Reliance Industries on Friday reported more than doubling of its March quarter net profit to Rs 13,227 crore as improvement in petrochemical and consumer business countered continued weakness in refining business.
The report says, the emerging markets continue to have uneven performance but India recovers from decelerating growth. Narendra Modi government, it added, continues business-friendly growth reforms, the economy grows at 6 per cent and the market rises 20 per cent.
'Mere fundamentals will not do the trick,' cautions former commerce secretary Rahul Khullar.
To prevent rise in air pollution levels, oil marketing companies and thermal power units were planning to procure stubble from farmers to make bioethanol and promote the central government's 'Agricultural Mechanization' for crop residue management. But both have seen minimal success.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
There is a vocal constituency of educated, well-to-do, articulate Indian elites who would rather go with the idea that too much democracy is a liability. That India needs a spell of benevolent dictatorship. Of course, they have never lived under one, points out Shekhar Gupta.
India's manufacturing sector activity contracted for the second consecutive month in September as both output and new orders witnessed a decline, an HSBC survey said.
A weak economy coupled with rising Covid-19 cases and inflation that is above RBI's comfort zone, geopolitical developments, and upcoming India Inc's second quarter results for FY21 could impact sentiment, analysts say.
Without directly referring to the farmers' agitation, which entered the 17th day on Saturday, Modi said agriculture reforms as part of government efforts are aimed at removing roadblocks, and the new laws will also bring in technology and investment in the sector.
Broader markets broke the winning streak and ended lower, underperforming the benchmark indices
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
While Mukesh Ambani-led RIL posted a 108 per cent YoY rise in profit after tax for Q4FY21 at Rs 13,227 crore, it fell short of Bloomberg estimate of Rs 13,704 crore.
'India missed the software products revolution (and now is in danger of missing the platform revolution), complacent that we are the software experts of the world based on IT services prowess,' points out Rajeev Srinivasan.
Official sources said the two leaders will meet for around four to six hours for the 'agendaless' talks
The previous democratically-elected government in Bhutan sought to get cosy with China. Will the new Tshering Tobgay dispensation mend the fences with India? Shubha Singh examines
Migrants do many of the dirty and dangerous jobs in the region, from construction to the oil industry, transport and services
India and Vietnam on Monday inked seven pacts, including one to enhance cooperation in the strategic oil sector, as they called for "freedom" of navigation in the South China Sea, a remark which could irk China, which has been claiming territorial sovereignty over the high seas.
'Life will not improve overnight; it will happen in a gradual manner.'
The Mangalore Special Economic Zone Limited (MSEZL) is facing stiff opposition from the landholders who are resisting acquisition of their lands.
Declining vegetable prices brought down the retail inflation to a 15-month low of 4.59 per cent in December and within the comfort zone of the Reserve Bank, government data showed on Tuesday. It is for the first time during the current fiscal that the Consumer Price Index (CPI) based inflation print is below 6 per cent or in the RBI's target range of 2 to 6 per cent. The central bank factors in the CPI-based inflation while arriving at its monetary policy. The inflation in December 2020 came down from 6.93 per cent in November, mainly on account of 10.41 per cent decline in vegetable prices over the year-ago period.
Gaurav Garg, Head of Research, CapitalVia answers readers' stock market queries
India has experienced hands and will emerge with flying colours, declares Inspector General Gurdip Singh Uban (retd).
Pawan Hans, Dredging Corp on list to meet target of Rs 800 bn for 2018-19
Markets will be closed on Thursday and Friday on account of Holi and Good Friday, respectively.
Over the past week, the Sensex and the Nifty continued the bull-run
Reliance Industries Ltd's focus on the next hypergrowth opportunities in clean tech and its path to decarbonisation has the potential to spur re-rating, raises clarity on investment cycles and reduces investor worry, brokerages said. RIL chairman Mukesh Ambani at the company's 'Green AGM' on Thursday committed Rs 75,000 crore over the next three years to set up an integrated Green Energy Giga Complex across 5,000 acres in Jamnagar, Gujarat which will contain four giga factories. The complex, which would be one of the world's largest renewable manufacturing facilities, would have an integrated solar photovoltaic module factory, an energy storage battery factory, electrolyser manufacturing for hydrogen production, and manufacturing of fuel cells so that hydrogen can be used in transportation.
PM Modi articulated five action points that would serve the common interest of promoting peace and prosperity in the Indo-Pacific region.
Softening of global commodity prices might not help much
In the domestic segment, demand is currently led by rural markets, oil and gas, LPG and B2C segments like roofing and sheeting.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
For easy and wide access, the government plans to market the bond through post offices and various brokers.
Reliance has significant investments in telecom, consumer retail and media businesses in India.
The Assam-Mizoram violence is an outcome of BJP trying too hard to 'integrate' distinct northeastern states, explains Shekhar Gupta.
Top ten billionaires in India.
Billionaire Mukesh Ambani-run Reliance Industries Ltd's retail arm on Thursday raised Rs 9,555 crore from Public Investment Fund (PIF) of Saudi Arabia, taking total fundraise in the last two months to Rs 47,265 crore. PIF will take a 2.04 per cent stake in Reliance Retail Ventures Ltd (RRVL), the Indian firm said in a statement. The investment values RRVL, the retail arm of Reliance Industries Ltd, at a pre-money equity value of Rs 4.587 lakh crore.
'We would have faced many more Galwans had Indian troops not reacted and retaliated the way they did.'
Sudhir Bisht urges R S Butola, chairman of Indian Oil Corporation to take up cudgels on behalf of the shareholding public so that IOC remains a 'profit-making' Fortune 500 company.
Bajaj Auto was the top laggard in the Sensex pack, tumbling around 6 per cent, followed by M&M, Reliance Industries (RIL), Tata Steel, Tech Mahindra, SBI, Axis Bank and ICICI Bank. NSE Nifty tumbled 162.60 points or 1.36 per cent to 11,767.75.
We mourn the passing of Admiral J G Nadkarni, who passed into the ages on Monday. The admiral -- one of the finest officers to head the Indian Navy and a most remarkable human being -- was one of Rediff.com's earliest columnists. His assessment of why India won the 1971 War is a classic and we republish the column today to celebrate his brilliant mind and salute an office and gentleman, the likes of who we will not see again.
'Bolstering India's conventional military capability against China is in America's strategic interest,' says military historian Colonel Anil A Athale (retd).
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