BUSINESS
Ashok Leyland posts Rs 199 crore PAT for Q2
"Despite global recessionary trends, the Indian commercial vehicle market continues to grow well, the industry has seen strong volumes in Q2 FY'23 over the same period last year. We see the demand continui ng in all segments of trucks and passenger vehicles and we remain confident and optimistic about the future," said Dheeraj Hinduja, Executive Chairman.
'Friendshoring' helping US minimise supply chain vulnerabilities: US Treasury Secretary
Janet Yellen explained this approach in her address at the Microsoft's office in Noida, where she met several tech leaders."Let me explain an approach that the United States is taking to minimise supply chainvulnerabilities. It's called friendshoring," she said.
Delhi Excise Policy Scam: Accused changed 140 phones to destroy evidence
"During the course of investigation, various persons involved in the Delhi Excise Scam have revealed that bribes to the tune of Rs 100 crore had been given in advance for undue benefits to select business groups to operate in the Delhi Excise Policy, 2021-22. It has also been found that kickbacks and bribes were demanded and taken by the Excise officials of Delhi for opening of retail shops in Delhi," read the ED document.
With gloomy economic outlook, Moody's lowers India's growth forecast
The global credit rating agency has also lowered the economic growth expectations of several other countries -- advanced and emerging economies. "We have lowered our 2022 real GDP growth projections for India to 7.0 per cent from 7.7 per cent. We expect growth to decelerate to 4.8 per cent in 2023 and then to rise to around 6.4 per cent in 2024," Moody's said.
'Debt distress, climate action to be main challenges for India as G20 President'
"In three weeks, India will assume the helm of the G20 at an uncertain time for the global economy. We look forward to supporting India's G20 presidency. A successful Indian presidency is indispensable to our global economic recovery and sustained progress on our deepest problems," Yellen said after visiting the Microsoft campus in Noida, soon after her arrival in the national capital.
Ukraine's GDP falls 39% year-on-year in Oct
Yulia Svyrydenko, the first deputy prime minister and economy minister, told reporters on Thursday that Russia's continued attacks on Ukraine's critical infrastructure were behind the accelerated economic slowdown, reports Xinhua news agency. The government estimated that the January-September period, Ukraine's GDP dropped 30 per cent, Svyrydenko said.
Crypto exchange Coinbase to lay off more employees amid FTX saga
The layoffs were announced internally and the company is likely to sack around 60 employees in its recruiting and institutional onboarding teams, reports The Information.
Visiting India at a pivotal moment for global economy: US Treasury Secy
Speaking after visiting the Microsoft campus in Noida, Yellen said: "We are dealing with a confluence of headwinds. The lingering effects of the pandemic, spillovers from Putin's barbaric war in Ukraine, and macroeconomic tightening as many countries grapple with inflation.
Director's arrest not connected with operations, says Aurobindo Pharma
"Further to the disclosure of even date, company further learnt that the arrest of Mr. P. Sarath Chandra Reddy, Whole Time Director/Promoter Group of the Company is not in any way connected with the operations of Aurobindo Pharma Ltd or its subsidiaries," reads the brief statement released by Aurobindo Pharma, a major player in the generic drugs market globally.
Markets opened on a positive note
The Sensex of the BSE opened at 61,311.02 points and touched a high of 61,574.40. The Sensex touched a low of 61,311.02 points. The Sensex had previously closed at 60,613.70 points. The Sensex is trading at 61,591.10.64 points up by 977.4 points or 1.61 per cent. On the other hand, the broader 50-scrip Nifty at National Stock Exchange opened at 18,272.35 points after closing at 18,028.20 points.
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