BUSINESS
Rupee falls 13 paise to 79.91 against dollar ahead of US Fed meeting
"Rupee traded weak by 0.10 points at 79.90 drawing down on back of crude strength as Brent crossed above $104$ keeping pressure on rupee. Fed policy later in day shall give further impetus to dollar as any hawkish stance gives support to dollar and neutral statement can bring down the dollar," said Jateen Trivedi, VP Research Analyst at LKP Securities.
Rs 70,000 crore lying unclaimed with banks, insurers, MFs
In the case of banks, the unclaimed amount is over Rs 48,200 crore at the end of FY22, according to a Reserve Bank of India (RBI) report. The unclaimed deposits in the banks - deposits-SB/CA/fixed, not claimed for 10 years, was over Rs 48,200 crore last year, up from about Rs 39,200 crore in 2021 and about Rs 24,000 crore in 2020, as per the report.
Maruti Suzuki posts PAT of Rs 1,012 crore
According to Maruti Suzuki, its revenue from operations stood at about Rs 25,286 crore and it posted an after tax profit of about Rs 1,012 crore for the period ended June 30, 2022. For the previous year's corresponding period the company's operational revenue was at about Rs 16,798 crore and the net profit was about Rs.440 crore. The car maker sold a total of 467,931 (domestic 398,494 units, exports 69,437 units) vehicles during the quarter under review.
India at 5th spot for lowest mobile data prices worldwide: Report
Amid the 5G spectrum auction, India has been ranked fifth for the cheapest mobile data pricing in the world, says a new report. According to the report by Cable.co.uk, the five cheapest countries in terms of the average cost of 1 GB of mobile data are Israel ($0.04), Italy ($0.12), San Marino ($0.14), Fiji ($0.15), and India ($0.17) in the Worldwide Mobile Data Pricing 2022 list.
Tencent pips Sony, Apple in 'strategic' gaming investments
Tencent invested in gaming companies in the US, Europe and South Korea. "Data from ITjuzi compiled by Nikkei shows that 40 per cent of Tencent's investment deals in the first half of 2022 were outside China, a large jump from the 18 per cent share for all of 2021," the report noted. Tencent took this route to avoid larger scrutiny, as it is a Chinese firm.
China smartphone sales hits new low, Honor fastest growing
The last time the sales were lower than this point was nearly a decade ago in Q4 2012, when the iPhone 5 was introduced. With a 19.8 per cent share, Vivo retained its first place in Q2, followed by Honor (18.3 per cent) and OPPO (17.9 per cent), according to Counterpoint Research. The quarter's volumes were 12.6 per cent lower than the level seen during the severe pandemic-hit Q1 2020.
Indian EV industry attracted $1.7 bn of PE/VC funds in 2021: IVCA
According to IVCA President Rajat Tandon, a sum of $1.7 billion was invested by private equity funds and venture capitalists in the Indian EV sector, while during 2022, the investment has touched $66 million so far. The IVCA also launched a report on 'Electrifying Indian Mobility' in partnership with EY and IndusLaw which estimated the Indian EV industry to create over 10 million direct and 50 million indirect jobs by 2030.
EU member states agree to cut off 15% of their gas demand
Jozef Sikela, Czech Minister of Industry and Trade, presided over an exceptional EU Council meeting on energy on Tuesday, with the EU preparing for possible gas supply disruptions over the winter. "Member states agreed to reduce their gas demand by 15 per cent compared to their average consumption in the past five years, between 1 August 2022 and 31 March 2023, with measures of their own choice," Xinhua news agency reported quoting the European Council as saying in a statement.
Interest in pricey 700MHz band means enhanced 5G indoor coverage for Indians
According to analysts, this band received bids worth nearly Rs 39,000 crore led by Reliance Jio. Pulkit Pandey, Principal Analyst, Gartner, told IANS that the interest in the 700 MHz band by the telecom companies "indicates the communications service providers (CSPs) are focusing on enhanced indoor coverage, where the 700 MHz band could play a crucial role".
Too many complaints of additional service charge by restaurants, hotels
"A component of service is inherent in the price of food and beverages offered by the restaurant or hotel. Pricing of the product thus covers both the goods and services component. There is no restriction on hotels or restaurants to set the prices at which they want to offer food or beverages to consumers," said Piyush Goyal, the minister of consumer affairs in a written reply in the Lok Sabha on Wednesday.
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