GAIL director sees 10% increase in demand for Natural Gas by 2025

GAIL director ES Ranganathan has remarked that India may see the share of natural gas in total energy consumption rise to 10% by 2025.  Natural gas is an eco-friendly alternative to other fossil fuels, and the current central government has set a target of 20% share of the fuel out of total consumption by 2030.

He further went on to say that “with the ongoing expansion of gas transmission networks, gas demand from industry is likely to rise. Gas consumption from the refinery sector is also expected to grow as refineries on the east coast will get connected through planned expansion of the transmission line”.

GAIL is a large state-owned natural gas processing and distribution company in India

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RBI Governor Says Loan Restructuring Plan will help Revive Economy

RBI Governor Shaktikanta Das said that measures to allow Indian lenders to restructure loans will provide a “durable” resolution for cash-strapped businesses and help revive the economy

“On one hand the health of banks is very important and on the other hand businesses are under a lot of stress due to covid,” Reserve Bank of India Governor Shaktikanta Das Das said in an interview with CNBC-Awaaz on Friday.

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Covid-19 vaccine may be launched for public by first quarter of 2021 : Health Minister

Union Health Minister Harsh Vardhan has remarked that the vaccine to end the global pandemic is expected to arrive by early 2021. This is conditional to the fact that trials are successful, he added.

Currently two vaccines from India, namely Covaxin by Bharat Biotech and ZyCOV-D by Zydus Cadila are currently finishing phase II physical trials. 

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Saudi Arabia’s Public Investment Fund may invest up to $1 billion in Jio’s fibre assets

Saudi Arabia’s sovereign wealth fund is currently having discussions with Reliance Jio about investing close to $1 Billion in its pan-India fibre assets business. Currently, PIF is believed to be in the process of reorganising its $300 billion portfolios for which it is exploring various avenues of investment. Abu Dhabi Investment Authority (ADIA) also was on talks with Jio on a similar proposal to infuse approximately $1 billion in its pan-India fibre assets, people with knowledge of the matter

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India’s Public Sector Banks Will Need Rs 2.1 Lakh Crore Over Next Two Years: Moody’s

India’s public sector banks will need external capital of up to Rs 2.1 lakh crore over the next two years and the government will most likely plug this shortfall, Moody’s said.

Russia to begin Covid-19 vaccine trials on 40,000 people next week

Russia is about to begin testing its vaccine ‘Sputnik V’ next week on close to 40,000 people, the flag bearers of the project said. The results of the trails conducted previously for about two months have not been made public till now.

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Income tax refunds worth Rs 88,652 crore issued to 24.64 lakh taxpayers so far this fiscal

The Income Tax department said it has issued refunds worth Rs 88,652 crore to over 24 lakh taxpayers so far this fiscal. This includes personal income tax (PIT) refunds amounting to Rs 28,180 crore issued to over 23.05 lakh taxpayers and corporate tax refunds amounting to Rs 60,472 crore to over 1.58 lakh taxpayers during this period.

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Indian Overseas Bank earns a profit of Rs 121 crore in Q1

Government-owned Indian Overseas Bank (IOB) on Thursday posted a net profit of ₹121 crores in April to June quarter as against a net loss of ₹342 crores for in the same quarter last year. This was mainly due to a reduction in provisioning for bad loans and contingencies to ₹969 crore in Q1 FY21 as compared to ₹1,158 crore in Q1 FY20.

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UK state debt tops £2 trillion on COVID-19 support

British government debt has exceeded £2 trillion for the first time following massive state borrowing as the coronavirus pandemic pushed the UK economy into a record recession, official data showed on Friday. At the end of July, the total accumulated debt hit £2.004 trillion (US$2.61 trillion), the Office for National Statistics (ONS) said in a statement.

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Indiabulls Housing Finance Q1 results : Net profits fall 66% to Rs 273 crore

The private finance company has reported a net profit of Rs 272.5 crore in Q1 FY21, compared to Rs 790 crore in the same period last year. Revenue from operations has fallen

 33.7 per cent at Rs 2,574.6 crore as opposed to Rs 3,885 crore in the given period.

The company said in its filing that it plans to grow assets under management (AUM) by 12% , and expects a 7% growth in balance sheet this financial year. Indiabulls Housing Finance also believes that the worst is over, and that the coming quarters will be better.

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