Top headlines: Airtel back in black in Q4; India loses gas field in Iran
Bharti Airtel posts Rs 759 cr profit
Telecom operator Bharti Airtel on Monday reported a consolidated net profit of Rs 759 crore for the January-March quarter of 2020-21 financial year.
The company had posted a loss of Rs 5,237 crore in the same period a year ago. Read more
India loses ONGC-discovered Farzad-B gas field in Iran
India on Monday lost the ONGC Videsh Ltd-discovered Farzad-B gas field in the Persian Gulf after Iran awarded a contract for developing the giant gas field to a local company.
“The National Iranian Oil Company (NIOC) has signed a contract worth USD 1.78 billion with Petropars Group for the development of Farzad B Gas Field in the Persian Gulf,” the Iranian oil ministry’s official news service Shana reported. “The deal was signed on Monday, May 17, in a ceremony held in the presence of Iranian Minister of Petroleum Bijan Zangeneh in Tehran.” Read more
Coronavirus resurgence in India will delay earnings recovery: Moody’s
Moody’s Investors Service on Monday said if the second wave of the pandemic does not decline to more manageable levels and results in a prolonged and wider lockdowns, it will have a more severe effect on companies’ earnings recovery.
It said the resurgence of coronavirus infections in India that has led to regional lockdowns will put the brakes on rated companies’ earnings recovery seen in recent months. Read more
Under 5,000 COVID cases in Delhi after 42 days
The national capital reported 4,524 new COVID-19 cases, lowest since April 5, and 340 fatalities on Monday while the positivity rate dipped to 8.42 per cent, according to the latest health bulletin released by the city government.
The COVID-19 situation has been improving in Delhi with the number of cases and positivity rate going down steadily in the past few days. Read more
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