BUSINESS
US economy grew stronger than expected in second quarter
Gross domestic product, the broadest measure of economic output, grew by an annualized, seasonally adjusted 2.4 rate in the April-through-June period, the Commerce Department reported on Thursday. That was a faster pace than in the first three months of the year and was also above economists' expectations for a 1.8 per cent rate, according to Refinitiv. GDP is also adjusted for inflation, CNN reported.
With Rs 1,000 cr investment US-based firm to set up silicon carbide manufacturing facility in Odisha
The investment will be made by the group's Indian Subsidiary, RiR Power Electronics, Odisha Chief Minister's Office (CMO) said on Thursday. Harshad Mehta, promoter of the group and an electronics and semiconductor industry veteran with four decades of leadership experience, has submitted a letter of intent to the delegation of Odisha government, which is on an official tour to the US, it said.
Nestle India logs Rs 698 cr PAT for Q2, extends financial year
In a regulatory filing, the company said during the second quarter of FY23, it had earned a total income of Rs 4,682.48 crore (Q2FY22 Rs 4,065.06 crore) and a net profit of Rs 698.34 crore (Rs 510.24 crore). According to Suresh Narayanan, Chairman and Managing Director, all product groups registered double digit growth for the fifth quarter in succession.
Tech startup Wiom raises Rs 140 cr to make unlimited internet affordable
The Series A round was led by RTP Global while YourNest and Omidyar Network India, an investment firm focused on impact, also participated, along with Global Brain, Blume Founders Fund, Alteria Capital, Stride Ventures, Stride One and 9 Unicorns.
Centre plans to bring PLI scheme for chemicals, petrochemicals sectors: Sitharaman
Addressing an industry body event organised by FICCI, Finance Minister Nirmala Sitharaman on Thursday said that the government will consider a PLI scheme for the petrochemical and chemical sectors as India aims to become energy independent and achieve net-zero carbon emission by 2070.
Analyst firms bullish on ITC, revises target price to Rs 565, citing strong long-term upside potential
Broking and investment firm JM Financial has maintained a positive sentiment on ITC with a price target of Rs 565 as it foresees huge potential in the FMCG businesses of the company which will get unlocked in the years to come.
Samsung Q2 profit down 95% amid chip oversupply, weaker demand
It went significantly down from the 14.1 trillion won it reported a year ago, reports Yonhap news agency. Sales fell 22.3 per cent to 60 trillion won from the previous year's 77.2 trillion won, the company said in a regulatory filing. Its second-quarter net profit came to 1.72 trillion won, down 84.5 per cent from a year earlier.
Meta reports 11% revenue growth in Q2 2023
"We had a good quarter. We continue to see strong engagement across our apps and we have the most exciting roadmap I've seen in a while with Llama 2, Threads, Reels, new AI products in the pipeline, and the launch of Quest 3 this fall," Meta founder and CEO Mark Zuckerberg said in the report on Wednesday.
M&M group stocks under pressure after investment in RBL Bank, Tech Mahindra’s weak earnings miss
On Wednesday, it made an announcement of acquiring a 3.53 per cent stake in RBL Bank as an investment at a cost of Rs 417 crore. “We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent”, M&M said in a filing.
M&M acquires 3.5 per cent stake in RBL Bank as an investment
"We may consider further investment subject to pricing, regulatory approvals and required procedures. However, in no circumstance will it exceed 9.9 per cent," M&M said in a filing. The RBL Bank, in a communication, said that the holding of Mahindra & Mahindra Ltd, as per the last beneficiary position as on July 21, 2023 as received from the depository (NSDL), is 3.53 per cent of the total paid up share capital of the bank.
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