BUSINESS
Tata Motors announces Rs 7,600 crore Q1 loss as Jaguar restructuring cost eats into profits
In the January-March quarter, Tata posted a net loss of Rs 7,600 crore which is significantly less than the Rs 9,890 crore loss of last year. Interestingly, an evaluation done by analysts predicted a profit of about 2,662 crores ($365.4 million) in Q1 2021. However, Tata Motors' loss was largely on account of 'exceptional items' - asset write-downs and restructuring costs.
Canara Bank reports Q4 net profit of Rs 1,011 crores
During the same period of FY20, the bank had reported a net loss of Rs 3,259.33 crore. Total income of the bank during the fourth quarter of Q4 FY21 was Rs 21,522.60 crore, up from Rs 14,222.39 crore earned during the same period of the previous fiscal.Domestic deposit of the bank stood at Rs 9,63,306 crore as on March 2021 with growth of 10.74 per cent on a year-on-year basis.
Oil and gas companies most committed to radical reinvention amid Covid: Accenture report
"Necessity is the Mother of (Re)invention" features results from a global survey of more than 200 oil and gas executives and introduces Accenture's "Reinvention Index," which analysed the companies across key factors related to reinvention. Accenture classified the 10% of companies that scored the highest in the Index - who are setting the pace for reinvention through bold and decisive action
India's business risk environment deteriorates in Jan-Mar: Report
It noted that the Rubix GST Compliance Score of 2,292 business entities (22 per cent of the total number being monitored) deteriorated between Q3 FY 2021 and Q4 FY 2021.In the prior quarter, only 8 per cent of the business entities had witnessed a drop in their Rubix GST Compliance Score. "This indicates a deterioration in the risk environment in India in Q4 FY 2021 compared with the prior quarter," it said.
Samsung tops India tablet market in Q1 with 34% share
Lenovo with 30 per cent and Apple with 16 per cent were the second and third biggest brands in the tablet business in India. Samsung's popular line up of tablets in India include Tab S6 Lite, Tab A7, Tab S7+ and Tab S7. "Samsung registered a strong 15 per cent year-on-year growth in Q1 2021 to regain the number 1 spot in India," the IDC said.
Covid Break: Rural impact to limit tractor sales growth, says report
Accordingly, the agency said that trend is expected to take place despite the forecast of a normal monsoon auguring well for farm incomes and therefore tractor demand. Besides, it pointed out that operating margins of tractor makers will shrink on an average by 200 basis points (bps) due to firming up of steel prices, which is the primary raw material and accounts for bulk of the cost.
Surge in vaccination to fortify revenues growth of glass makers: Crisil
As per an analysis of 25 Crisil-rated glass-makers, revenues are expected to be driven up by 12 per cent on-year in fiscal 2022. Besides, the recovery, already visible since the second half of fiscal 2021, is expected to continue in this fiscal, albeit some headwinds of the second wave of Covid-19 in the first quarter of the current fiscal.
Declining Covid trend pushes equities higher; Sensex above 50K
Accordingly, both key indices started on a positive note with a gap up opening and maintained their gains with the Nifty50 of the National Stock Exchange breaching the over 15,100 points-mark and the S& BSE Sensex reclaiming the 50,000-points threshold
L&T teams up with Hoist Finance for digital banking in Europe
LTI's digital banking platform, powered by Temenos, will enable Hoist Finance to be more scalable and with faster on-boarding of new asset classes across regions. The platform provides seamless interoperability, agility, and higher security at a lower total cost of ownership said a company statement.
Second COVID-19 surge will delay earnings recovery for Indian companies: Moody's
India's largest regional and less stringent lockdowns amid the second wave of coronavirus cases so far have had a limited impact on economic activity. If infections fail to decline to more manageable levels, however, lockdowns may be prolonged and widen, which will have a more severe effect on companies' earnings recovery, according to the new report.
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