BUSINESS
Industry upbeat on nearly Rs 1.5 lakh cr worth bids for 5G spectrum
Pankaj Mohindroo, Chairman of the India Cellular and Electronic Association (ICEA) told IANS that the 5G auctions have also attracted robust investor interest. "Although lowering of base prices would have further helped, steps such as no spectrum usage charges and no requirement of submitting a financial bank guarantee equivalent to one annual installment would be supportive for the industry and consumers,a Mohindroo said.
Samsung logs record $8.5 billion profit on server chips, warns of market uncertainties
Operating profit for the April-June period rose 12.2 per cent on-year to 14.09 trillion won, the Samsung Electronics said in a regulatory filing. Revenue rose 21.3 percent to 77.2 trillion won, the second-highest quarterly revenue ever and a record for a second quarter. The operating profit was in line with the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.
Meta crosses $1 billion annual revenue run rate for Reels ads
Zuckerberg said that in the April-June period (Q2), "we saw a more than 30 per cent increase in the time that people spent engaging with Reels across Facebook and Instagram". Meta had announced during its Q1 earnings call that Reels made up more than 20 per cent of the time on its platform.
US Fed tries to control inflation genie with a 75 bps rate hike
The spike in inflation, highest since the 1980s, with "ongoing increases" in borrowing costs against a backdrop ahead of a decelerating economy. The Federal Reserve raised rates by 75 percentage point, same as that in June. "The labor market is extremely tight, and inflation is too high," Fed Chair Jerome Powell said at a news conference, explaining the unusually large hike.
Biocon Q1FY23 revenue up 23% at Rs 2,217 cr
"We have had a strong start to the year. At a consolidated level, YoY revenues grew 23 per cent backed by robust growth in both Biosimilars (29 per cent) and Generics (19 per cent). Core earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 25 per cent and margin improved to 31 per cent compared to 30 per cent in Q1FY22 and net profit grew 71 per cent to Rs 144 crore.
5G spectrum receives bids worth Rs 1.49 lakh cr on Day 2
Vaishnaw expressed happiness over the response received for the pricey 700 MHz band, which was left unsold in the last auctions. The spectrum bidding will continue on Thursday. Bands such as 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2500 MHz, 3300 MHz, and 26 GHz saw biggest investment bids.
Reduction in rice, cereals sown area worrisome: Bank of Baroda
The sowing area for rice declined by 17.4 per cent. According to the report, the uptick in the rainfall has resulted in pick-up of kharif sowing which rose by 0.1 per cent. Out of 36 subdivisions, only 7 have received deficient rainfall during this period. "However, there has been uneven distribution of rainfall and there is growing concern that this might translate in to lower sowing, resulting in lower production.
DGCA orders Spicejet to operate only 50% of its flights for eight weeks
"In view of findings of various spot checks, inspections and the reply to the show cause notice submitted by SpiceJet, for continued sustenance of safe and reliable air transport service, the number of departures of SpiceJet are restricted to 50 per cent of the number of departures approved under Summer schedule 2022 for a period of eight weeks," said the Director General of Civil Aviation (DGCA) in an order.
Rupee falls 13 paise to 79.91 against dollar ahead of US Fed meeting
"Rupee traded weak by 0.10 points at 79.90 drawing down on back of crude strength as Brent crossed above $104$ keeping pressure on rupee. Fed policy later in day shall give further impetus to dollar as any hawkish stance gives support to dollar and neutral statement can bring down the dollar," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Rs 70,000 crore lying unclaimed with banks, insurers, MFs
In the case of banks, the unclaimed amount is over Rs 48,200 crore at the end of FY22, according to a Reserve Bank of India (RBI) report. The unclaimed deposits in the banks - deposits-SB/CA/fixed, not claimed for 10 years, was over Rs 48,200 crore last year, up from about Rs 39,200 crore in 2021 and about Rs 24,000 crore in 2020, as per the report.
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