BUSINESS
Chinese corporate profits are collapsing
As many as 53 per cent posted a decline in net profit, according to data from Wind and Choice, two major financial information services in the country. That was almost as bad as 2020, when companies posted their worst earnings season on record as the country came to a near standstill during the initial Coronavirus outbreak.
Hotel industry body cautions restaurants over Zomato Pay, Swiggy Diner
The NRAI said in an advisory that customers are dazzled into settling their bills via either Zomato Pay or Swiggy Diner "because of the deep discounts and generous cash backs that comes with it; it is a deal too good to refuse at no cost". However, restaurants will now compulsorily offer discounts in the range of 15-40 per cent to every customer who chooses to settle their bills through these payment gateways.
Govt-owned general insurers shun their offspring, favour private TPAs
Even after floating a health insurance claims processing company, Health Insurance TPA of India Ltd (HITPA), the four non-life insurance companies palm out their health insurance claims processing work to others - including to a company whose licence was revoked by the sectoral regulator - and not to their own. The strange ways of the four government-owned insurers - The Oriental Insurance Company Ltd, National Insurance Company Ltd, The New India Assurance Company Ltd and United India Insurance Company Ltd - have been frowned upon by the Comptroller and Auditor General of India (CAG).
Local manufacturing in India's TWS earbuds sector reaches record 16%
Homegrown brands like boAt, Noise, Mivi and pTron ramped up their local manufacturing capabilities, accounting for 98 per cent of the domestic shipment volume in Q2, reports Counterpoint Research. "'Made in India' has been taking the spotlight since the beginning of this year. But more brands started focusing on local manufacturing during this quarter. Gizmore and new entrant SWOTT also offered locally produced devices in Q2 2022," said senior research analyst Anshika Jain.
Rupee ends 24 paise down at 79.80 against US dollar
"Rupee traded in mixed range in the week between 79.25-79.95 closing the week on a flat but broadly weak note, as dollar index and FII's selling pressure added resistance to rupee whereas Crude price fall and domestic sector performance along with banks positive momentum gave support to the rupee," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Indices end almost flat in choppy session
At close, Sensex ended 36.74 points or 0.06 per cent up at 58,803.33, and Nifty ended 3.35 points or 0.02 per cent down at 17,539.45. Around 1,769 shares have advanced, 1,656 shares declined, and 142 shares remained unchanged. HDFC, ITC, Larsen and Toubro, HDFC Bank, Axis Bank were gainers on the BSE. BSE SmallCap index ended higher, however, BSE MidCap and LargeCap fell.
Pakistan can face protests, instability amid high food, fuel prices: IMF
"High food and fuel prices could prompt social protest and instability," The News quoted the IMF as saying in an executive summary of the seventh and eighth reviews, released under the Extended Fund Facility (EFF). The report said that risks to the outlook and programme implementation remain high and tilted to the downside given the very complex domestic and external environment.
FPI remains net buyers of equity in Aug, investment at 19-month high
Data from NSDL showed that FPIs investment in equity were Rs 51,204 crore as compared to inflows of Rs 4,989 crore in the previous month. While, in September the inflows are around Rs 4,260 crore. The last time when investment was high was on December 2020 worth Rs 62,016 crore. "FPIs invested Rs 47,296 crorein equity in August through stock exchanges.
Corporates in emerging markets will log better earnings: Moody's
Amongst the five countries - China, India, Malaysia, Indonesia and Thailand - where Moody's has the largest coverage of companies, India's improvement is the strongest, Moody's said. "On aggregate, rated EM companies' EBITDA will grow 28 per cent this year compared with 2019. DM companies' earnings will grow by a smaller degree of 14 per cent in the same period," Moody's said.
HDFC to raise up to Rs 10,000 cr via 10-year bonds
Housing Development Finance Corporation (HDFC) plans to raise up to Rs 10,000 crore, which includes Rs 5,000 crore in greenshoe through bonds maturing in 10-year, a person close to development said. The bidding for the bonds will take place on September 5 on the BSE's bidding platform. "We have a fixed coupon rate of 7.80 per cent on our proposed bond issue," the person cited above said.
Don't Miss
Advertisement