BUSINESS
Sensex loses 400 points, Nifty below 15,650
The BSE Sensex lost over 400 points, while the Nifty50 on the National Stock Exchange was trading below the 15,650-mark. The across-the-board selling was led by banking, finance and IT stocks. Around 10.24 a.m., Sensex was trading at 52,160.50, lower by 418.26 points or 0.80 per cent from its previous close 52,578.76 points. It opened at 52,673.69 and has so far touched an intraday high of 52,673.69 and a low of 52,151.46 points.
Teams reach 250 million users, LinkedIn sales surpass $10 billion: Satya Nadella
The Microsoft-owned LinkedIn now has more than 774 million members who are more engaged than ever. "Sessions were up 30 per cent this quarter compared to a year ago. And LinkedIn's advertising business surpassed $1 billion in revenue this quarter for the first time, up 97 per cent year-over-year and growing three times faster than the category," Nadella said during the company's earnings call on tuesday.
Microsoft posts $46.2 bn revenue riding on Azure Cloud growth
According to Chairman and CEO Satya Nadella, new franchises including gaming, security, and LinkedIn surpassed $10 billion in annual revenue over the past three years. "Our results show that when we execute well and meet customers' needs in differentiated ways in large and growing markets, we generate growth, as we've seen in our commercial cloud," Nadella said in a statement late on Tuesday.
NPAs decline marginally in FY21 to Rs 8.34 lakh cr
Citing data from the Reserve Bank of India, Minister of State for Finance Bhagwat Karad told the Rajya Sabha, in a written reply, that the NPAs in the previous financial year stood at Rs 8.96 lakh crore. He also said that the government has taken comprehensive steps to tackle NPAs which enabled SCBs to recover over Rs 6.03 lakh crore over the last five financial years.
India sees VC investment fly through the roof during pandemic peak
According to a KPMG report, the high level of VC investment during the period is driven not only by VC investors but also by more traditional funds feeling a sense of FOMO (fear of missing out), given the broad applicability of digital business models in the pandemic. India has also seen a growing range of fintech companies raising significant funding rounds during the quarter.
IndusInd Bank YoY Q1FY22 consolidated net profit up 99%
Its net profit during the quarter under review rose to Rs 1,016 crore from Rs 510 crore in the corresponding period of last fiscal. Net interest income for the quarter under review rose to Rs 3,564 crore, up by 8 per cent from Rs 3,309 crore for the quarter ended June 30, 2020. As per the lender, net interest margin for Q1FY22 stood at 4.06 per cent from 4.28 per cent for Q1FY21.
IndiGo's Q1FY22 net loss widens to Rs 3,174.2 cr on Covid
"Our financial results for the first quarter were severely impacted by the second Covid wave. The number of passengers travelling declined sharply in the months of May and June. With the second Covid wave receding, we are seeing a measured recovery in bookings for July and August," CEO Ronojoy Dutta said. the airline said it has a "strong balance sheet" with a total cash of Rs 17,067.9 crore.
Canara Bank net profit triples as provisions fall
The bank said in a statement that its net interest income rose just 0.84 per cent year-on-year (YoY) in Q1FY22 to Rs 6,147 crore versus Rs 6,096 crore. The net interest margin fell to 2.71 per cent for Q1 against 2.84 per cent in the year-ago period. But it made more of this fall from big 67.47 per cent jump in non-interest earnings in the April-June quarter.
IMF cuts India growth to 9.5% due to Covid Delta, but it retains top spot
The IMF's World Economic Outlook Update (WEOU) on Tuesday made the cuts to the projection of 12.5 per cent made in April, and the January projection of 11 per cent. "Growth prospects in India have been downgraded following the severe second Covid wave during March-May and expected slow recovery in confidence from that setback," said the update released in Washington.
HMIL invested over $4 bn in last 25 years
Notably, the company is observing 2021 as its 25th year of commencing operations in India. "Hyundai Motor India has invested over $4 billion in India and has 17 regional offices and 2,449 customer touchpoints across India." On Tuesday, the automaker inaugurated its new state-of-the-art corporate Headquarters in Gurugram.
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