BUSINESS
EU opens probe into Nvidia's $40 bn acquisition of chip maker Arm
The Nvidia deal to purchase the UK-based company Arm from SoftBank for $40 billion was announced in September last year. The Commission said in a statement late on Wednesday that the merged entity would have the ability and incentive to restrict access by Nvidia's rivals to Arm's technology, and that the proposed transaction could lead to higher prices, less choice and reduced innovation in the semiconductor industry.
Equity indices trade lower; Sensex down by over 450 pts
At 10 a.m., the 30-scrip sensitive index traded at 60,690.03 points, down 453.30 points or 0.74 per cent. The Sensex opened at 61,081 points from its previous close of 61,143.33 points. Besides, the NSE Nifty50 traded at 18,070.40 points, lower by 140.55 points or 0.77 per cent. It opened at 18,187.65 points from its previous close of 18,210.95 points.
Climate change may reduce farm incomes in India by 15%: Study
The first study of its kind, the G20 Climate Impacts Atlas by the Euro-Mediterranean Center on Climate Change (CMCC), the leading Italian research centre on climate change and National Focal Point for the IPCC, collates scientific projections of how climate impacts will play out in the world's richest countries over the coming years. It finds that on a high-emissions pathway, climate impacts spiral to cause devastating damage across the G20.
Maruti to wait for 'greater demand' for EVs before entering segment: R.C. Bhargava
At a virtual event on auto maker's Q2FY22 financial results, Bhargava said: "Volumes of EVs are in 100s and they leave us a little bit less excited. If, I start to sell EVs then I do like to sell maybe 10,000 EVs in a month or something like that."
"If I am selling 2 million cars a year, then does it make sense for me to sell less than 100,00 cars a year. I have to have a car which is more sellable. There has to be a greater demand for the product."
'10% thermal power capacity still vulnerable despite easing demand'
Despite the recent dip in demand (10 per cent over October 16 and 17) due to heavy rains, shortage of coal persists with inventory at 5 days for these power plants. Over half of these capacities do not have fuel supply agreements (FSAs), which increases their reliance on coal, either through imports or through e-auction where prices remain elevated. The scarcity and higher prices of coal may force these capacities to shut down for a few days as their operating cost could outweigh revenue, a Crisil analysis indicated.
Adani Enterprises' consolidated EBIDTA for H1 FY22 rose by 77% to Rs 2,210 cr
For Q2 2022, consolidated total income increased by 46 per ent to Rs 13,597 crore due to significant increase in index prices in IRM segment. Consolidated EBIDTA increased by 33 per ent to Rs 1,262 crore due to increase in revenue and better margins in IRM business. Consolidated PAT attributable to owners from Established Businesses increased by 67 per cent to Rs 579 crore in line with higher EBIDTA.
All ministries told to clear Air India's dues immediately
An office memorandum from the Finance Ministry's Department of Expenditure said: "Recently, the Government of India has decided to disinvest Air India, and the process of disinvestment of Air India and Air India Express is ongoing." "Air India has stopped extending credit facilities on account of purchase of air tickets. Therefore, all Ministries or Departments are directed to clear Air India's dues immediately."
Global cues pull indices down; metal stocks lose
In the initial trade, the key indices opened flat and rose mildly in the morning before ceded gains. Globally, Asian markets were largely down, similarly, European markets opened nominally weak. Among sectors, Telecom and Healthcare have gained the most while Banks and Metals have lost the most. Consequently, the 30-scrip Sensex traded at 61,236.96 points around 2.50 p.m., down 113.30 points, or 0.18 per cent.
Maruti Suzuki's Q2FY22 YoY net profit down 65%
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. "The company sold a total of 379,541 units during the quarter constrained by a global shortage in the supply of electronic components," the auto major said in a statement.
Elon Musk extends lead as world's richest man as Tesla's value scales $ 1 trillion
The tech tycoon was worth around e210bn last night following a dramatic surge in the carmaker's share price. The 50-year-old is well ahead of Amazon founder Jeff Bezos, who has a e140bn fortune, and LVMH tycoon Bernard Arnault, who is third with around e118bn. Tesla became the first carmaker with a value of $1trillion this week after rental company Hertz ordered 100,000 Model 3s -- its biggest deal yet. It made Tesla more valuable than the next ten largest global carmakers combined, the report said.
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