BUSINESS
Vedanta Aluminium becomes India's largest industrial consumer of renewable energy
The company has procured about 2 billion units of RE power in the year 2021 for consumption at its Aluminium Smelter in Jharsuguda, Odisha, thereby reducing GHG emissions intensity at the smelter by more than 1540 KtCO2e (kilo tonnes of CO2 equivalent) in the year. Vedanta Aluminium's Jharsuguda unit is India's largest renewable energy buyer on Green Term Ahead Market (G-TAM) platform at IEX.
Paytm stock hits new low
The stock was down 2.58 per cent in trade and has continued its losing spree after a recent downgrade by Macquarie. Foreign brokerage Macquarie said on Monday there are no signs of headwinds abating at Paytm as it slashed the target price to Rs 900.
Equities steady in early trade on Thursday
At 10.05 a.m., Sensex traded flat at 61,161 and Nifty at 18,215 points. Top gainers during the early trade were Tata Steel, Power Grid Corp, Coal India, Sun Pharmaceutical, JSW Steel.
India loses 259 bn labour hours annually due to heat: Study
Published in the journal Environmental Research Letters on Thursday, the study says that humidity and heat currently causes 677 billion hours of lost labour worth $2.1 trillion annually, and human-caused climate change is worsening these losses.
Two Indian startups supported by DBT win World Bank Group awards
The two startups supported by the Department of Biotechnology's Biotechnology Industry Research Assistance Council (DBT-BIRAC) are NIRAMAI Health Analytix Pvt. Ltd. and Inn Accel Technologies Pvt. Ltd. As per a statement by the World Bank, this year the Awards attracted more than 70 companies from 35 countries, which submitted their innovative products and services under three categories: reproductive health and pregnancy, general women's and adolescent health, and women safety and security.
India, UK to launch free trade negotiations on Thursday
Trevelyan will meet her counterpart Union Commerce Minister Piyush Goyal, and the two will jointly and formally begin talks. UK Prime Minister Boris Johnson said: "The UK has world-class businesses and expertise we can rightly be proud of, from Scotch whisky distillers to financial services and cutting-edge renewable technology. We are seizing the opportunities offered in growing economies of the Indo-Pacific to cement our place on the global stage and deliver jobs and growth at home."
Bangladesh 'devaluing' taka to boost exports, remittances
Bangladesh Bank has indirect control of the currency's value through its buying and selling of dollars, in what is called a 'managed float'. Devaluation can boost a country's exports by making its products more competitive in international trade. As the country has adequate forex reserves of over $44 billion, Bangladesh Bank (BB) officials suggest people not be worried by the taka's depreciation, although they may have to bear the brunt of higher prices due to the impact.
Wipro registers net income of Rs 29.7 bn for Q3 FY22, up 1.3% QoQ
Wipro registered net income of Rs 29.7 billion ($399.1 million) for the third quarter, marking an increase of 1.3 per cent QoQ. Its IT services segment revenue stood at $2,639.7 million, an increase of 2.3 per cent QoQ and 27.5 per cent YoY. Non-GAAP2 constant currency IT services segment revenue increased by 3 per cent QoQ and 28.5 per cent YoY. Its IT services operating margin for the quarter was 17.6 per cent, a decrease of 19 bps QoQ. Earnings per share for the quarter was at Rs 5.43, an increase of 4.2 per cent YoY.
Infosys Q3 results: Net profit up by 11.8% YoY to Rs 5,809 cr
Accordingly, the IT firm increased its revenue growth guidance for FY22 to 19.5-20 per cent. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 22,927 crore a year ago. Infosys delivered a strong Q3 performance with sequential growth of 7 per cent in a seasonally weak quarter and a year-on-year (YoY) growth of 21.5 per cent in constant currency.
India's industrial production eases sequentially in Nov
The Index of Industrial Production (IIP) for November 2021 rose by only 1.4 per cent from a rise of over 4 per cent reported for October 2021. However, the production rate was higher on a year-on-year basis. In November 2020, the IIP had declined by (-)1.6 per cent.
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