BUSINESS
Zomato's losses tripled since IPO, revenue up 28%
According to the company, this is largely on account of non-cash ESOP expenses which have increased meaningfully in Q1 FY22 "due to significant ESOP grants made in the quarter pursuant to creation of a new ESOP 2021 scheme". "This divergence in reported profit/loss and Adjusted EBITDA will continue going forward," the company said in a blog post.
Govt taking steps to curb impact of e-tail majors on small traders: Goyal
"As per the directives by Prime Minister (Narendra) Modi, we have come up with the draft rules to ensure that both the consumers get goods at reasonable prices and small traders also are not impacted," he told the Lok Sabha in reply to a question, citing the draft e-commerce rules. The minister's statement comes a day after the Supreme Court declined to entertain a plea by e-commerce giants Amazon and Flipkart.
Banks will now be fined for non-availability of cash in ATMs
Starting October 1, 2021, cash-out at any ATM of more than 10 hours in a month will attract a flat penalty of Rs 10,000 per ATM. In case of White Label ATMs (WLAs), the penalty would be charged to the bank which is meeting the cash requirement of that particular WLA. The bank, may, at its discretion, recover the penalty from the WLA operator, said an RBI notification.
Exports to US getting costlier owing to clogged ports, higher freight: TPCI
According to the Council, new records have been hit in container freight spot rates of all carriers, as the Asia-Europe route continues to continuously rise and is currently approaching $9,000 per Twenty Foot Equivalent Unit (TEU), with further rises expected this month. It cautioned that if this trend continues, India might see a decline in the exports in coming months as these are major markets for exports
Reliance said to weigh bid for T-Mobile Netherlands: Report
The Indian conglomerate is working with an adviser to evaluate an offer for T-Mobile Netherlands, the sources said, asking not to be identified as the information is confidential. Deutsche Telekom is seeking about 5 billion euros ($5.9 billion) in any sale, the people said. Deutsche Telekom declined to comment. A representative for Reliance also could not comment immediately.
Check international fares on airlines' websites, not search engines: DGCA
In a tweet on Tuesday, the DGCA said: "Passengers travelling to international destinations are requested to check the fare preferably from the website of the concerned airline as the meta search engines at times do not reflect the actual point to point fare and do make combinations of multiple Airlines and end up with an exaggerated figure."
Robust demand, firm steel prices boost JSPL's profitability
The company's standalone Q1 FY22 net profit stood at Rs 2,661, up from Rs 505 crore in the same period of the previous year. However, the company's profitability had been hit due to pandemic disruptions as is evident from MoM profit figures. The company had reported net profit of Rs 3,426 crore in Q4 period of FY21.
Banks' asset risks rise, but credit strength to stay intact: Moody's
According to a report by Moody's Investors Service, continued policy support and strong loss-absorbing buffers mitigate the negative impact for banks in ASEAN and India, coronavirus outbreaks triggering strict containment steps will impede economic recovery and erode borrowers' debt repayment capacity, increasing their asset risks
India Inc seals 181 deals worth $13.2 bn in July
"This surge in deal activity was primarily due to companies continuing to borrow economically and spending their cash reserves on transformative deals to reposition themselves for the post-Covid-19 world. Corporate India has previously demonstrated agility and adaptability in the face of crisis," said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat.
France's economic activity close to pre-pandemic level
In its monthly economic report released on Monday, the Banque de France confirmed a positive economic trend in the country, notably due to continued improvement in hotels, restaurants, transport, leisure and cultural activities, reports Xinhua news agency. The level of activity in the restaurant business rose to 79 per cent of the level considered normal, against 69 per cent in the previous month.
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