Mukesh Ambani-led Reliance Industries Ltd, or RIL, reported a consolidated net profit of Rs 13,227 crore for the quarter ended March 2021 (Q4), more than double the Rs 6,348 crore reported in the year-ago quarter.
While the jump should be seen in the light of last year’s low base, when profit was lower on account of an exceptional loss of Rs 4,267 crore, the performance for Q4FY21 is largely in line with analysts’ expectations.
Revenue and Ebitda, however, beat estimates (Ebitda is earnings before interest, tax, depreciation, and amortisation).
The top line, or revenue from operations, in the period under review grew 9.6 per cent year-on-year (YoY) to Rs 1.5 trillion, led by strong performance of its telecom and retail business and healthy growth in the O2C (oil-to-chemicals) segment.
Lenders of the debt-ridden Future Retail Ltd have approved a plan to restructure the existing financial debt of the company under an RBI announced resolution framework for COVID-19 related stress. The restructuring plan now would be forwarded for approval to an expert committee, formed by RBI under the chairmanship of K V Kamath, Future Retail Ltd (FRL) said in a late-night regulatory update on Saturday. As part of the resolution plan, the debt raised through the non-convertible debentures issued by FRL is also part of the existing debt and is proposed to be restructured, it added. The board of the company, which now expects to recover from the financial stress with the resolution timeframe, has also approved the restructuring plan in its meeting held on Saturday, it added.
NEW DELHI – US-based Amazon.com, the world’s largest e-commerce company, is embarking on a massive expansion drive in India, which may not only make the country’s intensifying retail battle way tougher for rivals Flipkart and Mukesh Ambani-owned Reliance Industries Ltd. but also may ensure that Amazon’s online retail business does not get hindered in case the American e-tailer loses its ongoing legal battle with Future Group.
According to two persons close to Amazon, the Seattle-based e-commerce giant, which is entangled in a bitter legal tussle with Future Group, is looking to increase the number of its tie-ups with sellers (small businesses and stores) by 40% to take it to 10 lakh within a year.
As stocks fall, Remdesivir makers step up production
April 16, 2021
Firms had assured to supply around 55,000 vials - Kunal Mahto×
However, shortage will continue in Maharashtra as vials will take time to reach
Even as Maharashtra continues to report severe rise in Covid-19 cases in the last few weeks, the State is now facing a shortage of Remdesivir injections and medical oxygen used for treatment of such patients. State Food and Drug Administration (FDA) Minister Rajendra Shingane said on Friday that there is a shortage of 12,000 to 15,000 Remdesivir injections but pharma companies have been told to step up production.
Speaking to reporters in Mumbai, Shingane said, “The companies that produce Remdesivir injection have increased their production but it will take some time for the vials to hit the market. If we consider a 10-12 per cent shortage, then Maharashtra will continue to face a shortage of 12,000 to 15,000 Remdesivir vials for the next two to three days.”
Amazon embarks on massive expansion plans in India, eyes tie-ups
REUTERS/Pascal Rossignol
April 12, 2021
Amazon.com Inc. is embarking on a massive India expansion plan, including a series of tie-ups with regional retail chains, to ensure that a legal setback in the case with Future Group does not upset its long-term plans for the country, two people familiar with the company’s plans said.
“Even if Amazon loses the Future case, it’s not fatal to Amazon by any means. The Future Group case is more about Amazon’s emphasis that contractual obligations do matter in India,” one of the two people said, adding that Amazon’s organic investment plans are much larger than these investments.