BUSINESS
DHFL COC seeks to oust Oaktree from bidding race; rules changed again to favour Piramal
Interestingly, Oaktree has emerged as H1 with the highest bid of Rs 38,400 crore. However, at the instance of some of these lenders, the rules of the game are being changed again to favour Piramal Group. The bid evaluation criteria have been altered wrongly whereby Oaktree bid value will unfairly be suppressed by Rs 2,700 crore.
Samsung likely to report $9bn in operating income in Q4
Samsung, also the world's largest smartphone vendor, is likely to report an operating income of 9.74 trillion won ($8.95 billion) during the fourth quarter of last year, up 36.8 per cent from a year earlier. But the latest estimate is slightly lower than the 10.16 trillion won projected a month earlier, reports Yonhap news agency.
Earning Support: Hopes of healthy Q3 results, vaccine rollout to lift equities
Accordingly, a positive earning outlook on many sectors will sustain investors' interest in the market. Besides, the step by step development over the rollout plan of the anti-Covid vaccine will further augment hopes of a faster economic revival. However, analysts cite the possibility of intermittent profit booking to hamper the upward trajectory.
Railways registers record freight load, earnings in December 2020
In December last year, freight load totalled 118.13 million tonnes compared to 108.84 million tonnes in 2019, the Railways said in a statement. In this period, the Railways earned Rs 11,788.11 crore from freight load, an increase of Rs 757.74 crore or 6.87 per cent compared with earnings of Rs 11,030.37 crore during the corresponding period in 2019.
Tata Sons surpasses Centre as the largest promoter of listed companies
Notably, the Central government has ceased to be the largest promoter of listed entities after 20 years. The development comes both on the back of rising stake of Tata Sons in its listed entities and declining market capitalisation of state-run companies. Tata Sons' stake in the conglomerate's listed companies has increased over 34 per cent in the past one year to Rs 9.28 lakh crore, which is higher than the Government of India's stake in public sector undertakings, Rs 9.24 lakh crore.
Global app spending grew 35% to hit $407M on Christmas: Report
Between the two platforms, Apple's App Store captured the bulk of the spending at $278.6 million, while Google Play saw $129 million in revenue, said the report. This is in line with the massive growth in worldwide spending on mobile apps and games in 2020 which passed $100 billion in a single year for the first time ever in November.
Inquiry against Shakti Bhog foods begins, CBI raids 8 places
The Central Bureau of Investigation teams searched eight locations in Delhi on Friday, including office and residential premises of the borrower company and other accused, which led to the alleged recovery of incriminating documents.
Centre's ethanol focus positive for sugar industry, as exports likely to reduce: India Ratings and Research
As per the report, record exports and a resilient domestic demand made sugar one of the few sectors to witness strong revenue growth in the Covid-19 affected in 1HFY21.
"The growth was also supported by an increase in the distillery revenue. The aggregate revenue of major sector entities grew 30 percent YoY in 1HFY21...," the report said.
Paddy procurement at MSP goes up by 23% in 2020
In Punjab, paddy is the main staple that drives the incomes of cultivators and to support this information, the data show that Punjab’s total share in paddy procurement stands at 42%. Furthermore, the government’s total paddy procurement of summer paddy will likely to touch 74.2 million tonnes this year, an increase of 18% from the last 63.7 million procured during 2019-20.
India's December merchandise exports slips by 0.80% Year-on-Year
Accordingly, the country's merchandise exports during the month under review receded by 0.80 per cent to $26.89 billion from $27.11 billion in December 2019. "India's merchandise exports in December 2020 was $26.89 billion, as compared to $27.11 billion in December 2019, a marginal fall of 0.80 per cent," a Ministry of Commerce and Industry statement said on the basis of preliminary data.
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