#Teji for Reliance Industries
Reliance Industries managed 31% YoY growth in its net profits to Rs 13,233 crore. PAT growth was helped by a one-time gain of Rs 4,966 crore from the transfer of its petrol marketing business to the joint venture between RIL and BP Plc.
The exceptional gains managed to mask the 42% YoY fall in the consolidated total income to Rs 95,626 crore. The revenues tanked due to the weakness in oil & gas and petrochemical businesses led by the Covid-19 disruption.
Its telecom arm Reliance Jio continues to march ahead with 182.82% YoY growth in net profit at Rs 2,520 crore. Jio’s revenue from operations jumped 33.70% to Rs 16,557 crore and reported ARPU of Rs 140.30 for the quarter against Rs 130.6 in March.
#Teji for Asia - Asian giants continue to recover
China’s factory activity expanded in July at an accelerated pace. The official manufacturing Purchasing Managers Index (PMI) rose to 51.1 in July from June’s 50.9, the highest since March.
Japan’s industrial output also snapped four months of decline in June, pointing to a modest recovery in broader business and consumer activity. Japan's factory output increased by 2.7% in June from the previous month.
#Mandi for US Employment - A historical low for the US economy
The US economy shrank at a 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever. Unemployment surged to 14.7% as more than 1.4 million laid-off Americans applied for unemployment benefits last week.
In comparison, the worst quarter during the financial crisis of 2008 was the 8.4% GDP drop in the fourth quarter of that year. The previous low-water mark was a 10% slide in the first quarter of 1958, while the worst in recorded history came in Q2 of 1921.