BUSINESS
Equities steady in morning session, ONGC top gainer
Thursday's decline was due to profit booking by investors after sizable gains earlier in the week. At 09.37 a.m., Sensex traded at 58,790 points, Nifty at 17,565 points, both largely steady from the previous close. The ONGC, Tata Steel, Hindalo, JSW Steel, and Grasim Industries were among the top gainers, while Titan, Hero Motocorp, Tata Consumers, Eicher Motors, and Bajaj Auto were the top losers, NSE data showed.
India's power demand expected to grow 6-7% in FY23: Ind-Ra
It said that impact of the third Covid wave on power demand remains lower, given the less stringent curbs imposed by state governments. "Although any stringent lockdowns in case of the emergence of any strong Covid wave could derail the growth in power demand," the agency said in a report. On the other hand, Ind-Ra pointed out that coal availability could pose a risk to overall demand and thus, PLF recovery, given higher reliance on domestic coal as international prices remain high.
ED attaches Rs 268.66 crore assets in bank fraud case
The alleged accused had purchased movable and immovable assets in Bangladesh, Thailand and in Austria by diverting the loan account, ED said on Thursday. The ED initiated money laundering investigation on the basis of the FIR registered by the CBI, BS&FC, Bangalore against Agnite Education Limited (Formerly Teledata Informatics Limited) and its directors K. Balasubramaniam and K. Padmanabhan.
ITC's Q3FY22 standalone net profit up over 12%
The net profit rose to Rs 4,156.20 crore from Rs 3,687.88 crore reported for the corresponding quarter of the previous year. The company's standalone gross revenue rose by 31.3 per cent to Rs 16,633.86 crore from Rs 12,673.31 crore on a YoY basis. According to the Q3FY22 earnings result, the company delivered a strong performance across all operating segments during the quarter.
Biden's three Fed nominees vow to tackle inflation while sustaining recovery
"I want to recognize the toll inflation exacts on working people who are concerned about how far their paychecks will go for essentials like food, housing, and transportation," Sarah Bloom Raskin, a former Fed governor and Biden's nominee as the Fed's vice chair for supervision, said at a hearing before the Senate Banking Committee.
Markets hammer Facebook stock 25%, valuation tanks $230 bn; Zuck slips behind Ambani, Adani
Shares opened Thursday down 25 per cent. This is a crash of about $230 billion from the social media networking giant's market capitalisation. Consequent to the bloodbath, Zuckerberg personally lost 23.34 percent of his net worth. At $87.7 billion, he slipped to No 12 in the Forbes real-time billionaires index - marginally behind India's Mukesh Ambani and Gautam Adani.
Adani Transmission reports cash profit of Rs 2,276 cr in 9MFY22
The company posted a double-digit growth of 15.8 per cent in consolidated revenue in 9MFY22 and 14.5 per cent in Q3FY22. 9MFY22 EBITDA of Rs 4,111 cr grew 5.7 per cent yoy and Q3FY22 EBITDA of Rs 1,325 cr is up 5.8 per cent yoy on account of higher revenue in both transmission and distribution segments.
Nearly 30% hike sees SCR get highest ever allocation in budget 2022-23
Stating that it is the highest ever allocation to SCR, its General Manager Sanjeev Kishor said Thursday that compared to Rs 7,049 crore for the year 2021-22, the fund allocation has been increased by nearly 30 per cent for the current fiscal. The 'Pink Book', a compendium containing all the details about the infrastructure works, demands for grants and comprehensive details of budgetary allocations for carrying out various works in Railways, was tabled in Parliament on Wednesday.
After cryptocurrencies, money laundering via NFTs next big worry
According to a report by Blockchain data platform Chainalysis, they found a small but growing portion of activity on NFT marketplaces that could be attributed to money laundering. "While money laundering in physical art is difficult to quantify, we can make more reliable estimates of NFT-based money laundering thanks to the inherent transparency of the Blockchain," the report said late on Wednesday.
With record $10.7 bn sales, Qualcomm eyes IoT, Metaverse space
According to Cristiano Amon, President and CEO of Qualcomm Incorporated, the chipset business had its second consecutive quarter of record performance with $8.8 billion in revenue. "We are at the beginning of one of the largest opportunities in our history, with our addressable market expanding by more than seven times to approximately $700 billion in the next decade," Amon said in a statement late on Wednesday.
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