Press "Enter" to skip to content

Posts published in “Economy”

Oil Refiners’ Crude Oil Production In June Subdued Due To COVID Curbs

The refiners operated at a mean charge of 89.59 per cent of capability in June

The nation’s refiners’ crude throughput in June was little modified from the earlier month when it fell to multi-month lows as a extreme second wave of coronavirus restrained demand, forcing refiners to scale back runs.

Refiners processed 4.50 million barrels per day (18.Four million tonnes) of crude oil in June, provisional authorities knowledge confirmed on Friday. This compares with 4.49 million barrels per day (bpd) processed in May, which was the bottom since October 2020.

Crude oil imports additionally fell to a nine-month low in June as refiners curtailed purchases amid increased gas inventories attributable to low consumption and renewed lockdowns within the earlier two months, knowledge obtained from commerce sources confirmed.

Refineries’ crude oil throughput final month was nonetheless 4.7 per cent increased than June 2020 ranges. India’s gas demand additionally inched increased after slumping to a nine-month low in May as many states on this planet’s third-biggest oil importer and client began easing restrictions and mobility picked up. 

The state gas retailers’ gasoline gross sales additionally exceeded pre-pandemic ranges within the first fortnight of July, preliminary trade knowledge confirmed final week.

“With a further likely easing of mobility restrictions, I would expect oil demand to recover further, resulting in higher refinery processing rates down the road,” UBS analyst Giovanni Staunovo stated.

The refiners operated at a mean charge of 89.59 per cent of capability in June, down from 92.37 per cent of capability in May, the federal government knowledge confirmed.
 

d15t3vl8

June refinery capability utilisation charge hits 8-month low
Photo Credit: Reuters

The nation’s largest refiner, Indian Oil Corp (IOC), final month operated its instantly owned vegetation at 93.53 per cent capability, as per the info. Reliance, proprietor of the world’s greatest refining advanced, operated its vegetation at 93.12 per cent capability in June.

Natural fuel output rose 19.5 per cent to 2.78 billion cubic metres, whereas crude oil manufacturing eased practically two per cent to 606,000 barrels per day (2.48 million tonnes), knowledge from the Ministry of Petroleum and Natural Gas confirmed.

(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

Max Bupa Rebrands to ‘Niva Bupa’; Aims to Become Rs 2,500 Cr Company by FY22

Max Bupa, the medical health insurance firm introduced in a press launch that will probably be rebranding itself to Nive Bupa. The rebranding, which is a part of an overhaul technique goals to introduce a spread of latest merchandise and digitally-enabled companies below the Niva Bupa banner. The firm is presently backed by True North and the Bupa Group, it plans to make use of the brand new model to democratize medical health insurance by leveraging extra buyer touchpoints and supply higher monetary assurance the corporate mentioned. The new model title and method is available in mild of the change in shareholding patterns as Max India left the corporate, which made means for the entry of the Private Equity agency, True North.

This change in shareholding patterns made it needed for the corporate to rebrand its id as a part of the transition, the press launch revealed. The firm arrived on the title ‘Niva Bupa’ after allegedly doing in-depth buyer testing, interviews, surveys and gaining insights. The buyer base that was focused for this analysis have been new-age millennials and middle-aged clients who have been both present or first-time patrons of medical health insurance merchandise as per the discharge.

When speaking in regards to the new model title the MD and CEO of the corporate, Krishnan Ramachandran, mentioned, “We are thrilled to embark on the new and exciting chapter in our growth journey. Following the shareholder transition of Max Bupa from Max India to True North in 2019, we are now ready with our new brand identity as Niva Bupa. The new brand will firmly stand at the intersection of financial services and healthcare to fulfill the needs and aspirations of millions of people in India. The health insurance industry is poised for a monumental growth, and we will take our new brand identity to our customers with a renewed promise of protection and care. As Niva Bupa, we will look to further strengthen our core brand ethos of customer centricity.”

The newly christened Niva Bupa is aiming to keep up robust market progress within the days to comes and is eyeing the title of a Rs 2,500 crore firm. It goals to realize this by FY21-22. It moreover claimed that will probably be bringing over 12 million folks in India below its medical health insurance coverage by FY25.

Nimish Agrawal, Senior Vice President & Head Marketing of Niva Bupa was quoted saying, “Health insurance is no longer looked upon as a financial instrument solely for tax saving purposes. It has repositioned itself as a self-investment product which will take care of all healthcare needs. This warranted a change in our positioning as well. With the new brand identity, we want to unravel the health insurance space and offer a humanized experience to our customers, especially in terms of guidance, counseling, and support at the moment of truth.”

He went on so as to add, “Our name has changed from Max Bupa Health Insurance Company Limited to Niva Bupa Health Insurance Company Limited effective 5th July, 2021. As next steps, we will closely work with our partners and various stakeholders to complete our brand transition by year-end. It will be reflected in all our customer and partner facing assets henceforth. Our business fundamentals remain unchanged and there will be no impact of this transition on our customers and partners. We are prepared to embrace the change and bring in fresh perspectives and a new outlook towards the category.”

Read all of the Latest News, Breaking News and Coronavirus News right here

Growing mafia financial system a risk to Kerala’s growth: Dr KN Harilal, former Planning Board member

The rising mafia financial system in Kerala can be a critical risk to the development of the state.

The Kerala mannequin of growth is dealing with critical challenges proper now, based on Dr Ok.N Harilal, former Planning Board member and professor on the Centre for Development Studies.

Delivering the sixth lecture in a collection known as ‘Kerala Economy in Transition’, collectively organised by the Gulati Institute of Finance and Taxation and the Kerala Economic Association, he mentioned a key issue for the success of the Kerala mannequin is the unity of the folks, irrespective of things like caste and creed. Any risk to this unity might have a deleterious influence on the event of the state, he mentioned.

The rising mafia financial system in Kerala can be a critical risk to the development of the state. Kerala ought to take critical efforts to launch the financial system from the clutches of the underground mafia, Harilal mentioned.

He mentioned there was a qualitative enchancment within the civil providers of the state over a time frame, however this isn’t on a par with the rising wants of the state. There must be additional enchancment within the civil providers in tune with the modifications within the world financial system. Absence of management and data in numerous authorities departments can be a critical problem to the transition of Kerala, he mentioned.

Dr KK Jisha, assistant professor, Government Victoria College, Palakkad, was the moderator of the session and Santhosh T George, assistant professor, Maharajas College, Ernakulam was the discussant. Dr KJ Joseph, director, Gulati Institute of Finance and Taxation, delivered the welcome speech.

‘Job scenario improved in 2019-20, before pandemic played spoilsport’

The PLFS is predicated on stratified random samples.

Labour indicators recorded an all-round enchancment in 2019-20 in contrast with the earlier two years, information launched by the the National Statistical Office (NSO) on Friday confirmed. According to the third annual report on periodic labour power survey (PLFS), carried out by the NSO between July 2019-June 2020, the unemployment fee fell to 4.8% in 2019-20. In 2018-19, it stood at 5.8% and 6.1% in 2017-18. Unemployment fee is outlined as the proportion of individuals unemployed among the many individuals within the labour power.

NSO launched PLFS in April 2017. The first annual report (July 2017-June 2018) was launched in May 2019 and the second (July 2018-June 2019) in June 2020. When the outcomes of PLFS 2017-18 was out in 2019, exhibiting unemployment at a 45-year excessive of 6.1%, a row erupted — whereas the Opposition cited the date to information to place the federal government within the dock, the latter mentioned PLFS wasn’t strictly comparable with the with outcomes of the train carried out by NSO beforehand. The PLFS is predicated on stratified random samples.

The pandemic hit the nation arduous since March-April final yr. According to the Centre for Monitoring of Indian Economy (CMIE), the month-to-month jobless fee for March 2020 was 8.75%, which rose to 23.52% in April 2020, then got here down slightly to 21.73% in May and in June 2020, it was 10.18%. According to CMIE, the unemployment fee in January this yr was at 6.52%, 6.89% in February, 6.5% in March, 7.97% in April, 11.9% in May and 9.17% in June 2021.

For the third annual report on PLFS, slightly over one lakh households and round 4.2 lakh individuals, each in city and rural areas, have been surveyed.

NSO survey

According to PLFS, the employee inhabitants fee (WPR), outlined as the proportion of employed individuals within the inhabitants, improved to 38.2% in 2019-20 in contrast with 35.3% in 2018-19 and 34.7% in 2017-18.

Labour power participation ratio (LFPR) which denotes the proportion of individuals in labour power (these working or searching for or accessible for work) within the inhabitants, additionally elevated to 40.1% in 2019-20 from 37.5% and 36.9%, respectively, within the final two years. The greater the LFPR, the higher. The information confirmed the jobless fee for each female and male fell to five.1% and 4.2%, respectively, in 2019-20 from 6% and 5.2% in 2018-19. WPR and LFPR additionally comparatively improved throughout the yr.

While the federal government says the CMIE information doesn’t give true image of the job situation on account of limitations of the survey, economist Jean Dreze famous that the CMIE’s survey was biased in the direction of better-off households. Given the absence of high-frequency official date, the CMIE information, nonetheless, do serve the aim of gauging the employment situation within the nation.

Yes Bank Net Profit Jumps Four-Folds To Rs 207 Crore In June Quarter

Yes Bank Q1 Earnings: The complete revenue lowered to Rs 5,581.84 crore in June quarter

Yes Bank introduced its April-June quarter outcomes for the monetary yr 2021-22 on Friday, July 23, reporting a leap of 355 per cent – virtually four-folds in its internet revenue to Rs 207 crore on a standalone foundation, in comparison with Rs 45 crore within the year-ago interval. The internet revenue of Rs 207 crore registered within the first quarter of the present fiscal is the very best quarterly revenue for the financial institution since December 2018, in accordance with a regulatory submitting by the financial institution to the inventory exchanges. 

The complete revenue of the private-sector lender decreased to Rs 5,581.84 crore within the June quarter, in comparison with Rs 6,106.74 crore within the corresponding quarter of the earlier fiscal.

On the asset high quality entrance, Yes Bank pared its unhealthy loans proportion with the gross non-performing property (GNPAs) declining to 15.60 p.c of the gross advances by the top of June 2021, from 17.30 p.c within the year-ago interval. The financial institution’s internet NPAs – unhealthy loans, moved as much as 5.78 per cent from 4.96 per cent within the year-ago interval.

Yes Bank’s internet curiosity revenue (NII) – the distinction between curiosity earned and curiosity expended, stood at Rs 1,402 crore throughout the April-June quarter, in comparison with Rs 1,908 crore within the year-ago interval.

The financial institution’s company recoveries throughout the quarter stood at Rs 1,643 crore – outpacing the slippages of Rs 1,258 crore. Its enterprise era continued with retail disbursements of Rs 5,006 crore, SME disbursements of Rs 3,242 crore, and wholesale banking disbursements of Rs 3,625 crore, in accordance with particulars of the financial institution’s alternate submitting.

On Friday, July 23, shares of Yes Bank settled 0.38 per cent larger at Rs 13.07 apiece on the BSE.

Reliance Jio Q1 Results: Net Profit Rises 45% to Rs 3,651 Crore, APRU at Rs 138.4

Reliance Jio, a subsidiary of Reliance Industries, reported a web revenue of  Rs 3,651 crore, a rise of 45% year-on-year for the Q1FY22. The income for the quarter within the evaluate grew Rs 18,952 crore, in opposition to Rs 17,254 crore a yr in the past. The sturdy quarterly numbers had been pushed by rise in cell phone subscriber additions and better knowledge consumption.

The common income per person (ARPU) grew to ₹138.Four within the Q1, from from Rs 138.2 within the earlier quarter on the again of “improved subscriber combine and higher seasonality being offset by Covid-19 impression.”

Net subscriber additions for Reliance Jio stood at 14.Four million within the quarter that simply ended. Jio ended the April-June interval with 440.6 million customers.”Churn decreased additional in the course of the quarter to 0.95% on the again of buyer centered initiatives to reduce COVID led disruption. These included complimentary provides for JioCellphone customers, Emergency Data Loan, WhatsApp recharge choice, and Freedom Plans with no day by day knowledge limits,” the corporate added.

The common wi-fi knowledge consumption per person per thirty days elevated to 15.6 GB and common voice consumption was at 818 minutes per person per thirty days within the Q2FY21.

“Jio has posted one more file quarterly efficiency with business main working metrics. I’m grateful to Jio’s household of loyal subscribers whose quantity has grown additional in the course of the quarter, consolidating its place as India’s No. 1 supplier of digital connectivity and providers,” Mukesh D. Ambani, chairman and managing director, Reliance Industries mentioned.

Jio Platform Limited’s web revenue stood at Rs 3,651 crore, in opposition to Rs 3510 crore at March-end and Rs 2,519 crore a yr in the past.

During the 44th AGM of Reliance Industries, Mukesh Ambani unveiled JioCellphone Next in collaboration with Google. “JioCellphone Next is a totally featured, ultra-affordable smartphone supporting your entire suite of purposes from each Google and Jio in addition to the Android Play Store. It is powered by an optimised model of the Android Operating System, that has been collectively developed by Jio and Google for the Indian market,” the corporate mentioned.

Disclaimer:Network18 and TV18 – the businesses that function information18.com – are managed by Independent Media Trust, of which Reliance Industries is the only beneficiary.

Read all of the Latest News, Breaking News and Coronavirus News right here

Flipkart, Amazon Appeals “Deserved To Be Dismissed”, Says Karnataka High Court

Karnataka High Court on Friday dismissed an enchantment by Amazon.com Inc and Walmart’s Flipkart that sought to stall an antitrust investigation into their enterprise practices – a significant setback for the businesses.

The Competition Commission of India (CCI) final 12 months ordered a probe following allegations from brick-and-mortar retailers that the U.S. corporations promote choose sellers on their e-commerce platforms and use deep reductions to stifle competitors.

The investigation was on maintain for a number of months after firms challenged it, denying wrongdoing and arguing that the CCI lacked proof, however a courtroom allowed it to proceed in June. On Friday, the Karanataka High Court rejected the U.S. corporations’ appeals.

“The appeals are nothing but an attempt to ensure that action initiated by the CCI … does not attain finality,” a two-judge bench mentioned whereas studying the choice in courtroom.

“The appeals are devoid of merit, and deserve to be dismissed.”

Amazon and Flipkart didn’t instantly reply to a request for remark.

“This further reinforces that the CCI investigation should continue promptly,” mentioned Abir Roy of Sarvada Legal which filed the antitrust case towards Amazon, Flipkart on behalf of a dealer group.

The CCI investigation is the newest setback for the corporations, that are additionally grappling with more durable overseas funding guidelines and accusations from brick-and-mortar retailers that they circumvent Indian legislation by creating advanced enterprise constructions.

Twitter Beats Revenue Targets With Ad Improvements, Shares Jump 5%

Twitter Inc on Thursday reported greater income progress than Wall Street had anticipated, because the social media platform rolled out advert concentrating on enhancements to assist manufacturers attain potential clients.

Shares of Twitter rose 5% to $73 in buying and selling after the bell.

Since the beginning of the yr, Twitter has raced to introduce merchandise in new areas like audio-only chat rooms and e-newsletter publishing in an effort to show round years of enterprise stagnation and attain its aim of doubling annual income by 2023.

Advertising income totaled $1.05 billion, up 87% from the year-ago quarter, and beat Wall Street estimates of $909.9 million.

Twitter has labored to enhance the effectiveness of its advertisements, introducing 2,500 new subject classes throughout the quarter to assist customers discover content material they’re fascinated by, all of which gives extra advert concentrating on information again to Twitter, the corporate mentioned on a convention name with analysts.

“We get nice sign about what persons are most fascinated by, the place they’re or the locations they care about,” mentioned Twitter Chief Financial Officer Ned Segal throughout the name.

Those enhancements, together with greater demand from advertisers searching for to achieve customers as international locations reopen from pandemic restrictions, helped propel advert income, Twitter mentioned.

The robust outcomes from each Twitter and its tech peer Snap Inc, which reported quarterly income progress of 116% on Thursday, reveals “that the general digital advert market is on fireplace proper now, with the reopening additional strengthening advertisers’ budgets,” mentioned Ygal Arounian, a analysis analyst at Wedbush Securities.

Twitter reported 206 million monetizable every day energetic customers (mDAU), its time period for customers who’re served promoting, for the second quarter ended June 30, matching analyst targets of 205.9 million customers, in accordance with IBES information from Refinitiv.

Its U.S. person base declined by 1 million over three months from the earlier quarter resulting from a lighter information cycle within the United States, Twitter mentioned, with complete customers worldwide in step with Wall Street targets.

Total income, which additionally contains income the corporate earns from information licensing, rose 74% year-over-year to $1.19 billion, beating analyst estimates of $1.07 billion.

FUTURE INVESTMENTS

The San Francisco-based firm now expects headcount and complete prices and bills to develop a minimum of 30% for the complete yr, up from its earlier steering of 25%, because it invests in its engineering and product groups.

Chief Executive Jack Dorsey, a longtime proponent of bitcoin, mentioned throughout the earnings name the digital foreign money “is a giant half” of Twitter’s future and may very well be used for ecommerce transactions on the platform or to tip widespread content material creators.

Twitter added that new privateness controls that Apple Inc applied in April, that are designed to restrict digital advertisers from monitoring iPhone customers with out their consent, had a lower-than-expected impression on income within the second quarter.

The full impression of Apple’s modifications have but to be seen, and a few issues nonetheless linger, Arounian mentioned.

Twitter forecast third quarter complete income to be between $1.22 billion to $1.three billion, roughly in step with or barely forward of consensus analyst estimates of $1.17 billion.

On an adjusted foundation, Twitter earned 20 cents per share throughout the second quarter, nicely above the estimate of seven cents.

Disclaimer: This put up has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor

Read all of the Latest News, Breaking News and Coronavirus News right here

Missing timelines: Sale of PSBs, normal insurer faces delays

In November 2020, a number of bidders together with Vedanta, Apollo Global Management and Think Gas – confirmed curiosity for BPCL buyout. The market worth of the Centre’s 52.98% stake in BPCL is value just a little over Rs 52,000 crore on the present market costs.

Despite a Budget announcement that privatisation of two public-sector banks (PSBs) and one normal insurer might be ‘taken up’ within the present fiscal, the federal government isn’t moderately anticipating these offers might be by within the 12 months, in line with official sources. Proceeds from the sale of the PSBs and the insurer are usually not constructed into the finances estimate (BE) of Rs 1.75 lakh crore for disinvestment income within the present 12 months, the sources added.

With the uncertainty over the period and brunt of the pandemic nonetheless looming, it’s nonetheless an open query if a number of the big-ticket offers being deliberate may very well be accomplished within the 12 months, however authorities officers are guardedly optimistic about assembly the goal.

Already, Covid-induced delays are being seen within the processes relating to strategic gross sales of BPCL, IDBI Bank, Air India and in addition the itemizing of LIC.

Privatisation of PSBs would require amendments or repeal of the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980 (Nationalisation Acts). Privatisation of a state-run normal insurer may also require amendments to the General Insurance Business (Nationalisation) Act (GIBNA). The authorities is but to introduce these Bills in Parliament and these are usually not on the enterprise listing for the continued monsoon session of Parliament.

Reports mentioned Central Bank of India and Indian Overseas Bank have been recognized for privatisation, however there hasn’t been any official phrase but. The state-run normal insurer which may very well be placed on the block might be one amongst Oriental, United India and National Insurance all of that are unlisted.

While officers are eager 4 big-ticket disinvestments – LIC IPO, BPCL, IDBI Bank and Air India – ought to materialise within the present 12 months, Covid-induced delays together with in due diligence by bidders have created uncertainties. Even although the shortlisted bidders at the moment are doing due diligence for BPCL and Air India, the method might take longer than anticipated earlier.

The LIC IPO might embrace offloading of as much as 10% stake and recent fairness issuance by the insurer which has lined up giant enterprise growth plans. While the valuation of the insurer — which have performed White Knight to the federal government when there aren’t sufficient takers of the stakes on provide — might be identified nearer to the itemizing, it’s believed to be value Rs 8-11.5 lakh crore, which means a 10% stake sale might fetch the federal government round Rs 80,000-1,00,000 crore.

After the transition of LIC into Companies Act is accomplished, the IPO preparation might take at the least six months earlier than the provide hits the market.

Last week, the division of funding and public asset administration (DIPAM) invited proposals for appointment of bankers, registrar, authorized adviser and promoting company to the problem. Of the disinvestment goal for FY22, it has budgeted Rs 1 lakh crore from disinvestment of presidency stake in “public sector financial institutions (read LIC) and banks”.

In November 2020, a number of bidders together with Vedanta, Apollo Global Management and Think Gas – confirmed curiosity for BPCL buyout. The market worth of the Centre’s 52.98% stake in BPCL is value just a little over Rs 52,000 crore on the present market costs. Covid-19 has affected mobility of bidder’s representatives and their plans for website/asset inspections.

The authorities is promoting its complete 100% stake in AI that has been bleeding ever since its amalgamation with Indian Airlines in 2007. Tata Group was among the many ‘multiple’ suitors that had put in preliminary bids for the loss-making provider in December 2020. However, there are labour and provident fund-related points that have to be addressed, sources mentioned.

DIPAM is now inviting expressions of curiosity on the market of the federal government’s 45.48% stake in IDBI Bank value about Rs 18,300 crore on the present market costs.

So far within the present monetary 12 months, the federal government has mobilised solely Rs 7,646 crore or 4.4% of the FY22 disinvestment goal.

PIL seeks organising of GST tribunal to chop backlog of circumstances

The GST Bill was handed in each the Houses of Parliament in 2016 and the Central Goods and Services Act, 2017, got here into pressure from July 1 that yr solely.

A PIL within the Supreme Court has sought instructions to the Centre for organising of the Goods and Services Tax Appellate Tribunal, as mandated underneath the Central Goods and Services Act, 2017, to keep away from hardships triggered to litigants and to curb enormous backlog of circumstances.

Even after 4 years of the CGST Act coming into existence, the tribunal has not been constituted, activist lawyer Amit Sahni alleged in its PIL. The GST Bill was handed in each the Houses of Parliament in 2016 and the Central Goods and Services Act, 2017, got here into pressure from July 1 that yr solely.

“The constitution of National and other Benches of the appellate tribunal under Section 109 of the CGST Act, 2017 is an absolute necessity of the hour and the respondents (government) cannot drag its constitution for an indefinite period,” Sahni stated, including that the litigants are unable to get speedy justice.

Stating that the federal government was intentionally not organising the GST tribunal, Sahani stated GST was launched with the targets to simplify the taxation legal guidelines by subsuming a number of tax legal guidelines at totally different central and state ranges right into a single one and to minimize the burden of cost of a number of taxes from the shoulder of frequent residents.

“Any person aggrieved by the order passed by the Appellate Authority under Section 107 or by the Revisional Authority under Section 108 may appeal to the appellate tribunal under Section 112 within three months of passing such order,” the petition stated, including that these enchantment arising towards the orders/instructions handed by the appellate authority are pending as a consequence of absence of any appellate tribunal, thus defying the targets of introducing the GST Act.

Earlier this yr, the Allahabad High Court had additionally directed the central authorities to specify by notification underneath the CGST Act, the creation of the state bench of GST Tribunal at Allahabad and 4 space benches at Ghaziabad, Lucknow, Varanasi and Agra.

%d bloggers like this: