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RIL inches close to Rs 10 lakh cr market cap

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Reliance Communications

India’s benchmark equity index hit record levels led by index-heavyweight Reliance Industries (RIL) — the largest company by market cap on Tuesday surged nearly 4 per cent on the BSE after improved prospects of Jio.

Moreover, Reliance Industries (RIL), the highest contributor to Sensex gains is just short of reaching the market capitalisation of Rs 10 lakh crore. RIL will be the fist listed firm to reach the landmark size.

At 12.16 p.m., the Sensex was up 319.43 points at 40,789.13 before hitting the intra-day high of 40,816.38. The broader Nifty surged to 12,024.40, gaining 84.30 points.

Strong buying was yet again seen in telecom companies after Bharti Airtel, Reliance Jio and Vodafone Idea (VIL) decided to hike tariff as early as December 1.

Index leaders, in term’s of gains were: IndusInd Bank, Sun Pharma, Reliance Industries, Maruti Suzuki and Yes Bank. The top losers were NTPC, Kotak Mahindra Bank, State Bank of India, Bajaj Auto and HCL Tech.

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Q1FY21 results: Vodafone Idea loss widens by 422.37 per cent YoY to Rs 25,460 crore

Average Revenue per User (ARPU) dropped to Rs 114 in Q1FY21 as against Rs 121 in Q4FY20.

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Vodafone, Idea

Vodafone Idea Ltd. announced its quarterly results on Thursday post market hours. The company posted a consolidated net loss of Rs 25,460 crore for Q1FY21, which increased by 422.37 per cent, as compared to Q1FY20 when it reported a consolidated loss of Rs 4873.9 crore.

The consolidated net sales reported in Q1FY21 came in at Rs 10,659.3 crore, which declined by 5.42 per cent YoY from Rs 11,269.9 crore in Q1FY20. At EBITDA level, the company stood at Rs 4,098.4 crore in Q1FY21 that increased by 10.28 per cent YoY. For Q1FY20, it posted an EBITDA of Rs 3,716.3 crore.

EBITDA margin as of Q1FY21 was at 38.45 per cent that increased by 5.47 per cent YoY. The net profit margin in Q1FY21 came in at -238.85 per cent, which declined by 195.60 per cent YoY. The net profit margin in Q1FY20 was at -43.25 per cent.

The company recorded exceptional cost of Rs 19,923.2 crore which includes merger related cost, licence fee, spectrum usage charges (SUC) on adjusted gross revenue (AGR).

Average Revenue per User (ARPU) dropped to Rs 114 in Q1FY21 as against Rs 121 in Q4FY20.

Q1FY21 was turned out to be a challenging quarter for the company as availability of recharges due to store closure due to lockdown and ability of customers to recharge on account of economic slowdown were affected.

The share closed with drop of 0.72 per cent at Rs 8.25 on BSE.

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Real GDP growth to remain negative in H1, full fiscal: RBI Gov Shaktikanta Das

RBI MPC meet: More protracted spread of the pandemic, deviations from the forecast of a normal monsoon, and global financial market volatility are the key downside risks, said Das

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National debt under Modi govt surges
  • Covid-19 impact: India’s GDP to contract 6.1% in FY21, says Nomura
  • Coronavirus crisis: Banks should raise capital proactively, says RBI Governor Shaktikanta Das
  • Rising real lending rates causing steep slump in credit flows, GDP

Reserve Bank of India Governor Shaktikanta Das said that the real GDP growth of the country is expected to remain in the contraction zone. “Real GDP in the first half of the year is expected to remain in the contraction zone.

For the year 2021 as a whole real GDP growth is also estimated to be negative,” said Governor Das during the MPC presser on Thursday.

Das said that in case of an early containment of the COVID-19 spread, there could be an upside to the outlook. “More protracted spread of the pandemic, deviations from the forecast of a normal monsoon, and global financial market volatility are the key downside risks,” he added.

“As regards the outlook for growth, the MPC noted that the recovery of the rural economy is expected to be robust, buoyed by the progress in kharif sowing. Manufacturing firms expect domestic demand to recover gradually from Q2 and to sustain through Q1 2021-22. On the other hand, consumer confidence turned more pessimistic in July relative to the preceding round of the Reserve Bank’s survey. External demand is expected to remain anaemic under the weight of the global recession and 5 contractions in global trade,” Das stated.

He said that the MPC has noted that in such an environment of unprecedented stress, supporting recovery of the economy would assume primacy in the conduct of the monetary policy. “While the space for further monetary policy is available, it is important to use it judiciously to maximise the beneficial effects on the underlying economy,” Das highlighted.

Das said there were signs of recovery across the world. “Monetary Policy Committee noted that in India too, economic activity had started to recover, but surges of fresh infections have forced fresh lockdowns, hence several high-frequency indicators have levelled off,” he added.

Additionally, the MPC putting all debates to rest, left the repo rate unchanged at 4 per cent and would maintain an accommodative stance.

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RBI leaves repo rate unchanged at 4%, reverse repo rate at 3.35%: Shaktikanta Das

RBI is perhaps the only central bank in the world which has set up a special quarantine facility for continuity of critical operations.

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Shaktikanta Das

Repo rate remains unchanged at 4%, and Reverse repo rate also remains unchanged at 3.3%, RBI Governor Shaktikanta Das said.

Accommodative stance of the monetary policy will continue as long as necessary to revive growth and mitigate the impact of COVID19 pandemic, while ensuring that inflation remains within target going forward.

RBI is perhaps the only central bank in the world which has set up a special quarantine facility for continuity of critical operations.

Taking into consideration all factors, the GDP growth in the first half of the year is estimated to remain in the contraction zone. For the year 2020-21 as a whole, real GDP growth is also estimated to be negative: Reserve Bank of India (RBI) Governor Shaktikanta Das

Monetary Policy Committee (MPC) noted that in India too, economic activity had started to recover, but surges of fresh infections have forced fresh lockdowns, hence several high-frequency indicators have levelled off: RBI Governor Shaktikanta Das

With COVID19 infections rising under fragile micro-economic&financial conditions, we propose to take regulatory&developmental measures – enhance liquidity support for financial markets, ease financial stress caused by COVID19 while strengthening credit discipline improve the flow of credit, deepen digital payment systems and facilitate innovations by leveraging technology.

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