BUSINESS
Tech Mahindra posts lower net for FY23
According to the company, for FY23, it had earned a revenue of Rs 53,290 crore (FY22 Rs 44,646 crore) and a net profit of Rs 4,857 crore (Rs 5,630 crore). The Board, at its meeting on Thursday, has recommended a final dividend of Rs 32 per share, taking the total dividend for FY23 to Rs 50 per share.
Godrej Consumer to buy KamaSutra, Park Avenue brands from Raymond for Rs 2,825 crore
The brands that Godrej Consumer would be acquiring from Raymond Consumer are: Park Avenue (for the FMCG category), KS, KamaSutra and Premium, through a slump sale. According to Godrej Consumer, for FY23, Raymond Consumer had reported a revenue of Rs 622 crore.
A resilient bank must be financially and organisationally strong: RBI Governor
Addressing the global conference on financial resilience organised by the College of Supervisors here, Das said that in order to be resilient, a bank should have adequate capital buffers and should be able to generate earnings even in times of severe macroeconomic shocks.
Hinduja group offers to infuse Rs 300 crore in Reliance General Insurance
Reliance General Insurance, a unit of Reliance Capital, needs cash infusion to maintain solvency levels. IndusInd International Holdings Ltd (IIHL), which is owned by Hinduja, made the highest bid of Rs 9,650 crore for Reliance Capital in a second auction on Wednesday.
Wipro revenues touch Rs 231.9 bn in Q4, YoY bookings up by 28%, income drops by 0.4%
However, with net income for the quarter pegged at a,30.7 billion, even as the company's income increased 0.7 per cent QoQ, there was a 0.4 per cent decrease YoY. As per the financial results announced, the company reported a QoQ revenue decrease of 0.2 per cent even as it registered a year on year (YoY) revenue increase of 11.2 per cent.
BRICS currency to pose threat to dollar's dominance
De-dollarization moment might finally be here, Joseph Sullivan, former special advisor and staff economist at the White House Council of Economic Advisers during the Trump administration, wrote in Foreign Policy.Talk of de-dollarization is in the air. Last month, in New Delhi, Alexander Babakov, deputy chairman of Russia's State Duma, said that Russia is now spearheading the development of a new currency.
LG Electronics Q1 profit down 23% on slow demand
The South Korean tech company posted a first-quarter operating profit of 1.49 trillion won ($1.1 billion), down 22.9 per cent from a year earlier but 20.6 per cent higher than the average estimate by Yonhap Infomax, the financial data firm of Yonhap News Agency. Sales decreased 2.6 per cent to 20.41 trillion won. Net profit came to 546.5 billion won, down 61 per cent from a year earlier.
Meta logs decent growth as AR-VR vertical loses $4 bn in Q1
The family daily active people (DAP) across its family of apps were 3.02 billion on average for March 2023, an increase of 5 per cent while family monthly active people (MAP) were 3.81 billion, also an increase of 5 per cent.
Facebook had 2.04 billion daily active users (DAUs), an increase of 4 per cent. We had a good quarter.
Hinduja Group company emerges as highest bidder for RCap
The bid by IndusInd International Holdings Ltd (IIHL) is higher than the Rs 8,640 crore offer made by Torrent Investments in the first round of the auction held in December last year.It is believed that the other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
Air India crew grounded by DGCA for 'in-flight hospitality' fiasco
In the incident, the pilot allegedly had entertained a female friend, who had entered in the cockpit, which violates DGCA safety norms. A cabin crew member had filed a complaint with DGCA, prompting an investigation. While the cabin crew member seems to have no role in the incident, the entire crew has been derostered pending.
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