BUSINESS
Amazon shares fall even after posting over $100bn sales in Q2
For the second quarter (Q2), the net sales increased 27 per cent to $113.1 billion, compared with $88.9 billion in the second quarter of 2020, the company said in a statement late on Thursday. It was down from $115.2 billion as estimated by global analysts. Amazon Web Services (AWS) grew its revenue 37 per cent at $14.81 billion in the second quarter.
India, US sponsoring forum to boost Indo-Pacific business cooperation
The US Chamber of Commerce, the Confederation of Indian Industry, the Federation of Indian Chambers of Commerce and Industry, and the US-ASEAN Business Council (USABC) are partnering in the fourth meeting of the forum scheduled for October 28 and 29. The government and business leaders from across the region at the meeting will "be able to explore regional government and business partnerships and commercial opportunities".
IFC makes equity investment in Federal Bank to promote green recovery
The investment is expected to improve access to finance for the small businesses. "Increased financing for climate-friendly projects as well as more financing for small businesses to help accelerate India's economic recovery from Covid-19 are expected in the wake of a $126 million (Rs 916 crore) equity investment in Federal Bank, one of the country's leading private sector banks," an official statement said.
Union Bank registers 255% growth in profit
The standalone net profit of the bank, in the April-June quarter, stood at Rs 1,181 crore up from Rs 332.7 crore in corresponding period last fiscal. The higher profit has been achieved with a growth in other non-interest income and despite increased coverage provided for non-performing assets (NPAs). The Credit cost reduced by 135 bps QoQ for Q1FY22.
'Favourable global outlook to accelerate India's export growth'
Ind-Ra said that India's exports, which have been languishing for quite some time, can take advantage of the favourable trade growth outlook of 2021 and consolidate its position further than what has been witnessed in Q1FY22. "In YoY growth terms, India's exports grew 60.29 per cent, 195.72 per cent, 69.35 per cent and 48.35 per cent in the months of March, April, May and June 2021, respectively.
Tata Sons arm to acquire majority stake in Tejas Networks
Panatone Finvest will buy a 43.3 per cent stake in Tejas Networks for Rs 1,850 crore and along with other Tata Group companies, Panatone would make a public announcement to acquire up to another 26 per cent stake in Tejas. Tejas Networks has executed definitive agreements with Panatone. Tejas said that it sees a very large opportunity in the telecom sector both in India and global markets.
Pandemic pushes digital payments, RBI index up 30%
An indicator to faster adoption of online payment medium is the Reserve Bank of India's Digital Payment Index. After moving at moderate pace over the years, the index has jumped sharply 30 per cent between March 2020 and March 2021. The pandemic is one of the reason while people are increasingly preferring digital payment mechanism over physical mode.
'India's power demand could grow over 5% this fiscal'
Industry demand is expected to prop up India's energy consumption by over 75 billion units (BUs) this fiscal, or 5 per cent on-year - the fastest growth in the past three fiscals, it said. "The heightened demand will be met largely by thermal generation companies (gencos) as generation from renewable, hydro and nuclear remains small at less than 25 per cent of the overall generation mix.
Global cues, value buying lift equities; metal stocks' shine
Accordingly, the gains came on the back of recovery in the Asian markets -- especially the Hongkong and Chinese indices - and a day after US Fed kept its interest rates unchanged. Besides, expectations of healthy quarterly results and encouraging response to metal stocks pushed the markets higher. Around 2.30 p.m., Sensex was trading at 52,682.39, higher by 238.68 points or 0.46 per cent from its previous close.
NSE's new investor registrations crosses 50 lakh mark
New investor registrations witnessed a 2.5 times growth in four months of FY22, compared to the corresponding period of the previous fiscal. "From the geographical presence point of view, 36 per cent new investors registered are from north Indian states, While west Indian states accounts for 30 per cent, southern Indian states accounts for 22 per cent and the remaining 12 per cent are from the east Indian states," the NSE said in a note.
Don't Miss
Advertisement