India is considering selling up to a quarter of state-run refiner Bharat Petroleum Corp Ltd after failing to attract suitors for the whole firm, two officials said, as the government’s divestment programme moves slower than expected. New Delhi is considering inviting bids for a 20%-25% stake in BPCL, instead of an outright sale of its entire 52.98% holding, the two government officials, who declined to be named, told Reuters.
Telecom major Bharti Airtel reported a nearly three-fold rise in net profit at Rs 2,008 crore in the Q4FY22 led by gains from tariff hikes and exceptional income. In the same quarter last year Airtel posted a net profit of Rs 759 crore. Meanwhile, consolidated revenue for the quarter rose 22.3 per cent to Rs 31,500 crore on a year-on-year basis. The management said that a strong balance sheet and cashflows enables them to pay spectrum liabilities.
The Reserve bank of India (RBI) on Tuesday said that it has rejected six applications of licenses to set small and universal bank licenses after finding them unsuitable..Bansal’s firm Chaitanya India Fin Credit Pvt. Ltd was among 11 applications for setting up a bank under the RBI guidelines for on-tap licensing of universal banks and small finance banks. The five other applications that were also rejected by the central bank are UAE Exchange and Financial Services Ltd, REPCO Bank and a consortium led by former Citibank employee Pankaj Vaish. For small finance bank licence, RBI has found unsuitable applications of VSoft Technologies Pvt. Ltd and Calicut City Service Co-operative Bank.
The Wholesale Price Index-based inflation rate surged to a record high of 15.1 per cent in April, with rise in prices of vegetables, fruits, milk and fuel, government data released on Tuesday showed. WPI inflation has been in double digits for the thirteenth months in a row now. According to the data released last week, retail inflation had also surged to an 8-year high of 7.79 per cent in April. As such, another round of repo rate hike is expected in June, with its quantum being as high as 40 basis points.
The RBI’s latest meeting’s minutes, where it delivered a surprise rate hike of 40 bps points, will be released today, and will be on investors’ radar.
Zydus Lifesciences: The pharmaceutical firm said its board will meet on May 20 to consider share buyback. The stock was under pressure since November 2011 and corrected nearly 50 percent from its high of Rs 664 a share.
Moving on to marketsThe Sensex and Nifty are looking to start Wednesday’s trade on a quite note, after gaining the most in three months the previous day.
US stocks surged overnight with the Dow gaining 1.34 per cent. Most Asian markets gained this morning.
Oil prices were also up in early deals on hopes of demand recovery in China as the country eases its Covid-19 restrictions.
Brent crude futures rose 1 per cent each to $113 a barrel.
Business Term of the day
An open offer takes place when the company wishes to raise capital efficiently. As a secondary market offering, the open offer allows stakeholders of a company to buy shares/stocks at a lower price when compared to the stock’s prevailing market price.
In this episode, find out about Spandana Sphoorty’s decision to resolve differences with founder Padmaja Reddy, also find out about SBI’s plan to take on competition from the HDFC- ... Read more
In this episode, find out about Spandana Sphoorty’s decision to resolve differences with founder Padmaja Reddy, also find out about SBI’s plan to take on competition from the HDFC-HDFC bank merger. Business Term of the Day: Prepaid Payment instruments Read more
In this episode, find out about SEBI’s penalty on RIL over Facebook deal news, also find out about Bank of India’s plan to raise capital of Rs 2500 cr. Business Term of the Day: G ... Read more
In this episode, find out about SEBI’s penalty on RIL over Facebook deal news, also find out about Bank of India’s plan to raise capital of Rs 2500 cr. Business Term of the Day: Google Tax Read more
In this episode, find out about Coal India’s plan to decarbonise operations, and also find out about the government’s plan to relaunch Banks Board Bureau Business Term of the Day: ... Read more
In this episode, find out about Coal India’s plan to decarbonise operations, and also find out about the government’s plan to relaunch Banks Board Bureau Business Term of the Day: Liberalised Remittance Scheme (LRS) Read more
In this episode, find out about what restrictions RBI has lifted on global card network Mastercard, also find out about the government’s decision to auction 5G airwaves Business ... Read more
In this episode, find out about what restrictions RBI has lifted on global card network Mastercard, also find out about the government’s decision to auction 5G airwaves Business Term of the day: Tokenisation Read more
In this episode, find out about Bharat Pe co-founder Ashneer Grover’s new start up plans, also find out about the government’s decision to auction 5G airwaves Business Term of the ... Read more
In this episode, find out about Bharat Pe co-founder Ashneer Grover’s new start up plans, also find out about the government’s decision to auction 5G airwaves Business Term of the Day: Rating agency Read more
In this episode, find out about SBI, IDBI bank hiking deposit rates, also find out about Bharti Airtel’s launch of Xstream multiplex. Business Term of the Day: WTO Read more
In this episode, find out about SBI, IDBI bank hiking deposit rates, also find out about Bharti Airtel’s launch of Xstream multiplex. Business Term of the Day: WTO Read more
In this episode, find out about Sequioa’s new Asian fund worth $850 m, also find out about Zydus Lifesciences’ Rs 750 crore share buyback Business Term of the Day: Stock split Read more
In this episode, find out about Sequioa’s new Asian fund worth $850 m, also find out about Zydus Lifesciences’ Rs 750 crore share buyback Business Term of the Day: Stock split Read more
In this episode, find out about RIL-Apollo’s race for Boots pharma chain, also find out about ADIA’s Rs 2200 crore investment in IIFL Home Finance Business Term of the Day: Repo ... Read more
In this episode, find out about RIL-Apollo’s race for Boots pharma chain, also find out about ADIA’s Rs 2200 crore investment in IIFL Home Finance Business Term of the Day: Repo linked lending rate Read more
In this episode, find out about RBI’s decision to hike the repo rate by 50 bps and the government’s decision to hike MSP for Kharif crops. Business Term of the Day: Standing Depo ... Read more
In this episode, find out about RBI’s decision to hike the repo rate by 50 bps and the government’s decision to hike MSP for Kharif crops. Business Term of the Day: Standing Deposit Facility (SDF) Read more
In this episode, find out PNB to invest Rs 500 crore in PNB Housing Finance, and also find out about HDFC Bank hiking the MCLR rate Business Term of the Day: Yield curve Read more
In this episode, find out PNB to invest Rs 500 crore in PNB Housing Finance, and also find out about HDFC Bank hiking the MCLR rate Business Term of the Day: Yield curve Read more
