L&T Hydrocarbon Engineering bags up to Rs 5,000-cr order from ONGC

States Where COVID-19 is Growing the Fastest

New cases of COVID-19 continue to rise every day in the United States. There were an average of 63.9 new daily cases of the virus for every 100,000 Americans over the past week, up from an average of 56.3 new daily cases per 100,000 the week before.

Nationwide, the average number of new daily infections has increased in 40 states, decreased in eight, and remained effectively unchanged in two over the past week.

In total, there have been about 20,970,000 documented cases of the novel coronavirus in the United States since the first known infection was identified in Washington state on Jan. 21, 2020.

Though the first case of the virus in the United States was on the West Coast, the early epicenter of the outbreak was on the other side of the country, in New York City. In the months since, the parts of the country hit hardest by the virus shifted to the Southeast, the Midwest, and California.

The current increase in cases nationwide is being driven disproportionately by New Jersey and Kansas, the two states where the average number of new daily cases is climbing the fastest on a per capita basis.

To date, North Dakota has had the highest number of COVID-19 cases per capita of any state, at 12,345 for every 100,000 people. Nationwide, there has been a total of 6,409 cases per 100,000 people.

Micron Technology Q1 adjusted earnings Beat Estimates

Micron Technology (MU) released earnings for its first quarter that climbed from the same period last year.

The company’s bottom line came in at $803 million, or $0.71 per share. This compares with $491 million, or $0.43 per share, in last year’s first quarter.

Excluding items, Micron Technology reported adjusted earnings of $897 million or $0.78 per share for the period.

Analysts had expected the company to earn $0.71 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 12.3% to $5.77 billion from $5.14 billion last year.

Micron Technology earnings at a glance:

-Earnings (Q1): $897 Mln. vs. $548 Mln. last year.
-EPS (Q1): $0.78 vs. $0.48 last year.
-Analysts Estimate: $0.71
-Revenue (Q1): $5.77 Bln vs. $5.14 Bln last year.

US fines Boeing $2.5bn following fraud charges tied to 737 Max crashes

Boeing has been fined $2.5bn by the US justice department after being charged with fraud and conspiracy in connection with the fatal crashes of its 737 Max airliner.

The Max was grounded worldwide in March 2019 after crashes in Indonesia and Ethiopia that killed 346 people. A March 2020 congressional concluded that Boeing promoted a “culture of concealment” and was “grossly inefficient” in its oversight of the Max’s development.

“The tragic crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302 exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial airplane manufacturers,” acting assistant attorney general David Burns of the justice department’s criminal division wrote in a release.

“Boeing’s employees chose the path of profit over candor by concealing material information from the FAA concerning the operation of its 737 Max airplane and engaging in an effort to cover up their deception.”

More details soon …

Michelle Obama Calls on Facebook to Permanently Ban Trump After the Capitol Riots

America is still struggling with the aftermath of Trump’s supporters breaching the U.S. Capitol building yesterday. In the attack—labeled as an attempt to “stop the steal” and prevent President-Elect Joe Biden from getting his electoral college votes confirmed—people were injured. Senators’ lives were at stake. Democracy was threatened. And now, Americans incensed by this blatant disregard for the U.S. government are processing the event.

Former First Lady Michelle Obama is one of those Americans hurt by this senseless riot. In a personal essay posted to her Twitter account, she shared her thoughts about the “thugs” who stormed the Capitol building and called on Silicon Valley companies (like Facebook) to put an end to Trump’s reign of terror.

Like all of you, I’ve been feeling so many emotions since yesterday. I tried to put my thoughts down here:

She wrote:

Michelle Obama Responds to Riots at the U.S. Capitol

Former First Lady Michelle Obama has shared her feelings on the coup at the Capitol. In a powerful new statement released on Instagram, she noted that hours after learning the hopeful news that Georgia elected its first Black senator, Rev. Raphael Warnock, her “heart had fallen faster than I can remember” as chaos unfolded in Washington, D.C.

“Like all of you, I watched as a gang—organized, violent, and mad they’d lost an election—laid siege to the United States Capitol,” she wrote. “They set up gallows. They proudly waved the traitorous flag of the Confederacy through the halls. They desecrated the center of the American government.”

She held President Trump accountable for inciting their actions, as over the past two months, the incumbent has encouraged his supporters to challenge the results of the presidential election, which he lost. “The day was a fulfillment of wishes on an infantile and unpatriotic president who can’t handle the truth of his own failures,” Obama added. “And the wreckage lays at the feet of a party and media apparatus that gleefully cheered him on, knowing full well the possibility of consequences like these.”

L&T Hydrocarbon Engineering bags up to Rs 5,000-cr order from ONGC

L&T arm bags ₹5,000-cr. order from ONGC

L&T Hydrocarbon Engineering (LTHE) on Thursday said it has bagged an order worth up to ₹5,000 crore from Oil & Natural Gas Corporation (ONGC). The engineering and construction company, however, did not provide the exact value of the contract, but as per its project classification, the value of a large order ranges between ₹2,500 crore and ₹5,000 crore.

The contract has been awarded through international competitive bidding on a lump sum turnkey basis, L&T said in a statement.

Subramanian Sarma, Whole-time Director and senior EVP (Energy), L&T and CEO and MD of LTHE said, “We have been delivering several large and mega projects for ONGC over the past decade. Our world-class fabrication facilities at Hazira (West Coast) and Kattupalli (East Coast) enable us to maximize the local content, entirely supporting the Government’s AatmaNirbhar Bharat Policy.” Shares of L&T were trading 2.15 per cent higher at Rs 1,341.90 apiece on BSE. PTI SVK NAM ANS ANS