Latest News Today – Infrastructure Output Of Core Sectors Rises 8.9% In June

June Infrastructure Output: The output of core sectors grew by 8.9 per cent

Infrastructure Output in June 2021: The output of the eight core infrastructure sectors rose to 8.9 per cent in June 2021, compared to the same month last year, government data showed on Friday, July 30. the infrastructure output witnessed a de-growth of 12.4 per cent in June 2020 when the pandemic-induced lockdown hit industrial activity across the country. The eight core industries consist of 40.27 per cent of the total weight of the items included in the industrial output or the Index of Industrial Production. (Also Read: Infrastructure Output Of Core Sectors Rises 16.8% In May 2021 )

The combined index of the eight core industries stood at 126.6 in June 2021, according to provisional data released by the Ministry of Commerce and Industry today. The growth in the infrastructure output last month was mostly led by the steel sector, followed by natural gas, and coal sectors. 

The infrastructure output – which comprises the eight core sectors such as electricity, coal, crude oil, among others, recorded a growth of 25.3 per cent in April-June period of the current fiscal, compared to a de-growth of 23.8 per cent in the corresponding period last year.

The production of steel, natural gas, and coal sectors increased by 25 per cent, 20.6 per cent, and 7.4 per cent respectively. The production of petroleum refinery products, fertilizers, cement, and electricity sectors also registered growth in June, increasing by 2.4 per cent, two per cent, 4.3 per cent, and 7.2 per cent, respectively, compared to the corresponding period last year.

Crude oil is the only sector that registered a de-growth in production last month at 1.8 per cent, according to Commerce Ministry data.

Aditi Nayar, Chief Economist, ICRA said that continued unlocking by the states, improved mobility, and higher electricity demand, pushed up in part by the lull in rainfall, are expected to boost the core sector growth to 11-14 per cent in July 2021.

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Latest News Today – Tata Motors Loss Narrows To Rs 4,451 Crore In June

Tata Motors Q1: Revenue from operations rose 108% to Rs 66,406 crore in April-June period.

Tata Motors, the parent company of luxury car maker Jaguar Land Rover, said on Monday that its loss narrowed to Rs 4,451 crore in the first quarter ended June 2021 from a loss of Rs 8,438 crore in the same quarter last year. The company has reiterated that global chip shortages, uncertainty due to the spread of coronavirus variants and commodity inflation would impact business in the short term.

“Demand remains strong for JLR and India PV, while CV demand is showing gradual improvement. In this dynamic business environment, we anticipate that semiconductor issues, commodity inflation and pandemic uncertainty will have an impact in the short term. We expect the performance to improve progressively from H2 as supply chain and pandemic situation improves,” Tata Motors said in a stock exchange filing post market hours.

Meanwhile, Tata Motors’ revenue from operations rose 108 per cent to Rs 66,406 crore in the April-June period as Covid-19 pandemic, which hit sales across the luxury carmaker’s business a year earlier, fuelled strong demand for personal vehicles.

Retail sales of Jaguar Land Rover in the first quarter of current financial year came in at 124,537 vehicles, up 68.1 per cent on an annual basis.

“Sales continued to recover from the impact of the pandemic. Shortage of semiconductor supplies constrained production, resulting in a pre-tax loss of £110 million with an EBIT margin of 0.9 per cent and a free cash outflow of £996 million marking a significant improvement from the loss of £413 million and cash outflow of £1.6 billion at the peak of the pandemic a year ago,” Tata Motors said in an exchange filing.

Tata Motors’ domestic sales in June quarter jumped 340 per cent to 95,200 units.

“The successful implementation of a comprehensive business agility plan enabled us to manage lockdowns effectively and also deliver competitive growth as markets reopened. In the near term, we remain focused on fulfilling customer demands while driving all levers of the business to mitigate the unprecedented commodity inflation,” Girish Wagh, Executive Director at Tata Motors said in a statement.

Tata Motors shares ended 0.86 per cent lower at Rs 293 ahead of earnings announcement.

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Latest News Today – Oil Refiners’ Rate Of Crude Production In June 2021

The refiners operated at an average rate of 89.59 per cent of capacity in June

The country’s refiners’ crude throughput in June was little changed from the previous month when it fell to multi-month lows as a severe second wave of coronavirus restrained demand, forcing refiners to reduce runs.

Refiners processed 4.50 million barrels per day (18.4 million tonnes) of crude oil in June, provisional government data showed on Friday. This compares with 4.49 million barrels per day (bpd) processed in May, which was the lowest since October 2020.

Crude oil imports also fell to a nine-month low in June as refiners curtailed purchases amid higher fuel inventories due to low consumption and renewed lockdowns in the previous two months, data obtained from trade sources showed.

Refineries’ crude oil throughput last month was still 4.7 per cent higher than June 2020 levels. India’s fuel demand also inched higher after slumping to a nine-month low in May as many states in the world’s third-biggest oil importer and consumer started easing restrictions and mobility picked up. 

The state fuel retailers’ gasoline sales also exceeded pre-pandemic levels in the first fortnight of July, preliminary industry data showed last week.

“With a further likely easing of mobility restrictions, I would expect oil demand to recover further, resulting in higher refinery processing rates down the road,” UBS analyst Giovanni Staunovo said.

The refiners operated at an average rate of 89.59 per cent of capacity in June, down from 92.37 per cent of capacity in May, the government data showed.


June refinery capacity utilisation rate hits 8-month low
Photo Credit: Reuters

The country’s largest refiner, Indian Oil Corp (IOC), last month operated its directly owned plants at 93.53 per cent capacity, as per the data. Reliance, owner of the world’s biggest refining complex, operated its plants at 93.12 per cent capacity in June.

Natural gas output rose 19.5 per cent to 2.78 billion cubic metres, while crude oil production eased nearly two per cent to 606,000 barrels per day (2.48 million tonnes), data from the Ministry of Petroleum and Natural Gas showed.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Latest News Today – Automobile Exports Grew In June Quarter: Report

Automobile exports showed growth in the first quarter of the current financial year

Automobile exports from India recovered in the first quarter with all vehicle segments, including passenger vehicles and two-wheelers, witnessing growth following an improvement in the pandemic situation across various international markets.

As per the latest data provided by Society of Indian Automobile Manufacturers (SIAM), total vehicle exports during the April-June quarter of the current financial year stood at 14,19,430 units as compared with 4,36,500 units in the same period of 2020-21, which had seen massive disruptions due to the Coronavirus lockdowns across the country, hampering sales as well overseas shipments.

SIAM Director General Rajesh Menon said that while two-wheeler shipments were better than previous three years, passenger vehicles, three-wheelers and commercial vehicles export numbers were yet to catch up with numbers in the first quarter of 2018-19 fiscal.

“If we just compare export numbers of Q1 of 2021-22, two-wheelers have done better than previous three years, however, the total number of passenger vehicles, three-wheelers and commercial vehicles exports were higher in Q1 of 2018-19,” he noted.

In the April-June quarter, passenger vehicle exports from the country stood at 1,27,115 units as against 43,619 units in the same period of 2020-21.

Passenger car exports stood at 79,376 units, utility vehicle shipments at 47,151 units while van exports were at 588 units.

Maruti Suzuki India led the passenger vehicle segment with exports of 45,056 units followed by Hyundai Motor India which shipped 29,881 units during the period.

Kia Motors shipments stood at 12,448 units while Volkswagen India chipped in with 11,566 units during the quarter.

Two-wheeler exports rose to 11,37,102 units in the April-June period as against 3,37,983 units in the same period of 2020-21.

Similarly, commercial exports during the first quarter stood at 16,006 units as compared with 3,870 units in the April-June period of 2020-21.

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Latest News Today – Exports Jump 48% To $32.5 Billion In June, Trade Deficit

Trade Deficit in June 2021: Trade deficit stood at $9.37 billion last month

The country’s merchandise exports rose for the seventh straight month in June 2021 to $32.5 billion, up 48.34 per cent year-on-year, revised trade deficit data released by the government showed on Thursday, July 15. Imports in June also increased by 98.3 per cent to $41.87 billion, driven by oil and gold, resulting in a trade deficit of $ 9.37 billion, showed foreign trade data released by the Ministry of Commerce. (Also Read: At $95 Billion, India Reports Highest Ever Exports In A Quarter )

The growth in exports was driven by shipments of petroleum products, gems and jewellery, and chemicals, leather, and marine goods. The commodity groups of exports which recorded de-growth in June 2021, compared to the same month last year are oil seeds (32.75 per cent), tea (18.54 per cent), cashew (24.45 per cent), and spices (11.31 per cent).

Oil imports in June 2021 stood at $10.68 billion, which were 116.51 per cent higher compared to $ 4.93 billion in the year-ago period. The major commodity group of imports which registered de-growth last month include silver at 91.39 per cent and project goods at 12.49 per cent.

During the April-June quarter of the current fiscal, exports increased by 85.88 per cent to $ 95.39 billion, while imports rose to $126.15 billion, compared to $60.44 billion in the corresponding period last year.

The government data also showed that the country’s overall exports, including merchandise and services combined, in June 2021 are estimated to be $ 49.85 billion, recording a growth of 31.87 per cent, compared to the corresponding period last year, and a growth of 17.17 per cent over June 2019 (pre-pandemic).

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Latest News Today – TCS Slips After Profit In June Quarter Declines

TCS added 20,409 employees and its workforce strength stood at 5,09,058 employees.

Shares of the country’s largest information technology company – Tata Consultancy Services (TCS) – fell as much as 1.3 per cent to hit an intraday low of Rs 3,211.85 after it reported June quarter earnings which were below analysts’ estimated. TCS’ net profit in June quarter declined 2.57 per cent to Rs 9,008 crore compared with Rs 9,246 crore crore in the previous quarter. According to Refinitiv IBES data, analysts were expecting the IT giant to report net profit of Rs 9,372 crore.

However, on an annual basis, Tata Consultancy Services reported a 29 per cent rise in quarterly profit powered by higher demand for cloud services and strong growth in its mainstay banking and finance business.

TCS’s revenue from operations advanced 4 per cent sequentially to Rs 45,411 crore as against Rs 43,705 crore in the previous quarter. Its operating margin or EBIT margin expanded 1.9 per cent annually to 25.5 per cent and in constant currency terms, TCS’ revenue advanced 16.4 per cent annually.

During the quarter, TCS added 20,409 employees and its workforce strength stood at 5,09,058 employees.

“I am humbled that in a personally challenging quarter to many, TCSers demonstrated phenomenal character in helping each other, be meaningful to the communities and delivered on our commitments to clients. On that backdrop, our business in North America, BFSI and Retail all showed an appreciable growth which underlines the resilience of our operating model, relevance of our offerings and above all, the passion and dedication of our associates. Given the variants of the virus and fears of a potential third wave, we are watchful of the emerging situation and remain optimistic of the opportunities in our core markets and verticals. We are well positioned and operating diligently to participate in them aggressively,” Rajesh Gopinathan, Chief Executive Officer and Managing Director, said in a statement.

As of10:10 am, TCS shares traded 0.7 per cent lower at Rs 3,235.

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Latest News Today – India’s June Jobless Rate Falls To 9.17%, Says Private

India’s June unemployment rate fell to 9.17 per cent from the May figure of 11.90 per cent, data from the Centre for Monitoring Indian Economy (CMIE) showed on Thursday.

Most economic activities have resumed in the country after state governments eased pandemic curbs following a fall in coronavirus infections, which peaked in May.

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Latest News Today – Ether Sees Record Outflows in Last Week of June Due to

Ether investment products and funds posted record outflows in the last week of June, bearing the brunt of negative sentiment on cryptocurrencies, according to data on Monday from digital asset manager CoinShares.

Institutional investors took out $50 million (roughly Rs. 370 crores) from investment products and funds on Ether, the token used for the Ethereum blockchain. Ether suffered outflows for a fourth consecutive week, data showed. Ether price in India stood at Rs. 1.57 lakhs as of 10am IST on June 29.

For the month of June, Ether has lost roughly 22 percent of its value against the dollar. On Monday, however, Ether was up 5.4 percent at $2,091.96 (roughly Rs. 1.55 lakhs).

Bitcoin products and funds, meanwhile, suffered a seventh straight week of outflows, totaling $1.3 million (roughly Rs. 9.6 lakhs). For the year, Bitcoin outflows hit about $490 million (roughly Rs. 3,640 crores). Bitcoin price in India stood at Rs. 25.89 lakhs as of 10:30am IST on June 29.

The world’s largest cryptocurrency was down 8.4 percent against the dollar so far in June. Since an all-time high of just under $65,000 (roughly Rs. 48.2 lakhs) hit in mid-April, Bitcoin has plunged nearly 46 percent.

“We expect Bitcoin consolidation to continue for the next few weeks until a decisive move takes place,” said Pankaj Balani, chief executive officer at crypto derivatives exchange Delta Exchange.

“If the global macro environment deteriorates on account of the decreasing pace of global liquidity, it’s expected that Bitcoin may break the crucial level of $30,000 (roughly Rs. 22.2 lakhs) and challenge the highs of the previous cycle at $20,000 (roughly Rs. 14.8 lakhs). Until then, Bitcoin is likely to be in this range and can set up a classic bull trap above $42,000 (roughly Rs. 31 lakhs).”

Overall, crypto investment products saw a fourth consecutive week of outflows, totaling $44 million (roughly Rs. 325 crores). Since mid-May, as negative sentiment spread, net weekly outflows have hit $313 million (roughly Rs. 2,320 crores), or 0.8 percent of total assets under management.

Sentiment on cryptocurrencies has been crushed amid a crackdown on the sector by China, which banned Bitcoin mining activities.

In addition, British and Japanese regulators have independently issued warnings against Binance, one of the world’s largest cryptocurrency exchanges. Britain’s financial regulator over the weekend said Binance cannot conduct any regulated activity and issued a warning to consumers about the platform.

Japan also issued a similar warning to Binance stating that it has been providing crypto exchange services to Japanese customers without registration.

Crypto assets under management also declined in the latest week to about $38 billion (roughly Rs. 2,82,120 crores). At the end of April, that AUM was at $65 billion (roughly Rs. 4,82,620 crores).

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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Latest News Today – Gold Price Today In India on June 28,2021:Yellow Metal

Gold Price Today: Yellow metal prices were at two-months low

Yellow metal prices in India were flat due to global cues, as on the MCX, gold futures were at a two months low of Rs 46,970 per 10 grams. Demand for gold remained sluggish last week in the retail market despite the fall in its price.

Silver prices however moved up to trade at Rs 68,049 per kg. 

Gold prices struggled in India today amid weak global cues. On MCX, gold futures were flat at nearly two-months low of Rs 46,970 per 10 gram while silver rates edged up to Rs 68,049 per kg. Despite the price dip, retail gold demand in India remained weak the previous week.

In the international markets, yellow metal rates fell to a week’s low due to a stronger dollar. Spot gold was down to $1,777 per ounce. 

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Latest News Today – Stocks To Watch In Trade In Today’s Session (June 28,

InterGlobe Aviation shareholders have approved a proposal to raise up to Rs 3,000 crore

The domestic stock markets are likely to open mildly in the green, extending the gains witnessed in Friday’s session. Trends on SGX Nifty indicate a positive opening for the Nifty in India, with a 25-point gain. At 7:30 am, the Nifty futures were trading at 15,896 on the Singapore Stock Exchange.

On Friday, the BSE Sensex had climbed 226.04 points to 52,925.04 and the Nifty gained 69.90 points to 15,860.40.

Stocks to watch in trade in today’s session

Thyrocare Technologies

Docon Technologies and API Holdings, the parent company of Pharmeasy, will acquire a 66.1 per cent stake in Thyrocare Technologies for Rs 4,546 crore.

InterGlobe Aviation

InterGlobe Aviation shareholders have approved a proposal to raise up to Rs 3,000 crore through the qualified institutional placement route.

JSW Energy

JSW Energy’s consolidated net profit rose 16 per cent to Rs 104.7 crore in the quarter ended March 2021 from Rs 89.9 crore in the same quarter last year.

IndusInd Bank

IndusInd Bank has acquired over 70 lakh shares in tea company Mcleod Russel after invoking pledged shares of the company to recover its dues.

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