1. Reliance Industries breaks into top 100 global companies

Another day, another feat for Reliance Industries. Mukesh Ambani led RIL breaks into the top 100 global companies in the Fortune Global list. They have jumped 10 places to land a spot at the 96th position. This is the second time Ambani’s oil-to-telecom conglomerate has jumped into the top 100 list. They had acquired 99th spot in 2012 but slipped downwards after later. 

Read more here.

2. Russia Launches World’s First COVID Vaccine

Russian President Vladimir Putin launched the world’s first COVID-19 vaccine. It dubbed its newly launched vaccine against the virus “Sputnik V” after the Soviet satellite. 

Putin also emphasized that the vaccine underwent the necessary tests. He added that one of his two daughters has received a shot of the vaccine and is feeling well.

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3. Manmohan Singh suggests 3 ways to restart economy

Former Prime Minister of India and one of the leading figures of 1991 economic reform, Manmohan Singh, has listed three steps to revive the Indian economy. His three advices are :

1) Direct cash assistance to ensure people’s livelihoods are protected.
2) Government-backed credit guarantee programmes to help struggling businesses.
3) Institutional autonomy and processes to fix the country’s financial sector.

Read more here.

4. KEC International Q1 FY21 results: Net profits rises; beats street estimates

KEC International has declared a net profit of Rs 88.61 crore for the April-June quarter. The reported numbers have beaten market expectations. This is 2% higher than what was reported in the same quarter previous year. KEC International is a Construction engineering company and is India’s second-largest manufacturer of electric power transmission towers. The company focussed on cost optimisation and has ramped up its operations quickly since the lockdown was lifted.

Read more here.

5. Shree Cements Q1 FY21 results: 14% drop in net profits amid COVID-19

Cement maker Shree Cement declared a 13.5% fall in the net profit YoY. Last year Rs 382 crore net profits were recorded against Rs 330.35 crore recorded during this quarter. The fall is mostly because of the poor operating performance which was affected by the national lockdown. As states lift their restrictions, the company is expected to perform better this quarter.

Read more here.

6. Power Grid Q1 FY21 results: YoY 18% drop in net profits

State-owned Power Grid Corporation of India reported an 18% fall in net profits for the quarter ending June. The company is responsible to generate half of the power required by the country. The reason behind this fall is increasing expenditures. Year-on-year total expenses increased from Rs 5,982 crore to Rs 6,277 crore.

Read more here.

7. Sony, Viacom18 merger to help SonyLIV, VOOT increase revenue by 30%

Sony Pictures Networks and Viacom18 Media Pvt Ltd’s imminent merger is likely to help their respective video streaming platforms, SonyLIV and VOOT, come together to form an entity that will have 20-30% higher revenue than the two did individually.

Both SonyLIV and VOOT have so far remained in the middle of the OTT spectrum in India that is dominated by Disney+ Hotstar, Netflix, Amazon Prime Video and to an extent, ALTBalaji. The merger could bring the necessary push required to get into the big leagues.

Read more here.

8. SoftBank reports 12% rise in Q1 net profit

SoftBank Group Corp on Tuesday reported a 12% rise in net profits in the first quarter. The company broke tradition by not report operating profit, saying it was “not useful” as a measure of the conglomerate’s investment performance.

Net profit was 1.3 trillion yen ($12.3 billion) in the April-June quarter after the group booked a gain following the merger of U.S. wireless carrier Sprint with T-Mobile US Inc.

Read more here.

9. Bajaj Electricals reports net loss of Rs 16.6 crore for Q1

Bajaj Electricals on Tuesday reported a consolidated net loss of Rs 16.60 crore for the first quarter ended June 30, 2020, on account of lower-income. The company had posted a net profit of Rs 13.70 lakh in the April-June quarter a year ago.

Bajaj Electricals said, due to the outbreak of Covid-19, the company’s operations have also been impacted in the months of March 2020, April 2020 and May 2020 because of temporary suspension of manufacturing facilities, sales and distribution and execution of engineering, procurement and construction contracts following the lockdown.

Read more here.

10. Central Bank Of India posts Rs 135 crore Profit in Q1

Central Bank of India on Tuesday reported a 21% rise in its consolidated net profit at Rs 147.21 crores in the quarter ending June. The bank had posted a net profit of Rs 121.61 crore during the same quarter a year ago.

The bank showed improvement in its asset quality as the gross non-performing assets (NPAs) or bad loans, as a percentage of gross advances as on June 30, 2020, fell to 18.10 per cent from 19.93 per cent as on June 30, 2019.

Read more here.

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