BUSINESS
US technology stocks have been tumbling in the new year
Momentum is building against companies with exciting promises to reshape the world, as investors turn to "value" alternatives such as oil and banking, the report said. The tech sector now faces a crunch fortnight as its biggest names report results, including Microsoft on Tuesday, Tesla on Wednesday, and Apple on Thursday.
Crypto.com users not able to access accounts after $34 mn hack
Thousands of people took to social media to complain that they could not get back into their accounts, begging for help. In a tweet thread, Marszalek finally responded, saying if you can't get back into our app following access reset this week, "in 95/100 cases you are simply using the wrong email to login".
Rupee to slip on expensive crude oil, FII funds' outflow
Accordingly, the rupee is expected to trade with a weak bias up to 75 to a USD in the coming week.
Notably, a rate hike by the US Federal Reserve can potentially drive away more FII money from India and other emerging markets.
Union Budget: Indian startups seek friendly policies, tax incentives
New reforms, policy assistance, and support mechanisms for establishing a focused approach in solving unmet financial needs through technology will significantly benefit the economy, they stressed.
Resident real estate sector poised for upcycle: MOFSL
India's resident real estate sector is poised for an upcycle, primarily buoyed by improved affordability, said Motilal Oswal Financial Services Ltd. As per MOFSL, decadal low interest rate regime and stagnant prices over last seven years have driven affordability quotient. "The ongoing industry consolidation led by concentration of capital, 400-600 bp advantage in cost of funding for large developers and buyers' trust on organised developers will further escalate growth for large listed developers," said brokerage house.
How trillion-dollar 'space economy' is threatened by debris
According to NASA, it is estimated that millions of pieces of space debris orbit around Earth. A major portion of these objects as well as active satellites reside in the low-Earth orbit region, at altitudes between 200 km and 1,000 km. In November last year, Russia destroyed one of its own satellites with a ground-based missile, creating thousands of pieces of debris that passed through the International Space Station (ISS).
ICICI Bank's Q3 standalone net profit up 25% YoY
On a standalone basis, the profit after tax grew to Rs 6,194 crore, compared to Rs 4,940 crore in the corresponding period of the previous fiscal. Similarly, the bank's net interest income (NII) rose during the quarter under review, growing by 23 per cent to Rs 12,236 crore in Q3FY22 from Rs 9,912 crore in Q3FY21. "The net interest margin was 3.96 per cent in Q3-2022 compared to 3.67 per cent in Q3-2021 and 4 per cent in the quarter ended September 30, 2021 (Q2-2022).
Eye on Budget: Relief to individuals expected to mitigate inflation, unemployment
The government may increase the limits on standard deduction from Rs 50,000 to Rs 1 lakh, SMC Global Securities said in a report. It expects increase in tax benefit on home loan interest and principal repayment by Rs 50,000 each, higher from the current level of Rs 2 lakh and Rs 1.5 lakh, respectively. The government may provide interest subsidy of 3-4 per cent on home loan for three years.
Yes Bank's Q3 net profit up over 76% YoY
The bank's net profit rose to Rs 266 crore as against Rs 151 crore reported in the corresponding period of the previous fiscal. However, the bank's net interest income fell by 31.1 per cent for Q3FY22 to Rs 1,764 crore as against Rs 2,560 crore for Q3FY21. According to the lender, the gross NPA ratio improved to 14.7 per cent as on December 31, 2021, as against 15.4 per cent as on December 31, 2020.
Witnessing gradual recovery in CV segment demand says Tata Motors
In a conversation with IANS, Girish Wagh, Executive Director, Tata Motors, cited a gradual recovery in demand post the second wave. Accordingly, the recovery was triggered on the back of increase in economic activity, which along with a robust rural economy has driven the sales of CVs.
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