Saudi Arabia Provides Stimulus for Listed Companies in IPO Push

HDFC Bank Q3 net rises 14.36% to ₹8,760 crore

Its total income increased to ₹37,522 crore on a standalone basis compared to ₹36,039 crore in the year-ago period

Mumbai, Jan 16 (PTI) The country’s largest private sector lender HDFC Bank on Saturday reported a 14.36% jump in consolidated net profit to ₹8,760 crore for the December quarter.

At the standalone level, the net profit for the three-month period grew 18.09% to ₹8,758.29 crore.

Its total income increased to ₹37,522 crore on a standalone basis compared to ₹36,039 crore in the year-ago period.

The results, the first earnings to be declared by the bank under new chief executive and managing director Sashidhar Jagdishan, displayed an improvement in the asset quality.

The gross non-performing assets (NPA) ratio stood at 0.81% of the total assets as against 1.42% in the year-ago period and 1.08% at the end of the preceding September quarter, the bank said.

Prepared to meet surge in demand: Coal India

Friday saw record power consumption

State-owned Coal India Ltd. (CIL) on Saturday said it was prepared to meet any surge in demand for coal from the power sector.

The statement follows power demand touching an all-time high of 187.3 GW on Friday. “CIL is well geared to meet any surge in demand for the dry fuel from the power sector, especially on the back of close to 63 million tonnes’ stock at its pitheads,” the public sector unit said in a statement.

The company is also pushing for increased production, to shore up supplies to coal-fuelled power plants. In this backdrop, close to 67% of the total coal-fired power generation in the country depends on CIL’s supplies. Of the 199 GW of coal-based power programmed for generation per day during the ongoing fiscal, 133 GW is scheduled from CIL-linked coal.

Average coal-based power generation of power per day, which was 2.795 BU till Friday, spurted up to 3.072 BU, a jump of almost 10%.

Coal-based power generation remains consistently high over other categories.

Sean Hannity Asks Mitch McConnell To Step Down; Twitter Delights

Sean Hannity used his radio program and Fox News show Tuesday to suggest that Sen. Mitch McConnell (R-Ky.) surrender his leadership role for blaming Donald Trump for provoking the deadly Capitol riot.

“Mitch McConnell, if you’re not gonna fight, we deserve better,” the Fox News host told McConnell, who will be the Senate minority leader after two new Democrats are sworn into the Senate on Wednesday. “You can go back to representing the people of Kentucky and let somebody that knows how to lead, lead.” (Fast forward to 17:45).

People on Twitter relished the conservative infighting. “So fun, watching the GOP implode,” one user wrote.

McConnell said in private last week that he supported House Democrats’ impeachment of Trump, according to the New York Times.

But McConnell’s declaration on Monday that the “mob was fed lies” and “provoked by the president” put the right-wing personality over the top.

“I don’t remember Mitch McConnell ever being critical, but today he’s critical of Donald Trump,” Hannity said on his radio show, adding that the senator seemed to signal that he was indeed going along with the impeachment.

“Republicans need new leadership,” declared Hannity, a member of the Conservative Party and a staunch apologist for Trump’s misdeeds. “These guys have been there forever.”

 Many on Twitter celebrated what they saw as an outbreak of conservative “cannibalism.” 

H/T Media Matters

Coca-Cola Says It Won’t Advertise During The Super Bowl

Coca-Cola Co. said it won’t run television commercials during this year’s Super Bowl, pulling out of one of the biggest advertising events of the year.

“This difficult choice was made to ensure we are investing in the right resources during these unprecedented times,” the company said Friday in an emailed statement.

The beverage behemoth joins fellow soda maker PepsiCo. Inc., whichsaid it would cut traditional ads to focus instead on its sponsorship of the game’s halftime show.

The Super Bowl is traditionally the biggest TV ad showcase of the year, with 30-second spots commanding millions of dollars apiece. But the National Football League has struggled withdeclining ratings for its broadcasts throughout the season despite efforts to appeal to new audiences.

Variety earlier reported Coke’s decision.

EARNINGS SUMMARY: Details of Shaw Communications Inc. Q1 Earnings Report

Below are the earnings highlights for Shaw Communications Inc. (SJR):

-Earnings: $163 million in Q1 vs. $162 million in the same period last year.
-EPS: $0.31 in Q1 vs. $0.31 in the same period last year.
-Revenue: $1.37 billion in Q1 vs. $1.38 billion in the same period last year.

Trump’s ‘History Of Violence’ Exposed In Conservative Website’s Damning Supercut

President Donald Trump last week condemned violence after his supporters launched a deadly attack on the U.S. Capitol earlier this month. 

But Trump, who was impeached for the second time for his role in inciting the mob, has for years glorified and encouraged violence by his supporters.  

The Bulwark, a conservative “Never Trump” website, released a supercut video exposing the president’s hypocrisy: 

Saudi Arabia Provides Stimulus for Listed Companies in IPO Push

Follow us@middleeast for more news on the region.

Saudi Arabia plans to provide long-term loans to listed companies as part of efforts to encourage private sector firms to float their shares on the kingdom’s stock exchange.

The government’s Projects Support Fund Initiative signed an agreement with the Saudi Stock Exchange on the stimulus plan, according to a statement on thefinance ministry’s website.

  • “The agreement comes with the objective of expanding the lending scope to the private sector in the healthcare, education and large real estate development sectors”
  • “This comes within the framework of initiatives to incentivize and encourage private sector companies to offer and list their shares on the stock exchange”
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