The aviation regulator DGCA had on May 21 issued seven bands of ticket pricing with lower and upper fare limits.
Ola has reported its first operating profit of Rs 89.82 crore for 2020-21, even as the ride-hailing company's revenue declined 65 per cent to Rs 689.61 crore amid COVID-19 induced lockdowns. As per regulatory documents filed by ANI Technologies - the parent company of Ola - it had logged standalone operating profit (profit before finance cost, depreciation, amortisation and tax (EBITDA)) of Rs 89.82 crore in FY21 on a standalone basis, while it had registered a loss of Rs 610.18 crore in the preceding fiscal year.
This year, festive sales are expected to push up the annual gross merchandise value of e-commerce companies to around $38 billion, a 40 per cent growth over the previous year.
'Slower-than-anticipated recovery can be a bigger risk this time than a liquidity-driven event -- at least for India.'
From Covid to climate change, Shankar Acharya's look at some of the trends and events that might shape 2022.
Mobility company Ola's chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal are leaving the company. These developments come at a time when the SoftBank-backed company's core ride-hailing unit is planning to go public and for which it raised $500 million from Warburg Pincus and Temasek in July this year. These investment firms had partnered with the company founder Bhavish Aggarwal for this round.
Inflation targeting has worked well and the government must stay with it, and the framework is going to work well in the period ahead also, former RBI Governor D Subbarao said on Thursday. He also said low inflation contributes to sustainable growth. Addressing the 'Times Network India Economic Conclave' virtually, Subbarao said the government's proposal to privatise some public sector units is not akin to selling family silver but it is a route for putting India on a sustainable growth path.
Analysts attribute this withdrawal trend to the nervousness ahead of US presidential elections and the fact that the markets raced ahead even as the economic recovery remained fragile back home.
Major automakers, including Maruti Suzuki, Hyundai, Tata Motors, Mahindra & Mahindra, Kia, Toyota and Honda, on Thursday reported healthy growth in passenger vehicles sales in June, recovering from the disruptions induced by the second wave of COVID-19. The country's largest carmaker Maruti Suzuki India (MSI) posted total sales of 1,47,368 units in June, up from 46,555 units in May. Its domestic dispatches to dealers last month stood at 130,348 units, up from 35,293 units in May, as easing of COVID-related restrictions helped the auto major to dispatch more units to dealerships.
Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
Over the three-month period, Airtel's stock price has rallied from Rs 432 to Rs 540, while Vodafone Idea has risen from Rs 9.2 to Rs 11.8 per share.
Markets
'She gives me constructive criticism and makes my work even better.'
India's Rs 4.5-trillion fast-moving consumer goods (FMCG) sector was one of the first to bounce back from the lockdown induced blues, reporting a year-on-year (YoY) growth in the October-December quarter last year. That said, the overall consumption figures continue to remain depressed. The FMCG market, which includes daily consumables like branded atta, hand sanitizers, edible oils, shampoos, razors, and so on, recorded 7.3 per cent value growth during the period, while the smartphone market grew by 21 per cent.
The maker of Pulsar and Discover reported a net profit of Rs 1,138.20 crore in the second quarter, compared to Rs 1,402.42 crore a year ago.
Former ICC elite-level umpire Daryl Harper looks back at his controversial decision against Sachin Tendulkar in the 1999 Adelaide Test "everyday of my life" but says he proudly stands by what he believes was a correct decision. A bouncer from Australian pace spearhead Glenn McGrath had Tendulkar ducking and the ball hit him on his shoulders. Officiating in the game, umpire Harper deemed it as leg before wicket and to India's surprise, raised his finger, igniting a debate.
As per the survey, 7 per cent of employers anticipate an increase in payrolls, 3 per cent forecast a decrease and 54 per cent expect no change.
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.
The new owner may be allowed to dispose of assets accruing from the 10-26 per cent of the net assets of the company.
A slew of Indian firms, including Flipkart, Byju's and Zomato, is building a path to profitability and diversifying into newer business segments ahead of mega-IPO plans.
Srikanth, a former world number one, was left with a bloodied nose after going through multiple COVID tests ahead of the YONEX Thailand Open earlier this year.
While sales in the domestic market declined 4.2 per cent during the April-July period, exports grew steadily at 9.5 per cent during the same period.
In terms of stock selection, India continues to benefit from two phenomena - the big getting bigger and availability of quality stocks in relative abundance compared with its Asian peers.
Experts said banking is a play on the economy and the latest buying into this space is underpinned by hopes of a sharper-than-expected recovery in the economy.
It is Mumbai's favourite festival and is celebrated each year with fervour and frenzy. But when the city welcomes "Ganpati Bappa" this Friday, the celebrations will be low key. With a cap on the size of idols, ban on processions and restrictions on devotees visiting pandals, celebrations are toned down for the second year in a row. Festival budgets have shrunk and as a result, corporate sponsorships have dried out.
Close to 50 models were launched in India in the past 12 months, but companies have not been able to realise their potential due to the pandemic.
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
'There is a weak link between the economy and the stock market.'
Analysts, however, suggest investors remain selective on realty stocks and buy only where there is revenue visibility and a credible promoter backing.
Maya Dominic lists her favourite Rihanna numbers.
If everybody is 'working' from home, then how has TV consumption gone up? Who is making all that gourmet food being posted on social media?
The Pune-based company sells the Platina and CT brands in the entry-level - 100-110cc - segment.
Such businesses outperform non-family firms by 3% in first six months of CY20, says Credit Suisse report.
India was already in the midst of a protracted economic slowdown before the virus hit due to a festering crisis among shadow lenders and declining consumer demand and private investment. Service sector activity in India is still effectively on hold.
UBS, Credit Suisse see emerging markets doing well next year, but expect India to underperform, given its rich valuations.
Panagariya also pointed out that COVID-19 pandemic may lead to integration of global labour market.
Revenue from divestment has fetched Rs 40,000-50,000 crore against target of Rs 2.10 trillion.
Auto-debit payment bounces have gone up for the second consecutive month in May, emphasising the stress building up due to a halt in economic activities as authorities lock down various parts of the country to stop the spread of the virus in the second wave. According to the National Automated Clearing House (NACH) data, in May, of the 85.7 million transactions initiated, 35.91 per cent, or 30.8 million transactions, failed.
The place, a melting pot of people from the world of art and culture for decades, had downed its shutters on March 20 this year after the West Bengal government imposed a lockdown.
Ajit Gandhi explains how healthy habits adopted during the pandemic can help us lead a healthier and environment. friendly lifestyle.
