Reliance Industries Ltd on Monday reported an almost flat March quarter net profit, amid a recovery in its core oil and petrochemicals business and sustained momentum across the consumer-facing telecom and retail businesses. RIL’s net profit stood at Rs 18,951 crore, or Rs 28.01 per share, in the January-March quarter of the 2023-24 fiscal as compared to Rs 19,299 crore, or Rs 28.52 a share, a year ago, according to a company’s stock exchange filing.
Posts tagged Rediff
Byju Raveendran raised debt to pay March salaries (22-04-2024)
Edtech firm Think and Learn, owner of Byju’s brand, credited partial salaries of employees for the month of March, according to sources. Byju Raveendran, the Founder and CEO of Think and Learn, has raised debt in his personal capacity to pay the salaries of employees for March. Byju’s salary expenses for partial payouts is estimated to be in the range of Rs 25-30 crore.
Vodafone Idea FPO subscribed 3.3 times, retail lags (22-04-2024)
Debt-saddled telecom operator Vodafone Idea Ltd’s Rs 18,000 crore follow-on offering (FPO) on Monday was subscribed more than 3.3 times, as institutional investors poured in money but the retail segment lagged. On the last day of the offering, as many as 4,212.56 crore shares were sought against the issue size of 1,260 crore at 14.30 hrs, according to information on stock exchanges.
Net direct tax collection surpasses RE in FY24 (22-04-2024)
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
Sensex climbs over 560 pts; Nifty tops 22,300-level (22-04-2024)
From the Sensex basket, Larsen and Toubro, Bajaj Finance, Axis Bank, State Bank of India, UltraTech Cement, Wipro, ICICI Bank, Infosys, HCL Technologies and Asian Paints were the major gainers. NTPC, JSW Steel and HDFC Bank were the laggards.
Outward FDI by Indian companies stabilises in FY24 (22-04-2024)
The outward foreign direct investment (FDI) by Indian companies stabilised in 2023-24 (FY24) after witnessing a fall in 2022-23 (FY23). The actual outward FDI inched up slightly to $13.75 billion in FY24 from $13.49 billion in the previous financial year (FY23), according to finance ministry data. This stability came after a sharp fall in outward flows in FY23 from $18.52 billion in 2021-22 (FY22).
MPC refuses to drop its guard on inflation (22-04-2024)
Most members of the Reserve Bank of India’s monetary policy committee (MPC) decided to stick to the course on bringing retail inflation to the target of 4 per cent while voting for maintaining status quo in the April review, except external member Jayanth Varma who voted for a 25 bps cut in the repo rate. “I believe that the extant monetary policy setting is well positioned,” RBI governor Shaktikanta Das said in the minutes of the policy review, which came out on Friday. “Monetary policy transmission is continuing and inflation expectations of households are also getting further anchored.
Minimum wage cap: EPFO mulls hike after 10 years (22-04-2024)
The Employees’ Provident Fund Organisation (EPFO) is considering raising the monthly minimum wage ceiling from Rs 15,000 now to improve the coverage and bring millions of informal workers under its purview. The last increase in the minimum wage ceiling was in 2014 to Rs 15,000 from Rs 6,500.
Iran-Israel Flare-Up Tests India’s Oil Reserves (22-04-2024)
‘Any escalation that may hit the oil production of Iran or affect the oil transit through the Strait can result in a spike in oil prices.’
Mutual funds sought smallcap treasures in a sea of red (22-04-2024)
Mutual funds (MFs) scooped up smallcap shares across sectors such as healthcare, banking and financial services in March 2024 amid a near 4.5 per cent fall in key smallcap indices. Aster DM Healthcare, NLC India, and Aavas Financiers topped the list of most-bought stocks in the Rs 10,000-40,000 crore market capitalisation (mcap) bracket, according to a study by Nuvama Alternative and Quantitative Research. Aster and Aavas had corrected by 13 per cent and 10 per cent in March, respectively, while NLC India ended the month with a 2.5 per cent gain.