Friday, September 30, 2022

Business

HDFC's Q3FY22 standalone net profit up 11%

Lending major HDFC on Wednesday reported a rise of 11 per cent in its standalone Q3FY22 net profit on a year-on-year basis. Its profit after tax rose to Rs 3,261 crore from Rs 2,926 crore in the corresponding quarter of the previous year. Besides, the Corporation's net interest income (NII) for the quarter ended December 31, 2021 rose to Rs 4,284 crore compared to Rs 4,005 crore in the previous year.

Two-wheeler maker Yezdi back in Indian market after 26 years, launches 3 models

Motorcycle company Yezdi on Thursday announced it was making a comeback in the Indian market with three new motorcycles. The re-entry into the Indian market comes after a gap of 26 years. The motorcycles include 'Yezdi Adventure', 'Scrambler' and 'Roadster'. The company aims to target riders looking for regular commute as well as those willing to take off-beat roads. Price for Adventure model starts at Rs 209,900, Scrambler at Rs 2,04,900 and Roadster at Rs 1,98,142 -- all prices ex-showroom in Delhi. "The new range of Yezdi motorcycles will be available across Classic Legends' dealership network, which already retails Jawa Motorcycles, in India for viewing, test rides, bookings and deliveries starting today," it said in a statement.

Samsung unveils micro-LED, lifestyle TVs at CES 2022

Samsung Electronics on Monday unveiled its newest micro-LED, Neo QLED and lifestyle TVs during the Consumer Electronics Show (CES) 2022, that promise advancements in picture and sound quality, more screen size options, customisable accessories and an upgraded interface. The Micro-LED, in 110-inch, 101-inch and 89-inch sizes, offers best-in-class picture quality thanks to 25 million micrometre-sized LEDs that individually produce light and colour, creating an incredibly immersive experience. The 2022 Micro-LED supports 20-bit greyscale depth, meaning that it can express every detail in a scene, offering the finest control with over 1 million steps of brightness and colour levels, delivering a true HDR experience, the company said in a statement.

AirPods Pro 2 may offer lossless audio, charging case with sound

The second-generation AirPods Pro, likely to be launched later this year, may support lossless audio support and a charging case that makes a sound to help you find it.The upcoming wearable may support Apple Lossless Audio Codec (ALAC), according to popular Apple analyst Ming-Chi Kuo. In a note to investors, Kuo detailed new AirPods Pro 2, that can also have integrated AirTag features in the charging case and support for Apple Lossless, reports AppleInsider.

Samsung 2022 monitors double up as smart TVs for gaming, more

Samsung Electronics on Monday introduced new 2022 models in its monitor lineup that offers Smart TV-like functionalities, including high-performance gaming and letting users control IoT devices at home and offices. The new lineup delivers beautiful picture quality and intuitive features that give consumers more choice when selecting a monitor that fits their exact needs, the company said in a statement.

Portronics launches smartwatch with calling feature in India

Consumer electronics company Portronics on Monday introduced 'Kronos Y1' wearable with smart calling feature for an introductory price of Rs 3,399 in India. Available in two colours black and grey, the device with 1.75-inch HD dynamic display and soft silicon wrist strap is backed with a 12-month warranty, the company said in a statement. The Portronics Kronos Y1 smartwatch comes with in-built Bluetooth 5.0 version, that will let you use the smart calling feature.

Chinese Internet firms log $223 bn in revenue in Jan-Nov 2021

China's Internet sector registered robust growth in business revenue and profits in the first 11 months of 2021, serving as a key driver to shore up the country's economic growth. The business revenue of major Internet and related service companies in the country amounted to about 1.42 trillion yuan (about $222.7 billion) during the period, surging 22.3 percent from a year ago, data from the Ministry of Industry and Information Technology (MIIT) showed.

RBI allows KYC updation till March 2022 amid Omicron uncertainty

The Reserve Bank of India on Thursday extended the last date for Know Your Customer (KYC) updation for bank accounts by three months to March 2022. The RBI, through a notification, said it is extending the deadline in view of the "prevalent uncertainty due to new variant of Covid-19". In May 2021, RBI had relaxed the KYC rules due to the pandemic and had said banking services should not be restricted just because the documents have not been updated by the customer.

Elon Musk chosen as Time's person of 2021

Tesla Chief Elon Musk has been chosen as the "Time's person of the year". According to the magazine, Musk not only emerged as the world's richest person in 2021 but "also as perhaps the richest example of a massive shift in our society". It said that the 50-year-old zillionaire, with 66 million Twitter followers, has been chosen for his work in space as well as on electric cars, as well as his plans to take humanity to Mars and for his interest in cryptocurrency.

US companies post record buybacks

Companies listed on the S&P 500 bought back a record-setting $234.5 billion in shares in the third quarter of 2021, surpassing the previous record of $223 billion in the fourth quarter of 2018, according to preliminary data from S&P Dow Jones Indices, The Hill reported. Amid the Covid-19 pandemic and efforts to conserve cash, buybacks fell to around $89 billion in the second quarter of 2020. But in the second quarter of 2021, S&P 500 buybacks neared $199 billion, around where they were in the first quarter of 2020.

India's current account deficit in Q2FY22 seen at 1.3% of GDP: Ind-Ra

Cost pressure, led by rise in commodity prices, is expected to take India's current account deficit during Q2FY22 to 1.3 per cent of the GDP, India Ratings and Research said on Monday. However, a relatively stable services trade surplus is expected to cushion the deficit. "A stable services trade surplus of $24 billion would help rein in the current account deficit at $10.1 billion in 2QFY22. The current account was in surplus of $6.5 billion in Q1FY22.

Global action needed to regulate technology like cryptocurrency: Sitharaman

Finance Minister Nirmala Sitharaman on Friday said collective "global action" is the only way to regulate the evolving technologies, including the cryptocurrencies. Speaking at the InFinity Forum organised by Bloomberg and IFSCA, Sitharaman noted that no country has found a one-point formula to regulate technology such as cryptocurrency.

Tesla launches all-electric 'Cyberquad' for kids

EV maker Tesla has launched a four-wheel ATV (all-terrain vehicle) called Cyberquad for kids for $1,900. The all-electric Cyberquad for kids is available to order on Tesla website currently in the US, and will begin shipping in two to four weeks.  "Inspired by our iconic Cybertruck design, the four-wheel ATV features a full steel frame, cushioned seat and adjustable suspension with rear disk braking and LED light bars," Tesla said on its website.

Delivery of MG Astor could get delayed due to chip shortage

Delivery of MG Astor vehicles could get delayed because of shortages of chips and semiconductors in the market, said Gaurav Gupta, Chief Commercial Office of MG Motor India. "We are all facing a situation very unprecedented. The supply of chips and semiconductors are very uncertain and very dynamic," Gupta said. "Sometimes our suppliers, whether it is global or European suppliers, have a weekly schedule which also gets altered. And that makes us change our production plans."

China overtakes US as richest country in the world

Global wealth tripled over the last two decades, with China leading the way and overtaking the US for the top spot worldwide. A report by McKinsey & Co. that examines the national balance sheets of ten countries representing more than 60 per cent of the world's income. China accounted for almost one-third of gains in global net worth over the past two decades, the report said. "We are now wealthier than we have ever been," Jan Mischke, a partner at the McKinsey Global Institute in Zurich, said in an interview. Net worth worldwide rose to $514 trillion in 2020, from $156 trillion in 2000, according to the study. China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent, the report said. The US, held back by more muted increases in property prices, saw its net worth more

Aus retail sales surge

Retail sales in Australia jumped 4.2 per cent in October 2021 compared with the previous year, and a 10.1 per cent spike from the same time before the Covid-19 pandemic in 2019, according to official figures released on Tuesday. The figures, released by Australian Retailers Association (ARA), were based on data which records online and in-store credit payments. Despite the overall rebound, retail sales growth has staggered in the cities of Sydney, Melbourne and Canberra as they only exited their prolonged lockdowns in mid-to-late October.

Google's entry into navigation services space to shake up industry

The entry of Google into the original equipment manufacturers' (OEM) navigation and location-based services space is set to change the market dynamics of the segment, a new report has said. The rapid adoption of Google's Android Automotive Operating System (AAOS) by OEMs and the default inclusion of Google Maps on the platform gives the already popular service an even greater strategic advantage.

Tata Consumer Products buys Tata SmartFoodz for Rs 395 cr cash

Continuing its focus on expanding into value added food products Tata Consumer Products Ltd has inked a deal to buy group company the ready-to-eat-maker Tata SmartFoodz Limited for Rs 395 crore cash. Tata Consumer Products has entered into a share purchase agreement with Tata Industries Ltd to acquire its entire holdings in Tata SmartFoodz for Rs 395 crore. With this buy, Tata Consumer 

Fitbit rolls out ECG, blood glucose tracking tool in India

Google-owned Fitbit on Wednesday announced that its users in the country will now be able to use a new features including blood glucose tracking tool in the Fitbit app. The company also said that Daily Readiness Score is now available in the Fitbit app for Premium members with compatible devices. It is an experience that uses proven research and insights from your body via your Fitbit device -- your activity, heart rate variability (HRV over your entire night's sleep) and recent sleep patterns -- to help you determine if you should work out or prioritise recovery, it said. "Daily Readiness is now

Tobacco industry using FB to dodge rules, facilitates bidi sales

Facebook hosts at least 30 distinct pages for bidi companies, and many of these companies are utilising the social media platform to facilitate sales, according to a report released on Wednesday. The report titled "Selling Death on Social Media: How Bidis Are Reaching Consumers Online" from global public health organisation Vital Strategies details digital media monitoring data with 344 instances of bidi marketing on social media between December 2020 and August 2021, almost exclusively through Facebook (98 per cent).

Paytm makes history as India's largest IPO bidding ends with 1.89x oversubscription

Indias leading digital payments and financial services platform Paytm has closed the bid/offer for its IPO by being 1.89 times oversubscribed. From once being India's highest valued unicorn to be on the verge of being the country's largest stock market debut today, the company stands as a testament to the true Indian entrepreneurial story. As per data from the 

Zoomcar raises $92mn from SternAegis Ventures, other investors

Domestic car sharing marketplace Zoomcar on Tuesday announced that it successfully completed a $92 million private placement led by New York City-based SternAegis Ventures along with participation from other investors. SternAegis acted as the exclusive placement agent for this offering and ThinkEquity acted as special advisor. Zoomcar intends to use the proceeds from this financing to grow its car sharing marketplace in India and various select markets across Asia and the MENA region.

Three Musketeers: BoB, Canara, Union Bank's stocks rally on healthy results

The stocks of PSU lenders Bank of Baroda, Canara Bank and Union Bank have lately been on a high as healthy results as well as acceleration in economic recovery attracted hoards of investors to these counters. Besides, the banking sector as a whole has been in the limelight on the back of healthy quarterly results. In terms of quarterly results, Canara Bank posted impressive Q2FY22 figures on the back of lower provisioning and improvement in asset quality. The bank's net profit rose to Rs 1,333 crore from 

Ex-SBI chairman's bail plea rejected in loan scam case

The Chief Judicial Magistrate of Jaisalmer Court on Monday rejected the bail application of former SBI chairman Pratip Chaudhury, arrested in the Jaisalmer hotel loan fraud case, and sent him to judicial custody till November 15. The former SBI chairman will now have to spend his Diwali behind bars, said sources. He will be in judicial custody for 15 days till November 15, they added. Pratip Chaudhury was arrested from Delhi on Sunday and brought to Jaisalmer on Monday. After that he was

Maruti Suzuki's Q2FY22 YoY net profit down 65%

Automobile major Maruti Suzuki India's Q2FY22 net profit declined by over 65 per cent on a year-on-year basis. Net profit fell to Rs 475.3 crore during the quarter under review from Rs 1,371.6 crore in Q2FY21. However, the company's net sales for the quarter under review rose to Rs 19,297.8 crore from Rs 17,689.3 crore earned in Q2FY21.

MPC members agree on repo rate but not on accommodative stance: Minutes

Even though the six-member Monetary Policy Committee of the Reserve Bank of India was unanimous in retaining the repo rate at its last meeting, not all members were in consonance for maintaining the accommodative stance.

RBI imposes penalty worth Rs 1.93 cr on Standard Chartered Bank India

The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1.95 crore on Standard Chartered Bank India. The penalty was imposed for non-compliance with the directions issued by the RBI on 'Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions', 'Cyber Security Framework in Banks', 'Credit Card Operations of Banks' amongst others. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers," the RBI said in a statement.

Samsung India offers up to 12 5G bands support on Galaxy smartphones

Samsung on Monday said it has strengthened its 5G footprint in India with up to 12 bands support on Galaxy 5G smartphones in the festive season. The South Korean company has one of the largest 5G smartphone portfolio in India with 13 5G-ready Galaxy smartphones. "Our vision is to let our consumers be the first to benefit from 5G once commercialised, so that they can experience superfast speeds, ultra-low latency and smooth streaming," said Aditya Babbar, Senior Director and Head, Mobile Marketing, Samsung India.

Hopes of healthy Q2 results lift equities; Nifty50 breaches 18K-mark

India's benchmark equity index -- NSE Nifty50 -- breached the 18,000 point-mark on Monday as positive global cues along with expectations of healthy Q2FY22 results buoyed investor sentiments. The Nifty50's march from 17,000 to 18,000 took just 28 days. In the day's trade, the Nifty50 touched an intra-day record high of 18,041.95 points. The other key index -- S&P BSE Sensex -- closed in the green during Monday's trading session. Globally, Asian stocks ended Monday's session on a mixed note. However, European stocks kicked off the week slightly lower, with nerves around inflation and the upcoming earnings season off-set surging commodity prices that supported oil and mining shares.

CCI slaps penalties upon firms for bid rigging in GAIL tender

The Competition Commission of India (CCI) passed a final order against two firms - PMP Infratech Pvt Ltd and Rati Engineering - for indulging into concerted practices leading to bid rigging of a tender floated by GAIL in 2017-18 for the restoration of well sites located in Ahmedabad and Anand areas of Gujarat. Based on investigation and electronic/documentary evidence collected by its Director General as well as other evidence available on record, the CCI found that the two firms were in regular

Food delivery apps to collect 5% GST on deliveries

The GST Council on Friday approved a proposal to treat food delivery apps such as Zomato and Swiggy as restaurants and levy 5 per cent GST on supplies made by them.Such food delivery apps will now be required to collect 5 per cent GST, or Goods and Services Tax, from consumers instead of the restaurant they pick up orders from, Finance Minister Nirmala Sitharaman said on Friday evening after the Council meeting.There would be no extra tax burden on the end consumers taking food delivery from restaurants registered with the GST. However, the levy will plug tax evasion being done by unregistered restaurants.The changes will be effective from January 1, 2022 to allow the e-commerce operators time to make changes in their software for such tax to be charged."E-commerce operators are being made liable to pay tax on following services provided through them : transport of passengers, by any type of motor vehicles through it (w.e.f. January 1, 2022), restaurant services provided through it with some exceptions (w.e.f. January 1, 2022)," a Finance Ministry statement on the GST Council's decisions said.

Record highs: Sensex crosses 59k mark; Telecom stocks soar

India's key stock indices rose during mid-afternoon trade session on Thursday to reach new intra-day record high levels. Accordingly, both key indices - S&P BSE Sensex and NSE Nifty50 -- made new record highs. The Sensex crossed the 59,000 mark, while Nifty breached the 17,500 level.

Bank stocks fall, Sensex falls by 200 points.

The Indian equity indices traded in the red on Tuesday morning as they gave up initial gains, with the BSE Sensex losing over 200 points.Heavy selling pressure was witnessed in banking, finance and oil and gas stocks.Investors also took to profit booking post the recent bull run in the market, analysts said.Around 10.10 a.m., Sensex was trading at 58,053.53, lower by 243.38 points or 0.42 per cent from its previous close of 58,296.91.

'iPhone 13' MagSafe cases pictured in Twitter video

A now-deleted video allegedly showed silicone cases for the "iPhone 13 Pro Max," a clip that seemingly confirms the expected "iPhone 13" name of the upcoming Apple product launches. Posted to Twitter on August 30, the video starts by showing a collection of cases in white boxes, surrounded by elastic bands, reports AppleInsider. Each are labelled "iPhone 13 Pro Max Silicone Case," as well as a MagSafe label, the report said.

Nifty surges nearly 20% since Covid's 2nd wave blues in April

The Indian stock market has not just been on a bull run off late, but it has been scaling new highs. The Nifty50, which has crossed the 17,000 level, has witnessed a rise of around 20 per cent since the middle of April when the second wave of Covid-19 wreaked havoc in several parts of the country and lockdowns and curfews were re-imposed.

BSNL Employees Union calls for protest against asset monetisation

The BSNL Employees Union has called upon all employees of the state-run telco to protest on Friday against the Centre's asset monetisation plan. In a statement, the employees union alleged that in the name of "National Monetisation Pipeline" (NMP), the government has decided to hand over the national assets at throw away price to the corporates.

Samsung expands presence in NAND flash market in Q2

Samsung Electronics expanded its lead in the global NAND flash market in the second quarter of the year, a report showed on Thursday, on the back of strong chip demand and price hikes.

Yahoo shuts news sites in India over FDI norms for digital media

Yahoo India has shut its news sites including Yahoo Cricket, Finance, News Entertainment and MAKERS India over the new FDI regulations for digital media ownership.

Domestic gas producers allowed to sell 10% output on exchanges

In yet another reform initiative, the government has now allowed domestic gas producers such as ONGC, OIL, Reliance, and Vedanta to sell a small quantity of their produce, through gas exchanges, for better price discovery. As per an office memorandum of the Petroleum and Natural Gas Ministry, domestic gas producers who have been granted marketing and pricing freedom after recent changes in the policy, will now be permitted to sell 500 million standard cubic metre (MSCM) or 10 per cent of annual production from the contract area through exchanges authorised by downstream regulator PNGRB. "This is a landmark step towards development of the gas markets. Going forward, the gas producers such as ONGC, Oil India Limited, Reliance, Cairn Oil will be able to participate on the IGX platform. We now expect a much better liquidity on the sell side and therefore even more competitive price discovery on the Exchange platform," Indian Gas Exchange Ltd Chief

Daily passenger volume triples at Hyderabad airport

Daily passenger volume flowing through the Hyderabad International Airport has tripled in two months, the airport operator said on Tuesday. The airport handled more than seven lakh passengers in July. From around 10,000 passengers on June 1, the number of passengers almost tripled and crossed 29,000 on a single day on July 18.

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