Top headlines: GAIL Q4 net jumps 28%; heavy rains leave Mumbai waterlogged

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GAIL net profit jumps 28% in Q4

State-owned gas utility GAIL (India) on Wednesday reported 28 per cent jump in March quarter net profit as petrochemical margins soared and gas marketing business turned around on rise in international prices. Net profit in January-March at Rs 1,907.67 crore is compared with Rs 1,487.33 crore net profit in the same period a year ago, GAIL Chairman and Managing Director Manoj Jain said on a call with reporters. READ MORE...
 

Inflows in equity MFs at 14-month high in May
 

Equity mutual funds witnessed a net inflow of over Rs 10,000 crore in May, making it the highest infusion in 14 months, due to rally in stock markets on the back of declining COVID-19 cases and robust quarterly earnings. This is also marks the third consecutive monthly inflow after Rs 3,437 crore net inflow seen in April and Rs 9,115 crore in March, data from the Association of Mutual Funds in India (Amfi) showed on Wednesday. READ MORE...

RBI money printing should be last option, govt can consider Covid bonds: Subbarao

The central bank can directly print money and finance the government, but it should avoid doing so unless there is absolutely no alternative, former RBI governor D Subbarao on Wednesday said while pointing out that India is 'nowhere' near such a scenario.

In an interview with PTI, Subbarao suggested that to deal with the second wave of COVID-19 induced slowdown in the economy, the government can consider Covid bonds as an option to raise borrowing, not in addition to budgeted borrowing, but as a part of that. READ MORE...

Heavy rains, water-logging mark arrival of monsoon in Mumbai; IMD issues red alert
 

The south-west monsoon arrived in Mumbai and its neighbouring areas on Wednesday, the IMD announced as heavy rains lashed the city and suburbs since early morning, causing water-logging at many places and disrupting local train services. The India Meteorological Department (IMD) issued a red alert for Mumbai, and neighbouring Thane, Palghar and Raigad districts, warning of very heavy to extremely heavy rainfall at isolated places there during the day. READ MORE...