PremiumThe US jobs report suggested a slightly higher rate of unemployment which will give the Fed a lesser incentive to stick to its hawkish stance. However, China has denied it is considering easing its Covid restrictions. The rumour of lifting of restrictions was one of the major reasons for the last week's rally.
Sugar firm Triveni Engineering & Industries Ltd on Saturday reported a multi-fold jump in its consolidated profit to ₹1,387.76 crore for the quarter ended September on one-off gains.
Its net profit stood at ₹92.47 crore in the year-ago period.
Total income rose to ₹1,483.33 crore in the second quarter of this fiscal from ₹1,163.66 crore in the corresponding period of the previous year, according to a regulatory filing.
"The company has divested its entire stake of 21.85 per cent in the associate company, Triveni Turbine Ltd, and accordingly exceptional income of ₹1,401.20 crore has been recognized," the filing said. (PTI)
InterGlobe Aviation, the parent of the country's largest airline IndiGo, on Friday reported a widening of loss to ₹1,583.34 crore for the September quarter due to higher fuel costs and foreign exchange loss.
The airline, also the world's seventh largest in terms of daily departures, reported a loss of ₹381.8 crore, excluding the foreign exchange loss of ₹1,201.5 crore, in the latest quarter under review.
With increasing competition and Air India being revived under the ownership of Tatas, IndiGo is also looking at expanding its international operations.
There is a strong recovery in all segments and IndiGo is expected to be operationally profitable in the third quarter but there are supply chain issues that have resulted in the grounding of planes, according to senior executives at the airline. (PTI)
The country's largest lender State Bank of India has become country's most profitable firm with a consolidated net income of ₹14,752 crore in the September quarter of FY23, thus surpassing Mukesh Ambani's Reliance Industries, which reported net earnings of ₹13,656 crore.
State Bank of India's (SBI) reported net profit ₹13,265 crore on a standalone basis, beating Reliance Industries which remained the most profitable corporate for decades, by a wider margin as Reliance took a hit of ₹4,039 crore in windfall tax on its exports during the quarter. (Read More)
Electronic waste recycling company Attero Recycling is planning an initial public offering in 2025, chief executive officer and co-founder Nitin Gupta said.
The company is still discussing whether to list shares in India or abroad as it also has major international plans, Gupta said in an interview.
“2025 is when we are planning to go public. The fact is that we are an extremely high-growth company, profit-generating and cashflow-generating, and even from the ESG perspective, the firm has great credentials for an IPO, and we are on track to do that in 2025," he said.
Reliance Industries is set to acquire German retailer Metro AG’s Cash & Carry business in India in a deal estimated at around €500 million ( ₹4,060 crore), industry sources said.
The deal includes 31 wholesale distribution centres, land banks and other assets owned by Metro Cash & Carry, they said.
This is going to help Reliance Retail, the country’s largest retailer, expand its presence in the B2B segment.
Discussion between billionaire Mukesh Ambani-led Reliance Industries and Metro was going on for the past few months and last week the German parent firm agreed to the offer from Reliance Retail, they added.
Stocks rallied Friday, but only after yo-yoing several times, as Wall Street struggled with what to make of the latest reading on the U.S. jobs market and what it means for interest rates and the odds of a recession.
The S&P 500 climbed 1.4% after seeing an even bigger rally from the morning disappear completely, only to recover at the end of the day. The Dow Jones Industrial Average rose 1.3% after veering from a gain of 610 points to a loss of 62, while the Nasdaq composite added 1.3%.
The latest set of gyrations in what's already been a wild year for markets followed a U.S. government report showing the unemployment rate ticked higher in October, employers added fewer jobs than they had a month earlier and gains for workers' wages slowed a touch. (AP)
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