BUSINESS
Aided by new energy biz, Reliance may add $50 bln m-cap in 2022: Morgan Stanley
First and foremost, refinery margins could nearly double and be sustained at high levels for the next half decade, with global fuel markets seeing sustained lower supply due to a lack of investments. The global firm sees telecom average revenue per user (ARPU) rising, quality of subscribers improving and churn falling and Reliance guided for normalisation ahead as one recharge cycle is behind.
Spending on mobile services up 4.2% QoQ in Q3FY22, up 8% YoY: Report
It was aided by the 20-25 per cent tariff hike taken in December 2021 by Airtel, Vodafone Idea, and Reliance Jio. "Finally, consumer spend on telecom services has crossed pre-RJio levels (previous high was in Q1FY17)," said the brokerage house.
Jio's healthy earnings show telecom industry digesting impact of tariff hikes
In December 2021, 20-25 per cent tariff hike was taken by Airtel, Vodafone Idea, and Reliance Jio. Jio's Q4FY22 revenues were up 8 per cent quarter on quarter and 20.4 per cent year on year, aided by 20 per cent tariff hikes, effective from December, and improving customer mix.
LIC IPO issue subscribed 2.89 times on final day
It received bids for 46.77 crore equity shares against IPO size of 16.2 crore equity shares. The portion set aside for policyholders has been subscribed 5.97 times, employees bid 4.31 times the allotted quota, and retail investors 1.94 times, while the reserved portion of qualified institutional buyers has booked 2.83 times and that of non-institutional investors 2.8 times, as per reports.
Sri Lanka stops supplying gas for domestic us
Litro Gas chairman Vijitha Herath said only industrial gas stocks are available at the moment and the company asked people not to wait in queues, reports Xinhua news agency. Herath said that they expect to pay $7 million on Monday to import liquefied petroleum gas on Friday and Saturday. Sri Lankans have been facing severe gas shortages for months and long queues to buy gas can be seen across the country.
Rupee hits all-time low of 77.42 against US dollar
The Indian currency is weighed by the strength of the American currency in the overseas market and continued foreign fund outflows. Foreign institutional investors were net sellers in the capital market on Friday, as they offloaded shares worth Rs 5,517.08 crore, as per stock exchange data.
Export demand, yield loss fears due to heatwave buoy wheat flour, bread prices
At the same time last year, its average price was at Rs 29.1, as per the data maintained by the Price Monitoring Division (PMD) in the Department of Consumer Affairs. Atta prices have been rising as both production and stocks of wheat have fallen in India. Demand from overseas markets have risen Ukraine and Russia, currently involved in a raging war, are some of the major producers of the commodity.
NSE scam: Court defers order on bail pleas of Chitra Ramkrishna, Anand Subramanian
The special CBI judge of the Rouse Avenue court deferred the order for May 12. Both Ramkrishna and Subramanian, currently lodged in Tihar Jail under judicial custody, have been charge sheeted under various sections of the IPC. The co-location scam denotes how some of the brokers, who in the co-location facility offered by the NSE, could place their servers within the stock exchange premises giving them faster access to the markets, had in connivance with insiders abused the algorithm and the facility to make windfall profits.
New e-com players not showing country of origin for all products in India
While most older, established e-commerce platforms now have the Country of Origin information for the majority of products, the same is not the case with newly-established platforms like LensKart, CityMall and Shop101, according to the survey report by community-based social media platform LocalCircles.
Adani Airports raises $250 mn for airports development
The facility has an option to raise additional $200 million. The financing structure enables a scalable capital solution with flexibility to tap global capital markets in line with AAHL's vision of providing a transformational airport infrastructure platform.
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