1. RIL Q2 profit falls 10.8% QoQ, EBITDA beats estimates; Jio loss at Rs 270.6 cr
2. Trade deficit at USD 8.98 billion in September
3. UBS sees 0.5% fiscal slippage on stimulus, reports PTI
4. Madhya Pradesh govt cuts VAT on petrol by 3% and diesel by 5%, new rates to be effective from midnight
5. Amit Shah says no question of corruption in son Jay’s company, reports The Indian Express
6. Govt invites private players to buy out 51% in Pawan Hans, reports PTI
Fire at IGI airport forces 2 flights to abort landing
A fire near one of the runways at the Indira Gandhi International Airport on Friday forced at least two flights to abort a landing at the last minute, according to officials.
A patch of grass near runway 27 caught fire this morning around 11 AM. Airport sources called it a "minor" fire, which lasted for a few minutes.
However, Vistara's UK 970 arriving from Mumbai and another Air India plane had to do a go-around because of the fire, officials at the airport said.
The match has been called off. The field was deemed too dangerous for play. While the 30-yard circle was fine, areas around the boundary remained wet. A short drizzle made matters worse. The T20I series will be shared by India and Australia after ending 1-1.
ED attaches assets of HP CM Virbhadra Singh worth Rs 5.6 cr under PMLA after CBI had filed a case against HP CM, reports CNN-News18
Only Centre should deal with deportation of Rohingyas: MHA
The deportation of illegal immigrants including Rohingyas has to be dealt with only by the Centre as it is essentially an executive function, a home ministry spokesperson said today, reports PTI.
The assertion comes hours after the Supreme Court decided to give a detailed and "holistic hearing" from November 21 on the government's decision to deport Rohingya Muslims to Myanmar.
The ministry spokesperson said that questions regarding illegal immigrants need to be examined keeping in mind diplomatic consideration, internal security situation, demographic changes in the country and duties of the central government towards its own citizens.
NGT lifts ban on 10-yr-old diesel vehicles in some parts of UP
The National Green tribunal allowed diesel vehicles which are over 10 years old to ply in certain parts of Uttar Pradesh for a period of three years.
The green panel allowed such vehicles to be driven in Muzaffarnagar and some of its neighbouring districts while directing the authorities to phase them out with CNG vehicles or any other eco-friendly alternative.
The tribunal, however, made it clear that these vehicles would not enter the National Capital Territory.
Rupee scales 3-week high of 64.93 on encouraging macro data
The rupee continued its stellar run against the US dollar for the fifth day, surging by 15 paise to end at a fresh three-week high of 64.93 on easing macro worries coupled with record-setting domestic equities.
A combination of factors such as bullish macro economic situation and easing monetary policy environment amid favouring global factors predominantly kept forex market mood buoyant.
Meanwhile, here's an update from the world of cricket. Rain has delayed the toss series-deciding India vs Australia T20 International. The three-match series is levelled 1-1. Kohli & Co would want to bag another series in their kitty after the 4-1 ODI series win against the Steven Smith-led team.
PM to visit Bihar tomorrow
Prime Minister, Narendra Modi, will visit Bihar on October 14, 2017.He will address the Centenary Celebrations of Patna University. At Mokama, Modi will lay the foundation stone for four sewerage projects under the Namami Gange programme; and four National Highway projects. The total outlay of these projects will be over Rs. 3,700 crore.
Trade deficit at USD 8.98 billion in September. Exports Up 25.67% At $28.6 Bn (YoY); Imports Up 18.1% At $37.6 Bn (YoY)
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said:
“Our Company reported another quarter of robust performance. I am delighted to share that this includes the financial performance of Reliance Jio which had a positive EBIT contribution in its first quarter of commercial operations.
The results also reflect strong underlying fundamentals of our refining and petrochemicals businesses. Sustained demand growth coupled with supply disruptions further tightened demand-supply balances globally during the quarter. The benefits of optimizing our business through new projects are beginning to emerge. The structural strength in energy and materials business environment augurs well for our new capacities which are coming on-line this year.
Our retail business has delivered broad based, sustainable and profitable growth through improved operational excellence.
The world is transforming, turning digital and India is not going to be left behind. India is ready to go digital, move from voice to data and Jio is creating the foundation of data for the next generation business. The rapid uptake of Jio services reflects the latent need of the society. We are confident that Jio will bring significant benefits to the Indian economy and the Indian customers and will take India to a much higher pedestal. We are focussed on providing multi-layered digital services on top of the basic connectivity service to optimally utilise our world class infrastructure.
The strong financial results of Jio demonstrates the robust business model of Jio and the significant efficiencies that the Company has built through its investment in the latest 4G technology and right business strategy. As always, the Group has demonstrated excellence in execution, vision and commercial acumen.”
Reliance Industries has reported consolidated profit at Rs 8,097 crore for the quarter against Rs 9,079 crore in previous quarter.
Consolidated profit was expected at Rs 8,169 crore and EBITDA at Rs 13,178 crore with margin of 15.4 percent for the quarter, according to average of estimates of analysts polled by CNBC-TV18.
Gross refining margin was estimated at USD 12.5 per barrel for the quarter against USD 11.9 a barrel in previous quarter.
The stock price of Reliance Industries which announced earnings after market hours, closed up 0.48 percent at Rs 876.70. It hit a fresh record high of Rs 891 intraday today.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Reliance Ind announces Q2 earnings, consolidated net profit at Rs 8,097 crore. Consolidated revenue at Rs 95,085 crore.
Reliance Jio revenue at Rs 6,147 crore, loss at Rs 270 crore.
RIL Q2 earnings
Reliance Industries is set to announce its second quarter (July-September) earnings shortly. Consolidated profit is expected to be at Rs 8,169 crore for the quarter against Rs 9,079 crore in previous quarter. Here’s what you can expect.
Watch our show Markets@Moneycontrol for a wrap of day's trading action
Several developments — major and small — which may shape the future course occurred this week. Test your knowledge and get your weekly dose of trivia.
The Nifty touched a fresh high on Friday, after data showed inflation unexpectedly held steady in September, while Bharti Airtel surged on its deal to buy the Tata conglomerate's consumer mobile business. The Nifty ended up 0.7% at 10,167.45, its highest close ever, after having hit a record high of 10,191.90 intraday. The index was up 1.81% for the week. The benchmark Sensex ended 0.78% higher at 32,432.69. It rose 1.94% for the week, its biggest such gain since the week ended July 14.
The government has decided to give GST refund to exporters in the bank accounts they have filed with the customs department and not in those they have mentioned in the GST registration forms, reports PTI. The Central Board of Excise and Customs (CBEC) said it has asked exporters to align their bank account details declared to the customs with that of GST regime.
The country's agriculture and allied growth is likely to be over 3% in the ongoing fiscal, lower than around 5% last year, a Niti Aayog member told PTI. For FY17, the farm sector growth was pegged at 4.9%, which is likely to be revised upward taking into account the final foodgrain production figures, it said. "Looking at the performance of the kharif season, I can say with confidence that growth will be more than 3%," Niti Aayog member Ramesh Chand said. The expected 3% growth this year is not that bad when compared to FY17 when the sector grew from a low base effect, he said. The farm growth in FY16 stood at 1.2% due to poor rains and drought.
Automobile major Mahindra & Mahindra (M&M) launched a new model of its sports utility vehicle KUV100. The updated version, 'KUV100 NXT', is packed with 40 new features. The KUV100 NXT is priced in the range of Rs 4.5-7.5 lakh. Available in five variants, the SUV comes with 40 new features, including hi-tech ones like touchscreen infotainment system with GPS navigation and new driver information system with voice alert, among others.
As government mulls a possible stimulus package to revive the economy, Swiss brokerage has estimated a slippage of 0.5% on the 3.2% fiscal deficit target for the current year, reports PTI. "We believe the Centre will likely breach the FY18 fiscal deficit target of 3.2% of GDP by 0.5% if its goes about with a fiscal stimulus package," UBS Securities said. The brokerage said the slippage will be on lower revenue collections through Excise duty cuts, lower telecom collections, lower RBI dividend transfer and also higher expenditure, where government has front-loaded spending and a possible stimulus to boost domestic demand.
The Tamil Nadu government has reduced entertainment tax in state to 8% from 19%. The Tamil film industry was up in arms against the state government’s decision to impose a 10% Local Body Entertainment Tax (LBET) for Tamil films and 20% for other language films in addition to the Goods and Services Tax (GST) on cinema tickets stirring a hornets’ nest.
The Supreme Court hearing the petition filed by Rohingya Muslims challenging the government's stand to deport them back to Myanmar said it can't be oblivious to the plight of innocent women, children and infirm, reports CNN-News18. The court said it needs to strike a balance between human rights and national security. It has disallowed deportation of Rohingya Muslims till the case is heard.
The Supreme Court restrained the directors of real estate major Amrapali Group from leaving the country without its permission, reports PTI. A bench headed by Chief Justice Dipak Misra issued notice to the company and sought its reply within two weeks on a plea filed by Amrapali Silicon City Flat Owners Welfare Society.
The Allahabad High Court has chastised the trial court judge for telling a "different story" propelled by "vitriolic" reasoning convicting dentist couple Nupur and Rajesh Talwar in the murders of their daughter Aarushi and domestic help Hemraj in May 2008, reports PTI. Additional Sessions Judge Shyam Lal in Ghaziabad (UP) had sentenced the Talwars to life imprisonment on November 28, 2013, holding them guilty in the twin murder case. Allowing the appeals of the Talwars against the CBI court order, Justices BK Narayana and AK Mishra of the Allahabad High Court on Thursday acquitted the couple, saying that neither the circumstances nor the evidence was enough to hold them guilty.
In "absolute agreement" with Justice Narayana in giving the Talwars the benefit of doubt, Justice Mishra said, "The learned trial Judge has prejudged things in his own fashion, drawn conclusion by embarking on erroneous analogy conjecturing to the brim on apparent facts telling a different story propelled by vitriolic reasoning. Thus, basing the finding of conviction without caring to see that it being a case based on circumstantial evidence things cannot be presumed and stuffed in a manner like the present one by adhering to self-created postulates then to roam inside the circle with all fanciful whim," he said.
The Supreme Court sought the response of the Ryan Group owners on a plea to cancel their anticipatory bail granted by Punjab and Haryana High Court in connection with the death of a seven-year-old student in a Gurgaon school run by it, reports PTI. A bench headed by Chief Justice Dipak Misra also sought the response of the CBI which is investigating the death of Class 2 student Pradyuman Thakur who was found dead with his throat slit in a school washroom on September 8.
Winter session of Parliament to begin from November 21.
LIC Housing Finance has filed an application before the National Company Law Tribunal (NCLT) to start insolvency process against DB Realty for recovery of Rs 30.63 crore outstanding loan, reports PTI. DB Realty said both the parties are in talks to settle this outstanding loan. It explained that it had availed of an Rs 200 crore loan from LIC Housing Finance in January 2010 and out of that, Rs 188 crore was disbursed to it. The developer repaid Rs 157.37 crore to LIC Housing Finance within 18 months from the disbursement and the balance loan outstanding is Rs 30.63 crore.