Gautam Adani sees COVID-19 as opportunity for faster transition to clean energy

29/05/2020
MUMBAI, MAY 28: Billionaire Gautam Adani on Thursday said COVID-19 had an immediate economic impact but the pandemic presents an opportunity to design a new and faster transition to a low-carbon future as he expects the price of solar modules to drop further."While the immediate economic impact may slow us down, we are presented with an opportunity to pause, rethink, and design a new and faster transition to a low-carbon future," he said.In January, Adani had said that his group is aiming to be...

Rupee slips further by 5 paise to 75.76 against dollar on US-China tensions

29/05/2020
NEW DELHI, MAY 28: The rupee on Thursday declined by 5 paise to settle at 75.76 against the US currency as escalating tension between the US and China boosted the demand for the dollar. Forex traders said the rupee traded in a narrow range as a flare-up in the US-China tensions and losses in Asian currencies weighed on the local unit despite gains in equities market.At the interbank forex market, the rupee opened weak at 75.90 but pared most of the initial losses to settle at 75.76 against the...

TVS Motor implements temporary pay cuts for employees

27/05/2020
CHENNAI, MAY 26: TVS Motor Company has cut staff salaries by up to 20 per cent for a period of six months, beginning May, amid coronavirus pandemic. The two-wheeler major has decided to reduce salaries at executive level, barring entry level workmen, from May till October this year. "In the wake of the unprecedent crisis, the company has rolled out a temporary salary reduction across different levels for a period of six months (May to Oct, 2020)," a TVS Motor Company spokesperson told .There wi...

Reliance Industries rights issue ends in a week: 5 reasons why you should subscribe to it

27/05/2020
MUMBAI, MAY 26: Reliance Industries' Rs 53,125 crore mega rights issue opened for subscription by shareholders on Wednesday, it became the first issue where eligible shareholders got the rights entitlements (REs) in demat, which could be traded on stock exchanges. RE's intrinsic value is the difference between RIL share price and the Rights Issue price of Rs 1,257. At RIL's VWAP of Rs 1,442.3, the RE''s intrinsic value stood at Rs 185.3 on Friday (Difference between Rs 1,442.3 and Rights Issue...

Earnings of Sensex companies to decline up to 8 per cent: Analyst

27/05/2020
MUMBAI, MAY 26: Earnings of BSE Sensex companies will contract by up to 8 per cent in 2020-21 on the broader economic worries, and hopes of gains in equities should be pinned on a decrease in infections or a fiscal stimulus, an analyst said on Tuesday. Majority of the countries world over like Singapore and the US have given large fiscal stimulus packages which India is yet to announce, Bank of America Securities' India equity strategist Amish Shah said. The GDP growth in India is set to cont...

Bharti Telecom sells 2.75 per cent stake in Airtel for Rs 8,433 crore to institutional investors

27/05/2020
MUMBAI, MAY 26: Promoter firm Bharti Telecom has sold 2.75 per cent stake in Airtel to institutional investors in the secondary market, raising over Rs 8,433 crore, the company said on Tuesday. The sale proceeds will be fully utilised to repay debt at Bharti Telecom and will make the promoter holding firm a 'debt free company', it said.Bharti Group and Singtel will continue to hold a majority stake in Bharti Airtel at 56.23 per cent after the transaction, the company added.The shares were sold...

Gold falls as potential Japan stimulus boosts risk appetite

26/05/2020
NEW DELHI, MAY 25: Gold declined on Monday as Japanese equities rose on news of a potential stimulus programme that boosted investors’ risk appetite, though fresh tensions over Hong Kong limited the metal’s fall.Spot gold was down 0.5% at $1,726.18 per ounce by 0512 GMT US gold futures were fell 0.5% to $1,726.60.“I think the play into stocks and other risk assets has probably supported the risk appetite, and diminished the appeal for gold in the short term,” said IG Markets analyst Kyle Rodd...

Electricity consumption in India slowly returning back to pre-lockdown levels

26/05/2020
NEW DELHI, MAY 25: Power demand in India, which had gone down during the lockdown period due to several industries, businesses temporarily suspended operations, is slowly getting back to what it used to be during pre-lockdown times. The power demand is returning back to the pre-lockdown levels as industries, businesses are reopening slowly after relaxations from the government in the lockdown rules, live mint reported. Meanwhile in Delhi, amid the lockdown, the power demand in the national c...

As Tirupati temple struggles to pay staff, 50 immovable properties to be auctioned

26/05/2020
Uttarakhand, MAY 25: To revive its plummeting financial condition, Tirumala Tirupati Devasthanams (TTD) has decided to auction 50 immovable properties in Andhra Pradesh, Tamil Nadu, and Uttarakhand. The Chairman of TTD Board, YV Subba Reddy said that the properties that are to be auctioned include tiny houses and house plots measuring between 1 cent and 5 cents and farming lands between 10 cents and below one acre. All the properties which are to be put on auction are unviable, not useful, and ...

Govt's wheat procurement surpasses last year's level of 34.1 mn tonnes despite COVID hurdles

26/05/2020
MUMBAI, MAY 25: The government's wheat procurement so far in the 2020-21 marketing year has surpassed the last year's 34.13 million tonnes, surmounting all impediments in the wake of the COVID-19 outbreak. Wheat procurement target has been set at 40.7 million tonnes (MT) for the 2020-21 marketing year. Although the wheat marketing year runs from April-March, the bulk of procurement is normally done in the first three months. State-run Food Corporation of India (FCI) and state agencies undertake...

HDFC Ltd Q4 profit declines 10 pc to Rs 4,342 crore

26/05/2020
MUMBAI, MAY 25: Housing finance firm HDFC Ltd on Monday reported a 10 per cent decline in consolidated net profit to Rs 4,341.58 crore for the fourth quarter ended March 31. The company's net profit (before adjustment of minority interest) was Rs 4,811.26 crore in January-March quarter of 2018-19. The board has proposed a dividend of Rs 21 per share of the face value of Rs 2 per unit, HDFC Ltd said in a regulatory filing.On a standalone basis, the profit of HDFC during the quarter slipped by 2...