Main headlines: Airtel back in black in the fourth quarter; India loses gas field in Iran
Bharti Airtel reports profit of Rs 759 cr
Telecommunications operator Bharti Airtel on Monday announced consolidated net profit of Rs 759 crore for the January-March quarter of fiscal year 2020-21.
The company had recorded a loss of Rs 5,237 crore during the same period a year ago. Read more
India loses Farzad-B gas field discovered by ONGC in Iran
India lost the Farzad-B gas field discovered by ONGC Videsh Ltd in the Persian Gulf on Monday after Iran awarded a contract for the development of the giant gas field to a local company.
“The National Iranian Oil Company (NIOC) has signed a contract worth $ 1.78 billion with Petropars Group for the development of the Farzad B gas field in the Persian Gulf,” the official press service reported. Iranian Ministry of Petroleum, Shana. “The agreement was signed on Monday May 17th at a ceremony attended by Iranian Oil Minister Bijan Zangeneh in Tehran.” Read more
Coronavirus resurgence in India will delay profit recovery: Moody’s
Moody’s Investor Service said on Monday that if the second wave of the pandemic did not descend to more manageable levels and translate into a prolonged and broader foreclosure, it would have a more serious effect on the recovery of profits in companies.
He said the resurgence of coronavirus infections in India that has led to regional lockdowns would dampen the recovery in profits of rated companies seen in recent months. Read more
Fewer than 5,000 COVID cases in Delhi after 42 days
The nation’s capital reported 4,524 new cases of COVID-19, the lowest since April 5, and 340 deaths on Monday, while the positivity rate dropped to 8.42%, according to the latest government health bulletin. from the city.
The COVID-19 situation has improved in Delhi with the number of cases and the positivity rate steadily declining over the past few days. Read more