BUSINESS
Tesla reveals $170 mn loss from $1.5 bn Bitcoin investment
Tesla revealed last week that it has sold 75 per cent of its Bitcoins, adding $936 million in cash to its balance sheet in the second quarter (Q2) this year, as it deals with economic meltdown amid cryptocurrencies falling off the cliff. In a new filing with the US Securities and Exchange Commission (SEC), Tesla said that in the first quarter of 2021, it invested an aggregate $1.50 billion in Bitcoin.
India set for 5G spectrum auction, Reliance Jio, Bharti Airtel lead the race
The four big players in the race -- Reliance Jio, Bharti Airtel, Vodafone Idea and Adani group -- having submitted a combined Rs 21,400 core in earnest money deposit (EMD), are ready with their war chests and strategies for the mega bid, that is likely to be around Rs 1.5 lakh crore if the last two auctions are kept in mind. Reliance Jio Infocomm has submitted an EMD of Rs 14,000 while Bharti Airtel has put in Rs 5,500 crore.
Apple ramps up efforts on self-driving car, files new patents
The iPhone maker is also working on vehicle-to-everything (V2X) technology, which allows cars to communicate with each other and connect to the Internet of Things (IoT), reports Nikkei Asia along with analytics company Intellectual Property Landscape. The report found that from 2000 till June 1 this year, Apple applied for and published 248 automobile-related patents.
Fall in demand & high prices, diamond industry losing its sparkle
In a report issued on Monday CRISIL Ratings said the revenue of the Indian diamond industry is set to be cut 15-20 per cent to $19-20 billion this fiscal, compared with a decadal high last fiscal, following a double blow from falling demand and rising prices of roughs across the globe. According to CRISIL Ratings, the Covid-19 surge and lockdowns in China-a major consumer of Indian polished diamonds- is one of the huge demand dampeners
US Fed widely expected to raise interest rates by 0.75 percentage points
Officials such as Fed governor Christopher Waller have in the past few weeks signalled that the central bank will deliver the same size interest rate increase as last month, following an inflation report showing that consumer prices in June rose to fresh 40-year highs. The report also showed a sharp rise in so-called core inflation - which strips out the volatile food and energy sectors - led by higher rent and shelter costs.
No night landing facility at 25 airports in India
The ministry of civil aviation on Monday said in the Rajya Sabha that the upgradation or modernisation of airports, including provision of night landing facility is a continuous process and is undertaken by Airports Authority of India (AAI) and other airport operators from time to time depending on the availability of land, commercial viability, socio- economic considerations, traffic demand and willingness of airlines to operate to/from such airports etc.
Adani Enterprises stock hits new record high
The stock, which has been on the uptrend for the past several days, opened at Rs 2,500 after closing at Rs 2,499 on Friday and went up to Rs 2,561.35 before ending the day at Rs 2,549.85. It is said that the stock of the Adani Group's flagship company is on the rise owing to increased demand for power. The other listed companies of the group in the power sector are Adani Power, Adani Transmissions, and Adani Green.
Zomato stock cracks as lock in period ends
Zomato was down 11.28 per cent at Rs 47.60 in afternoon trade. It hit a 52 week low of Rs 46. Its peak price in 52 weeks was Rs 169.10. The one year lock-in for promoters, shareholders, employees and others considered as insiders ended on Monday. As per reports, Zomato's total paid up capital of the one year overhang is around 78 per cent and market experts were expecting Zomato shares to sell-off this week.
India's domestic demand to sustain growth
Early trends for July indicate data holding across sectors with mobility (ex-residential) fairly steady and unemployment levels lower than in the previous month. Credit growth continues to rise -- it has reached its highest level since April 2019.
Riding on robust Q1 results, Infosys raises FY23 revenue outlook
Year-on-year, the company reported double-digit growth across all business segments in constant currency terms. The IT giant reported a consolidated net profit of Rs 5,360 crore for the quarter ended June 30, up 3.2 per cent from Rs 5,195 crore reported in the correspoding quarter of the previous year. Infosys' consolidated revenue stood at Rs 34,470 crore, up 23.6 per cent from Rs 27,896 crore reported in the year-ago period.
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