BUSINESS
'With many positives', India's growth to hold at 5.8% keeping top spot: UN
The Midyear Update to the UN's World Economic Situation and Prospects report projected next year's gross domestic Product (GDP) to hold at 6.7 per cent "supported by resilient domestic demand". Speaking at the release of the report, the chief of the UN's Global Economic Monitoring Branch, Hamid Rashid, said that India continues to.
MakeMyTrip logs $70.3 mn operating profit in FY23, highest-ever in its history
The gross Bookings for Q4 grew by 80.7 per cent YoY in constant currency to $1.7 billion. Adjusted operating profit was $19 million in Q4, as compared to $12 million in Q4 FY22. The company registered $5.4 million profit in Q4 FY23, as compared to a loss of $4.1 million in Q4 FY22.
Bharti Airtel logs Rs 8,346 crore PAT for FY23
The company also said its Board of Directors have recommended a final dividend of Rs 4 per fully paid-up equity share of face value Rs 5 each and Re 1 per partly paid-up equity share of face value Rs 5 each (paid-up Rs 1.25 per share) for the financial year 2022-23.
'If you have both decided to enter the gutter...': Delhi HC on Grover, BharatPe dispute
The Delhi Police's Economic Offences Wing (EOW) had filed an FIR against Grover and members of his family, and BharatPe had filed an application alleging that Grover had been tweeting defamatory statements ever since. BharatPe filed the application in its alreasy pending defamation suit related to Grover's earlier tweets.
Redington posts 27% revenue growth in FY23 with PAT of Rs 1,393 cr
At Rs 21,895 crore, overall global revenues for Q4 have been the highest ever for any quarter, growing by 26 per cent YoY and at Rs 590 crore, Redington registered highest ever Q4 operating profit with a 15 per cent growth. For the full fiscal year, the firm reported a profit after tax (PAT) of Rs 1,393 crore, a growth of 9 per cent.
Top Tesla team 'arriving' in India to explore entry as Elon Musk focuses on EV biz
According to a Bloomberg report, citing sources, the Tesla executives are expected to meet officials from Prime Minister Narendra Modi's office. "The discussions will revolve around the possibility of local sourcing of components for Tesla's car models," the report noted.
Vodafone to slash 11,000 jobs in 3 years to regain competitiveness
Margherita Della Valle, Group Chief Executive, said their performance has not been good enough. "To consistently deliver, Vodafone must change. My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness," she said in a statement as the company posted its FY23 results.
Number of cases under IBC gone up by 24% in Q4FY23: CARE Ratings
According to the credit rating agency, the distribution of cases across sectors continues to remain broadly similar, compared to earlier periods given the extended resolution timelines. In a report, CARE Ratings said the overall recovery rate till Q4FY23 was 31.82 per cent implying a haircut of approximately 68 per cent.
EU urged to crackdown on imports of Indian fuels made with Russian oil
Josep Borrell, the EU's high representative for foreign policy, told The Financial Times that Brussels was aware that Indian refiners were buying large volumes of Russian crude oil before processing it into fuels for sale in Europe, saying for the first time the EU should act to stop it.
Robust Indian banking system amidst looming global banking crisis
The failure of the Signature Bank has been largely attributed to the contagion effect of the collapse of SVB, leading to an environment of fear and distrust. At the same time as the SVB debacle, another crypto-based Silvergate Bank collapsed due to a drastic fall in customer confidence.
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