BUSINESS
COP26: India commits to enhance transition to zero emission vehicles
30 countries including Canada, the UK, and Mexico and 6 major automakers including Ford, Mercedes-Benz, General Motors and Volvo also pledged to cooperate with each other to make zero emission Vehicles the new normal by making them accessible, affordable, and sustainable in all regions by 2030 or sooner.
Bank of Baroda records over 24% growth in Q2FY22 net profit
The state-run lender's net profits increased to Rs 2,088 crore from Rs 1,679 crore which was recorded in the previous fiscal year. Their net interest income (NII) also registered a growth of 2.11 per cent on a YoY basis and increased to Rs 7,566 crore in Q2FY22 from Rs 7,410 crore in Q2FY21
Listing Day: Nykaa's market capital crosses over Rs 1L cr
Listed at Rs 2,001 at the opening bell, the scrip, as against the offer price of Rs 1,125, went to touch a high of Rs 2,248. It closed at Rs 2,206.70. Consequently, the market cap of FSN E-Commerce Ventures, which owns Nykaa, stood at 104,360.85 crore. At present, the promoter family holds around 53 per cent stake in the firm. In comparison, the market cap of BPCL stood at Rs 93,614 crore, Britannia Inds at Rs 89,051 crore, Dr Reddy's Lab at Rs 80,349 crore and IndusInd Bank at Rs 79,912 crore.
Zomato's loss widens to Rs 430 cr as delivery costs rise
The company, which went public recently, had posted a loss of Rs 229 crore in the same period last year. According to CEO Deepinder Goyal, the losses went up owing to investments in the growth of its food delivery business. "Three reasons to be specific - a) increased spending on branding and marketing for customer acquisition, b) increased investments and growing share of smaller/emerging geographies in our business (which are less profitable today compared to more mature cities) and c) increased delivery costs due to unpredictable weather and increase in fuel prices," Goyal said in a statement.
NBFC collections for securitised retail pools remain steady
Collection efficiency, including overdue collection, for the most affected asset classes, viz microfinance and SME loans, reached close to 100 per cent for September 2021 from a low of 80 per cent seen in May 2021. Collections in the housing loan segment continued to remain healthy during Q2 FY2022, post swiftly recovering to pre-second wave level in June 2021.
Nykaa's founder Falguni Nayar is no stranger to India Inc
Notably, the stellar opening of Nykaa's stock listing on Wednesday has made Nayar one of the richest self-made billionaires in the country. Besides her, the stock's debut catapulted its promoters -- the Nayar family -- as one of India's richest self-made billionaires. At present, the promoter family holds around 53 per cent stake in FSN E-Commerce Ventures, which owns Nykaa.
Paytm makes history as India's largest IPO bidding ends with 1.89x oversubscription
As per data from the exchanges, the subscription at the end of Day 3 saw the largest IPO being over 2.79 times oversubscribed by QIBs and 1.66x by retail investors. A total of 9,14,09,844 Paytm shares have been bid for, as opposed to the 4,83,89,422 shares available.
EU court upholds $2.8 bn fine against Google for anti-trust practices
In a 2017 ruling, the European Commission had said that Google abused its dominant position on the market for online general search services in 13 countries in the European Economic Area, by favouring its own comparison shopping service, a specialised search service, over competing comparison shopping services.
India IT services market grows by 7.3% in first half of 2021
Overall, the Indian IT and business services market was valued at $6.96 billion and recorded a 6.4 per cent year-over-year (YoY) growth in the January-June period, compared to 5.1 per cent in the first half of 2020, according to the International Data Corporation's (IDC) worldwide semi-annual services tracker.
Airtel, Oracle ink Cloud & data centre deals to boost digital economy
To support the increasing demand for cloud services in India, Oracle will expand its India (Mumbai) region capacity with Nxtra by Airtel -- the data centre subsidiary of Airtel, the company said in a statement. The expanded Oracle Cloud Mumbai Region will be available in 2022.
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