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Diesel rates marginally lowered in metropolitan cities for fifth day in a row, petrol unchanged

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Diesel prices continued to fall on Monday, making it fifth day in a row, even though globally crude prices remained steady. In the national capital diesel was priced at Rs 71.43 per litre, down from Rs 71.58 on Sunday.

Similar trend was witnessed in other major metropolitan cities. In Mumbai, diesel was being sold at Rs 77.87 on Monday, against the previous levels of Rs 78.02.

In Chennai and Kolkata diesel rates was at Rs 76.85 and Rs 74.94 on Monday, respectively.

Previously, diesel was priced at Rs 76.99 in Chennai and Rs 75.09 per litre in Kolkata.

In September, diesel rates have been dropped by Rs 2.13 per litre in Delhi this month while petrol price fall has been relatively slower at Rs 0.94 per litre in September.

The recent fall in prices comes in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.

Prices of petrol, however, remained unchanged for the third straight day at Rs 81.14, Rs 87.82, Rs 84.21 and Rs 82.67 per litre across Delhi, Mumbai, Chennai and Kolkata, respectively.

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Yes Bank scales up Covid-related provisioning to Rs 1,918 Cr in Q2FY21

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Yes Bank has increased its covid-related provisioning to Rs 1,918 crore in the July-September quarter.

In its investor presentation, the bank said that the total aggregate Covid-related provision is 1.15 per cent of the total advances and provides for potential slippages from the above exposures including potential interest reversals.

In the July-September quarter, the bank made a covid-related provisioning of Rs 1,038 crore taking the cumulative provisioning for covid at Rs 1,918 crore.

The bank said that its balance sheet consolidation continues while improving granularity and liability profile.

It noted that its capital position significantly strengthened by the successful raising of Rs 15,000 crore through FPO. It further said that RBI special liquidity facility of Rs 50,000 crore has been fully repaid.

The bank also raised long term refinance borrowing in excess of Rs 5,500 crore.

On Friday, Yes Bank reported a net profit of Rs 129 crore for the July-September quarter.

During the corresponding quarter of the last financial year (2019-20), the bank had reported a loss of Rs 600 crore.

The net interest income of the restructured bank increased 3.4 per cent on quarter on quarter basis to Rs 1,973 crore.

As of September-end, the bank’s gross non-performing asset (GNPA) stood at 16.9 per cent, down from 17.3 per cent in the previous quarter. Its net NPA was 4.71 per cent against 4.96 per cent in the previous quarter.

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STF arrests two businessmen with illegal arms

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Two businessmen were arrested from Strand Road on Monday night by a team of officers of the Special Task Force (STF) of Kolkata police in connection with possession of unlicensed firearms.

Acting on a specific tip-off, officers of the STF laid a decoy while conducting raids and arrested two businessmen –Sujato Goswami and Md Shahid. They were later interrogated thoroughly and eight one-shoter guns and a bike was seized from them.

Lalbazar sources said the duo were both residents of Serampore Hooghly.

An STF officer said investigation was on to elicit information from them concerning whom they were going to deliver the arms to and from where the consignments were received. Both were charged with sections under Arms Act.

Meanwhile, in another raid based on a tip-off, a team of officers had conducted raids at a residence of another businessman Md Yasin at Elliot Road at Park Street and confiscated cash worth Rs 1.50cr from his residence.

Besides, police sources said gold jewellery , two laptops and a mobile were seized from the residence.The owner of the house was however, not present at the time the raid was being conducted. Sources said that the family member of the busineesman, when confronted by the officers could not show any valid documents nor could they shed light on the source of the “unaccounted money”.

Police have launched a probe and are on the lookout for the businessman.

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Reliance Retail receives Rs 5,550 crore from KKR for 1.28% stake sale

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Reliance Industries on Thursday announced that it has received an investment worth Rs 5,550 crore from global investment firm KKR for 1.28 per cent stake in its Reliance Retail Ventures Limited.

“We hereby inform that Reliance Retail Ventures Limited, a subsidiary of the Company, today received the subscription amount of Rs 5,550 Crore from Alyssum Asia Holdings II Pte. Ltd. (KKR) and allotted 81,348,479 equity shares to KKR,” Reliance Industries said in a regulatory filing on Thursday.

Earlier, on September 23, Reliance Industries had announced that KKR will make the investment in its subsidiary Reliance Retail Ventures Ltd (RRVL) to buy 1.28 per cent equity stake.

The investment valued Reliance Retail, which runs grocery stores and fashion chains, at a pre-money equity value of Rs 4.21 lakh crore.

This was the second investment by KKR in Reliance Industries’ units. It had previously picked up a 2.32 per cent stake in the digital arm, Jio Platforms, for Rs 11,367 crore.

After monetising Jio Platforms — which houses the firm’s telecom arm and digital ventures, billionaire Mukesh Ambani is roping in investors in the retail business.

All the 13 investors, who had poured in a combined Rs 1.52 lakh crore in Jio Platforms, have been offered a chance to explore investing in the retail unit. Besides KKR, the other investors in Jio Platforms include Silver Lake, Facebook, Google, private equity groups Vista and General Atlantic and Abu Dhabi’s sovereign wealth fund Mubadala.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets, and online grocery store JioMart. It operates almost 12,000 stores in nearly 7,000 towns.

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