Jindal Steel and Power Reports Highest Ever Quarterly Steel Sales
Jindal Steel and Power Ltd (JSPL) has recorded the highest ever quarterly steel sales in the July-September quarter (Q2 FY22). JSPL’s seel sales volume climbed 32 percent quarter-on-quarter (QoQ) and 10 percent YoY to hit a record high of 2.13 million tonnes during the quarter. The share of exports to revenue was greater than 40 percent this quarter, against 34 percent in Q1 FY22.
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India’s Services Sector PMI drops to 55.2, Continues To Remain Strong
IHS Markit India Services PMI fell to 55.2 in September 2021 from 56.7 in August. Domestic demand has improved amidst the easing of Covid-19 restrictions, pushing firms to hire more employees for the first time in nearly a year. PMI or Purchasing Managers’ Index is an economic indicator on the manufacturing or services sector trends constructed from monthly surveys of private companies. If the PMI falls below the 50 level mark, it would signify contraction instead of growth.
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TVS signs MoU With Tata Power On Two Wheeler Charging Ecosystem In India
TVS Motor Company has announced a strategic partnership with Tata Power to develop and amplify the presence of Electric Vehicle Charging Infrastructure (EVCI) across India and deploy solar power technologies at TVS Motor locations. This comes in the light of TVS expanding the presence of its electric bike TVS iQube Electric. The two companies will also explore opportunities to use solar energy to power select TVS Motor locations.
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IRCON-led Consortium Wins Rs 3294 Crore For Mumbai-Ahmedabad Bullet Train Project
The National High-Speed Rail Corporation Limited (NHSRCL) has announced the joint venture by IRCON and Dineshchandra R. Agrawal Infracon has given the winning bid for the design and construction of 18.13 km of the viaduct and high-speed stations at Ahmedabad and Sabarmati for the Mumbai-Ahmedabad High-Speed Rail Corridor.
DoT to reconsider levy of Rs 40,000 Crore Spectrum Charges
In an ongoing legal battle, the Supreme Court has agreed to grant the Directorate of Telecommunications or DoT time till November 17, 2021 to reconsider its appeal on a pending Rs 40,000 crore one-time spectrum charges. The dispute between the Telecom Disputes Appellate Tribunal (TDSAT) and the DoT has been going on for almost a decade. In 2019, the TDSAT ruled that the one-time spectrum charges should be levied prospectively as against DoT, which wanted to set the charges retrospectively.
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IDFC First Bank Deposits Up 20% YoY, CASA Up 55% YoY
IDFC First Bank’s total customer deposits increased by 20.8% to Rs 83,793 crore as on September 30, 2021 as against Rs 69,368 crore a year ago. In the same period, the company’s Current Account-Saving Account Ratio or CASA Ratio went up by 55% YoY to Rs 46,783 crore. The Depositors Concentration for an amount below Rs 5 crore stood at 81.19%
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BSE Subsidiary To Help MSMEs Manage Working Capital, Gets In-Principle Approval From RBI
Bombay Stock Exchange’s subsidiary BSE Technologies (BSE Tech) has received in-principle approval from the Reserve Bank of India for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007. The company intends to help MSMEs manage their working capital through Trade Receivables Discounting System (TReDS). RBI approved the TReDS in 2014. BSE Technologies Pvt Ltd. provides broking solutions & exchange solutions to the capital, derivatives, commodities & currency markets, financial services, and it consulting to companies worldwide.
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BLS International Wins Order From Thai Embassy For Visa Services
BLS International Services Limited(NSE:BLS) has announced that it has renewed its contract with the Royal Thai Embassy for providing visa services. The company will now offer visa services from multiples cities and states across the country. Last week, the company had bagged a contract with the Italian Embassy in Russia to provide visa services in the country after which the share price rose ~3%. The company’s share price has appreciated by ~220% since October 2020.
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