BUSINESS
Result Season: Higher commodity prices dent Corporate India's Q3FY22 margins
According to the report, the ongoing results season is behaving largely on expected lines as far as topline growth is concerned. However, margins across the board have fallen mainly due to higher commodity prices. Lately, Covid triggered supply side issues as well as other global developments have pushed commodity prices higher.
Captains of industry mourn Rahul Bajaj's passing away
On Twitter, Kiran Mazumdar-Shaw, Executive Chairperson of Biocon said: "Industrialist Rahul Bajaj, Former Chairman Of Bajaj Group, Dies At 83 - I am devastated - he was a dear dear friend and will miss him dearly. The country has lost a great son & a nation builder. Om Shanthi."
India-based startups raised $39 bn in 2021; mortality rate down to 1%
The report on the democratisation of India's startup ecosystem showed a total funding of $39 billion, a rise of 255 per cent from $11.8 billion in 2020.Besides, the startup mortality rate came down to 1 per cent in 2021 as India witnessed a remarkable reduction in the number of dead-pooled businesses as against 16 per cent in 2016.
Humara Bajaj, the original Make in India champion, passes away
He was ailing from cancer for a long time and the end came at the Ruby Hospital at around 2.30 p.m. on Saturday afternoon, sending waves of grief in corporate and political circles. Bajaj had taken charge of the Bajaj Group in 1965 and during his captaincy, the group soared to one of the biggest in the sub-continent.
Tesla manufacturing in China & selling in India not digestible: Minister Nitin Gadkari
In a media interview, Gadkari said he met the head of the Indian arm of Tesla "three-four days back". "I have tried to convince him. Ultimately it is dependent on him to take the decision (to manufacture in the country)," Gadkari told News 18.Stressing that Musk has to manufacture here first in order to roll out Tesla cars on the roads, the Minister said: "Now his (Musk's) interest is to manufacture the Tesla car in China and make it sell in India.
Biden splits frozen Afghan funds
When Kabul fell to the Taliban in August 2021, Afghanistan had over $9 billion in reserves held in the name of Da Afghanistan Bank (DAB), or the central bank, outside of the country. This included $7 billion in reserves held in the US, with the rest of the reserves largely being in Germany, the UAE, Switzerland, and a couple of other states.
Covid's third wave, supply side constraints subdue Jan auto sales
The sector's current off-take of passenger cars, two-and-three wheelers were far behind even the 2020 sales levels. In terms of PVs, challenges pertaining to electronic components' availability pulled sales lower on a YoY basis in January.The shortage has extended waiting periods and escalated prices.
Vedanta Aluminium to collaborate with construction industry for fly-ash, bauxite-residue utilisation
At a national-level webinar held with global experts and participants from the cement industry, the company also sought interest from cement manufacturers for setting up integrated cement plants or cement clinker grinding/blending/processing units adjacent to its plants in Odisha and Chhattisgarh.
Zomato earnings release remains opaque, lacks substance and describes only selective aspects of the business: Jefferies
The past two quarters signal how unpredictable this business (& probably Internet sector) is likely to be, but we remain confident on the structural India growth story, it said. After a strong 2Q, an underwhelming GOV (+1.7 per cent QoQ) in 3Q will raise questions on India opportunity, Jefferies said. Adjusted revenues were flat QoQ to Rs14.2bn in 3Q, which was 9 per cent below estimates, albeit on a strong 2Q base. While net revenues (ex-delivery charges) grew 9 per cent QoQ, customer delivery charges fell 22 per cent QoQ which was a drag.
Half of India's FDI since 2000 in last 7 years: Govt
India registered its highest ever annual FDI inflow of $81.97 billion (provisional figures) in 2020-21 despite the Covid-related disruptions, Minister of State for Commerce and Industry Anupriya Patel told the Rajya Sabha in a written reply. This indicates increasing inclination of global companies to set up their business in India, she added. India jumped to 63rd place in World Bank's Ease of Doing Business ranking as per World Bank's Doing Business Report (DBR) 2020 from a rank of 142 in 2014.
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