SBI Q1 profit jumps 81% YoY to Rs 4,189 cr, moratorium declines to 9.5%

State Bank of India, has posted 36.8 cent rise in profit before tax (PBT) at Rs 5,559.7 crore for the quarter ended June 2020 on robust growth in net interest income. “Exceptional items for quarter ended June 30, 2020 represent profit of Rs 1,539.73 crore on sale of certain portion of investment in bank's subsidiary SBI Life lnsurance Company Limited,” said the bank in a statement. Read more

In talks with RBI to extend moratorium, restructure loans: FM Sitharaman

FM Nirmala Sitharaman on Friday said that her ministry is working with the Reserve Bank of India on extending the moratorium on loan repayments or restructuring the borrowings.

She said this specifically in the context of the demand by the hospitality sector. "I fully understand the requirements of the hospitality sector on the extension of the moratorium or restructuring. We are working with RBI on this," she said while addressing members of the industry chamber Ficci. Read more

RBI is likely to leave repo rate unchanged in the upcoming policy review meeting and the Monetary Policy Committee may look for "unconventional policy measures" to ensure financial stability, says a report. The Monetary Policy Committee (MPC), headed by the RBI Governor, is scheduled to meet for three days beginning August 4 and will announce its decision on August 6. Read more

The Supreme Court on Friday said that no BS-IV vehicles will be registered till it decides on the sale of such vehicles during lockdowns, referring to country's new standards for emissions. The court was earlier irked over the violation of its order and pulled up automobile dealers association for sale of BS-IV vehicles in the last week of March and extended three times. On July 8, it recalled the March 27 order by which it had allowed sale of BS-IV vehicles for 10 days across India, except in Delhi-NCR, after lifting of the Covid-19 lockdown. Read more

Private equity (PE) player Tata Capital is set to pick up a minority 0.85 per cent stake for $30 million in the biologics arm of biopharmaceutical major Biocon, the Bengaluru-based company said on Friday. This new round of equity infusion will happen at a valuation of around $3.5 billion for Biocon Biologics. Read more

Amazon.com Inc on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic.

Amazon had forecast it might lose money in the just-ended second quarter because it expected to spend some $4 billion on protective equipment for staff and other expenses related to Covid-19. It did just that - and still earned $5.2 billion - double its net income from a year prior. Read more

China's factory recovery accelerates in July at a faster pace: PMI

China's factory activity expanded in July for the fifth month in a row and at a faster pace, beating analyst expectations despite disruptions from floods and a resurgence in coronavirus cases around the world. The official manufacturing PMI rose to 51.1 in July from June's 50.9, official data showed on Friday. Read more