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.



Source link

Tagged : / / / / / / / / / / / / / / / /

Latest News Today – NTPC Net Profit Rises 17% To Rs 3,444 Crore In


NTPC Q1 Results: Net profit rose nearly 17 per cent year-on-year

NTPC Q1 FY22 Results: The country’s largest power utility reported a 17 per cent rise in net profit to Rs 3443.72 crore on a consolidated basis for the April-June quarter in the financial year 2021-22, compared to Rs 2,948.94 crore in the year-ago period.

NTPC Q1 Results: Here’s All You Need To Know

  1. NTPC Limited announced its April-June quarter results for the financial year 2021-22 on Saturday, July 31, and the comppany’s net profit in the first quarter of the current fiscal rose 16.77 per cent year-on-year driven by growth in the company’s revenues.

  2. The company’s revenue from operations in the June quarter stood at Rs 29,888.02 crore, compared to Rs 26,194.76 crore in the same quarter last year, marking a growth of 14 per cent year-on-year.

  3. Earlier known as National Thermal Power Corporation Limited, the state-run electrical utility company’s total income in the June quarter stood at Rs 30,390.60 crore, compared to Rs 26,794.68 crore, registering a growth of 13.42 per cent year-on-year. 

  4. NTPC’s gross power generation in the June quarter stood at 71.74 billion units, compared to 60.18 billion units in the year-ago period. 

  5. The company’s domestic coal supply (for its plants) in the June quarter was at 45.81 million tonnes, up from 40.19 million tonnes in the corresponding quarter last year.

  6. NTPC’s board of directors approved a fundraising proposal of up to Rs 18,000 crore through private placement in the domestic market, according to a regulatory filing by the company to the stock exchanges today. 

  7. Recently, NTPC Renewable Energy Limited – the company’s green energy subsidiary invited bids to establish the country’s first ‘green’ hydrogen fuelling station in Leh, for which the sale of bid documents began today – July 31.

  8. NTPC’s plant load factor or the capacity utilisation of coal-based power plants also grew 69.68 per cent in the June quarter, up from 68.22 per cent in the corresponding period last year.

  9. The average power tariff of the company was Rs 3.73 per unit in the April-June quarter, compared to Rs 3.98 per unit in the year-ago period.

  10. On Friday, July 30, shares of NTPC Limited settled 1.24 per cent higher at Rs 118.20 apiece on the BSE.



Source link

Tagged : / / / / / / / / / / / /

Latest News Today – Kotak Mahindra Bank’s June-End Quarter Profit Rises To


Kotak Mahindra Bank’s net profit for first quarter of current fiscal went up by 32 per cent

Kotak Mahindra Bank on Monday recorded a jump of 32 per cent in its net profit for the first quarter of 2021-22 as it stood at Rs 1,642 crore from Rs 1,244 crore during the corresponding period of last year.

The private lender’s net interest income also went up 6 per cent to Rs 3,942 crore in June-end quarter of the current fiscal from Rs 3,724 crore in the corresponding period of the previous fiscal.

Its operating profit for the first quarter of 2021-22 was Rs 3,121 crore, up from Rs 2,624 crore.

The bank’s current account deposits grew by 28 per cent to Rs 46,341 during the June-end quarter of the current financial year, as against Rs 36,066 crore for the corresponding period 2020-21.

Kotak Mahindra Bank’s Covid-related provisions as on June 30 were maintained at Rs 1,279 crore. In accordance with the Resolution Framework for Covid-19 announced by the Reserve Bank of India, the private lender said it has implemented total restructuring of Rs 552 crore so far.

As at June 30, gross non-performing assets were 3.56 per cent and net non-performing assets were 1.28 per cent. 



Source link

Tagged : / / / / / / / / / / / / / / / / / /

Latest News Today – ICICI Bank Net Profit Rises 78% To Rs 4,616 Crore In


ICICI Bank Q1 Earnings: Net profit rose 78 per cent to Rs 4,616 crore

ICICI Bank Q1 FY22 Results: ICICI Bank reported a 78 per cent rise in net profit to ₹ 4,616 crore on a standalone basis for the April-June quarter in the financial year 2021-22, compared to ₹ 2,599 crore in the year-ago period. The country’s leading private sector lender’s provisions – excluding provision for tax, declined sharply as it has changed its policy on nonperforming loans in the quarter to make it more conservative.

ICICI Bank Q1 Results: Here’s All You Need To Know

  1. ICICI Bank’s core operating profit – the profit before provisions and taxes, increased 23 per cent year-on-year to ₹ 8,605 crore in the first quarter of the financial year 2021-22, compared to Rs 7,014 crore in the year-ago period. (Also Read: ICICI Bank Profit Jumps 260% To ₹ 4,403 Crore In March Quarter )

  2. The private sector bank’s net interest income (NII) – or the difference between interest earned and interest paid, in the June quarter increased 18 per cent year-on-year to Rs 10,936 crore, compared to Rs 9,280 crore in the same quarter last year.

  3. The bank’s net non-performing assets (NPAs) were Rs 9,306 crore in the June quarter, compared to Rs 9,180 crore in the preceding January-March quarter. The net NPA ratio was 1.16 per cent by the end of June 2021, compared to 1.14 per cent by March 2021.

  4. The total income stood at Rs 24,379.27 crore in the June quarter, compared to Rs 26,066.95 crore in the year-ago period. The net interest margin was 3.89 per cent in the quarter, compared to 3.84 per cent in the preceding March quarter.

  5. ICICI Bank’s provisions (excluding provision for tax) declined sharply to Rs 2,852 crore in the June quarter, compared to Rs 7,594 crore in the year-ago period. The bank changed its policy on nonperforming loans which resulted in the higher provision on non-performing advances amounting to Rs 1,127 crore for aligning provisions to the revised policy.

  6. During the quarter, ICICI Bank held pandemic-related provisions of Rs 6,425 crore. The bank wrote back COVID-19provisions amounting to Rs 1,050 crore made in earlier periods, based on its current assessment of the portfolio.

  7. ICICI Bank’s total deposits increased 16 per cent year-on-year to Rs 926,224 crore. The domestic loan, as well as retail loan portfolio, grew by 20 per cent year-on-year, according to its statement.

  8. During the June quarter, Amazon Pay credit card became the fastest co-branded credit card in India to cross the milestone of issuing two million cards. The Bank also launched a co-branded credit card with Hindustan Petroleum Corporation Limited (HPCL) called – ‘ICICI Bank HPCL Super Saver Credit Card’.

  9. ICICI Bank is a market leader in electronic toll collections through FASTag, as it had a market share of 36 per cent by value in the toll collections through FASTag in the June quarter, with a 146 per cent year-on-year growth in collections.

  10. On Friday, July 23, shares of ICICI Bank settled 3.18 per cent higher at Rs 676.65 apiece on the BSE.



Source link

Tagged : / / / / / / / / / / / / / / / / / / / / / / / / /

Latest News Today – Rupee Rises For 3rd Day, Pares Early Losses To Settle


Rupee Vs Dollar Today: The rupee settled at 74.40 against the dollar

The rupee erased its early losses and rose for the third session, gaining six paise against the US dollar on Friday, July 23, to settle at 74.40 tracking weak crude oil prices and positive domestic equities. At the interbank foreign exchange market, the local unit witnessed heavy volatility, opening weak at 74.55 against the dollar. The domestic unit touched a low of 74.58 in the morning trade, recovering later to register an intra day high of 74.37 against the American currency. In an early trade session, the local unit declined nine paise to 74.55 against the greenback.

The rupee closed at 74.40 against the dollar, registering a rise of six paise over its previous close. On Thursday, July 22, the domestic currency had settled at 74.46 against the dollar. In the overseas market, a stronger dollar weighed on the local unit’s sentiment today. On a weekly basis, the local unit strengthened by 17 paise against the greenback. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six peers, advanced 0.10 per cent to 92.91.

What analysts say:

 Mr. Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services:

“The event risk to fx market is next week’s FOMC policy. So the USDINR spot will remain a little directionless until then as with the rising covid cases in the US, the Fed may communicate a dovish stance. However, any hawkish commentary or hints at tapering the asset purchase program will surge the USDINR spot above 75 zone. Thus, for next week, we expect the trend to be sideways in between 74-75.25.“

 
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities:

  • After two weeks of low volatility, USDINR saw some decent two-way moves. Prices oscillated between 74.35 and 75.10 levels. However, the month-old range between 74.20 to 75.10 remains intact. The reason being RBI remains a major buyer of US Dollars at lower levels and corporate $ flows and FDI inflows are capping the upside. The end result is a range of one per cent
  • Next week prices may continue in the current range as long as RBI remains a major buyer of US Dollars. The US central bank meeting on Wednesday is not expected to deliver any new information and hence would keep USDINR within 74.20 and 75.00 range. IPO-related FPI flows may pick up over the next week.
     

Mr Amit Pabari, MD, CR Forex:

”As the risk appetite has improved over the last two days, the global equity market could remain well supported; although the spread of the Delta variant and its implication could remain a headwind for those markets where vaccination drive is running on a slower note.

RBI seems to add more fuel into their reserves for future use; that is they are buying on every dip around 74.30-40 zone.

The importer-RBI pair could favor buying on every dip whenever inflows hit the market and the rupee appreciates towards 74.30 levels. On the higher side exporters are making a roof of 74.90-75.00 levels by selling forwards. In nutshell, 74.30 to 75.00 would be a short-term range for the USDINR pair.”

Kshitij Purohit, Lead International & Commodities at CapitalVia Global Research Limited:

”Due to a strong drop in global markets and a severe drop in US yields, the USD/INR hit a high of 74.95 in the previous session. The currency pair was on the verge of breaking through the 75.00 resistance level when the RBI intervened to sell dollars in large quantities, causing the dollar to fall to 74.61 on Tuesday.

RBI may be inclined to keep a weaker rupee just above the 74.30 level to maintain a competitive exchange rate and support export growth, as demand in overseas markets is picking up in the backdrop of good export growth recorded in the last two months. 

On the domestic front, USD/INR July opened on a negative note, below the support zone of 74.64-74.62, and even breached the major support level of 74.55-74.53, due to which we witnessed a sharp fall in the prices till the first half of the session.”

Domestic Equity Markets Today:

On the domestic equity market front, the BSE Sensex ended 138.59 points or 0.26 per cent higher at 52,975.80, while the broader NSE Nifty climbed 32 points or 0.2 per cent to 15,856.05. 

Shares of Zomato almost doubled in value in debut, in the first stock market listing of a startup valued at more than $1 billion. Zomato shares surged more than 80 per cent to hit high of ₹ 138.90.

Dr. Joseph Thomas, Head of Research, Emkay Wealth Management:

“The markets today witnessed a bumper listing of one of the most awaited IPOs in recent history, Zomato. The exuberance though was not broad based, the market breadth remained negative for the day. The weekly trend too remained marginally negative as all the major market cap based broader indices closed marginally in the negative for the week. The strong show of IT stocks continued whereas slippages in reported asset quality and expectations of rising NPA risks dragged down the banking stocks.”
 

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities:

“This week has been a roller-coaster type for the market. The market went below the lower boundary, which was at 15600/52100, but as retail and domestic investors who were following buy on dip strategy, entered into the market that has stuck day traders on the wrong side.

During the week, cyclical sectors remained weak whereas defensives especially, Technology and FMCG sectors attracted rotational activity.  On a weekly basis, the market has formed a reversal formation after hitting the support of 15600/52100, however on a daily basis, the market got arrested at the upward boundary which was at 15900/53100.

In the coming week, 15700/52500 would be trend decider and below that we would see the market hitting 15660/52350 and 15580/52000 levels.”

According to exchange data, the foreign institutional investors were net sellers in the capital market on July 22 as they offloaded shares worth Rs 247.59 crore. Global oil benchmark Brent crude futures fell 0.05 per cent to $ 73.75 per barrel.



Source link

Tagged : / / / / / / / / / / / / / / / / / /

Latest News Today – Reliance Jio Profit Rises 44.9% To Rs 3,651 Crore In


Reliance Jio Q1 Earnings: Net profit rose 44.9 per cent to Rs 3,651 crore

Mukesh Ambani-owned Reliance Industries’ telecom arm – Reliance Jio reported a jump of 44.9 per cent in net profit at Rs 3,651 crore on a consolidated basis in the first quarter of the current fiscal, compared to Rs 2,519 crore in the corresponding period last year. (Also Read: Reliance Industries Profit Declines 7% To ₹ 12,273 Crore In June Quarter )

Jio platform’s revenue from operations stood at Rs 18,952 crore in the April-June quarter of fiscal 2021-22, marking a growth of 9.8 per cent, compared to Rs 17,254 crore in the year-ago period, according to a regulatory filing by the company to the BSE on Friday, July 23.

Reliance Jio reported a total customer base of 440.6 million by the end of June 2021, and a net addition of 42.3 million customers, driven by traction across mobility and homes.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortization) for the June quarter stood at Rs 8,892 crore, marking a growth of 21.3 per cent year-on-year, compared to Rs 7,332 crore in the same quarter last year. The EBITDA margin expanded to 46.9 per cent, compared to 42.5 per cent in the corresponding quarter last year, reflecting operational efficiency.

The average revenue per unit or ARPU during the quarter was Rs 138.4 per subscriber per month, compared to Rs 138.2 per subscriber per month in the preceding January-March quarter of fiscal 2020-21. The telecommunication company’s value of services for the June quarter stood at Rs 22,267 crore, 9.8 per cent higher year-on-year, compared to Rs 20,277 crore in the same period of the previous financial year.

During the 44th annual general meeting (AGM) of Reliance Industries announced an affordable, customer-friendly smartphone – JioPhone Next, in collaboration with Google. 

The smartphone is powered by an optimised version of the Android operating system (OS), that has been jointly developed by Google and Jio for the market in India.

JioFiber has more than three million connected homes with improving momentum in recent months, according to the company’s statement.



Source link

Tagged : / / / / / / / / / /

Latest News Today – Net Profit Rises 114% , More Than Double To Rs 1,700


Ultra Tech Cement Q1 Earnings: The revenue from operations went up 54.2 per cent at Rs 11,830 crore

Aditya Birla group company UltraTech Cement announced its April-June quarter results for the financial year 2021-22 on Thursday, July 22, reporting a net profit of 1,700 crore on a consolidated basis. The company’s profit in the first quarter of the current fiscal jumped 114 per cent as its net profit stood at Rs 794.2 crore in the corresponding quarter last year. 

UltraTech Cement’s revenue from operations in the June quarter stood at Rs 11,830 crore, compared to Rs 7,671 crore in the same quarter last year, marking a growth of 54.2 per cent year-on-year, according to a regulatory filing by the firm to the stock exchanges. 

The company’s consolidated net sales stood at Rs 11,698 crore, compared to Rs 7,600 crore in the year-ago period. UltraTech Cement’s total income in the quarter stood at Rs 12,034 crore, compared to Rs 7,949 crore in the corresponding period last year.

The company’s EBITDA (earnings before interest, tax, depreciation, and amortization ) during the June quarter increased 59.2 percent to Rs 3,307.5 crore from Rs 2,077.7 crore in the year-ago period. In the preceding January-March quarter of the financial year 2020-21, UltraTech Cement’s net profit had declined 45 per cent to Rs 1,775 crore on a consolidated basis.

The company’s capacity utilisation during the April-June quarter was 73 per cent, compared to 46 per cent year-on-year, according to its statement. UltraTech Cement added that its production cost during the quarter increased 11 per cent year-on-year due to higher fuel prices.

On Thursday, July 22, shares of UltraTech Cement settled 0.49 per cent higher at Rs 7,459.85 crore apiece on the BSE. 



Source link

Tagged : / / / / / / / / / / / / / / / /

Latest News Today – Cryptocurrency Firm FTX Trading’s Valuation Rises to $18


FTX Trading said on Tuesday its valuation had risen to $18 billion (roughly Rs. 1,34,280 crores) after a $900-million (roughly Rs. 6,710 crores) funding round that included SoftBank Group and was one of the biggest fundraisers for a cryptocurrency company.

The round saw participation from more than 60 investors, including venture capital firm Sequoia Capital, private equity giant Thoma Bravo, Daniel Loeb’s Third Point, the Paul Tudor Jones family, and British hedge fund manager Alan Howard.

The latest funding comes as investor sentiment towards cryptocurrencies has somewhat soured after an initial euphoria earlier this year due to mounting regulatory concerns globally.

Binance, another major cryptocurrency exchange, has faced scrutiny from regulators in Britain, Germany, Japan, and Hong Kong. The United States is also investigating the exchange, according to a media report.

The tightening scrutiny has weighed on Bitcoin’s price, with the most popular cryptocurrency on Tuesday falling below $30,000 (roughly Rs. 22 lakhs) for the first time in a month. Bitcoin price in India stood at Rs. 23 lakhs as of 1:30pm IST on July 21.

Founded and led by Sam Bankman-Fried, a 29-year-old crypto billionaire, FTX is the owner and operator of the FTX.COM cryptocurrency exchange.

The two-year-old company said it has more than 1 million users and averages about $10 billion (roughly Rs.74,570 crores) in trading volume per day, with revenue surging more than tenfold this year.

FTX, which also counts celebrity couple Tom Brady and Gisele Bundchen among its backers, caters to a wide variety of traders, including retail investors, family offices and institutional traders.

It plans to use the fresh infusion of funds to expand its product offerings and for other investments.

Coinbase Ventures, the venture arm of recently listed cryptocurrency exchange Coinbase Global, also participated in the funding round.

© 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.



Source link

Tagged : / / / / / / / / / / /

Latest News Today – HDFC Bank Net Profit Rises 16% To Rs 7,729 Crore In


HDFC Bank Q1 Earnings: Net profit rose to 16 per cent in April-June quarter

HDFC Bank Q1 FY22 Results: HDFC Bank, the country’s largest private lender, reported a net profit of Rs 7,729.6 crore on a standalone basis, marking an increase of 16.1 per cent in the April-June quarter from Rs 6,658.6 crore during the same period last year. The bank’s total income stood at Rs 36,771 crore, compared to Rs 34,453 crore in the year-ago period.

HDFC Bank Q1 Results: Here’s All You Need To Know

  1. On a sequential basis, the bank’s standalone net profit declined 5.9 per cent, compared to Rs 8,186 crore reported at the end of the preceding January-March quarter in the financial year 2020-21 (Also Read: HDFC Bank Profit Rises 18% To Rs 8,186 Crore In March Quarter )

  2. HDFC Bank’s net interest income – the difference between interest earned and interest expended – grew to Rs 17,009.0 crore, compared to Rs 15,665.4 crore in the year-ago period, driven by advances growth of 14.4 per cent, and a core net interest margin of 4.1 per cent

  3. The bank’s non-interest revenue (other income) at Rs 6,288.5 crore was 27 per cent of the net revenues and registered a growth of 54.3 per cent, compared to Rs 4,075.3 crore in the corresponding quarter of the previous fiscal

  4. HDFC Bank said that business activities remained curtailed for almost two-thirds of the quarter due to disruptions led by the second wave of the COVID-19 pandemic. This resulted in lower revenues, a decrease in retail loan origination, sale of third-party products, among others.

  5. The operating expenses in the June quarter were Rs 8,160.4 crore, marking a growth of 18.1 per cent, compared to Rs 6,911.5 crore in the corresponding quarter of the previous fiscal. The cost-to-income ratio for the quarter stood at 35 per cent. 

  6. HDFC Bank’s net revenues – net interest income plus other income, increased by 18 per cent to Rs 23,297.5 crore for the April-June quarter, compared to Rs 19,740.7 crore in the same quarter of the previous fiscal.

  7. The bank’s gross non-performing asset (NPA) stood at 1.37 per cent of the gross advances (1.3 per cent excluding NPAs in the agricultural segment), compared to 1.32 per cent in the preceding March quarter, and 1.36 per cent in the year-ago period.

  8. The bank reported a pre-provision operating profit of Rs 15,137 crore, registering a growth of 18 per cent, compared to the year-ago period. Profit before tax stood at Rs 10,306.2 crore in the June quarter, up 15.3 per cent year-on-year.

  9. HDFC Bank’s balance sheet size in the quarter stood at Rs 17,53,941 crore, up 13.5 per cent compared to Rs 15,45,103 crore in the corresponding period of the previous fiscal.

  10. On Friday, July 16, shares of HDFC Bank settled 0.08 per cent higher at Rs 1521.70 apiece on the BSE



Source link

Tagged : / / / / / / / / / / / / / / / / / / / / /

Latest News Today – L&T Infotech Sheds Around 3% Even After Profit Rises 19%


Shares of L&T Infotech were last trading 2.75 per cent lower at Rs 4,295.90 on the BSE.

Share price of Larsen and Toubro (L&T) Infotech declined around three per cent on Friday, July 16, after the company announced its April-June quarter results for the financial year 2021-22. On Friday, L&T Infotech opened on the BSE at Rs 4,396.10, inching to an intra day high of Rs 4,396.10 and an intra day low of Rs 4,253.35, during the trading session so far. The IT firm reported a net profit of Rs 496.8 crore on a consolidated basis in the first quarter of the current fiscal year.

The company’s profit increased 19.3 per cent year-on-year as its net profit came in at Rs 416.4 crore in the corresponding quarter of the previous financial year. L&T Infotech’s revenue for operations in the June quarter stood at Rs 3,462.5 crore, compared to Rs 2,949 crore in the same quarter of the previous fiscal, marking an increase of 17.4 per cent year-on-year.

The company’s board of directors declared a special dividend for the financial year 2021-22 of Rs 1- per equity share of face value of Re 1, each fully paid-up. The dividend will be paid to the equity shareholders on August 2, 2021, according to a regulatory exchange by the firm to the stock exchanges.

On the NSE,  L&T Infotech opened at Rs 4,399, registering an intra day high of Rs 4,399 and sliding to an intra day low of Rs 4,251, in the session so far. It was last trading 2.67 per cent lower at Rs 4,302.35 on the NSE.

Shares of L&T Infotech were last trading 2.75 per cent lower at Rs 4,295.90 on the BSE.



Source link

Tagged : / / / / / / / / /