BUSINESS
'Anti-competitive offers by Samsung killing retail trade', CAIT writes to CCI
The CAIT in a letter to the CCI Chairman has claimed that leading manufacturers like Samsung too have plunged into anticompetitive and retail destructive' policies like their Chinese counterparts and foreign ecommerce platforms for benefits of themselves, creating a void in the retail trade impacting the business and economy adversely.
ONGC aims to raise output over next two fiscals
According to ONGC's Director, Exploration, Sushma Rawat, the company's long standing efforts of raising output from KG Basin are likely to show results from 2023-24 onwards. Rawat told IANS on the sidelines of India Energy Week here that in the next two years, production from KG basin is expected to double.
Zomato's Deepinder congratulates Paytm founder, says 'working on my own profitability'
Earlier this week, Paytm received positive commentary from the global brokerages' analysts after the fintech company achieved operating profitability with EBITDA (earnings before interest, taxes, depreciation, and amortisation) before ESOP cost at Rs 31 crore, ahead of its guided timeline of September 2023.
Stop media reports on Adani firms unless verified by Sebi, lawyer urges SC
The interim application, filed by advocate M.L. Sharma, said media hype has led to the Indian share market "crashing by more than 50 per cent and the allegations are creating panic amongst the investors". Sharma's application is a part of his PIL, which was filed last week. The plea has not been listed so far for hearing.
SoftBank Group reports massive $5.9 bn net loss amid global tech meltdown
SoftBank said it lost around $5.5 billion in its signature Vision Funds alone in the October-December period, "reflecting declines in the share prices of a wide range of portfolio companies". The investment giant had lost $10 billion in the previous quarter (July-September 2022).
Apple cuts iPhone 14 models prices by up to $125 in China to boost sales
According to South China Morning Post, Apple's online stores on e-commerce platform JD.com showed a markdown of 800 yuan for iPhone 14 Pro and Pro Max models, with an additional 50 yuan off if the buyer became a member of the online store. That works out to a 10.6 per cent discount on the 7,999 yuan price of the 128-GB iPhone 14 Pro.
Adani Ports Q3 net down at Rs 1,336.51 crore
The company is mulling loan repayment/prepayment of Rs 5,000 crore during next fiscal, said a top official. The company said for the quarter ended December 31, 2022, it had earned a consolidated operational revenue of Rs 4,781.71 crore (Q3FY22 Rs 4,071.98 crore) and a net profit of Rs 1,336.51 crore (Rs 1,535.28 crore).
Adani row: Limited risks for Indian banks, no impact on sovereign ratings, says Fitch Ratings
In a statement issued the credit rating agency said: "Fitch Ratings believes that Indian banks' exposure to the Adani group is insufficient in itself to present substantial risk to the banks' standalone credit profiles. Indian banks' Issuer Default Ratings (IDRs) all remain driven by expectations that the banks would receive extraordinary sovereign support, if needed."
With vote split, RBI's MPC might hike repo rate by 25 bps: Experts
However, the experts believe that the MPC may hike the repo rate -- the rate at which RBI lends to the banks -- by 25 bps to 6.50 per cent on Wednesday. The RBI's MPC meeting is on between February 6-8 to decide on the policy rates. At the MPC meeting held during December 5-7, 2022, Prof. Jayanth R. Varma, a member voted against the resolution to hike the repo rate by 35 basis points to 6.25 per cent.
Enlarged Air India Group continues progressive network optimisation
In this current phase, three stations -- Bhubaneswar (BBI), Bagdogra (IXB) and Surat (STV) -- will now be served by Air Asia India, rather than Air India. Delhi- Visakhapatnam and Mumbai-Lucknow will be operated exclusively by Air India. In all cases, the flight frequency remains the same. Additionally, Air India will enhance connections from Delhi and/or Mumbai to Ahmedabad (AMD), Cochin (COK), Trivandrum (TRV), Visakhapatnam (VTZ) and Nagpur (NAG)
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