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Today’s Latest Business News Transcript at 5:30 pm on 8th August 2022
“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
In a significant development, the Union Government today said it is currently not considering any proposal for the constitution of the 8th Pay Commission for Central Government employees. No such proposal was under consideration with the Government for constitution of 8th Central Pay Commission for the Central Government employees, Union Minister of State for Finance Pankaj Chaudhary said in a written reply to a query on whether the Government proposes to ensure timely constitution of 8th Central Pay Commission so that it could be implemented on 01-01-2026. In view of the erosion of the real value of salaries provided to Central Government Employees due to rising inflation, the Government provides them with Dearness Allowances (DA), which is revised every six months.
Moving on- Reliance Industries invested Rs 30,000 crore in its retail business and added 2,500 stores, taking the total storecount to 15,196 in FY22. Besides, Reliance Retail added 11.1 million square feet of warehousing space during the year, nearly doubling the warehousing space to 22.7 million square feet, Reliance Industries Ltd said in the annual report for FY22. In FY22, Reliance Retail added over 1.50 lakh jobs, taking its total headcount to 3.61 lakh. During the fiscal year, Reliance Retail further strengthened its sourcing ecosystem, working closely with producers, MSMEs, service providers, and local and international brand companies, it added. In FY22, on an average, Reliance Retail added seven stores per day. Moreover, its merchant partnerships and digital commerce witnessed a substantial increase and contributed nearly 17 per cent of its revenues compared to 10 per cent in the preceding year, it said.
Now some news related to 5G- The long-awaited high-speed 5G services are expected to be rolled out in about a month, Minister of State for Telecom Devusinh Chauhan said on Monday. Addressing the inaugural event of the International Telecommunication Union’s Regional Standardisation Forum (RSF) for Asia and Oceania region, Chauhan said India is likely to deploy indigenously developed and manufactured 5G telecom gears by end of this year for 5G services. India’s biggest ever auction of telecom spectrum that concluded on August 1 (Monday) received a record Rs 1.5 lakh crore of bids, with Mukesh Ambani’s Jio cornering nearly half of all the airwaves sold with an Rs 88,078 crore bid.
Meanwhile- Rakesh Jhunjhunwala stock Titan rose in early trade on Monday after the company posted robust numbers for the quarter ended June 2022. Net profit of Titan Company rose 3,825% to Rs 785.00 crore in the Apr-Jun quarter, as against Rs 20 crore during the corresponding year-ago quarter. Titan’s net sales rose 198% to Rs 8,975 crore during the quarter under review, up from Rs 3,004 crore during the same quarter in the previous year. Titan share price jumped 1% to hit an intraday high of Rs 2,475 on BSE. Analysts remain bullish on the stock and see up to 28% upside going forward. Titan has a strong runway for growth, given its market share of sub-10% in Jewellery and continued struggles faced by its unorganised and organised peers. Its medium-to-long-term earnings growth visibility is nonpareil, said domestic brokerage firm Motilal Oswal in its report.
In another development- Bharat Petroleum Corporation Ltd share price tumbled 4.75% on Monday, days after the company reported a net loss of Rs 6,291 crore in the first quarter of the current fiscal year. Analysts noted that the loss reported by the company was owing to retail fuel prices being kept frozen leading to marketing loss. The stock was trading at a low of Rs 320 per share on Monday, extending its 16% decline so far this year. However, analysts are mixed in their outlook for BPCL despite the loss. While some are advising investors to give up and sell the stock some are still bullish on the scrip. BPCL reported losses even as Revenue from operations rose to Rs 1.38 lakh crore from Rs 89,688 crore in April-June 2021. BPCL said that it earned GRM of $27.51 per barrel in the quarter as against $4.12 per barrel gross refining margin a year back.
Lastly, Indian equity markets ended higher on Monday, supported by index heavyweights like Reliance Industries, HDFC Bank, Bajaj Finance and Maruti Suzuki. The BSE Sensex ended 465 points or 0.80% up at 58,853, while NSE Nifty 50 settled 127 points or 0.73% higher at 17,525. Indian rupee ended lower by 19 paise at 79.65 per dollar against Friday’s close of 79.24. In the broader markets, the BSE MidCap and SmallCap indices edged 0.3% higher each. Sectorally, the Nifty PSU Bank index slipped 0.4%, followed by the Nifty IT index (down 0.02%). All other indices clocked gains.
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