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27 Jul

Vedanta’s net profit zooms to Rs 4,280 cr for Q1FY22

editor0 CommentsBusiness, IndiaBusiness

Vedanta’s consolidated net profit for the quarter ended June 30 of the current financial year (2021-22) rose exponentially on a year-on-year basis. After taxes, the consolidated net profit of the natural resources company, non-controlling interests, and share in the profit of jointly controlled entities and associates but before exceptional items rose to Rs 4,280 crore. Besides, the profits attributable to owners of Vedanta rose to Rs 4,224 crore from Rs 1,033 crore reported for Q1FY21. Vedanta had reported Rs 1,033 crore during the same period of the previous financial year. The company’s Net Debt also came down to Rs 20,261…

27 Jul

Axis Bank buys 5.55 pc stake in fintech firm IBBIC

editor0 CommentsBusiness, IndiaBusiness

Axis Bank said it has bought 5.55 per cent stake in financial technology firm IBBIC. The bank has subscribed to 50,000 equity shares of face value of Rs 10 each fully paid up of IBBIC Private Ltd (IBBIC) for a consideration of Rs 10 per equity share constituting 5.55 per cent of the issued and paid-up capital of IBBIC, Axis Bank said in a regulatory filing. Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector. “Equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector,”…

27 Jul

At 29K, India records lowest new Covid cases in 132 days

editor0 CommentsCovid19, Health, IndiaCovid 19

India on Tuesday recorded 29,689 new Covid-19 cases, less than the 30,000-mark in 132 days, and 415 deaths, the Ministry of Health and Family Welfare data showed. After 124 days, the country now has 3,08,100 active cases which is less than the four lakh-mark. On March 14, India recorded 26,291 and on March 16, 28,903 new cases. The total number of deaths has reached 4,21,382 as per the government data. According to the government, 42,363 people were discharged from hospitals and health centres in the last 24 hours, taking the total number of cured to 3,06,21,469 till date as the…

26 Jul

By 2025, Covid will have cost world between $16 tn and $35 tn

editor0 CommentsBusiness, Covid19, India, WorldCovid 19, Lockdown

By 2025, Covid-19 will have cost the world between $16 trillion and $35 trillion, as per McKinsey. The world is unlikely to ever reach global herd immunity, but it can contain the virus with a combination of vaccines, improved testing, and smarter quarantining, based on known outbreaks, rather than large, blunt lockdowns, McKinsey said in a report. Obstacles to worldwide vaccination remain huge: while 49.6 per cent of inhabitants of high-income countries had received at least one dose of the vaccine as of July 14, only 1 per cent of those in low-income countries had. In the next two decades,…

26 Jul

No plan to print currency notes to tide over crisis: FM

editor0 CommentsBusiness, Indiafinance minister, Nirmala Sitharaman

The government has no plan to print currency notes to tide over the current economic crisis triggered by the outbreak of COVID-19 pandemic, Finance Minister Nirmala Sitharaman informed Parliament on Monday. To a question on whether there is any plan to print currency to tide over the crisis, the Finance Minister said, “No Sir”. Many economists and experts have suggested the government to resort to printing more currency notes to support the economy ravaged by the spread of COVID-19, and protect jobs. India’s real Gross Domestic Product (GDP) is estimated to have contracted by 7.3 per cent during 2020-21, Sitharaman…

26 Jul

Rs 1,060 cr spend on Chennai-Bengaluru Industrial Corridor project

editor0 CommentsBusiness, IndiaBengaluru 'most liveable city', chennai

A total of Rs1,060.02 crore has been spent during the last three fiscal years for the Chennai-Bengaluru Industrial Corridor project, the government told the Rajya Sabha. Answering a question raised by MDMK General Secretary Vaiko, the Minister of State for Commerce and Industry Som Parkash said the Cabinet Committee on Economic Affairs (CCEA) on 30th December, 2020, approved the project cost of Krishnapatnam node (Andhra Pradesh) and Tumakuru node (Karnataka) as Rs 2,139.44 crore and Rs 1,701.81 crore respectively. The timelines for the construction of trunk infrastructure in these two nodes is 36-48 months, the government said.

26 Jul

No revision in petrol, diesel prices

editor0 CommentsBusiness, IndiaBusiness, Fuel

Oil marketing companies (OMC) continued to pause fuel price revision for the ninth consecutive day on Monday, the longest period in weeks, as global development on oil production and rising US inventories has softened crude and product prices. However, they stopped short of reducing the retail price of petrol and diesel as more time will be required to study oil price movement before any downward revision. Already, crude has firmed a bit for last few days and this could prevent price cut by OMCs. With no change in prices on Monday, petrol continues to be sold in the national capital…

26 Jul

Relatives of Kargil martyrs go down memory lane as bravery of war heroes showcases in Dras

editor0 Commentsbreaking news, India, West Bengalkargil

With one day to go for the Kargil Vijay Diwas, a special event narrating the stories of Operation VIJAY that was fought to flush out the Pakistani troops from the Indian positions along the Line of Control (LOC) was organized by the Army on Sunday at Lamochen near Dras where an account of the epic battles on Tololing, Tiger Hill, Pt 4875 and other prominent features was narrated with these very landmarks visible to the audience in front of their eyes. Lt General MV Suchindra, GOC White Knight Corps, along with Kargil War Heroes Subedar Sanjay Kumar, Param Vir Chakra…

25 Jul

Telangana’s Ramappa temple conferred UNESCO heritage tag

editor0 CommentsIndiaIndia

The Unesco on Sunday recognised Telangana's historic 13th century Ramappa temple in Mulugu district as a world heritage site. "Just inscribed as @UNESCO #WorldHeritage site: Kakatiya Rudreshwara (Ramappa) Temple, Telangana, in #India. Bravo!" the United Nations Educational, Scientific and Cultural Organization announced on its official Twitter handle. The United Nations Educational, Scientific and Cultural Organization (UNESCO) on Sunday inscribed the 13th-century Ramappa in Palampet, Telangana a ‘World Heritage Site’. A consensus was reached in this regard during the ongoing virtual meet of the World Heritage Committee. While Norway opposed the inscription, Russia led an effort to have the temple recognised…

25 Jul

9 people dead in a Landslide in Himachal Pradesh`s Kinnaur

editor0 CommentsIndiaLANDSLIDE

on Sunday (July 25) Multiple landslides occurred near Batseri on Sangla-Chitkul road. According to sources Nine people were killed and three others injured in multiple landslides in Himachal Pradesh's Kinnaur district .11 people travelling in a tempo were hit by Heavy boulders, which left nine people dead and two severely injured.Prime Minister Narendra Modi expressed condolences for the victims.The police said they have started rescue operations .