BUSINESS
No manufacturing in India, no tax relief, says Govt on Tesla
"We can't grant subsidies or relaxation in taxes to the said company as they don't want to set-up their manufacturing and other operation bases here. Why should we favour a company which creates jobs in China and mints profit from our markets? Our Prime Minister has a vision for all such foreign companies, if you want to sell your product in our country, then manufacture them here only," Minister of State for Heavy Industries Krishna Pal Gujjar told the Lok Sabha.
IRCTC's Q3FY22 net profit from continuing ops at over Rs 208 cr
The 'Mini Ratna' Central Public Sector Enterprise's net profit from continuing operations rose to Rs 208.80 crore during the quarter under review from Rs 78.08 crore in corresponding period of the previous fiscal.
Time for 20 bps hike in reverse repo rate but outside MPC: SBI Ecowrap
The rate is the interest banks earn on the deposit of their surplus funds with the RBI. The monetary policy review is slated for February 8-10. It is widely expected that the RBI's MPC will maintain status quo in the key lending rates. At present, the MPC of the central bank has maintained the repo rate, or short-term lending rate, for commercial banks at 4 per cent.
Bharti Airtel's consolidated net profit falls 3% in Q3FY22
In the same quarter of the previous fiscal, the consolidated net profit of the company stood at Rs 854 crore. On the other hand, the total revenues during Q3FY22 grew 12.6 per cent to Rs 29,867 crore, as against Rs 26,518 crore in the same quarter last fiscal.
Pine Labs acquires online payments startup Qfix
More than 5,000 merchants are presently on the Qfix platform including educational institutions, governments and clubs. "Qfix's innovations through their smart invoicing and workflow management and billing tools would help offer a complete merchant payments and commerce platform through Plural," said Amrish Rau, CEO, Pine Labs.
China-backed Pak being set up as challenger to India in auto components, textiles
"Of course, some may argue that there is still a considerable gap between India and Pakistan in terms of manufacturing strength, but with the improved BRI connectivity as well as the steadily growing investments by Chinese companies in Pakistan, the South Asian nation is well poised for a rapid facelift," the Global Times said in a report.
Goldman Sachs, Morgan Stanley, BofA remain bullish on Paytm, as company reports high top line growth
The company's income from payment services to merchants jumped by 117 per cent to Rs 585 crore, constituting 40 per cent of total revenues in the quarter ending December 2021 compared to the same quarter of the previous year. EBITDA losses reduced to Rs 393 crore, excluding a one-time ESOP expense cost of Rs 390 crore recorded in Q3 FY 2022 from the grant of 26.6 mn Employee Stock Option (ESOPs).
Adani Wilmar lists steady; rises over 10% in afternoon trade
The company's initial public offerings were subscribed more than 17 times. The issue size was Rs 3,600 crore with a price band of Rs 218-230 per share. The shares opened at Rs 227, down 1.3 percent from their issue price. However, later in the day it managed to rise sharply. At 1.39 p.m, the shares were at Rs 261, up 13.6 percent. Adani Wilmar, a joint venture between Adani Enterprises and Wilmar International, is among the largest FMCG companies in India.
Sri Lanka to import 400,000 metric tonnes of rice
As many as 300,000 metric tons of rice are expected to be imported from India, and a further 100,000 tonnes from Myanmar in order to bring down the rice prices artificially inflated by several large rice millers, Gilma Dahanayake, additional secretary of the ministry of trade, was quoted as saying by the state-owned Daily News newspaper on Tuesday.
Equities settle marginally high; Tata Steel top gainer
Sensex settled at 57,808.58 points, up 187.39 points or 0.33 per cent from the previous close. Nifty settled at 17,266.75, up 53.15 points or 0.31 points. Among sectoral indices, Nifty metal, pharma and PSU bank rose the most on Tuesday, while Nifty realty, media, and IT declined.
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