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 Bharti Airtel signing 5G network agreements with Ericsson, Nokia, and Samsung, and also find out about ARCIL’s challenger bid for Yes Bank’s NPA por ... Read more
In this episode, find out about Bharti Airtel signing 5G network agreements with Ericsson, Nokia, and Samsung, and also find out about ARCIL’s challenger bid for Yes Bank’s NPA portfolio. Business Term of the Day: Unemployment Rate Read more
In this episode, find out about Zomato shareholder looking to raise $420 m via block deal, also find out about ITC exiting lifestyle retailing business Business Term of the Day: ... Read more
In this episode, find out about Zomato shareholder looking to raise $420 m via block deal, also find out about ITC exiting lifestyle retailing business Business Term of the Day: Windfall Tax Read more
In this episode, find out about Zomato halving loss of Rs 186 crore, also find out about GST collections rising to Rs 1.49 trillion in July Business Term of the Day: Credit ratin ... Read more
In this episode, find out about Zomato halving loss of Rs 186 crore, also find out about GST collections rising to Rs 1.49 trillion in July Business Term of the Day: Credit rating Read more
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business T ... Read more
In this episode, find out HDFC raising lending rate by 25 bps, and also find out why Ashok Leyland expects the CV industry to grow at a fast pace in the coming quarters Business Term of the Day: Statutory Liquidity Ratio Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal ... Read more
In this episode, find out why PNB has reported a 70% drop in net profit in Q1FY23, and also find out about IOC’s plan to invest around Rs 564 cr in various projects in West Bengal Business Term of the Day: Call Money Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of ... Read more
In this episode, find out about Tata Steel’s pact with a drone-based start-up for mining solutions, and also find out about Government’s revival package for BSNL Business Term of the Day: Profit Margin Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about ONGC signing MoU with Greenko, and also find out about Wipro’s partnership with Nokia Business Term of the Day: Balance of payment Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Bajaj Finerv’s proposal for a stock split, also find out about market action ahead of US Federal Reserve meet. Business Term of the Day: Recession Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: ... Read more
In this episode, find out about Infosys raising revenue guidance for FY23, also find out Vodaafone Idea’s CFO Akshay Moondra to take charge as new CEO. Business Term of the Day: Gross refining margin Read more
In this episode, find out about ITC’s new super app for farmers, and also find out about Reliance Brands’ partners with Maison Valentino. Business Term of the Day: European Centr ... Read more
In this episode, find out about ITC’s new super app for farmers, and also find out about Reliance Brands’ partners with Maison Valentino. Business Term of the Day: European Central Bank Read more
