India's appetite for imported crude oil may wane in fiscal year (FY) 2023 from record levels in pre-pandemic 2019-20 fiscal as higher oil prices, a spillover from the conflict in Ukraine, and increasing use of biofuels affect domestic demand for petroleum products. Brent crude surged to a nine-year high, shy of a July 2008 record $147.50 a barrel, before declining to around $100 a barrel - but the volatility in commodity rates will slow global economic growth and use of fuels. Demand for all oil products may grow at only 2-3 per cent in FY23, slower than the current fiscal and nearly half the 5.5 per cent growth estimated by the petroleum ministry, according to industry officials.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement. Net profit, however, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
The NSE Nifty, after shuttling between 10,331.80 and 10,227.45, finally settled 196.75 points, or 1.94 points higher at 10,325.15.
Tech Mahindra was the top gainer in the Sensex pack, jumping over 5 per cent, followed by Bajaj Finance, Bharti Airtel, Bajaj Finserv, L&T, Tata Steel and Infosys. NSE Nifty surged 191.95 points to 15,824.05.
Kohli, his deputy Ajinkya Rahane, the flamboyant Rohit Sharma and the swashbuckling wicketkeeper-batsman Rishabh Pant -- batted in the nets
Hitesh Harisinghani/Rediff.com take us on a tour inside the iconic BrihanMumbai Municipal Corporation headquarters, opened for the first time ever for tourists.
What is more worrying, according to the report, is the fact that in over 20 per cent of the topic caseload districts where the second has ebbed, the third wave has set in firmly, which was only 5 per cent a month ago.
Star Jamaican sprinter Yohan Blake said he admires India captain Virat Kohli for not offering excuses when his team does not perform well and taking the blame on himself.
Revenue rises 20.7% to Rs 36,854 crore.
The Indian bowlers, it was evident, were not happy about the condition of the red cherry
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
The power-packed Caribbean batting unit, who successfully chased down a target of 288 in Chennai on Sunday to win by eight wickets, were bundled out for 280 in the 44th over, while they unsuccessfully chased a massive 387 for 5.
India's second-largest software services company Infosys on Wednesday posted 12 per cent year-on-year rise in consolidated net profit at Rs 5,686 crore for March quarter 2021-22. The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,076 crore in the corresponding period previous year, according to a regulatory filing. Infosys' revenue grew 22.7 per cent to Rs 32,276 crore in the quarter from Rs 26,311 crore in the year-ago period, it added.
India's second-largest telecom operator Bharti Airtel on Tuesday posted more than twofold year-on-year jump in its consolidated net profit for the March quarter to Rs 2,008 crore, buoyed by a lift in average revenue per user and an exceptional gain. The telco said its Q4 scorecard was backed by strong performance delivery across the portfolio and its CEO Gopal Vittal, in a statement, exuded optimism about opportunities in the coming years and Airtel being "well-poised" as a company. Airtel, which competes in the market with Reliance Jio and Vodafone Idea, as well as state-owned BSNL/MTNL, promised to maintain razor sharp focus on financial flexibility, optimising the capital structure and finance cost.
The subscriber base is made up of 778.09 million broadband internet users and 47.21 million narrowband internet users.
The Indian startup ecosystem, which defied odds during a pandemic-hit year to create record 12 unicorns, has the potential to be the engine of growth in the medium to long run, according to the Economic Survey 2020-21. The survey noted that startups are the platform for entrepreneurs who have the ability to think out of the box and innovate to conceive products that can create a niche for themselves in a dynamically changing world.
TCS was the top loser in the Sensex pack, falling over 3 per cent, followed by Titan, ICICI Bank, SBI, ITC and Bharti Airtel. On the other hand, Sun Pharma, NTPC, IndusInd Bank and Bajaj Finance were among the top gainers.
Ahmedabad will also host the final Test, though with the traditional red ball, and the pitch is unlikely to be vastly different from the one that saw 30 wickets fall in five sessions in the shortest completed Test match since 1935.
Purnendu Maji and Srinivas Bhogle list the 50 Most Valuable Players after 46 IPL 2022 games.
James Anderson might have torn apart India's batting line-up in the opening Test in Chennai but the veteran England pacer doesn't expect reverse swing be a factor in the third day-night Test with the pink ball, starting in Ahmedabad on Wednesday.
Rajneesh Gupta gives all the numbers in another record breaking day in the skipper's career.
Finance Minister Nirmala Sitharaman has brought down the budgetary allocation for the fertiliser subsidy for FY21 to Rs 71,309 crore, from the RE of Rs 79,998 crore for FY20, while increasing food subsidy to FCI through "ways and means advance" to Rs 50,000 crore for FY21, from Rs 36,000 crore in RE for FY20, and under the National Food Security Act (NFSA) to Rs 77,982 crore, from Rs 75,000 crore.
But Kohli came to the defence of his deputy, insisting that Rahane is the team's most important batsman along with Cheteshwar Pujara.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
The film didn't offer the unfettered entertainment which everyone sought -- it was out-and-out a docu-drama, not a masala movie, notes Sandeep Goyal.
Amazon has filed a legal challenge at the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's (CCI) suspension of the US e-commerce giant's 2019 deal with Future Retail (FRL). Amazon has challenged the CCI order on at least five grounds, and the matter is likely to be listed this week, according to the sources. Parallelly, Amazon's Indian unit has approached the Supreme Court against a halt on an arbitration case against Future Retail's (FRL) asset sale to Reliance Industries (RIL).
India must be prepared for a big, fat fuel import bill in FY23 - barring any further avatars of the Covid virus - as refiners crank up runs, or crude processing rates, to meet the growing demand for fuels, and crude prices soar. Capacity additions by an Indian state-run refiner will reinforce the need for foreign crude. Demand for all fuels is expected to increase by 3-8 per cent next fiscal from 2021-22, reaching pre-pandemic levels, according to analysts and industry experts.
The death toll increased to 1,62,927 with 459 daily new fatalities, the highest in around 116 days.
In the Sensex pack, IndusInd Bank was the top gainer, soaring around 8 per cent, followed by Bajaj Finance, Axis Bank, PowerGrid, ONGC, ICICI Bank, Sun Pharma and M&M.
The Pandyas continue to be in the thick of things with Hardik Pandya (391) ahead, but Krunal Pandya (300) not too far behind. Purnendu Maji and Srinivas Bhogle list the 50 Most Valuable Players after the first 38 IPL 2022 games.
"It reminded me a little bit of Flintoff in 2005 and the impact of that over to Ponting and Langer, but in the context of this game it was huge," Root said.
Opener Shubman Gill scored an elegant 50 but India struggled against James Anderson's (3-17) reverse-swing mastery, while left-arm spinner Jack Leach (4-76) ran through the lower order.
Sales of mini cars comprising Alto and WagonR were at 11,577 units as compared to 37,710 units in July last year, down 69.3 per cent.
The 10 teams in the league will be bidding heavily for the Indian players in a list of 590 cricketer
Officials were forced to call off the opening day of the first Test between England and the West Indies due to bad light and rain which saw only 17.4 overs being bowled.
Joginder Tuteja looks at the biggest Bollywood hits in August in the last decade.
Indian freestyle wrestlers claim Asian team title in U-17 category
The number of active cases dropped to 14,01,609.
Mane, who qualified third for the final, shot 247.5 to win the silver while Grigorii Shamakov took the gold with 249.2. Aleksa Mitrovic of Serbia won the bronze with a score of 227.9.
The Department of Health and Social Care said a total of 81,959,398 doses of COVID vaccines have been administered in the UK, with 46,227,101 people receiving a first dose (87.8 per cent) and 35,732,297 people receiving both doses (67.8 per cent).
