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Up to 50% off Outdoor Gear and Shoes + $10 off a $60 purchase (Keen, Hydro Flask, Otterpac and more!)

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Up to 50% off Outdoor Gear and Shoes + $10 off a $60 purchase (Keen, Hydro Flask, Otterpac and more!) Read More »

Oil Ministry freezes gas allocation, prices of CNG, PNG spike

[ad_1] The Oil Ministry has stopped making fresh allocation of natural gas from domestic fields to the city gas sector, threatening the viability of Rs 2 lakh crore investment planned in the sector besides leading to a hike in CNG and piped cooking gas prices to record levels, sources said. Despite a decision of the Union Cabinet to give 100 per cent gas supply under ‘no cut’ priority to the city gas distribution (CGD) sector, current supplies have been maintained at March 2021 demand level. Besides, the process of allocating gas on a six-monthly average drawl also is punishing the CGD entities driving growth.CGD operators have been requesting the ministry to maintain the gas supply to the sector under no cut category with the last two months’ average to ensure the demand for both CNG and piped natural gas (PNG) for homes is fully met but the ministry has not made any fresh allocation for over a year now, three sources aware of the matter said. Besides the shortfall in the allocation, the prices of APM gas for CNG and PNG have been revised from USD 2.90 per million British thermal unit to USD 6.10, an increase of 110 per cent. While the demand has grown at a rapid pace in existing cities with CNG networks and supplies starting in newer areas, lack of allocation from domestic fields meant that operators bought imported liquefied natural gas (LNG) at prices that were at least six times the domestic rate. Result – CNG prices have risen by 60 per cent or by over Rs 28 per kg in one year and PNG by over a third. Sources said this has put a question mark on the economic viability of the entire CGD sector, putting at risk the planned Rs 2 lakh crore investment in expansion into newer cities as high prices bring the CNG at almost par with diesel and petrol, eroding the incentive for users to convert vehicles to the cleaner fuel. The Oil Ministry had on August 20, 2014, issued revised guidelines, promising allocation of gas from domestic fields to city gas operators every six months based on a demand assessment of CNG and PNG in a particular geographical area (GA). This was used as a selling point to bid out over 200 GAs since 2018, attracting over Rs 2 lakh crore of investment commitment in the rollout of city gas distribution infrastructure. But the gas allocation wasn’t increased at the April 2021 review and the subsequent cycles, they said adding against the requirement of 22 million standard cubic meters per day of gas, the CGD sector is getting 17 mmscmd from domestic fields. The balance is met by buying imported LNG which in the current month costs USD 37 per million British thermal unit, they said. This compares with the USD 6.10 per mmBtu rate for domestic gas. “The domestic gas price saw a massive 110 per cent increase – from USD 2.9 per mmBtu to USD 6.1 mmBtu from April 1. This itself puts a huge burden and on top of this being forced to buy even higher-priced imported LNG will turn this sector economically unviable,” a source said. New GAs that were bid out in CGD Rounds IX, X and XI are now coming up and no gas allocation being made would mean they will have to buy imported LNG for supplying as CNG to automobiles and PNG to household kitchens.“GAs with just imported LNG would mean a price of Rs 100-105 per kg,” another source said. This compares to the price of Rs 71.61 per kg in Delhi and Rs 72 in Mumbai, where nearly 70 per cent of the requirement is met by domestic gas. “The CGD sector is in a bad shape. It is already facing an onslaught of EVs and now high prices of CNG will be a deterrent for diesel or petrol vehicles to convert to CNG. CNG is an environmentally-friendly fuel but ultimately what matters is cost economics and if the conversion and running cost comes to be higher than diesel or petrol, no one will convert,” the first source said. Earlier this month, CGD operators met Oil Secretary Pankaj Jain over the issue but the ministry did not relent on allocation and instead asked the operators to pass on the increase in gas cost to consumers, sources said, adding the ministry asked CGD operators to buy imported LNG and pass on the cost to consumers. The ministry is not increasing the allocation for the CGD sector as it would mean cutting supplies to other sectors such as fertilizer. “Domestic gas supplies are finite. If we have to increase supplies to one sector, it has to come at the cost of supplies to other sectors. Already the government is facing a higher fertiliser subsidy bill this fiscal and the subsidy outgo will increase further if the fertilizer plants are to use higher-priced imported LNG to make urea and other crop nutrients,” a ministry official said. [ad_2] Source link

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Custom Birth Flower Bouquets only $15.99 shipped!

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HDFC Bank Q4 net profit rises 23% to Rs 10,055 crore

[ad_1] HDFC Bank on Saturday reported a 22.8% year-on-year (y-o-y) growth in net profit for the quarter ended March to Rs 10,055 crore on the back of a 29% y-o-y fall in provisions to Rs 3,312.35 crore. The country’s largest private bank saw its net interest income (NII) growing 10.2% to Rs 18,872.7 crore, while non-interest income grew just 0.6% y-o-y to Rs 7,637 crore due to losses and revaluation of assets in the investment book. A rise in bond yields during the fourth quarter was expected to hit banks’ treasury books. The four components of other income for the quarter ended March 31 were fees and commissions of Rs 5,630.3 crore, foreign exchange and derivatives revenue of Rs 892.5 crore, loss on sale/revaluation of investments of Rs 40.3 crore and miscellaneous income, including recoveries and dividend, of Rs 1,154.7 crore. The core net interest margin (NIM) in Q4 fell 10 basis points (bps) from the previous quarter to 4%. This is among the lowest margin figures ever posted by HDFC Bank. Total advances as on March 31 stood at Rs 13.69 trillion, up 21% over March 31 last year. Retail loans grew 15.2%, commercial and rural banking loans grew 30.4% and corporate and other wholesale loans grew 17.4%. Overseas advances constituted 3% of total advances. Total deposits as on March 31 were Rs 15.59 trillion, an increase of 17% over March 31, 2021. Current account savings account (CASA) deposits grew 22% y-o-y, with SA deposits at `5.12 trillion and CA deposits at Rs 2.39 trillion. Time deposits stood at Rs 8.08 trillion, an increase of 12.3% over the previous year. The CASA ratio stood at 48.2%, up from 46.1% for the corresponding quarter a year ago. The bank held floating provisions of Rs 1,451 crore and contingent provisions of Rs 9,685 crore as on March 31, 2022. Total provisions, including specific, floating, contingent and general provisions, were 182% of the gross non-performing loans as on March 31, 2022. The gross non-performing asset (NPA) ratio fell nine basis points (bps) sequentially to 1.17% as on March 31, 2022, while the net NPA ratio fell five bps to 0.32%. The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines was at 18.9% as on March 31, 2022, (18.8% as on March 31, 2021) as against a regulatory requirement of 11.7%, which includes capital conservation buffer of 2.5%, and an additional requirement of 0.20% on account of the bank being identified as a domestic systemically important bank (D-SIB). Tier 1 CAR was at 17.9% as of March 31, 2022, compared to 17.6% as of March 31, 2021. Common equity tier 1 capital ratio was at 16.7% as of March 31. Risk weighted assets were at Rs13.53 trillion, as againstRs11.31 trillion as on March 31, 2021. The bank’s NBFC subsidiary HDB Financial Services posted a net profit of `427 crore in Q4FY22, down 17% y-o-y. Its total loan book grew 4% y-o-y to Rs 61,326 crore as on March 31, 2022. Stage 3 loans, denoting the ratio of bad assets, were at 4.99% of gross loans, down from 6.05% in the December quarter. [ad_2] Source link

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Back to work in style: With most workplaces reopening, comfort and functionality have become the new norm

[ad_1] When Sana Jhamb started working from home two years ago, she found appreciation for smart casuals. A white shirt with lacy, knee-length weave jacket paired with denim worked best for both work meetings and work from home (WFH) zoom calls. “After two years of prioritising comfort and utility, smart flexi-casuals may sound basic—jeans, a semi-formal jacket, sneakers—but this is good attire any day, anywhere. Instead of accessorising with heavy chunks of brooches, belts, slip-ons or stilettos, I go for a semi-casual look as it is a perfect combination of style, statement, comfort,” says the director of a Delhi-based communications firm, who works in an open culture office that offers flexibility and creative freedom. As work from anywhere, home or office has become the new normal for most professionals, comfort-first and functionality without compromising on style is now a prerequisite in work wear. But this essentially means that nothing is stuffy, there is stretch, drape and softness built into silhouettes, and a freedom and confidence to play with colour and print. The idea is to bring variety to mundane pant suits as the formal look stays but with a twist. The concept of work wear hasn’t been challenged nearly as much as other types of fashion throughout history. “The pandemic brought about another re-evaluation of what constitutes appropriate office attire, and accelerated changes that were underway. People now look for clothes that are relaxed, relevant and versatile. Separates are popular as they give an option to dress pieces up or down. There’s a pent-up appetite for colour pops and pastel florals in contemporary silhouettes,” says Amrish Kumar, director and creative director of Ritu Kumar. Corporate environment has become more relaxed with the athleisure boom in the past two years, but there is still a resurgence of ‘Zoom’ shirts and ‘bleisure’ outfits. The emphasis is on comfort and not laidback. “Work wear continues to remain a bit dressy with softer, lighter and crease-free fabrics in use. Ties are being worn much less, but the classic suit and tie combo will never go out of style for corporate menswear. For summer, and given the workplace environment permits it, jackets without collared shirts or open collars are becoming increasingly popular,” says Yatan Ahluwalia, image, grooming, style and etiquette consultant, who advises to wear lighter colours like pastels, navy blue, which is the new grey and substitutes black, an extensive use of anti-odour and anti-bacterial fabrics and the relaxed fit replaces the snug body-hugging form in menswear. Rules are changingThe concept of work wear is fundamentally changing, and fashion brands and experts are incorporating conscious designs, patterns and colours to bring variety. Globally, when most people continue to work from home, many are also eager to dress up again when they return to the office, either on a regular basis or occasionally. “For women, tailoring makes an appearance, especially the strong-shouldered blazer styling them to more casual tops and relaxed bottoms, as opposed to the pantsuit look, which in this moment, has the tendency to feel too formal. Depending on the workplace, denim is having a moment as jeans feel significantly more put together than pandemic-era sweatpants. From high loose fits, straight-leg jeans now make skinny silhouettes a distant memory. The dress classification is on the rise with office-appropriate styles like the shirtdress,” says Melissa Moylan, vice president – womenswear, Fashion Snoops, a New York-based trend forecasting and consumer insight agency. In fact, the psychology behind work wear has changed drastically post-Covid. It is not just about functionality but also about personal branding. “People who never met or were behind the scenes are now expected to attend ad hoc virtual meetings. For certain sectors, it is a choice of comfort at home and quick presentation simultaneously online. Therefore, greater choice of multipurpose anti-wrinkle textiles and comfort clothing is in great demand. On the contrary, for those working offline, workwear has seen a surge in greater style and effort to look presentable. This is possibly due to pent-up demand and the need to love your own self,” says designer Varija Bajaj, founder of workwear brand Office & You. Companies starting to shift back to working in offices in the near future will crave for more formality in their lives after two years of cozy hoodies, joggers, and other athleisure. “The concept of comfort has continued into the workplace, and the foreseeable future with performance and stretch fabrics for tailored clothing, the absence of the necktie, and a preference for comfortable knits as underpinnings instead of stiff shirts. There is a much-needed injection of refreshing pastels and energetic brights, especially for knitwear in patterned overcoats for men in both casual and professional situations,” adds Michael Fisher, vice president of menswear at Fashion Snoops. This means sharp suits and formal dressing don’t have to be boring. One can work and dress in hybrid. Effortless style and easy-wear designs of ultra-light jackets and pants in Uniqlo 2022 Spring Summer collection are apt in any temperature, and prevent wrinkles even after washing, besides a non-iron shirt for men and women’s wrinkle-resistant rayon blouse or pleated skirt has pleats that stay put even after washing. “Businesses and their leaders ditch the suit and tie look to embrace a hybrid style of dressing—smart separates, tailored pants, culottes and casual tops for women to chinos, trousers, shirts and polo shirts for men. Knit denims, relaxed fit shirts, breathable fabrics give a blend of style and comfort,” says a senior spokesperson of Bestseller India that markets and sells brands like Vero Moda, Only, Jack&Jones and Selected Homme. If formal wear has been one of the most static and changing categories of clothing, the suit and tie wardrobe is still in play but limited to large-format events. “Co-ord sets and separates are an ongoing trend in work wear, as it provides a lot of choice to mix-match and create semi-formal and formal looks as well,” says Ashray Gujral, founder of clothing brand Dash & Dot, who debuted his Fall/Winter 2022 collection at Paris

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