BUSINESS
India Inc to log PAT growth of 17% CAGR for FY22-24: Motilal Oswal
In a research report on Indian corporate sector decadal earnings 2012-22, Motilal Oswal said: "We estimate an FY22-24 PAT CAGR of 17 per cent, led by banking, financial services and insurance (BFSI) and automobiles." The decade 2012-2022 saw India Inc's earnings multiply 2.6 times and reported a compounded annual growth rate (CAGR) of about 10 per cent, said Motilal Oswal.
Google slashes R&D projects as Pichai to make company 20% more efficient
Addressing the gathering at the Code Conference in the US, Pichai said that the more the company tries to understand the macroeconomic conditions, it feels very uncertain about it. "The macroeconomic performance is correlated to ad spend, consumer spend and so on," he told the audience. .
Tesla, Musk sued for misleading consumers over Autopilot, FSD claims
"Plaintiff brings this consumer class action lawsuit to hold Tesla and its representatives, including CEO Elon Musk, accountable for years of making misleading and deceptive statements regarding the company's advanced driver assistance systems (ADAS) technology," read the lawsuit that was filed in the federal court in San Francisco.
India's trade deficit widens 139% to $27.98 bn in August
Imports rose by 37.28 per cent on year-on-year basis, thus widening the trade deficit. Meanwhile the country's overall exports (including merchandise and services) in August 2022 stood at $57.47 billion, showing a growth of 6.75 per cent over the corresponding period.
Have lined up new investments of Rs 25K cr in Odisha, says Anil Agarwal
"We (Vedanta) stand testimony to what is possible if you Make in Odisha. It is amongst the most favourable investment destinations in India, ably led by the stable governance, leadership, and vision of Naveen Patnaik ji, which is reflected in the state's Ease of Doing Business rankings," he said in a statement.
India: From a milk deficit country to world's largest producer
The annual compound growth rate in milk production during the first decade after independence was 1.64 per cent, which declined to 1.15 per cent during the 1960s. In 1950-51, per capita consumption of milk in the country was only 124 gram per day. By 1970, this figure had dropped to 107 gram per day, one of the lowest in the world and well below the minimum recommended nutritional standards.
European Union proposes $140 bn windfall tax on energy companies
On Wednesday, the European Commission proposed capping the profits of renewable and nuclear electricity producers, and taxing the windfall earnings of oil and gas companies, CNN reported. EU Commission President Ursula von der Leyen said on Wednesday that the bloc would conduct a "deep and comprehensive reform" to decouple the cost of gas from the price of electricity.
E-commerce entities may face heavy penalty for posting fake reviews
According to highly-placed sources, a committee formed by the Department of Consumer Affairs is finalising changes in the norms related to fake reviews, which were formulated by the Bureau of Indian Standards (BIS) in 2021. Once the changes are made in these norms, they would become mandatory and entail penalty on e-commerce firms for posting fake reviews and also for getting fake reviews done of rival entities.
SBI hits Rs 5 lakh crore market capitalisation
With this market capitalisation, SBI stood on the seventh position in the market capitalisation ranking. SBI has become the third lender in the country to cross the market cap of Rs 5 lakh crore. HDFC Bank held first rank in this list, which was followed by ICICI Bank. At 1.10 p.m., SBI shares were up Rs 14.75 or 2.64 per cent at Rs 573.00.
Equities end down amid sell-off in global markets
At close, Sensex ended 224.11 points, or 0.37 per cent, down at 60,346.97, and Nifty closed 66.30 points, or 0.37 per cent, down at 18,003.75. A total of 1,176 shares declined, 1,692 shares advanced and 143 remained unchanged. Infosys, TCS, Tech Mahindra, HCL Technologies remained major losers on the Sensex.
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