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 NHPC’s Rs 62.4 k crore storage plants push, and also find out Zomato will announce its Q4 nos Business Term of the Day: Excise Tax Read more
In this episode, find out about NHPC’s Rs 62.4 k crore storage plants push, and also find out Zomato will announce its Q4 nos Business Term of the Day: Excise Tax Read more
In this episode, find out why Equitas founder PN Vasudevan resigned, also find out about Indonesia’s decision to lift ban on edible oil exports Business Term of the Day: GST Read more
In this episode, find out why Equitas founder PN Vasudevan resigned, also find out about Indonesia’s decision to lift ban on edible oil exports Business Term of the Day: GST Read more
In this episode, find out why investors are looking at a sharper rate hike from RBI, also find out about the new CEO at Indigo. Business Term of the Day: Tariff Read more
In this episode, find out why investors are looking at a sharper rate hike from RBI, also find out about the new CEO at Indigo. Business Term of the Day: Tariff Read more
In this episode, find out about Jack Ma exiting Paytm E-commerce, also find out about Byju’s looking at US acquisition for $2 bn Business Term of the Day: Growth stocks Read more
In this episode, find out about Jack Ma exiting Paytm E-commerce, also find out about Byju’s looking at US acquisition for $2 bn Business Term of the Day: Growth stocks Read more
In this episode, find out why Tech Mahindra thinks positive momentum will continue in FY23, also find out about Maruti Suzuki’s plan to invest Rs 11,000 crore in a new plant in Har ... Read more
In this episode, find out why Tech Mahindra thinks positive momentum will continue in FY23, also find out about Maruti Suzuki’s plan to invest Rs 11,000 crore in a new plant in Haryana. Business Term of the Day: Bear market Read more
In this episode, find out about PNB’s decision to subscribe to rights issue of PNB Housing, also find out about Reliance Industries and BP’s plan to draw up a compensation plan for ... Read more
In this episode, find out about PNB’s decision to subscribe to rights issue of PNB Housing, also find out about Reliance Industries and BP’s plan to draw up a compensation plan for dealers Business Term of the Day: Nominal GDP Read more
In this episode, find out about banks hiking lending rates post RBI rate hike, also find out why Bitcoin dropped the most in a month. Business Term of the Day: FOMC Read more
In this episode, find out about banks hiking lending rates post RBI rate hike, also find out why Bitcoin dropped the most in a month. Business Term of the Day: FOMC Read more
In this episode, find out about SBI’s plans to raise $2bn from global markets, also find out why Indian markets are likely to open higher Business Term of the Day: Stagflation Read more
In this episode, find out about SBI’s plans to raise $2bn from global markets, also find out why Indian markets are likely to open higher Business Term of the Day: Stagflation Read more
In this episode, find out why Amazon has written to Sebi against Future Retail, also find out about Adani Wilmar’s acquisition of Kohinoor brand from McCormick Switzerland GMBH Bu ... Read more
In this episode, find out why Amazon has written to Sebi against Future Retail, also find out about Adani Wilmar’s acquisition of Kohinoor brand from McCormick Switzerland GMBH Business Term of the Day: Grey Market Premium Read more
In this episode, find out why Axis bank reported a 54% rise in net profit in Q4FY23, also find out about Tata Power looking to install 5000 EV charging points Business Term of the ... Read more
In this episode, find out why Axis bank reported a 54% rise in net profit in Q4FY23, also find out about Tata Power looking to install 5000 EV charging points Business Term of the Day: Hostile takeover Read more
