BUSINESS
Eurozone inflation highest since 2008 as energy prices soar
Across the EU, the inflation rate rose to 4.1 per cent in the year through October, up from September's equivalent rate of 3.4 per cent, reports Xinhua news agency. The 4.1 per cent increase is more than double the European Central Bank's (ECB) target as energy prices jumped 23.5 per cent in September, the agency said.
Tesla recalls over 2,750 Model 3, Model Y vehicles over separating suspensions
The affected vehicles are 2019, 2020 and 2021 versions of the Model 3 and 2020 and 2021 editions of the Model Y, Engadget reported.Tesla has notified the National Highway Traffic Safety Administration of the recall and plans to mail notification letters to affected owners on December 24.
RBI tweaks current account opening rules for borrowers with exposure
In a notification, it said: "On a review and taking into account feedback received from Indian Banks' Association (IBA) and other stakeholders, it has been decided that banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC) or overdraft (OD) from the banking system (with provisions)."
Microsoft overtakes Apple as most valuable company
According to CNBC, as of 11.15 a.m. ET, Microsoft had a market cap of more than $2.47 trillion while Apple's stood at about $2.42 trillion. Apple reported revenue that fell short of Wall Street expectations during the company's fiscal fourth-quarter on Thursday, a result of supply chain constraints. CEO Tim Cook told CNBC that the revenue shortfall is estimated at $6 billion, but he expects worse supply chain issues in the December quarter.
Bharat Petroleum's Q2FY22 YoY consolidated net profit up 23.6%
Its consolidated net profit rose to Rs 3,200.9 crore from Rs 2,589.5 crore reported for in Q2FY21. The company's revenue from operations rose 53.7 per cent to Rs 101,937.7 crore from Rs 66,331.2 crore in Q2FY21. On a standalone basis, the OMC's Q2FY22 net profit increased by 19.9 per cent to 2,694.1 crore from Rs 2,247.8 crore reported for the corresponding quarter of previous year.
Adani Transmission PAT of Rs 289 cr in Q2FY22, up 35% YoY
The company recorded a double-digit growth in consolidated revenue on account of strong growth in both transmission and distribution segments. Strong revenue and EBITDA trends translating into PAT increase of 34.9 per cent YoY and 26.8 per cent YoY on quarterly and semi-annual basis, the company said. The growth in transmission business was supported by incremental contribution from newly operational lines and recently-acquired Alipurduar asset.
FIIs' fund outflows drag equities lower, banking stocks fall
On Friday, FIIs sold Rs 5,142.63 crore on the BSE, the NSE and the MSEI in the capital market segment. Initially, both the indices opened in the red, however, they pared some of their morning losses. Globally, Asian markets were largely down amid concerns about slowing growth and rising inflation. Similarly, European stock markets edged lower on Friday, weighed by disappointing results from US tech giants Apple and Amazon.
Supply chain constraints end dream run of global smartphone industry
Worldwide shipments declined 6.7 per cent (year-over-year) in the third quarter (Q3) this year and smartphone vendors shipped a total of 331.2 million units during the quarter. The supply chain issues have now compounded, and shortages are affecting all vendors alike.
Good Indian 2-wheeler Cos not as light-weight as startups think: Rajiv Bajaj
Speaking at the launch event of Bajaj Pulser F250, he said that companies who have learned to adapt to the dynamic market conditions and regulations over a long period of time are the champions. He then pointed out that if Bajaj launches a motorcycle in October, then people can get it in November."It is not that we will launch in 2021 and you will get it in 2022," he added.
Fund outflows dent equities; banking stocks down
Initially on Friday, both the indices opened in the red, however, they were able to pare some of their from morning losses.Globally, Asian markets continued to trade mixed amid concerns about slowing growth and rising inflation.
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