BUSINESS
Forex reserves rise to $531 billion during week ending October 28
According to a weekly supplement issued by the Reserve Bank of India (RBI), the overall reserves had dropped by $3.847 billion to $524.52 billion in the previous week. In October 2021, the country's foreign exchange reserves had touched $645 billion. However since then, the reserves have been falling.
Indigo reports net loss of Rs 15,833 million in Q2 FY22-23
Total income for the quarter ended September 2022 was Rs 128,523 million, an increase of 121.6 per cent over the same period last year. For the quarter, passenger ticket revenues were Rs 111,104 million, an increase of 135.6 per cent and ancillary revenues were Rs 12,872 million, an increase of 57.4 per cent compared to the same period last year.
Investors can buy gold to diversify risk: Quantum AMC
The fall in gold prices was a result of higher-than-expected September readings of US Consumer Price Inflation (CPI) and US Core Personal Consumption Expenditure (Core PCE) at 8.2 per cent and 5.1 per cent, respectively, which increased investor anticipation of aggressive policy moves by the US central bank, Quantum AMC said.
K.V. Kamath appointed Independent Director of Reliance Industries, soon to be listed Jio Financial Services
Further, Reliance Strategic Investments Ltd (RSIL), a wholly-owned subsidiary of the Company has appointed Kamath as an Independent Director and non-executive Chairman. As intimated earlier, RSIL will be renamed as Jio Financial Services Ltd (JFSL) and listed pursuant to a scheme of demerger approved by the Board of Directors for demerger of the financial services business of the company into RSIL.
Edtech major BYJU's sacks thousands, and then hires Lionel Messi
The long-term engagement, which begins as Messi embarks on his final campaign to win the World Cup as captain of Argentina, will see him feature in campaigns promoting BYJU'S 'Education For All'. Abhishek Desai, Founder, CricHeroes, told IANS that it does sound like an irony that where you are laying off people on one side and hiring Messi as your global brand ambassador.
Noise sells 2 mn smartwatches in India in festive season, logs 200% growth
According to Counterpoint Research, India's smartwatch market grew 312 per cent (year-on-year) in Q2 2022. Noise captured the second spot with a 26 per cent share and registered 293 per cent (year-on-year) growth. The brand has ramped up its domestic production in the second quarter and contributed 3/4th of the locally manufactured smartwatches.
Reliance Capital COC divided on Challenge Mechanism
The COC failed to arrive at a decision on how the Challenge Mechanism process shall work. Instead, the Committee recommended the Black Box approach, which means that the modalities of the Challenge Mechanism process will be decided by the COC, and not communicated to the bidders right now. It will be communicated to them at a later date.
Elon Musk's job cut hits Twitter India, unaffected employees living in constant fear
In Twitter's Slack and group chat groups, employees earlier complained about the lack of internal communication from their senior executives, after Musk took over as the new CEO last week. "It is one of the most inhumane ways to get rid of us. After spending so many years at Twitter India, we were left without any communication since Musk took over," the affected workers told IANS.
Amazon freezes corporate hirings amid rough economic conditions
Beth Galetti, Amazon's senior vice president of people experience and technology, confirmed the move in a memo that the company had already begun pausing or slowing hiring in various corporate departments in "recent weeks".
Apple leads India premium smartphone segment with 40% share
Apple reached its highest ever share of 5 per cent in India's smartphone market during the quarter driven by a strong channel push ahead of the festive season. For the first time ever, an iPhone (iPhone 13) topped the overall India smartphone quarterly shipment rankings, according to Counterpoint Research.
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