BUSINESS
Lacklustre performance by ARCs: RBI Committee
The ARC framework was designed to allow originators to focus on their core function of lending, by removing sticky stressed financial assets from their books. It was also designed to help borrowers revive their businesses, which protects the viable and productive assets of the economy and often ensures a better return to banks and financial institutions (FIs).
Bharti Airtel posts 13% rise in quarterly revenue
The company on Tuesday said that its net profit for the July-September quarter of FY22 stood at Rs 1,134 crore, compared with a net loss of Rs 763 crore in the same period of previous year. Profit from its mobile services in India more than doubled to Rs 1,612.5 crore from Rs 685 crore a year earlier, and profit from its mobile services in Africa increased 40 per cent to Rs 2,809 crore.
Chip shortage, fuel cost subdue October auto sales
High fuel cost and longer waiting periods also dampened the sales momentum. In terms of sales, auto major Maruti Suzuki India's October total sales fell over 24 per cent to 138,335 units in October 2021 from 182,448 units sold during the corresponding period of last year. Besides, the company's total domestic sales including passenger and commercial vehicles in addition to off-take by other OEMs fell during the month under review.
Musk-owned satellite company Starlink forms India subsidiary
The company's affordable satellite broadband services are being targeted in India in 2022, although its availability is subject to regulatory approvals. Earlier this month, Starlink announced that it will focus on 10 rural Lok Sabha constituencies to provide internet services. Starlink shipped 100,000 terminals to customers recently. The project aims to provide global broadband connectivity via a constellation of satellites.
Crypto firm CrossTower to celebrate Diwali at World Trade Center in NY
For the first time in history, three-day Diwali celebrations will be held from November 2-4, showcasing a spectacular digital mural on the WTC podium and fireworks over the Hudson River. This event combines the American tradition of viewing fireworks over the Hudson River with the festival of lights.
Auto fuel price rise continues unabated
However, unlike in the past, oil marketing companies (OMC) only raised the pump price of petrol on Tuesday while keeping diesel rates unchanged. Accordingly, the pump price of petrol in Delhi increased by 35 paisa per litre to jump to Rs 110.04 a litre, while diesel prices remained at Monday's level of Rs 98.42 a litre, according to a price notification of state-owned fuel retailers.
Tata Motors' consolidated Q2 FY22 loss widens to over Rs 4,441 cr
The consolidated net revenue rose by 14.7 per cent YoY to Rs 61,379 crore. On a standalone basis, the company posted a comprehensive net loss of Rs 536.93 crore for the September quarter.It had registered a net loss of Rs 1,141.36 crore in the same period last fiscal.
IndianOil to set up India's first mega-scale maleic anhydride plant
The project with a capex of Rs 3,681 crore will be commissioned in 54 months from stage 1 investment approval. The project is proposed to have a capacity of 120 KTA (kilo tonnes per annum) of maleic anhydride (MAH) that is used to make speciality products like polyester resins and surface coatings, plasticisers, agrochemicals, and lubricant additives.
Oil prices rise as traders await OPEC+ meeting
The West Texas Intermediate for December delivery added 48 cents to settle at 84.05 US$ a barrel on the New York Mercantile Exchange. Brent crude for January delivery increased 99 cents to close at 84.71$ a barrel on the London ICE Futures Exchange.
United State manufacturing sector sees robust growth in October despite supply chain bottlenecks
The Purchasing Managers' Index (PMI) stood at 60.8 per cent, down 0.3 percentage point from the September reading. Any reading above 50 per cent indicates the manufacturing sector is generally expanding. They noted that the largest gains came from two components that "continue to be at the center" of supply issues: prices paid and supplier deliveries.
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