Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 12 per cent rise in December quarter net profit on improving oil-to-chemical business, strong continued momentum in retail and steady telecom unit Jio.
While FIIs have pumped in nearly Rs 17,000 crore, MFs have been net buyers to the tune of Rs 9,000 crore.
Reliance announced a rights issue of Rs 53,125 crore, which it said was the biggest in India.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
The trend is expected to gain momentum as global vehicle makers in India, particularly from Japan, ride on hybrids to meet the more stringent fuel efficiency norms that take effect in 2022.
'I think public awareness should be created and laws should not be made only for the sake of politics'
However, the reduction in ATF prices will provide some cushion to airlines engaged in a protracted price war have lost control over pricing in one the world's most price sensitive domestic markets.
While LPG price was raised by Rs 18, kerosene saw a hike of Rs 3 per litre
'The classic thing we need as a country is the virtuous cycle where you have robust demand which leads to more capital spending which in turn leads to more job creation and more money in the hands of people.'
The air pollution problem in the national capital won't go away till we take action -- such as ban the use of dirty fuels, ramp up public transport and oversee crop burning, says Sunita Narain.
Mumbai, Bengaluru, and Kochi airports have hiked their landing charges by up to 45 per cent, increasing the operating cost for airlines at a time they are facing financial constraints because of the two months of grounding and weak demand.
The auto industry, however, said any such step to impose additional taxes on the sector will not 'make sense'.
'Good investment opportunities should not be missed.'
Govt may not announce any new concessions in excise duty
Noting that oil prices had gone down after the BJP-led government came to power in May 2014, before they went up, Prasad said it is a problem whose solution is not in its hands.
In a much-needed relief to cash-strapped airlines, this is the second straight monthly reduction in rates and the biggest single cut ever.
Consolidated revenue rose to a record Rs 163,854 crore.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
With decline in number of fresh COVID-19 cases and easing of restrictions, the country's gross domestic product (GDP) will grow at 8.5 per cent in FY2021-22, according to credit rating agency Icra Ratings. It expects the gross value added (GVA) at basic prices (at constant 2011-12 prices) to grow at 7.3 per cent in FY2022. "The impact of the second wave of COVID-19 and the ensuing state-wise restrictions was seen across a variety of high frequency indicators in April-May 2021.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
India's economy is likely to grow by 12 per cent in 2021 following a 7.1 per cent contraction last year, as near-term prospects have turned more favourable, Moody's Analytics said. A stronger than expected December quarter GDP growth of 0.4 per cent following a 7.5 per cent contraction in the previous three months has turned India's near-term prospects more favourable, it said. Domestic and external demand has been on the mend since the easing of restrictions, which has led to improved manufacturing output in recent months.
Weeks after confusion over three Mauritius-based funds whipsawing shares of Adani group firms, billionaire Gautam Adani on Monday said that "twisted narrative" seems to imply that companies have regulatory powers over their shareholders and can compel disclosures. Shares of port-to-energy group nosedived last month after reports that accounts of three of the six Mauritius-based funds that have invested most of their money in Adani group firms had been frozen by the national share depository. The three funds owned about $6 billion of shares across the conglomerate.
'Nirmalaji's Budget announcements have long-term implications and are not backed by enough money when the short-term outlook looks bleak,' notes T N C Rajagopalan.
Trinamool Congress (TMC) supremo Mamata Banerjee on Saturday trained her guns on the Congress, saying that Prime Minister Narendra Modi will become more powerful as the grand old party is not serious about politics, and alleged that the country is suffering because that party does not take decisions.
For the Rs 599 offer, taxes and other fees and charges, barring fuel surcharge, would be additional, but the Rs 1,999 offer is all-inclusive
India lost around 38.5 thousand hectares of tropical forest in the last decade. Nearly 14 per cent of the country's tree cover! It is one thing for Modi to announce that India will reach a net-zero level of emissions in 2070. But if it is serious, it needs to start today, points out Ramesh Menon.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
Smokers and tobacco consumers will have to shell out more for their indulgence as Finance Minister Arun Jaitley continued with the crackdown on cigarettes and tobacco products by increasing taxes in the Budget for 2017-18.
Profit from its retail business jumped 77 per cent to Rs 1,923 crore and that from telecom rose by 78.3 per cent to Rs 2,665 crore.
For years it has been evident that fibre and DTH would give tough competition to cable in India where regulatory overload has mutilated an already warped industry structure. OTT added fuel to the fire. From Rs 27,000 crore in 2010, cable's share of subscription revenues is now estimated at Rs 13,000 crore.
Since the Budget announcement on July 5, FIIs have been busy unloading their stock.
After the hit of the pandemic, India Inc is now worried about the adverse impact of inflation and higher commodity prices on their revenues and margins. The inflation scare is the strongest among manufacturers of consumer goods such as automobiles, consumer durables, and fast-moving capital goods (FMCG). Companies across sectors fear they will not be able to pass on the hike in input costs to their consumers due to weak demand, which, in turn, would lead to a hit on margins and profitability in the forthcoming quarters.
Vistara launched first flight from Hyderabad to New Delhi on Sunday.
Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demand.
The stage is set for a showdown between the government and the Opposition over the GST or Goods and Services Tax Bill in the monsoon session of Parliament, which begins on Monday.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
Petrofed, a body representing both public and private sector companies like Indian Oil Corp and Reliance Industries, has written to the government seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel and natural gas in the goods and services tax that is likely to come into effect from next year.
Audi's strategy seems to point to pushing technology to directly connect with consumers using digital platforms and marketing to synchromesh into one seamless experience, says Pavan Lall.
Hatneihoi Hangshing, a law student from Nagaland, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
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