BUSINESS
India-UK FTA may not meet Diwali deadline over immigration concerns
According to sources, UK's new Home Secretary Suella Braverman recently raised concerns over the deal, saying that she wouldn't support it if it leads to increased immigration from India to the UK. Braverman's comments came close on the heels of UK's new International Trade Secretary Kemi Badernoch also raising concerns over the deal. The UK Prime Minister Boris Johnson had set the Diwali (October 24) deadline for finalising the FTA.
Retail inflation up at 7.41%, IIP down by 0.8%
Price pressure on import of crude oil shall have a cascading impact on other items of the basket too. Additionally, factors such as transmission of input costs and pick-up in consumer demand supported by service sector recovery would further add to inflationary risk in the coming months, Rathi added.
Recession fears mount as UK GDP falls 0.3% in Aug
The 0.3 per cent GDP fall in August was below economists' previous forecast of zero growth, deepening the concerns that the UK economy is sliding into recession, Xinhua news agency reported. "The economy shrank in August with both production and services falling back, and with a small downward revision to July's growth the economy contracted in the last three months as a whole," ONS Chief Economist Grant Fitzner explained.
Wipro posts lower net profit in Q2
According to the company, it had earned revenue of Rs 22,539 crore for the quarter under review up from Rs 19,667 crore earned for the period ended September 30, 2021. Wipro had earned a net profit of Rs 2,659 crore for the period ended September 30, 2022, down from Rs 2,930 crore logged for the quarter ended September 30, 2021.
Bengal government hands over LoI for Tajpur Port to Adani Group
The LOI was handed over to Karan Adani, the CEO of Adani Port & SEZ Ltd and son of Adani Group's founder-Chairman, Gautam Adani by Chief Minister Mamata Banerjee, during a Vijaya Sanmilani gathering at New Town, a state government statement said.
Nirmala Sitharaman meets Japanese counterpart in Washington, discusses economic cooperation
Nirmala Sitharaman told Suzuki that this year is special for India-Japan bilateral relations as both nations are celebrating the 70th anniversary of establishment of diplomatic relations and India is celebrating 75 years of Independence. Sitharaman also said during the interaction that 2023 brings greater responsibilities for India and Japan on the world stage as both the countries take over Presidencies of the G20 and G7, respectively.
Avoid sectors having global exposure like IT, oil, gas: ICICI Securities
In a report, ICICI Securities said the year 2022 has been marked by volatility on account of a wide variety of global new flows ranging from geopolitical issues, higher inflation (mainly food and energy), and hawkish action of central banks. This has led to a decline in global equities, mainly in the US and Europe.
Wipro announces Q2 results, IT services segment revenue up 8.4% YoY
Non-GAAP2 constant currency IT Services segment revenue increased by 4.1 per cent QoQ and 12.9 per cent YoY. Wipro Ltd 's operating cash flows registered an increase of 101 per cent YoY with 180.6 per cent of Net Income for the quarter at Rs 48 billion.
Digital Payment solutions record unprecedented growth in India
BHIM-UPI has emerged as the preferred payment mode of users. The Government of India also launched the digital payment solution e-RUPI, a cashless and contactless instrument for digital payment, which is expected to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country.
Mercedes-Benz India Jan-Sep'22 sales exceed those of 2021
"Our sales are at pre-pandemic level, having crossed CY 2021 sales numbers in the first nine months this year. The current market momentum gives us the confidence for striving to achieve our highest sales ever. However, it also remains our endeavour to produce as many cars as possible to cater to the growing demand, amidst the current supply constraints," Managing Director & CEO Martin Schwenk said.
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