IEX records 13.2% growth in electricity sales in September quarter

Indian Energy Exchange (IEX) on Wednesday said it has recorded a 13.2 per cent rise in electricity sales to 16,486 million units (MU) in the September quarter, as power demand accelerated and returned to pre-COVID levels.

The second quarter witnessed a sharp recovery in industrial activities and electricity consumption, owing to easing of the lockdown restrictions across the country, an statement said.

“The electricity volumes on the exchange witnessed an increase of 13.2 per cent Y-o-Y (year-on-year) in Q2FY21 (July-September 2020) and stood at 16,486 MU as compared to 14,560 MU in Q2FY20 (July-September 2019),” it added.

The second quarter initially saw a slump in manufacturing due to re-lockdowns in a few states, however, the industrial activity picked up momentum in August and September, it said.

With the rise in economic and industrial activities, the power demand also accelerated and returned to the pre-COVID levels, said.

The country witnessed a 2 per cent y-o-y growth in national peak demand and 4.6 per cent increase in energy consumption in September 2020.

The day-ahead market (DAM) on continued to see robust volumes

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Bajaj Finance Q2 profit down 36% to Rs 877 crore on increased provisioning

Bajaj Finance’s standalone net profit for the second quarter ended September 30 (Q2FY21) declined 36 per cent to Rs 877 crore, from Rs 1,377 crore in the corresponding period last financial year, because of the rise in loan loss provisions.

Its net interest income (NII) was up 5 per cent to Rs 3,922 crore in Q2FY21, against Rs 3,746 crore in Q2FY20.

Its fees, commission, and other income declined 8 per cent to Rs 600 crore, from Rs 652 crore a year ago.

The Pune-headquartered company said new loans booked during the second quarter dropped 44 per cent to 3.61 million, against 6.45 million a year ago.

Its assets under management (AUM) as of September 30, 2020, declined 5 per cent to Rs 104,986 crore, from Rs 110,946 crore.

The company’s loan loss provisions rose 181 per cent to Rs 1,635 crore in Q2FY21, from Rs 581 crore in the same quarter last year. Consequent to the ongoing pandemic, the company has further increased its provisions on Stage 1 and 2 assets by Rs 1,306 crore to Rs 4,879 crore (as of 30

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France Vows ‘Won’t Give Up Cartoons’ As Teenagers Face Terror Charges

France will prosecute seven people over last week’s beheading of a history teacher, including two teenagers accused of pointing him out to his killer, anti-terror authorities said on Wednesday as the nation paid homage to the slain educator.

“We will not give up cartoons,” President Emmanuel Macron told a solemn ceremony at the Sorbonne university in Paris attended by the family of Samuel Paty, the teacher who was targeted for having shown cartoons of the Prophet Mohamed in a civics class discussion on free speech early this month.

The president gave France’s highest civilian award, the Legion of Honour, to Paty and said he had been slain by “cowards” for representing the secular, democratic values of the French Republic.

Thousands marched Tuesday in the suburb of Conflans-Sainte-Honorine where murdered teacher Samuel Paty worked
 AFP / Bertrand GUAY

“He was killed because Islamists want our future,” Macron said. “They will never have it.”

Earlier Wednesday anti-terror prosecutor Jean-Francois Ricard said the two children being held — aged 14 and 15 — had been in a group of pupils who shared 300-350 euros ($356-$414) offered by the killer to help find Paty.

The two stayed with the killer, Chechnya-born 18-year-old Abdullakh Anzorov,

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