BUSINESS
Global cues pull indices down; metal stocks lose
In the initial trade, the key indices opened flat and rose mildly in the morning before ceded gains. Globally, Asian markets were largely down, similarly, European markets opened nominally weak. Among sectors, Telecom and Healthcare have gained the most while Banks and Metals have lost the most. Consequently, the 30-scrip Sensex traded at 61,236.96 points around 2.50 p.m., down 113.30 points, or 0.18 per cent.
Maruti Suzuki's Q2FY22 YoY net profit down 65%
Net profit fell to Rs 475.3 crore during the quarter under review from Rs 1,371.6 crore in Q2FY21. However, the company's net sales for the quarter under review rose to Rs 19,297.8 crore from Rs 17,689.3 crore earned in Q2FY21. "The company sold a total of 379,541 units during the quarter constrained by a global shortage in the supply of electronic components," the auto major said in a statement.
Elon Musk extends lead as world's richest man as Tesla's value scales $ 1 trillion
The tech tycoon was worth around e210bn last night following a dramatic surge in the carmaker's share price. The 50-year-old is well ahead of Amazon founder Jeff Bezos, who has a e140bn fortune, and LVMH tycoon Bernard Arnault, who is third with around e118bn. Tesla became the first carmaker with a value of $1trillion this week after rental company Hertz ordered 100,000 Model 3s -- its biggest deal yet. It made Tesla more valuable than the next ten largest global carmakers combined, the report said.
Exim Bank of India lists $1 bn bond on AFRINEX
In a statement the bank said the listing was done virtually, during the launching ceremony of AFRINEX on October 25. Prime Minister of Mauritius, Pravind Kumar Jugnauth, High Commissioner of India to Mauritius, K. Nandini Singla, and Managing Director of India Exim Bank, Harsha Bangari, rang the digital bell on AFRINEX. The transaction at a coupon of 2.25 per cent p.a. marked a record low for any Indian issuer for a 10-year US dollar issuance.
Jolt amid power crisis, inverters to attract dual taxes
Accordingly, an inverter system with battery will attract 18 per cent GST towards the power backup machine while another 28 per cent on the battery coming with it. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that even if the UPS/ inverter and external battery are sold on the same invoice, their prices are separately known, and they constitute two separately identifiable items.
Central Bank of India's Q2FY22 YoY net profit up 55.28%
The net profit increased to Rs 250 crore in comparison to the net profit of Rs 161 crore of the bank on a YoY basis. In addition to this, the bank's net interest income also improved by 5.99 per cent on a YoY basis. The net interest income rose from Rs 2,354 crore to Rs 2,495 crore on a YoY basis. Even the interest margin improved from 3.21 per cent to 3.36 per cent, on a YoY basis.
Google logs record $18.9 bn profit, Search and YouTube soar
Google Services revenues were $59.9 billion, up 41 per cent, and Google Search and other advertising revenues of $37.9 million in the quarter were up 44 per cent. The company said in a statement late on Tuesday that YouTube advertising revenues of $7.2 billion were up 43 per cent due to strength in both direct response and brand advertising.
Microsoft posts $20.5 bn in profits riding on Cloud, Office biz
While revenues were up 22 per cent, net income registered 48 per cent growth as pandemic forced millions to work and learn from home. "Digital technology is a deflationary force in an inflationary economy. Businesses -- small and large -- can improve productivity and the affordability of their products and services by building tech intensity," said Nadella, Chairman and CEO of Microsoft. "The Microsoft Cloud delivers the end-to-end platforms and tools organisations need to navigate this time of transition and change," he said in a statement late on Tuesday.
Petrol, diesel rates raised again by 35 paise/ltr
Accordingly, the pump price of petrol in Delhi increased by 35 paise per litre to jump to Rs 107.94 a litre while diesel prices also increased by the same margin to reach Rs 96.67 a litre, according to a price notification of state-owned fuel retailers. In the financial capital Mumbai, petrol prices have now risen to Rs 113.80 per litre while diesel to Rs 104.8 5 a litre, the highest among all metros. Across the country as well petrol and diesel prices increased between 35-40 paise per litre, but their retail rates varied depending on the level of local taxes on petroleum products.
Fourth Chinese real estate company Modern Land China defaults on offshore bonds
The repayment was not met, "Owing to unexpected liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment, the real estate industry environment and the Covid-19 pandemic faced by the group," the statement said, the report added.
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