BUSINESS
Input cost inflation continues to push up corporate revenues but disrupts margins: ICRA
Sectors like hotels, power, retail, and oil & gas, among others, reported significant QoQ growth in revenues in Q1 FY2023. However, a few other sectors like airlines, construction, capital goods, and iron & steel witnessed a sequential decline. The sequential growth in revenues during the quarter was dismal at 1.5 per cent and the trends varied across sectors.
Mukesh Ambani announces investments of Rs 3.5 lakh crore at RIL AGM
Ambani said investment plans include Rs 2,00,000 crore on rapid rollout of 5G, Rs 75,000 crore in expanding O2C capacities across value chains and Rs 75,000 crore in new energy business, as announced last year, with potential to double the commitment based on scalability of evolving models. Ambani announced that RIL will invest Rs 75,000 Crore in the next five years to expand capacities in existing and new value chains with an aim to maximise oil to chemicals integration and convert advantageous feedstock streams to high-value chemicals and green materials.
BYD Auto pips Tesla to become top-selling EV brand globally
China remained the market leader in EV sales, followed by Europe and the US. China's EV sales increased by almost 92 per cent YoY to reach 1.24 million units from just 0.64 million units in Q2 2021. "As the global semiconductor shortage has eased a bit, automakers are able to cater to the increasing demand for EVs. Moreover, EV sales would have been higher if China had not experienced fresh Covid-19 outbreaks during March," said senior analyst Soumen Mandal.
Rupee ends 10 paise lower; touches all-time low of 80.13 against US dollar
The rupee breached the 80-to-a-dollar mark to hit a fresh record low of 80.13 today after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The rupee weakened to a low of 80.14 against the US dollar in the first few minutes of trade on Monday as the US dollar index strengthened well past the 109-mark.
Indices end sharply down; Sensex sheds over 800 points
At close, Sensex ended 861.25 points or 1.46 per cent down at 57,972.62, and Nifty ended 246 points or 1.40 per cent lower at 17,312.90. About 1,455 shares have advanced, 2,045 shares declined and 203 remained unchanged. HCL Technologies, Infosys, Tech Mahindra fell more than 3 per cent on Monday. BSE LargeCap were down 1.24 per cent, BSE MidCap and BSE SmallCap was down 0.80 per cent and 0.57 per cent, respectively.
Santosh Iyer to be first Indian to head Mercedes-Benz India from Jan 1
Associated with Mercedes-Benz India since 2009, Iyer, 46, has been in leadership roles across diverse functions including sales, marketing, customer services, internal communications, and CRM. " Santosh Iyer is the first Indian to head Mercedes-Benz India," a senior company official told IANS.
In 2016, he began as Vice President, Customer Services and Retail Training business.
Fresh Covid outbreak: China shuts world's biggest electronics wholesale market
The South China Morning Post reported that the suspension of business operations at Huaqiangbei is part of a series of broader measures initiated by the Shenzhen government to contain the outbreak. However, the closure adds new risks to supply chains, as the hi-tech industry accounted for 20 per cent of Shenzhen's gross domestic product in 2020.
BYJU's gets clean FY21 audit from Deloitte after 17 months delay
An 'unqualified' report means that the financial statements of a company are fair and transparent based on thorough research, putting to rest all speculations about BYJU's poor financial health. People privy to the development told IANS that the edtech firm will hold a board meeting in a day or two, before making the audited financial results for FY21 public next week, in all likelihood on September 6.
Reliance Jio to roll out 5G services by Diwali: Mukesh Ambani
To begin with, Jio announced the launch of 5G services in four metro cities -- Delhi, Mumbai, Kolkata and Chennai. These will be expanded to other cities and towns in phases rapidly to cover the entire country by December 2023. At the 'Reliance AGM 2022', Mukesh Ambani said it will be 'world's largest', 'standalone' Jio 5G services.
The good, bad and ugly of the Rupee hitting an all time low against the Dollar
Indian National Rupee (INR) has not been in news for the right reasons so far this year. It has been dragged down by the perfect storm of international pressures and geopolitical headwinds. While rising inflation, tightening monetary policy, and climbing crude oil prices have made the current fiscal a difficult one for the INR, the Russia-Ukraine war sparked a near-freefall, with the Rupee having lost nearly 7 per cent in value since Russia's invasion on February 24.
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