Tag: coronavirus impact

Explained: What’s driving the crude oil rally and is $100 a barrel a possibility?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Crude oil prices have rallied in recent times with Brent futures hovering near a three-year high of $84 per barrel. Global recovery in demand for energy amid limited supply and a power crunch is behind the surge primarily. Analysts say the demand is likely to rise further as economies make a comeback from the fallout from the pandemic with a steady rise in vaccinations.

The global benchmark is up 61.5 percent so far in 2021 in a broader rebound from pandemic lows.

Let’s take a look at how Brent and West Texas Intermediate (WTI) prices have moved in the past year:

So what is driving crude oil prices now?

• Top producers raising output but moderately
• Post-pandemic demand rising sharply
• Rising ask from overall energy complex amid power crisis
• US production recovering from disruptions caused by hurricanes (Nicholas and Ida)

Most analysts agree that the worst seems to be over for the oil market with regard to the damage caused by the coronavirus. They see prices continue to rise going forward despite bouts of correction.

ALSO READ: Brent likely to test 2018 highs, says Probis Securities

Manoj Kumar Jain, Director-Head of Commodity Research at Prithvi Finmart, said rising post-COVID demand and the power crunch in several countries will likely continue to support oil prices.

Post-COVID demand boom

Some see more than economic revival or easing of COVID-related restrictions behind the big leap in oil prices.

“If we see, the whole situation could be attributed to the post-pandemic boom. There is no doubt that demand has improved as restrictions have been eased, business activities gearing up and economies witnessing a recovery amid central banks’ monetary support and vaccination drives. But supply has been hit due to restrictions and logistical constraints amid the pandemic,” Sugandha Sachdeva, VP-Commodity and Currency Research, told CNBCTV18.com.

“The shortage of gas and coal has led to a power crisis, which is spreading from Europe to Asia now. As European gas prices have reached record highs, oil demand is soaring as an alternate option to switch to for power generation,” she explained.

ALSO READ: Expect Brent to touch $86 per barrel in a couple of weeks, says XM Australia’s Peter McGuire

Power prices have surged to record levels in the recent past amid shortages in Asia, Europe and the US.

“Major oil producers are restraining to boost significant supplies in the market to cool down prices, despite pressure from some large consumers. A major reason for this could be that the producers are looking to offset COVID-caused losses with the current scenario, where prices are skyrocketing with rising demand that would benefit oil-backed economies,” said Sachdeva.

The OPEC Plus grouping of top producers is increasing production to address the rising demand. This is part of a broader move to remove curbs put in place to support prices by addressing oversupply.

Hareesh V, Head of Commodity Research at Geojit Financial Services, sees the supply crunch from top producers as the sole reason behind the spike in oil prices. High natural gas and coal prices amid an expected rise in winter season demand are also responsible for the surge, he said.

ALSO READ: Rupee reacting to crude, RBI may hold it at around 75 vs dollar, says ICICI Securities

Crude oil to touch $100 mark?

Ajay Kedia, Founder and Director of Kedia Commodity Comtrade, sees low chances of crude oil returning to $100 a barrel mark anytime soon. Unless the OPEC Plus grouping raises output with immediate effect, crude prices are expected to stay elevated, he told CNBCTV18.com.

“Crude oil may rise to $90-92 per barrel levels in the coming months. Weakness in the rupee against the US dollar is going to continue to support MCX crude futures,” said Kedia, who recommends a buy-on-dips strategy on domestic crude futures for a target of Rs 6,600 in the near term.

Sachdeva said the overall trend is likely to remain positive for oil in the next year.

She expects a 25-30 percent upside in Brent given the supply bottlenecks, demand revival, gas-to-oil switching and speculative sentiments. Brent could march towards the $110/barrel level by next year “though it may not be a one-way ride with dips and corrections”.

Jain’s most optimistic view is that WTI crude could test $78-80 a barrel levels by end of 2021, and most pessimistic that it could correct to $70 a barrel again.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Fed keeps key interest rates near zero, says economic recovery on track: Highlights

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Federal Reserve kept key policy rates unchanged at the end of a two-day meeting on Wednesday as widely expected, and maintained that the US economy remains on track despite a spike in coronavirus cases. The US central bank, however, offered no clues about when it will start to tighten its ultra loose monetary policy for the world’s largest economy that it introduced in 2020 to battle the economic fallout from the pandemic.

The US job market still had “some ground to cover” before it would be time to pull back from economic support, Chairman Jerome Powell said after the much-awaited scheduled policy review. “Right now, it is not the ideal time to think about raising interest rates. Instead, the Fed is focusing on asset purchases,” he said. He suggested that the Delta variant of the deadly virus poses little threat to the economy, at least so far.

For now, the central bank is purchasing $120 billion in Treasury and mortgage bonds each month to support the US economy.

Wall Street ended on a mixed note after an initial spike and the greenback slid. The Dow Jones Industrial Average ended 0.36 percent lower at 34,930.93, the S&P 500 slipped 0.02 percent to 4,400.64 and the tech stocks-heavy Nasdaq Composite jumped 0.70 percent to shut shop at 14,762.58.

The dollar index — which gauges the American currency against six peers — declined 0.10 percent to 92.2290.

Brent crude oil futures slipped to the $74.69 per barrel mark. US stockpiles last week dropped to their lowest since January 2020 while imports and production declined. WTI oil futures edged lower to $72.35 per barrel.

Here are the highlights of Fed’s latest policy meeting:

• Fed keeps benchmark interest rates unchanged at 0-0.25 percent, says economy continues to progress despite Covid spread
• Hints at progress on talks on tapering of bond buys but gives no timeline
• Wants to see substantial further progress toward goals of maximum employment, price stability before considering reducing bond buys
• Says indicators of economic activity, employment have continued to strengthen
• Says US economy has kept strengthening despite rise in infections
• FOMC to continue to assess progress in coming meetings
• Fed Chair Jerome Powell acknowledges a fresh outbreak might slow return of workers to jobs market to some extent
• Fed still expects vaccinations to reduce effect of public health crisis on US economy
• Jerome Powell:
• Would want to see some strong job numbers in coming months before reducing bond purchases
• Seems like we have learned to handle this “with progressively less economic disruption”
• “Very little support” for cutting $40 billion a month mortgage-backed securities earlier than $80 billion in Treasuries
• Once the process begins, Fed to taper them at same time
• Not yet time to think about raising interest rates; Fed has not set a timetable for when to do so
• Fed wants inflation to moderately exceed its 2 percent average inflation target, to show signs of remaining above that level
• Last summer’s wave of infections had inflicted less damage to US economy that many analysts had forecast
• We have kind of learned to live with it, a lot of industries have kind of improvised their way around it; seems like we have learned to handle this

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Economy showing signs of improvement: Assocham

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

India’s economy has shown a remarkable resilience in the last few months, braving the impact of the coronavirus pandemic with lead indicators such as manufacturing PMI and exports returning to growth trajectory, Assocham said on Thursday.

The chamber’s Assessment on State of Economy (AASE) report pointed towards a further pick up in the coming months. “Be it India’s Purchasing Managers’ Index (PMI – Manufacturing) or PMI for Services, robust recovery is visible. The PMI for Manufacturing expanded to 56.8 in September 2020, the highest since January 2012. The PMI for Services expanded for the fifth straight month in September to 49.8 from 41.8 in August,” AASE noted.

In other words, according to the outlook measured by the best-tracked global gauge, about 57 per cent of purchase managers for manufacturing and about 50 per cent for services expect the two vital pillars of the economy to expand, the assessment found.

“As a nation, we are giving a solid fight to COVID-19 pandemic. With the unlocking of the economy almost complete, people are returning to work, wearing masks and maintaining social distancing. However, a continuous campaign by the Centre, states and the local governments would be required to reinforce these habits further,” Assocham secretary general Deepak Sood said.

He also stated that undaunted by the health emergency, the government under the leadership of Prime Minister Narendra Modi, has pressed the accelerator for reforms in labour laws, agriculture, defence production and incentives to domestic manufacturing.

As more and more services reopen and the consumers learn more about dealing with the pandemic, the GST collections are expected to pick up further, the assessment revealed. The country’s Goods and Services Tax (GST) collections grew 4 per cent to Rs 95,480 crore in September. The rail freight, yet another critical indicator, showed a 15 per cent growth YoY in September. Similarly, annualised power consumption was up 4.6 per cent for the month at 113.5 billion units. Exports too, have returned to the positive territory, logging in 5.27 per cent annualised growth at USD 27.4 billion for September.

“As we have been pointing out, there would be a marked improvement in the third and fourth quarter. With the festival season kicking in, the consumer spending has started showing positive signals. A cautious optimism should soon replace the entire cash conservation mind-set, Sood said, adding once the vaccine is in place, the optimism would be pronounced.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Microfinance sector may see consolidation post COVID, say experts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Microfinance industry, which serves the unbanked, is likely to head towards the path of consolidation post-COVID 19, feel industry experts.

Micro lenders will also move towards digitisation of all processes for serving their customers who are going to see a change in their transaction habits, they said.

A lot of people who are not here for the long-term or don’t have a very long-term vision of being in this industry and serving these (MFI) customers, will most likely find their way out. I would think that it also opens up some kind of path to consolidation in the industry,” Ujjivan Small Finance Bank managing director and CEO Nitin Chugh said during a panel discussion on the microfinance sector organised by CRIF High Mark, a credit bureau.

This microfinance industry will remain only for people who are invested, are following regulatory norms very seriously and have a roadmap ahead of them, he added.

Sharing a similar view, Jana Small Finance Bank’s managing director and CEO Ajay Kanwal said, It probably is the moment where more people will think of consolidation and rightly so because having scale, capital, management depth, does make a difference. Clearly, I think there will be a lot of conversation around it.

He said that post-COVID, digitisation will be a reality.

The most positive feature of the whole crisis is that we will move towards more digital approaches towards customers, banks and finance companies, which in a way will help a bit more of a formalisation and hence ability to give more credit to the underserved will become easy, Kanwal said.

He said the pandemic has given MFIs a bigger opportunity for growth because there is six months of pent up demand. There are people who want to start businesses and people have consumption needs that have been postponed, he added.

According to Manoj Nambiar, managing director of Arohan Financial Services and also chairperson of Microfinance Institutions Network (MFIN), the sector will see a surge in non-performing loans once the Reserve Bank of India’s moratorium on repayment of loans ends on August 31.

The industry is bracing up for the spike in delinquency which will happen due to dormancy or inactivity levels that exist. Also, the pandemic has impacted the bottom of the pyramid. he said.

He, however, feels borrowers from the bottom of the pyramid segment are resilient in terms of overcoming any crisis.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rs 1-lakh cr Agri Infra Fund to be crucial in enhancing farm sector share in GDP: Farmers’ body

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The Rs 1-lakh crore Agriculture Infrastructure Fund launched by the government will be crucial in enhancing contribution of the agriculture sector to the country’s GDP, especially at a time when it is expected to add to economic stability amid the coronavirus-induced slowdown, according to farmers’ body FAIFA.

The Federation of All India Farmer Associations (FAIFA) said the fund will be important for farmers, agri-entrepreneurs, start-ups, agri-tech players and farmer groups looking to boost the country’s agriculture infrastructure.

The federation claims to represent farmers and farm workers of commercial crops across Andhra Pradesh, Telangana, Karnataka and Gujarat.

“Agriculture currently contributes to over 14 per cent of the national GDP and provides livelihood to over 40 per cent of the nation’s workforce. In 2020-21, its contribution towards economic stability is expected to be even higher amid the COVID-19-induced economic slowdown,” FAIFA said in a statement.

This fund will be crucial for farmers, agri-entrepreneurs, start-ups, agri-tech players and farmer groups looking to boost the country’s agriculture infrastructure, it added.

“It will also allow the agriculture sector to help enhance its contributions to the GDP, improve balance of trade, stimulate greater export potential of the farm sector and ensure a stable and prosperous life for farmers by increasing incomes,” the farmers’ body said.

Welcoming the fund, FAIFA President Javare Gowda said, “This will help the farming sector plan medium-to-long term debt financing facilities for investment in viable projects for post-harvest management infrastructure and build community farming assets through interest subvention and financial support.”

The fund will catalyse infrastructure development of modern cold storages and cold chain as well as warehouses in villages; it will also provide employment opportunities in rural areas, he added.
“The direct (beneficiary) of this critical infrastructure upgrade of the agriculture sector will be farmers,” FAIFA said.

It added that they will be able to get greater value for their produce, store and sell their crops at appropriate pricing, reduce farm wastage, increase processing time and overall equip a farm-led New India to compete globally.

Prime Minister Narendra Modi on Sunday launched the financing facility of Rs 1 lakh crore under the Agriculture Infrastructure Fund for agri-entrepreneurs, start-ups, agri-tech players and farmer groups for post-harvest management and nurturing farm assets.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Thomas Cook India reports Q1 net loss of Rs 108.62 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Travel services firm Thomas Cook India reported a consolidated net loss of Rs 108.62 crore for the quarter ended June 30, 2020, on account of the impact of COVID-19 pandemic.

The company had posted a net profit of Rs 14.04 crore in the corresponding period of the previous fiscal, Thomas Cook India Ltd (TCIL) said in a late night filing to the BSE on Tuesday.

Total income from operations stood at Rs 130.87 crore. It was at Rs 2,335.03 crore in the same period a year ago, it added.

“Despite the stark backdrop of the COVID-19 pandemic that impacted our core businesses significantly during this period, the teams across the Group demonstrated leadership and resilience,” TCIL Chairman and MD Madhavan Menon said.

“Our proactive and sustainable restructuring program, combined with reimagining of our businesses have helped us put the worst behind us. With clear signs of retail travel revival visible now, we have drawn up a focused product, marketing and sales plan to accelerate recovery,” he added.

Shares of Thomas Cook India on Wednesday were trading 4.98 per cent higher at Rs 30.55 per scrip on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US economy shrank 33% in last quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

Last quarter’s drop followed a 5% fall in the January-March quarter, during which the economy officially entered a recession triggered by the virus, ending an 11-year economic expansion, the longest on record in the United States.

The contraction last quarter was driven by a deep pullback in consumer spending, which accounts for about 70% of economic activity. Spending by consumers collapsed at a 34% annual rate as travel all but froze and shutdown orders forced many restaurants, bars, entertainment venues and other retail establishments to close.

Business investment and residential housing also suffered sharp declines last quarter. Government spending, diminished by a loss of tax revenue that forced layoffs, also fell.

The job market, the most important pillar of the economy, has been severely damaged. Tens of millions of jobs vanished in the recession. More than 1 million laid-off people have applied for unemployment benefits for 18 straight weeks. So far, about one-third of the lost jobs have been recovered, but the resurgent virus will likely slow further gains in the job market.

President Donald Trump has pressured states to reopen businesses despite concerns that the virus remains a threat to workers and customers at many service industry jobs that require frequent face-to-face contact.

So dizzying was the contraction last quarter that most analysts expect the economy to produce a sharp bounce-back in the current July-September quarter, perhaps of as much as 17% or higher on an annual basis. Yet with the rate of confirmed coronavirus cases having surged in a majority of states, more businesses being forced to pull back on re-openings and the Republican Senate proposing to scale back government aid to the unemployed, the economy could worsen in the months ahead.

The Trump administration is betting against that outcome in asserting that the economy will undergo a V-shaped recovery in which last quarter’s plunge would be followed by an impressive rebound in the current quarter — a hoped-for dose of good news that would be reported in late October, not long before Election Day.

Yet many economists note that the economy can’t fully recover until the pandemic is defeated — a point stressed Wednesday at a news conference by Federal Reserve Chair Jerome Powell. The Fed chairman warned that the viral epidemic has been endangering a modest economic recovery and that as a result, the Fed plans to keep interest rates pinned near zero well into the future.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

82% corporates expect to get back to pre-COVID-19 revenue growth by Jun 2021: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Eighty-two per cent of Indian companies expect to get back to pre-coronavirus revenue run rate by June 2021, according to a report by PwC India.

The report is based on a survey of 225 CXOs across industries to assess the impact of the COVID-19 crisis. PwC conducted an anonymous online survey between June 17, 2020 and July 10, 2020, it said adding that the survey respondents were a mix of CXOs and other senior management personnel from various industries in India.

The report suggests that infrastructure, real estate, industrials, retail, hospitality and media and entertainment suffered significant revenue decline due to the crisis, as per the report titled ‘COVID-19: Path to Recovery’.

Collapse in demand, supply-chain disruptions and liquidity constraints were the top reasons for the decline, it said.

“Sectors such as information technology, healthcare, pharma, telecom, utilities and consumer essentials were somewhat resilient. Crisis management and agility to adapt to the changing market were the key for resilience,” it said.

According to the report, 73 per cent respondents are expecting lower revenues in 2020-21, but only 15 per cent expect the decline extending to the next fiscal.

Further, an overwhelming 77 per cent of the respondents would like to accelerate digital enablement, it said.

Other significant interventions anticipated by the respondents include localisation of manufacturing/ supply chains, development of newer logistics models, collaboration to add capabilities and navigate bottlenecks and development of newer products and services.

“Forty-five per cent of the respondents are keen to consider acquisitions, whereas 20 per cent are considering divesting non-core businesses. Twenty-six per cent of the respondents would be looking to raise funds,” said the report.

Sanjeev Krishan, partner and leader (deals) at PwC India, said business leaders have adapted well to this unprecedented situation and are optimistic of recovery.

“We noticed a pragmatic progression in the steps taken by CXOs from ‘repair’ to ‘rethink’ to ‘reconfigure’ in future. In this tougher business environment, digital enablement has become key for remaining competitive and resilient,” he said.

He further said value creation has become even more critical and deal-making is going to be an important lever.

The crisis has brought resilience to the fore and we expect boardrooms to take due cognisance of it, he added.

The priorities for most respondent organisations have evolved from survival initiatives like employee well-being and availability and business continuity during the lockdown to rebound initiatives like recapturing demand and optimising costs after the unlock, the report said.

It further said that while debt moratoriums have helped industries, liquidity continues to be a major concern.

“Fifty-eight per cent of the respondents expect a tougher business environment in the near term for reasons including greater competition, higher costs, increased price sensitivity of customers, funding challenges, and changing regulations,” it said.

CXOs were also asked about their definition of success out of COVID-19.

Thirty-four per cent would like their organisation to be more resilient, followed by 19 per cent who wanted to gain and protect market share and 19 per cent who wanted to achieve break even cash flows, it said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Colgate-Palmolive Q1 profit rises 17% to Rs 198 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

FMCG major Colgate-Palmolive India Ltd (CPIL) on Wednesday reported a 17.18 percent increase in net profit at Rs 198.18 crore for the quarter ended June 30, 2020, helped by lower expenses. The company had posted a net profit of Rs 169.11 crore in the April-June quarter last fiscal.

Its total income during the quarter under review stood at Rs 1,046.90 crore, down 4.82 percent from Rs 1,100.03 crore reported in the corresponding quarter a year ago, CPIL said in a BSE filing. Its total expenses were at Rs 780.01 crore in the first quarter of 2019-20, down 6.83 percent, as against Rs 837.22 crore reported in the corresponding period a year ago.

“Our toothpaste business delivered positive sales growth for the quarter reflecting the strengthening brand attributes and portfolio performance, CPIL Managing Director Ram Raghavan said. Brand penetration remained strong signalling the continued trust and faith consumers have with the brand, he said, adding that the toothbrush category, being more discretionary in nature, impacted overall results.

“Our disciplined approach to managing all revenue and cost drivers, despite all the uncertainties and challenges around us on account of the pandemic, drove improvements in key financial metrics,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Chambal Fertilisers Q1 net profit up 77%, says no impact of COVID-19

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Chambal Fertilisers and Chemicals Ltd (CFCL) on Wednesday reported a 76.82 percent jump in consolidated net profit at Rs 298.38 crore for the first quarter of fiscal 2020-21 on strong sales. The company had posted a net profit of Rs 168.74 crore in the same quarter of previous fiscal, CFCL said in a regulatory filing.

Net income rose to Rs 3,246 crore in April-June quarter from Rs 2,800.28 crore in the same period a year ago. Expenses too rose to Rs 2,797.04 crore as against Rs 2,610.07 crore in the same quarter a year ago.

CFCL said there was no impact of COVID-19 pandemic on its operations during the quarter as the company was able to operate its plants at normal levels. “The company’s production, dispatches, sales and market collections remained unaffected,” it said in the filing.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow