BUSINESS
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.
50% of BSES' power portfolio to turn green by 2024
Green portfolio of BSES, comprising pure play renewable energy and hydro power, will make it one of the greenest discoms in the country. Strengthening its green drive, recently, Reliance Infrastructure-led BSES signed agreements with SECI to procure 510 MW of solar and hybrid power at less than Rs 2.50/unit. In fact, BSES became the first discom in Delhi and among only a handful in the country to procure hybrid power.
Capacity, fare regulations slowing India's aviation sector recovery: IATA
Notably, the centre's regulations have been justified as to protect the domestic aviation sector from economic turmoil unleashed by Covid-19. However, IATA's Director General Willie Walsh during a media interaction said that the regulations are distorting the market rather than supporting growth of the market.
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