Corporate News

Recognizing the nuanced nature of economic growth, some economists argue that not all growth is created equal, and the Finance Ministry acknowledges the merit in this perspective. While achieving 8-9 percent growth when the global economy is expanding at 4 percent is one scenario, sustaining growth at or above 7 percent when the world economy is grappling with a 2 percent growth rate presents a qualitatively superior accomplishment.

Consumer chips played a pivotal role in Intel's success, witnessing an impressive 33 percent gain with $8.8 billion in revenue. The company highlighted "record performance notebook shipments in the quarter," indicating strong demand for its products. In terms of profitability, Intel recorded a substantial increase, with a Q4 profit of $2.66 billion, a notable improvement from the $796 million loss reported during the same period the previous year.

Ola introduced the Prime+ service, offering premium services with better partners, an enhanced in-ride experience, faster allocation, and no cancellations. The service has garnered over 16,000 partners across seven cities, with 1.9 million riders availing the Prime+ service.

The government-owned bank witnessed a substantial growth in total income, reaching Rs 29,962 crore during the quarter, as opposed to Rs 25,722 crore in the corresponding period last year.

While the Q3 net profit showcases significant growth, it is essential to note that it stands nearly 90 percent lower than the impressive figure of Rs 5,118 crore reported by the oil major for the preceding July-September quarter of the current financial year.

Notably, Tata Steel had reported a substantial net loss of Rs 6,511.16 crore in the July-September quarter, primarily due to impairment charges.

The net profit for the quarter was Rs 485.9 crore, a notable drop from Rs 1,204.4 crore in the corresponding period.

In constant currency, gross bookings witnessed a substantial growth of 21.7%, reaching USD 2,088.3 million for the October-December period, compared to USD 1,738.2 million in the same quarter the previous year. Following the International Financial Reporting Standards (IFRS), the revenue exhibited a notable increase of 26.9% year-on-year in constant currency, escalating to USD 214.2 million in the third quarter of the ongoing fiscal year, up from USD 170.5 million a year ago.

This surge in profit can be attributed to a comprehensive boost in the bank's revenue streams. Notably, during the quarter under review, IDBI Bank experienced a reduction in provisions, which amounted to Rs. 319.85 crore as opposed to Rs. 784.28 crore in the comparable period.

The significant increase in profit was primarily attributed to the sharp spike in the bank's other income for the quarter under review, reaching Rs 1,329.72 crore compared to Rs 919.16 crore.