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IndiGo Q4: Loss widens to Rs 1,147 cr as higher fuel costs, virus hit biz

Budget carrier IndiGo on Saturday reported consolidated net loss of Rs 1,147 crore for the March quarter (Q4FY21) as higher fuel costs and coronavirus-related disruptions weighed on the earnings. It had reported a net loss of Rs 871 crore during the same quarter a year earlier (Q4FY20) and Rs 620 crore loss in the previous quarter (Q3FY21). After a near washout in operations last year, the gradual recovery seen in domestic passenger demand waned from early March with the onslaught of second wave of coronavirus.

PNB posts Rs 586 crore profit in Q4; NII jumps over 48% to Rs 6,937 crore

State-owned Punjab National Bank (PNB) posted a standalone net profit of Rs 568 crore in the fourth quarter of FY21. Sequentially, the net profit has increased 16 per cent from Rs 506 core posted in the October-December quarter. In the same quarter last year, the Delhi-based lender had reported a loss of Rs 697 crore on a standalone basis. However, the year-on-year numbers are not comparable as Oriental Bank of Commerce and United Bank of India merged into PNB from April 1, 2020. For the complete financial year, the bank reported a net profit of Rs 2,021 crore.

Carbon emission by Indian IT down 85% due to WFH, digitisation: Study

Work-from-home and limited travel have done some good for the environment. According to a study by UnearhInsight, a metrics benchmarking and market intelligence firms found that an estimated 85 per cent drop in carbon emissions during the year. Carbon emissions were around 300,000 tonnes, from a pre-pandemic level of around two million tonnes of carbon emission annually. The Covid-19 pandemic has propelled India’s $194 billion outsourcing industry towards carbon neutrality with hybrid working models, e-mobility and digital disruption for campus hiring. The study conducted for FY 2020-21 included around 2000 plus outsourcing technology companies in India including IT, ITeS, Engineering, GIC/GCC and Startups.

Nitin Gadkari calls for increasing MSMEs share in GDP to 40% from 30%

Union minister Nitin Gadkari on Saturday stressed on increasing the share of the MSME sector in the country's GDP to 40 per cent from 30 per cent currently. Addressing a virtual event, Gadkari said the world is now favouring India instead of China. "We need to increase our GDP growth and agriculture growth rate. We can make Indian economy as one of the strongest economy of the world," the road transport, highways and MSME minister said. Gadkari also stressed on making the country self-sufficient in edible oil production.

Adani to offer green tariff to all consumers at a slightly higher cost

Adani Electricity Mumbai Limited (AEML), the power distribution utility in Mumbai suburban area, is offering Green Tariff to all its customers. All consumers right from corporates, industrial, commercial and residential consumers can now switch to green energy by paying marginally extra. The switch can be done with the immediate billing cycle and customers will receive a Green Power Certificate on a monthly basis, with a separate green coloured bill, indicating a separate line that reads: Green Power Tariff. As per a company statement, consumers will have to pay an additional 0.66 paise per unit for opting Green Tariff Initiative and they will have the freedom to choose what percentage of their total power consumption should come from green energy.

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