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GAIL consolidated profit before tax rises 62% in Q4 to Rs 3,598 crore
Posted on 25th June 2020
State-run GAIL (India) has posted 62 per cent increase in its consolidated profit before tax (PBT) in Q4 of 2019-20 (FY20) ended March to Rs 3,598.7 crore, compared to Rs 2,226.8 crore during the same period last year.

The consolidated revenue for the period under review has seen a decline by 6 per cent, from Rs 19,078.3 crore during the January-March quarter of 2018-19 (FY19) to Rs 17,938 crore in the fourth quarter of FY20. For FY20, the consolidated PBT increased 6 per cent from Rs 9,831.19 crore to Rs 10,428.94 crore. Its consolidated revenue from operations stood at Rs 72,567.7 crore, down 5 per cent, from Rs 76,234.1 crore in FY19. Manoj Jain, CMD, GAIL (India), said lower price realisation from key segments — petrochemicals and natural gas — had an impact on its financial numbers. On the other hand, profit was owing to the adoption of a lower tax regime.

During the financial year under review, the total capex was Rs 6,100 crore. For 2020-21, the firm has kept its capex between Rs 4,000 and Rs 5,000 crore, a majority of which will be spent on the pipeline business. The firm indicated that because of the lockdown for the first two months, there might be some impact on the capex numbers.

When asked about the Covid impact on gas sales, Jain said, “There was some force majeure from our side and from the consumer side. For us, there has not been any significant impact of force majeure, as fertiliser and power were affected much. In addition, there was only rescheduling of supply.”

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Noida gets 400-bed Covid-19 hospital, CM Yogi Adityanath reviews facilities
Posted on 8th August 2020
Uttar Pradesh Chief Minister Yogi Adityanath on Saturday inaugurated a dedicated 400-bed government hospital for COVID-19 patients in Noida.

The facility is located in Sector 39 of the city and has come up in association with the Tata Trusts and the Bill and Melinda Gates Foundation, according to officials.

Gold price today at Rs 56,050 per 10 g; silver at record Rs 76,510 a kg
Posted on 8th August 2020
Gold prices today jumped to Rs 56,050 from Rs 55,350 per 10 gram, while silver climbed to Rs 76,510 from Rs 73,500 per kg, according to Good Returns website.

Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.

US election: China would love to have me lose to 'sleepy' Biden, says Trump
Posted on 8th August 2020
US President Donald Trump on Friday (local time) said that China would love to have an election if he lost to his sleepy Democrat presidential candidate Joe Biden.

China would love for us to have an election where Donald Trump lost to sleepy Joe Biden. They would dream (that) they would own our country. If Joe Biden was president, China would rule our country, he told reporters here.

Facebook builds 600 affordable homes to address housing crisis in US
Posted on 8th August 2020
Facebook has produced and preserved approximately 600 affordable homes near its headquarters in Menlo Park, California, of which roughly 70 per cent are reserved for extremely low and very low-income residents.

The company said it is on track to creating approximately 750 affordable homes by 2022.

Amazon, Flipkart set to witness business worth $600 mn during sale events
Posted on 8th August 2020
E-commerce companies Amazon and Flipkart are expecting to witness a total business of about $600 million during their ongoing sale events. This is at least 25 per cent higher in terms of sales compared to the business these firms would have generated for such small scale events during pre-Covid times, according to the industry insiders and analysts. They are also witnessing an increase in volumes (number of orders) which is 40 per cent higher than the normal times. Walmart-owned Flipkart is running the 5-day ‘Big Saving Days’ sale till Monday, coinciding with Amazon's 48-hour Prime Day sale which ended on Friday night.

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