BUSINESS
China lockdowns may hamper Apple's iPhone volumes: Report
According to Nikkei Asia, the tech giant has "told suppliers to speed up product development efforts to make up for the lost time", which, in the worst-case scenario, could "impact the manufacturing schedule and initial production volumes of the new phones".
Third straight day losses for domestic indices, Sensex declines 303 pts
Sensex closed at 53,749.26 points, down 303.35 points or 0.56 per cent, whereas Nifty at 16,033.90 points, down 91.25 points or 0.57 per cent."Domestic indices wavered tracking mixed sentiments from the global markets as investors assessed the possibility of a recession in the US followed by the US Fed policy tightening," said Vinod Nair, Head of Research at Geojit Financial Services.
Global economic instability will affect tech sector: Sundar Pichai
The world is going through acute supply chain issues and raw material shortage owing to the Russia-Ukraine war, China lockdowns, high inflation and interest rate hikes, resulting in Big Tech stocks nosediving. In an interview with Nikkei Asia late on Tuesday, Pichai said that economic instability will affect the tech sector and the Internet giant "looks to long term for hiring and investment".
Tesla jumps 35 spots up Fortune 500 list
Brian O'Keefe, Senior Executive Editor at Fortune, stated that the rankings this year could be seen as the return of the energy sector, reports Teslarati. "Tesla made a huge jump again this year, 35 spots from number 100 up to number 65. Tesla's profits shot up to more than 600 per cent last year to $5.5 billion, and Tesla, of course, represents a revolution in the auto industry," O'Keefe was quoted as saying.
Mystery deepens over who paid for Axis Fund Manager's Lamby
They were jointly responsible in some of the schemes, individually responsible and also paired with others in different schemes. Viresh Joshi also doubled up as the chief dealer and thus had access to much more information than the other fund managers. Sometime in February 22, there were murmurs within the mutual fund industry of some of the fund managers in Axis, having income substantially higher than their disclosed sources of income.
India becomes largest producer, second largest exporter of sugar
Sugar production in 2018-19 was 332 lakh metric tonnes (LMT) after discounting diversion of 3 LMT for ethanol; in 2019-20, it was 274 LMT (after discounting diversion of 9 LMT for ethanol); in 2020-21, the production increased to 310 LMT (after discounting diversion of 22 LMT for ethanol) and for 2021-22, it is 335 LMT (after discounting diversion of 35 LMT for ethanol).
Adani Ports cargo volume jumps 26% leading to record revenue, EBITDA
"FY22 has been a stellar year for APSEZ, with achievement of various milestones for itself and new benchmarks for India's maritime industry," said Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ. The company did a record cargo volume of 312 MMT with Mundra port alone handling 150 MMT, a feat never achieved by any other commercial port in the country.
India's Public Cloud market set to reach $13.5 bn by 2026
In 2021, the revenue of public cloud market, including infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) solutions, and software-as-a-service (SaaS), reached $4.6 billion in India, according to the International Data Corporation (IDC). "With digital innovation leading the top business objectives for Indian organisations, cloud adoption is set to accelerate in 2022," said Rishu Sharma, Associate Research Director, Cloud and Artificial Intelligence, IDC India.
Meta onboards Kalaari Capital to scale early-stage startups in India
The partnership is a part of Meta's 'VC Brand Incubator Initiative' for the growth of micro, small and medium businesses in the country. "As part of this initiative, Meta has partnered with India's largest VC funds. We are thrilled to now partner with Kalaari Capital that has been instrumental in the growth journey of many startups," said Ajit Mohan, VP and MD at Meta in India. Kalaari Capital is an early-stage, technology-focused venture capital firm based in Bengaluru.
Coal production rose to 34 million tonnes in first half of May
The total dispatch of coal has been at 37.18 MT, recording an increase of 15.87 per cent as compared to the corresponding period of last year. The total coal dispatch including non-CIL coal producing units has been to the tune of 71.77 MT for the entire month of April, registering a growth of 9.39 per cent on a year-on-year basis.
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