group and many more attended.
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