BUSINESS
Exim Bank of India lists $1 bn bond on AFRINEX
In a statement the bank said the listing was done virtually, during the launching ceremony of AFRINEX on October 25. Prime Minister of Mauritius, Pravind Kumar Jugnauth, High Commissioner of India to Mauritius, K. Nandini Singla, and Managing Director of India Exim Bank, Harsha Bangari, rang the digital bell on AFRINEX. The transaction at a coupon of 2.25 per cent p.a. marked a record low for any Indian issuer for a 10-year US dollar issuance.
Jolt amid power crisis, inverters to attract dual taxes
Accordingly, an inverter system with battery will attract 18 per cent GST towards the power backup machine while another 28 per cent on the battery coming with it. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that even if the UPS/ inverter and external battery are sold on the same invoice, their prices are separately known, and they constitute two separately identifiable items.
Central Bank of India's Q2FY22 YoY net profit up 55.28%
The net profit increased to Rs 250 crore in comparison to the net profit of Rs 161 crore of the bank on a YoY basis. In addition to this, the bank's net interest income also improved by 5.99 per cent on a YoY basis. The net interest income rose from Rs 2,354 crore to Rs 2,495 crore on a YoY basis. Even the interest margin improved from 3.21 per cent to 3.36 per cent, on a YoY basis.
Google logs record $18.9 bn profit, Search and YouTube soar
Google Services revenues were $59.9 billion, up 41 per cent, and Google Search and other advertising revenues of $37.9 million in the quarter were up 44 per cent. The company said in a statement late on Tuesday that YouTube advertising revenues of $7.2 billion were up 43 per cent due to strength in both direct response and brand advertising.
Microsoft posts $20.5 bn in profits riding on Cloud, Office biz
While revenues were up 22 per cent, net income registered 48 per cent growth as pandemic forced millions to work and learn from home. "Digital technology is a deflationary force in an inflationary economy. Businesses -- small and large -- can improve productivity and the affordability of their products and services by building tech intensity," said Nadella, Chairman and CEO of Microsoft. "The Microsoft Cloud delivers the end-to-end platforms and tools organisations need to navigate this time of transition and change," he said in a statement late on Tuesday.
Petrol, diesel rates raised again by 35 paise/ltr
Accordingly, the pump price of petrol in Delhi increased by 35 paise per litre to jump to Rs 107.94 a litre while diesel prices also increased by the same margin to reach Rs 96.67 a litre, according to a price notification of state-owned fuel retailers. In the financial capital Mumbai, petrol prices have now risen to Rs 113.80 per litre while diesel to Rs 104.8 5 a litre, the highest among all metros. Across the country as well petrol and diesel prices increased between 35-40 paise per litre, but their retail rates varied depending on the level of local taxes on petroleum products.
Fourth Chinese real estate company Modern Land China defaults on offshore bonds
The repayment was not met, "Owing to unexpected liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment, the real estate industry environment and the Covid-19 pandemic faced by the group," the statement said, the report added.
Government proposes Open Network for Digital Commerce as pvt sector led non-profit firm
The ONDC is expected to provide a start-up mindset for a population scale implementation, enabled by a management with a futuristic vision, leadership with a deep understanding of commerce, comfort with cutting-edge technology, and missionary outlook to drive change.
Relief for consumers as fuel rates unchanged for 2nd day
The petrol and diesel prices had spiked to historic highs after the constant hikes in the fuel prices in the past couple of months. The unchanged fuel price in the national capital Delhi is Rs 107.59 a litre for petrol and Rs 96.32 for diesel as per the price notification of state-owned fuel retailers. The fuel prices in Mumbai also did not witness any spike and remained at Rs 113.46 per litre for petrol and Rs 104.48 a litre for diesel.
Transport startup Chalo acquires bus aggregator platform Shuttl
The premium office bus service will continue to use the brand name 'Shuttl'. The Shuttl's current team will also continue under their current roles. Chalo recently raised $40 million Series C funding and currently has more than 15,000 buses live on its platform.
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