India to start Covid-19 vaccination drive from January 16

The Central Government announced that the nationwide Covid-19 vaccination drive will be launched on January 16. Priority will be given to nearly three crore healthcare and frontline workers. The decision was taken after Prime Minister Narendra Modi reviewed the status of India’s Covid-19 situation and vaccine preparedness. After healthcare and frontline workers, priority will be given to those above 50 years of age and the under-50 population groups with pre-existing health conditions. Around 30 crore people will be vaccinated in the first phase.

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Avenue Supermarts Q3 Results: Net Profit rises 16% YoY to Rs 447 crore

Avenue Supermarts Ltd (DMart) reported a 16% year-on-year (YoY) increase in consolidated net profit to Rs 447 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 384.04 crore in the corresponding period of FY20. Revenue from operations rose 10.8% YoY to Rs 7,542 crore in Q3 FY21. The company stated that its overall sales and sales mix is trending closer to its usual times, except for specific customer consumption changes post Covid-19.

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Reliance Infra completes sale of 74% stake in PKTCL to IndiGrid for Rs 900 crore

Reliance Infrastructure Ltd has completed the sale of its entire 74% equity stake in Parbati Koldam Transmission Company Ltd (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of Rs 900 crore. PKTCL was a joint venture (JV) between Anil Ambani-led Reliance Infra and Power Grid Corporation of India Ltd (PGCIL). The divestment is a part of Reliance Infrastructure’s plan to divest assets to reduce debt.

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India’s fuel demand at 11-month high in December

India’s fuel demand rose for the fourth straight month in December, as the resumption of economic activity took consumption to an 11-month high. According to provisional data released by the Oil Ministry’s Petroleum Planning and Analysis Cell, the total demand for petroleum products in December 2020 stood at 18.59 million tonnes. India had consumed 17.86 million tonnes in November.

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CBI books Coastal Projects Ltd in connection with Rs 4,736 crore bank fraud

The Central Bureau of Investigation (CBI) has filed a case against Hyderabad-based Coastal Projects Ltd for allegedly causing a loss of over Rs 4736 crores to a consortium of banks led by the State Bank of India. CBI conducted searches at the premises of Coastal Projects, its Chairman and Managing Director Sabbineni Surendra, and other directors. Several incriminating documents have been recovered as part of an ongoing probe, which also accuses many public servants. The loan account of the company was declared fraud in February 2020.

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Shipping Corporation to partner with IWAI to commence coastal shipping service

Shipping Corporation of India (SCI) will collaborate with the Inland Waterways Authority of India (IWAI) to commence coastal shipping services. The service will be undertaken by its Kolkata-based wholly-owned subsidiary- Inland & Coastal Shipping. The proposed development assumes significance after another state-run entity, Container Corporation of India, had discontinued its coastal shipping operation.

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Mamata Banerjee allows 100% occupancy in cinema halls in West Bengal

West Bengal Chief Minister Mamata Banerjee has allowed 100% occupancy in cinema halls in the state but asserted following precautionary measures in the view of Covid-19. The decision comes a few days after the single screen owners sent a letter to the chief minister. They cited lesser revenues since the reopening of cinema halls in October and no known instance of the spread of Covid-19 through theatres as the basis of their demand.

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RBI approves re-appointment of Vishakha Mulye as ICICI Bank Executive Director

The Reserve Bank of India (RBI) has approved the re-appointment of Vishakha Mulye as an Executive Director of ICICI Bank for a three-year period. The bank stated that the re-appointment is effective from January 19. ICICI Bank further stated that Shareholders at the Annual General Meeting on August 24, 2020, had already approved the re-appointment of Mr. Mulye for a period of five years effective from Jan 19, 2021. 

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Tech Mahindra’s market cap crosses Rs 1 lakh crore mark

Tech Mahindra Ltd’s market capitalisation went past the Rs 1 lakh crore mark, helped by a rally in its stock price on Friday. At the close of trade, the company’s market valuation was at Rs 1.02 lakh crore on the NSE. The IT company’s shares saw a rise of 5.35% to close at Rs 1,048 on the NSE on Friday. Tech Mahindra has become the fifth IT firm to enter the Rs 1 lakh crore market capitalisation club, after TCS, Infosys, HCL Technologies, and Wipro.

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