BUSINESS
Uber lost $707 mn in Zomato investment this year, may sell stake for $373 mn
Uber had sold its food delivery business Uber Eats in 2020 in an all-stock transaction to Zomato for a 9.99 per cent stake in the online food delivery platform, and currently holds 7.78 per cent in the Deepinder Goyal-run company. According to reports, Uber is now likely to sell its 7.8 per cent stake in Zomato for around Rs 2,938 crore ($373 million).
Uber reports $2.6 bn loss in Q2, gross bookings at all-time high
The net loss included a $1.7 billion net headwind (pre-tax) relating to Uber's equity investments, primarily due to aggregate unrealized losses related to the revaluation of Uber's Aurora, Grab, and Zomato stakes. Additionally, net loss includes $470 million in stock-based compensation expense, said the company. "Last quarter I challenged our team to meet our profitability commitments even faster than planned � and they delivered," said Dara Khosrowshahi, CEO.
Q1 corporate earnings growth led by BFSI sector: Motilal Oswal
Studying the results of corporates tracked by it, Motilal Oswal said that the BFSI sector has driven 124 per cent of the incremental year-on-year (YoY) earnings growth during the 1QFY23 which was largely subdued. Loan growth has spiked fueled by continued momentum in retail and small and medium enterprises (SME) segments.
Adani enters industrial 5G space
ADNL secured this spectrum for 20 years in the first-ever 5G spectrum auction conducted by the Centre's Telecommunications Department. The newly-acquired 5G spectrum is expected to help create a unified digital platform that will accelerate the pace and scale of the Adani Group's digitisation of its core infrastructure, primary industry, and B2C business portfolio.
Domestic indices end flat, Sensex closes above 58,000
At close, Sensex ended 20.86 points or 0.04 per cent up at 58,136.36, while Nifty was up 5.40 points or 0.03 per cent at 17,345. PSU bank index surged 2.5 per cent on Tuesday, while IndusInd Bank, Asian Paints and NTPC were among the major contributors in the Sensex. About 1,889 shares have advanced, 1,483 shares have declined, and 122 shares remained unchanged.
Certificates of deposit issuances fell 38% on-month to Rs 51,240 cr
"In the month of June, the banks have borrowed heavily amounting to Rs 83,000 crore through CD issuance. However, we saw a dip in the month of July. Possibly the market must have reacted to volatile yield movements due to external factors," said Venkatakrishnan Srinivasan, founder and managing partner at Rockfort Fincorp, a Mumbai-based debt advisory firm.
IndiGo to reinstate pilots' salaries
"Despite the fuel and foreign exchange costs remaining prohibitive, we are hopeful that we will continue to inch our way back to profitability and higher growth. Our aim has been to constantly revisit our salary and remuneration and reinstate them to pre-Covid levels," said the statement attributed to the airline's senior vice president of flight operations, Capt. Ashim Mittra.
Air India to allow its pilots to fly till 65 years
Considering future expansion plans for our fleet, it is imperative to meet our workforce requirement for pilots. DGCA ((Directorate General of Civil Aviation) allows pilots to fly till the age of 65 years, compared to Air India retirement age of 58 years. Allowing pilots to fly till the age of 65 is a practice followed by most airlines in the industry, said the airline's internal document issued on July 29.
BMW recalls some 2022 electric cars over battery fire risk
BMW has issued a recall for some of its electric cars as the high voltage battery "may have internal damage", which can result in an electrical short circuit. The recall notice has been issued for a "small number" of 2022 i4 sedans and iX SUVs due to the risk of battery fires. According to the US National Highway Traffic Safety Administration (NHTSA), a short-circuit in a high voltage battery increases the risk of a fire.
'If rupee continues to be under pressure, RBI may look at alternate measures'
Rahul Singh, Senior Fund Manager � Fixed Income, LIC Mutual Fund Asset Management Ltd, said that if the rupee continues to be under pressure, the RBI may look at alternate measures. The recent fall in 10-year US yield and dollar index may also have provided some respite for the time being.
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