BUSINESS
Wipro announces Q2 results, IT services segment revenue up 8.4% YoY
Non-GAAP2 constant currency IT Services segment revenue increased by 4.1 per cent QoQ and 12.9 per cent YoY. Wipro Ltd 's operating cash flows registered an increase of 101 per cent YoY with 180.6 per cent of Net Income for the quarter at Rs 48 billion.
Digital Payment solutions record unprecedented growth in India
BHIM-UPI has emerged as the preferred payment mode of users. The Government of India also launched the digital payment solution e-RUPI, a cashless and contactless instrument for digital payment, which is expected to play a huge role in making Direct Benefit Transfer (DBT) more effective in digital transactions in the country.
Mercedes-Benz India Jan-Sep'22 sales exceed those of 2021
"Our sales are at pre-pandemic level, having crossed CY 2021 sales numbers in the first nine months this year. The current market momentum gives us the confidence for striving to achieve our highest sales ever. However, it also remains our endeavour to produce as many cars as possible to cater to the growing demand, amidst the current supply constraints," Managing Director & CEO Martin Schwenk said.
Homegrown edtech platform Adda247 raises $35 mn, Google new investor
The Adda247 platform will invest the raised capital in enhancing its tech and product profile, expanding its student counselling team and hiring for some key leadership roles.Founded by Anil Nagar and Saurabh Bansal in 2016, Adda247 caters to the learning needs of millions of students from tier 2 and 3 cities.
Mixture of factors may shake India's sovereign ratings: S&P Global
Under more severe economic conditions, a few factors could have the potential to put pressure on its BBB-/Stable/A-3 sovereign ratings on India, S&P Global Ratings said. While the Indian economy is battling inflation and tightening financial conditions both at home and globally, the strong economic growth is counterbalancing the high fiscal deficits and debt burdens.
Rural demand in India to rebound: Morgan Stanley
In a research report, Morgan Stanley also said the high-frequency data suggest that overall economic activity has been normalising over the past three months after remaining sluggish in the trailing 12 months. According to the high-frequency data, the improvement has been led by a lower unemployment rate in rural areas, recovering two wheeler sales, increasing growth of credit to the agriculture sector, and early signs of stabilisation in terms of trade, the report said.
Pound falls sharply after Bank of England gives bond-buying end date
The currency skidded by more than a cent against the dollar to below $1.10 after the Bank's governor insisted the 65 billion pound scheme to purchase UK government bonds would not be continued beyond the deadline on Friday, The Guardian reported.
India the bellwether for global BPM industry, logs $44 bn revenues
Leveraging data to improve operational efficiency will emerge as the top priority for the BPM service providers in the next two years. As per the findings, over 90 per cent of the surveyed companies are expected to increase IT budgets by more than 10 per cent during the next 12 months though uncertainties like macroeconomic issues, geo-politics and delayed decision making may create some headwinds.
E-commerce losses due to online fraud to exceed $48 bn globally
This growth will be accelerated by the increasing use of alternative payment methods, such as digital wallets and BNPL (buy-now-pay-later), which are creating new fraud risks. In India, the Unified Payments Interface (UPI) reported another record high in August, with 6.57 billion transactions, amounting to Rs 10.72 trillion. In FY23 (till August) UPI recorded over 30 billion transactions worth Rs 51.74 trillion.
Forthcoming budget to focus on growth, says Sitharaman
Speaking at an event organised by the Brookings Institute in Washington, during the course of her five-day US visit, the Finance Minister in a conversation with Cornell University's Eswar Prasad, said on Tuesday that the focus of the forthcoming Union Budget would be on growth priority. She said that inflation concerns were also there and managing growth would be the main focus.
Don't Miss
Advertisement