BUSINESS
Centrum Broking gives 'buy' call for M&M, Hindalco, SAIL
Tractor segment could see improvement in FY23 depending on crop yield and monsoons, it said. The target price is kept at Rs 1,081 against its current price of Rs 850 per share. For Hindalco, the target price is seen at Rs 641 as against its current price of Rs 540.
ONGC's YoY Q3FY22 standalone net profit up 596.7%
Accordingly, the standalone Q3 net profit rose to Rs 8,764 crore against Rs 1,258 crore reported during the corresponding period of previous fiscal. Similarly, gross revenues rose 67.3 per cent to Rs 28,474 crore against Rs 17,024 crore in Q3FY21. On a consolidated basis, the company reported a rise of 220 per cent in its Q3FY22 net profit to Rs 11,637 crore from Rs 3,637 crore on a YoY basis.
Rahul Bajaj and his deep-rooted connection with Wardha
The Bajaj family is singularly responsible for taking the then obscure village of Wardha, and of course, Sevagram near it, to the world map. It was Jamnalal Bajaj, Rahul Bajaj's grandfather, who had invited Mahatma Gandhi to Wardha. Gandhi made Segaon, later renamed as Sevagram, in the neighbourhood his base for freedom movement and also for the vast work in rural development.
Result Season: Higher commodity prices dent Corporate India's Q3FY22 margins
According to the report, the ongoing results season is behaving largely on expected lines as far as topline growth is concerned. However, margins across the board have fallen mainly due to higher commodity prices. Lately, Covid triggered supply side issues as well as other global developments have pushed commodity prices higher.
Captains of industry mourn Rahul Bajaj's passing away
On Twitter, Kiran Mazumdar-Shaw, Executive Chairperson of Biocon said: "Industrialist Rahul Bajaj, Former Chairman Of Bajaj Group, Dies At 83 - I am devastated - he was a dear dear friend and will miss him dearly. The country has lost a great son & a nation builder. Om Shanthi."
India-based startups raised $39 bn in 2021; mortality rate down to 1%
The report on the democratisation of India's startup ecosystem showed a total funding of $39 billion, a rise of 255 per cent from $11.8 billion in 2020.Besides, the startup mortality rate came down to 1 per cent in 2021 as India witnessed a remarkable reduction in the number of dead-pooled businesses as against 16 per cent in 2016.
Humara Bajaj, the original Make in India champion, passes away
He was ailing from cancer for a long time and the end came at the Ruby Hospital at around 2.30 p.m. on Saturday afternoon, sending waves of grief in corporate and political circles. Bajaj had taken charge of the Bajaj Group in 1965 and during his captaincy, the group soared to one of the biggest in the sub-continent.
Tesla manufacturing in China & selling in India not digestible: Minister Nitin Gadkari
In a media interview, Gadkari said he met the head of the Indian arm of Tesla "three-four days back". "I have tried to convince him. Ultimately it is dependent on him to take the decision (to manufacture in the country)," Gadkari told News 18.Stressing that Musk has to manufacture here first in order to roll out Tesla cars on the roads, the Minister said: "Now his (Musk's) interest is to manufacture the Tesla car in China and make it sell in India.
Biden splits frozen Afghan funds
When Kabul fell to the Taliban in August 2021, Afghanistan had over $9 billion in reserves held in the name of Da Afghanistan Bank (DAB), or the central bank, outside of the country. This included $7 billion in reserves held in the US, with the rest of the reserves largely being in Germany, the UAE, Switzerland, and a couple of other states.
Covid's third wave, supply side constraints subdue Jan auto sales
The sector's current off-take of passenger cars, two-and-three wheelers were far behind even the 2020 sales levels. In terms of PVs, challenges pertaining to electronic components' availability pulled sales lower on a YoY basis in January.The shortage has extended waiting periods and escalated prices.
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