BUSINESS
Acuite retains India's FY22 growth forecast at 10% on likely festive demand
The agency cited steady progress in vaccination and expected improvement in consumption-driven pent-up demand among the key reasons for retaining the 10 per cent growth mark. However, the 'Acuite Macroeconomic Performance Index' highlighted that the 'V-shaped' recovery witnessed after the severe second Covid wave lost a bit of steam in August-September 2021.
Asian cues, mixed results subdue equity market; metal stocks fall
Besides, inflationary concerns due to high transportation fuel prices dented sentiments. The two key indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-up opening. However, soon afterwards, both ceded much of their gains and traded flat. Volumes on the NSE were the lowest in the past four days, and banks were the main gainers among sectors whereas metals, telecom, IT and realty were the main losers.
Ola Cars to hire 10,000 people, expand to 100 cities
Over the next two months, Ola Cars will be operational in 30 cities and expand to 100 cities by next year, it said in a statement. Ola Cars claimed it has sold 5,000 pre-owned cars in its first full month of operation. "We are rapidly expanding to 100 cities in the coming months and are adding 10,000 people across key areas including sales and service centres," said Arun Sirdeshmukh, CEO, Ola Cars.
Online shopping to hit $910 bn globally in holiday season: Report
According to the report by software major Adobe, it expects over $4 trillion to be spent globally in all of 2021, a new milestone for e-commerce. "We are entering a second holiday season where the pandemic will dictate the terms," Patrick Brown, vice president of growth marketing and insights, Adobe, said in a statement.
Fuel prices hiked again for second straight day, reaches highest ever mark
The petrol price in Delhi on Thursday touched its highest ever mark of Rs106 per litre, an increase of 35 paise from Wednesday. The diesel price, on the other hand, rose by its highest ever margin this year by 45 paise to Rs95.27 per litre. However, the petrol price in Mumbai, at Rs112.45 per litre, was highest in all metro cities in India. Diesel in Mumbai was also sold at Rs103.36 per litre, highest price again in all metro cities.
Winds of change: China's Tencent 'invests' in Indian platform Lokal
The latest startup to join the list is Bengaluru-based hyperlocal social media platform Lokal that has raised $12 million from Tencent, TechCrunch reported on Thursday. "Existing investors 3one4 Capital, Y Combinator, and India Quotient have also participated in the startup's Series A (funding)," the report quoted the source as saying. Tencent and Lokal did not respond to the report.
Tesla earns $1.62 bn in Q3 as car sales surge
The company’s operating income also grew up to $2 billion increasing by 54% over the last quarter. The company in a statement said that the operating income increased year-on-year because of the vehicle volume growth and cost reduction. "Positive impacts were partially offset by ASP decline, growth in operating expenses, lower regulatory credit revenue, additional supply chain costs, Bitcoin-related impairment of $51 million and other items,” it added.
Evergrande shares fall as China's biggest corporate failure looms
The China Evergrande Group, the parent company for the sprawling empire built by a former steel industry executive, was down more than 10 per cent in Hong Kong at midday on Thursday. Evergrande Property Services, one of its most profitable units, was off by 6.45 per cent. The company, which is China's second-biggest property developer with thousands of projects, has debts of $305 billion.
India to see record smartphone sales at $7.6 billion in festive season
According to Counterpoint Research, the festive season is seeing higher trade-ins and aggressive EMIs that increase device affordability and help consumers bypass multiple price barriers. This has helped drive the sales of mid-to-high tier (more than $200) smartphone models and, subsequently, the overall ASP.
IDBI Bank's YoY Q2FY22 net profit up 75%
The bank's net profit rose to Rs 567 crore as against Rs 324 crore reported for Q2FY21. "Operating profit improved by 15 per cent for Q2-2022 to Rs 1,209 crore as against Rs 1,054 crore for Q2-2021," the bank said in a statement. Net Interest Income improved by 9 per cent for Q2FY22 to Rs 1,854 crore as against Rs 1,694 crore for Q2-2021.
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