BUSINESS

17 Jul

Reliance Retail to acquire controlling stake in Just Dial for Rs 3,497 cr

editor0 CommentsBUSINESS, Business, India

Reliance Retail Ventures Limited (RRVL), Just Dial and VSS Mani and others on Friday executed definitive agreements which will entail preferential allotment of 2.12 crore equity shares, equivalent to 25.33 per cent post preferential share capital, at a price of Rs 1,022.25 per share. Post the agreements, RIL will acquire 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62 per cent post preferential share capital) at a price per share of Rs 1,020. RRVL will hold 40.95 per cent and would make an open offer to acquire up to 26 per cent stake in accordance with takeover…

16 Jul

Indian economy to witness substantial slack in FY22

editor0 CommentsBusiness, BUSINESS, India

Reserve Bank of India (RBI) has said that there will be “substantial slack” in growth for the Indian economy, although it is poised to recover and witness positive growth in the current fiscal. The RBI Bulletin for July 2021 noted that the economy is struggling to regain the momentum of recovery that had started in the second half of 2020-21 but was interrupted by the second wave of Covid. “Even with a 9.5 per cent GDP growth in 2021-22, there will be substantial slack in the economy and demand pressures may take some more time to become evident,” it said.…

16 Jul

No fuel price hike on Friday

editor0 CommentsBusiness, BUSINESS, India

Oil marketing companies kept the retail price of petrol and diesel unchanged on Friday to analyse the global oil price movement before making further revisions. Accordingly, petrol continues to be priced at Rs 101.54 a litre and diesel 89.87 a litre in the national capital. On Thursday, oil companies raised the price of petrol and diesel by 35 paise and 15 paise per litre respectively in the National capital taking the fuel rates to new highs. Across the country as well the fuel prices remained unchanged on Friday but the rates varied depending on the level of local taxes in…

15 Jul

Mastercard ban: RBL Bank’s credit card issuance to take hit, switches to Visa

editor0 CommentsBUSINESS, Business, India

RBL Bank said that its credit card issuance rate will be impacted post the Reserve Bank barring Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22. RBL Bank, which currently issues credit cards on the Mastercard network only, said it has entered into an agreement with Visa Worldwide on Wednesday to issue credit cards enabled on the Visa payment network. The bank expects to start issuing credit cards on the Visa payment network post the technology integration, which is expected to take 8 to 10 weeks. “Our bank’s current run rate of…

15 Jul

L&T Tech Services shares zoom over 17 pc after Q1 earnings

editor0 CommentsBusiness, BUSINESS, India

Shares of L&T Technology Services (LTTS) on Thursday zoomed over 17 per cent after the company reported a massive jump in its June quarter net. At 1.54 pm, LTTS stock zoomed 17.72 per cent to Rs 3,426, with its 52-week high of 3447.35 at the BSE. L&T Technology Services on Wednesday reported an 84 per cent jump in its June quarter net at Rs 216.2 crore, largely on widening margins. The company, the engineering and research and development services arm of the infra major L&T, had posted a net profit of Rs 117.2 crore in the year-ago period. Its overall…

15 Jul

Skill, reskill & upskill: Modi’s mantra for ‘Aatmanirbhar Bharat’

editor0 CommentsBusiness, BUSINESS, India, Political

Underlining the importance of skills in the Indian culture, Prime Minister Narendra Modi on Thursday exhorted the stakeholders to continuously “skill, reskill and upskill” to achieve ‘Aatmanirbhar Bharat’ (self-reliant India) goal, and that India providing smart and skilled manpower solutions to the world should be at the core of strategy of skilling our youth. He said skill development of the new generation is a national need and is the foundation of ‘Aatmanirbhar Bharat’ to take India forward from 75 years to 100 years. Taking note of huge demand for reskilling due to fast changing technology, the Prime Minister emphasised that…

14 Jul

Adani Group in-charge of management Mumbai Int’l Airport after clearance from CIDCO, GoM

editor0 CommentsBusiness, BUSINESS, India

The Adani Airport Holdings Ltd (AAHL) has taken over the management control of Mumbai International Airport Limited (MIAL), India’s second busiest airport by both passenger and cargo traffic, from the GVK Group following a board meeting of MIAL held on Tuesday, as per a statement issued by its parent company Adani Enterprises Limited. This new move is in line with approvals were received from the Government of India, the City and Industrial Development Corporation (CIDCO) of Maharashtra, and the Government of Maharashtra. MIAL is India’s second busiest airport both in terms of passenger and cargo traffic. With eight airports under…

14 Jul

Vaccination leads to reduced ICU stay, treatment cost

editor0 CommentsBUSINESS, Business, Covid Vaccine, Covid19, India

A cohort study on the impact of vaccination among Covid-19 patients by Star Health and Allied Insurance has unveiled the significant impacts of vaccination among individuals 45 years and above, IndiaMedToday reported. The study concluded that there was a marked reduction in the total hospitalisation expenses by approximately 24 per cent, the average length of stay (ALOS) by a mean of 2.1 days, ICU requirement by 66 per cent and a reduction of approximately 81 per cent in mortality among patients who had completed two doses of vaccination. The report said the study was conducted during the second wave (March…

14 Jul

No fuel price hike for 2nd day in a row

editor0 CommentsBUSINESS, Business, India

The oil marketing companies kept the retail price of petrol and diesel unchanged on Wednesday, the second consecutive day of no change, to analyse the global oil price movement before making further revisions. After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over continuation of production cuts and demand concerns over rising Covid cases in several European countries. With price pause on Wednesday, petrol continues to be priced at Rs 101.19 a litre and diesel at 89.72 a litre in the national capital. On Monday, oil companies had raised the…

13 Jul

Power demand in India expected to grow 6 pc in FY22: Icra

editor0 CommentsBusiness, BUSINESS, India

Demand for electricity in India is expected to grow 6 per cent in 2021-22 as compared to the previous fiscal year, rating agency Icra said on Tuesday. It has also estimated power generation capacity addition at 17- 18 GW for the ongoing fiscal year. “ICRA Ratings has estimated the all India electricity demand growth at 6.0 per cent for FY2022 on a year-on-year (YoY) basis, considering the favourable base effect, relatively lesser impact of the second wave on electricity demand and the pick-up in the vaccination programme,” an Icra statement said. The electricity demand slowed down during the first two…