Government invokes stock limit on onions to check prices

The centre has imposed a stock limit on the amount of onion which a trader can hold, to check the rise in price of onion. Onion prices are skyrocketing because of the damage caused to Kharif Crops by heavy rains in many parts of the country. The government has invoked the Essential Commodities(Amendment) Act which was amended last month in the Parliament. This law allows the government to regulate perishable commodities incase of extraordinary price rise.

Read More Here

Flipkart to buy 7.8% stake in Aditya Birla Fashion and Retail

Walmart-owned Flipkart has said in a statement that it will buy a 7.8% stake in Aditya Birla Fashion and Retail Limited (ABFRL) for Rs.1500 crore($204 Million). The shares of ABFRL jumped 7.49% once the news broke. The company said that it plans to scale up existing businesses and strengthen its market position.

Read More Here

UK Regulators penalise Goldman Sachs 96.6 Million Pounds

Uk enforcement agencies have decided to fine Goldman Sachs an amount of 96.6 Million Pounds(Rs. 925 Crores). The company has been fined $2.9 Billion by the US Justice Department at the same time. Goldman Officials have been named in multiple bribery cases amounting to across USA, UK, Malaysia and some of the Gulf countries with a company name 1MDB involved as well. 

Read More Here

SBI Card sees spike in defaults, spending dips 10%

SBI Card has seen a spike in defaults. The company said that the Gross NPAs of the company have risen from 2.3% to 4.3% over a year’s time. The company also stated that the card spending has also dipped by 10% because of the pandemic. 9% of the company’s total advances are under the RBI’s resolution plan which indicates that some of the card holders are under financial distress.

Read More Here

Essar Group to invest Rs.35000 crore in Gujarat

The Essar group has charted out a plan to invest close to Rs.35,000 crores for a steel manufacturing project in Gujarati. It has submitted a proposal to set up a steel plant with 8MT of annual capacity. Essar plans to invest Rs.10000 crore to set up a commercial port. The company also intends to set up a Liquid Natural Gas(LNG) terminal at Hazira in Gujarat.

Read More Here

Yes Bank Q2 Results

Yes Bank has announced its Q2 results. The bank has posted a net profit of Rs. 129.37 crores. The bank had posted a loss of Rs. 600 crores in the corresponding quarter last year and a profit of Rs.45.44 crores in last quarter(Q1FY21). The Gross NPA(Non-Performing Assets) of the company reduced from 17.30 per cent to 16.30 percent over a quarter. 

Read More Here

Tech Mahindra Q2 Results

Tech Mahindra has posted its Q2 results on Friday. It declared a 5.2% decline in net profit(YoY). The net profit stands at Rs1,064.60 crores for Q2. The total revenue of the company grew by 3.32%(YoY) to Rs.9371.8 crores. The board has proposed a special dividend of Rs.15 per share.

Read More Here

IDBI Bank Q2 Results

IDBI Bank on friday has reported a net profit of Rs.324 crores for Q2 as compared to Rs.144 crores in Q1. The bank’s Gross NPAs improved from 29.43% to 25.08% over a year. The bank has also made COVID-19 related provision of ₹ 247 crore in Q4FY20 quarter and ₹ 189 crore in Q1FY21

Read More Here

JSW Steel Q2 Results

JSW Steel on Friday posted a 37.7% decline in net profit for Q2FY21. The net profit stood at Rs.1593 crores for Q2.Total revenue increased by 9.63 per cent YoY to Rs 19,264 crore. The company achieved an average capacity utilisation of close to 86 per cent for the quarter.

Read More Here

Biocon Q2 Results

BioPharma-company Biocon has reported a profit of Rs.169 crores for Q2FY21. The profit has declined 22% YoY. Biocon has reported a 10% rise in revenue to Rs.1670 crores. Biocon has extensively been working on COVID-19 related pharmaceutical products

Read More Here

Latest

Advertisement