BUSINESS
Sensex ends 1,000 points up, Nifty closes above 16,900
At the close, Sensex was up 1,041.47 points, or 1.87 per cent, at 56,857.79, and the Nifty 50 was up 287.80 points or 1.73 per cent at 16,929.60. A total of 1,904 shares have advanced, 1,427 shares declined, and 148 shares were unchanged. Bajaj Finance, Bajaj Finserve, Kotak Mahindra Bank, and IndusInd Bank were major gainers on the Nifty.
Rural India with 351 mn users pips urban centres in Internet usage
There are 692 million active Internet users in India, and much of the growth continues to be driven by rural India (351 million users with 37 per cent). The urban centres now have 341 million users with 69 per cent penetration, according to the report by the Internet and Mobile Association of India (IAMAI) and data and analytics company Kantar.
Motilal Oswal Mutual Fund launches index funds and ETFs tracking quality and value factors
"With an objective to cater the evolving needs of the investors, we have introduced ETFs & index funds in the factor investing segment. These new funds are based on the Quality and Value factors. We aspire to build a unique brand positing by establishing ourselves as a fund house to drive the factor investing category in India," Navin Agarwal, MD & CEO, Motilal Oswal Asset Management Company, was quoted saying in a release.
Qualcomm sales up 37%, mobile biz crosses $6 bn riding on Snapdragon chips
The company posted $10.93 billion in revenue for its third quarter (April-June period) and its handset business grew 59 per cent to $6.15 billion driven by the strength of its Snapdragon product portfolio, especially in the premium and high smartphone tiers. "We are pleased to report strong quarterly results, with record QCT Automotive and IoT revenues in a challenging macroeconomic environment," said Cristiano Amon, President and CEO of Qualcomm.
'India's gold demand for 2022 to be over 800 tonne'
He also said 80 per cent of the demand will be for jewellery and the balance in the form of gold coins. The gold demand in India for 2022 will be above 800 tonne. It will be between 800 tonne to 850 tonne. The 5 per cent duty hike on the gold by the Central government will not have any major impact on the demand for the yellow metal, said Somasundaram P.R., Regional CEO India, World Gold Council.
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.
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