The Supreme Court has deferred to June 28 hearing the dispute between Amazon and Future dispute as it attends to cases related to Covid-19 pandemic, Mint reported on Wednesday. “The Supreme Court feels this case be kept on hold until the surge in covid-19 cases is contained. Cases related to oxygen supply to hospitals, provision of covid beds, vaccines and medicines are more urgent, Mint quoted a person close to the matter. The top court was scheduled to hear the case between US-based e-commerce giant Amazon and Kishore Biyani’s Future Group over the Rs 24,713 crore deal between Future and Reliance Industries Ltd on Tuesday.
Oil and Gas stocks were trading in the positive zone, with the S&P BSE Oil&Gas index rising 212.25 points or 1.42% at 15201.99 at 09:48 IST. Among the components of the S&P BSE Oil&Gas index, Oil & Natural Gas Corpn Ltd (up 2.6%), Gujarat State Petronet Ltd (up 2.11%),Bharat Petroleum Corporation Ltd (up 1.7%),Hindustan Petroleum Corporation Ltd (up 1.53%),Indian Oil Corporation Ltd (up 1.48%), were the top gainers. Among the other gainers were Petronet LNG Ltd (up 1.15%), Indraprastha Gas Ltd (up 1.14%), GAIL (India) Ltd (up 0.94%), and Reliance Industries Ltd (up 0.73%). On the other hand, Castrol India Ltd (down 0.72%), moved lower.
At 09:48 IST, the S&P BSE Sensex was up 203.24 or 0.42% at 48456.75.
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Reliance Industries Ltd (RIL) s deleveraging of its balance sheet is likely to continue and the company s prudent investment policies, stable operations, and potential for further asset monetisation should support the trend, says S&P Global Ratings.
In a note, the ratings agency says, RIL s deleveraging over the past 12 months has exceeded our expectations. This was driven by sizable asset monetisation and equity raising. The India-based conglomerate recognised a cash inflow of Rs2.2 trillion (about $30 billion) during fiscal 2021, which lowered our computation of reported net debt by about 70% to about Rs540 billion.
The reduction in debt was despite RIL having negative free cash flows of about Rs860 billion during the year. We therefore estimate the S&P adjusted debt-to-earnings before interest, tax, depreciation and amortization (EBITDA) ratio on the company improved to about 1 time in fiscal 2021 from 3.1 times in fiscal 2020, S&P says.
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Sensex, Nifty tumble as Covid cases cross 2-crore mark
Sensex, Nifty tumble as Covid cases cross 2-crore mark
The NSE Nifty 50 index dropped 0.94% to 14,496.5, while the benchmark S&P BSE Sensex closed 0.95% lower at 48,253.51, after swinging in choppy trading for most of the session.
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UPDATED: May 4, 2021 17:41 IST
Economists from several institutions have warned of the impact of the ongoing second wave of infections. (Photo: Reuters)
Indian shares ended at their lowest level in more than a week on Tuesday, dragged by heavyweight financials, energy and IT stocks, as domestic coronavirus cases crossed the grim milestone of 20 million.
The NSE Nifty 50 index dropped 0.94% to 14,496.5, while the benchmark S&P BSE Sensex closed 0.95% lower at 48,253.51, after swinging in choppy trading for most of the session.