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Published 21:01 IST, October 30th 2024

Live: Meesho narrows adjusted losses to Rs 53 cr in FY'24

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21:01 IST, October 30th 2024

Saudi Aramco expresses interest in investing in Vietnam's Oil refining

Saudi Aramco, the world’s leading oil company, is looking to invest in Vietnam’s oil refining and petroleum distribution sectors, according to a statement from the Vietnamese government released late Tuesday. This announcement follows a meeting between Vietnam’s Prime Minister Pham Minh Chinh and Aramco's CEO, Amin Al-Nasser, during Chinh's visit to the Middle East.

21:01 IST, October 30th 2024

CRISIL Certified as a Great Place To Work for the fifth consecutive year

CRISIL Ltd has been Certified as a Great Place To Work in India for the fifth consecutive year and acknowledged as one of the Top 100 large organisations that are Best Workplaces for Women.

These recognitions underscore the company's sharp focus on fostering an environment of diversity, inclusivity and growth-orientation, where every individual feels valued and empowered.

Amish Mehta, Managing Director & CEO, CRISIL, said, "As a people-first organisation, we constantly strive to ensure that CRISIL is a place where employees can be themselves, have a sense of belonging, find their purpose and grow together. This motivation helps us create top-notch value for our clients and positively impact lives in our communities. The latest recognitions are a strong validation of our many ongoing initiatives as we continue to make changes to our people practices and policies prioritising overall well-being, learning and career growth."

 

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21:01 IST, October 30th 2024

Meesho narrows adjusted losses to Rs 53 cr in FY'24

Softbank-backed Meesho on Wednesday said it has narrowed adjusted losses to Rs 53 crore in the financial year ended March 31, 2024, mainly on account of reduction in general and administrative expenses.

The company had reported an adjusted loss of Rs 1,569 crore in the fiscal year 2022-23.

"Our Selling, General, and Administrative (SG&A) expenses as a percentage of Revenue from Operations declined sharply, driven by strong consumer awareness and organic traction, alongside the significant operating leverage that comes with a marketplace e-commerce model.

"Consequently, our adjusted losses have narrowed by 97 per cent from Rs 1,569 crore to just Rs 53 crore, excluding Employee Share Based Compensation expense," a company statement said.
 

12:57 IST, October 30th 2024

Adani Enterprises shares surge over 5 pc as net profit zooms eight-fold

 Shares of Adani Enterprises Ltd jumped over 5 per cent on Wednesday after the firm posted nearly an eight-fold rise in net profit in the quarter that ended September 30, 2024.

The stock soared 5.11 per cent to Rs 2,986.90 on the BSE.

At the NSE, it surged 4.87 per cent to Rs 2,987.50.

Adani Enterprises Ltd -- the flagship firm of billionaire Gautam Adani's conglomerate -- on Tuesday posted nearly an eight-fold rise in net profit in the September quarter on strong earnings from airports and new energy units that offset the drag from the coal trading business.

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18:24 IST, October 29th 2024

Voltas profit more than doubles to Rs 133 crore in Q2

Air-conditioner maker and engineering services provider Voltas on Tuesday reported more than two-fold jump in consolidated net profit to Rs 132.83 crore for the September quarter.

The increase was led by a 56 per cent volume growth from its room AC business.

It had posted a consolidated net profit of Rs 35.65 crore in the July-September period a year ago, the company said in a regulatory filing.
 

18:17 IST, October 29th 2024

Indian Oil Q2 profit drops 99% due to inventory losses

Indian Oil Corporation's (IOC) massive 98.6 per cent drop in second-quarter earnings was mainly due to inventory losses even as the operating performance was robust, a top official said Tuesday.

The company posted a standalone net profit of Rs 180.01 crore in the second quarter of the current 2024-25 fiscal year compared to a profit of Rs 12,967.32 crore a year back, according to a stock exchange filing by the company. The profit also declined sequentially, when compared to an earning of Rs 2,643.18 crore in the April-June period.

IOC Director (Finance) Anuj Jain said the company suffered over Rs 4,200 crore of inventory loss in July-September against an inventory gain of about Rs 8,300 crore a year back.
 

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18:09 IST, October 29th 2024

Gold rises on Dhanteras

Gold price rose by Rs 300 to Rs 81,400 per 10 grams, near its record high level, in the national capital on Tuesday due to heavy demand for Dhanteras by jewellers and retailers, according to the All India Sarafa Association.

Silver increased by Rs 200 to Rs 99,700 per kg on rising demand by industrial units and coin makers. It had closed at Rs 99,500 per kg in the previous close on Monday.

Traders said they are preferring silver coins for token buying while ignoring the traditional purchases of gold at existing levels.

Additionally, gold of 99.5 per cent purity jumped Rs 300 to near an all-time peak of Rs 81,000 per 10 grams. 

18:08 IST, October 29th 2024

Ford shares fall as supply snags and costs hurt profit forecast

Ford Motor shares fell 6.6 per cent premarket on Tuesday after the automaker tempered its full-year profit forecast, blaming supplier disruptions and warranty costs amid a global price war fuelled by overcapacity.

It expects 2024 adjusted earnings before interest and taxes (EBIT) of about $10 billion, compared with its earlier projection of $10 billion to $12 billion.

In contrast, Detroit rival General Motors boosted its profit expectations last week.
 

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18:06 IST, October 29th 2024

SBI Card Q2 profit down 33% to Rs 404 crore

SBI Cards and Payment Services Ltd (SBI Card) on Tuesday reported a 33 per cent fall in net profit to Rs 404 crore for the September quarter on increase in delinquency.

The pure-play credit card company, promoted by the country's largest lender State Bank of India (SBI), had reported a net profit of Rs 603 crore in the previous quarter a year earlier.

However, the total income in the second quarter of the current fiscal year rose 8 per cent to Rs 4,556 crore, from Rs 4,221 crore a year ago, SBI Card said in a regulatory filing.
 

17:11 IST, October 29th 2024

Xiaomi EV claimed to set Nurburgring record ahead of China launch

A prototype Chinese electric vehicle has set a record lap time at Germany's grueling Nurburgring track, its maker Xiaomi said on Tuesday just hours before a company event expected to reveal the production model of the car.

Xiaomi Chief Executive Lei Jun said on the Chinese social media platform Weibo the SU7 Ultra prototype completed the circuit in 6 minutes and 46.874 seconds, claiming the title of fastest four-door car on the challenging track.

The 20.8-kilometer Nurburgring has been the automotive industry's ultimate testing ground since 1927.

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17:10 IST, October 29th 2024

Adidas surges in China, marks CEO Bjørn Gulden's bold comeback

Adidas, which is the largest sportswear manufacturer in Europe and second only to Nike worldwide, continues to hold strong in terms of its global sales. The sportswear giant has shown a 9 percent jump in its China sales amounting to 946 million euros in Greater China, up from 870 million euros a year ago, the company reported on Tuesday. This was the strongest quarterly sales reported by the company since 2022.

Adidas, a multinational corporation headquartered in Herzogenaurach, Germany, designs and manufactures footwear, apparel, and accessories. Some of the major competitors of Adidas include Puma, Under Armour, and Nike.

According to a Reuters report, Adidas' performance in China is in sharp contrast with other companies that are awaiting government stimulus to boost consumer sentiment.

Apart from China, in North America, which is the biggest market behind Europe, the Middle East, and Africa, sales were down 7 percent at 1.36 billion euros in the July-September period but increased from the previous year.

17:09 IST, October 29th 2024

Maruti Suzuki profit shrinks 17% in September; stock nosedives

Maruti Suzuki , the country's largest car maker, on Tuesday reported decline in net profit owing to lower domestic sales in second quarter of current financial year. Maruti Suzuki 's net profit in quarter ended September 30, declined 17 per cent to Rs 3,069 crore as against Rs 3,717 crore in the same period last year.

The earnings reported by Maruti Suzuki fell short of street expectations and led to sharp decline in Maruti Suzuki's share price. Analysts on an average were expecting the country's largest car maker to report net profit of Rs 3,790 crore.

Maruti Suzuki's shares fell as much as 5.81 per cent to hit an intraday low of Rs 10,814.

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17:08 IST, October 29th 2024

McDonald's global sales fall more than expected on muted demand

McDonald's on Tuesday posted a steeper-than-expected drop in quarterly global comparable sales, hurt by weaker traffic across its key markets even as it intensified promotions to woo back customers after several years of price hikes.

Net income fell to $2.26 billion, down 3 per cent from the year-ago period. The Chicago-based company earned $3.23 per share on an adjusted basis in the quarter, compared with last year's $3.19. It was not immediately clear if that was directly comparable to the $3.20 analysts expected.

Global sales fell 1.5 per cent in the third quarter, the biggest decline in four years, compared with analysts' average estimate of a 0.72 per cent fall, according to data compiled by LSEG.

17:07 IST, October 29th 2024

Sensex, Nifty gain for second straight session led by banks

Indian equity benchmarks ended higher on Tuesday, as gains in banking stocks helped the indexes reverse course in the final hour of trading after having spent the day under pressure due to some tepid earnings reports and persistent foreign selling.

The NSE Nifty 50 rose 0.52 per cent to 24,466.85, while BSE Sensex gained 0.45 per cent to 80,369.03. They had dropped about 0.7 per cent each earlier before the U-turn sparked a second straight day of gains. They snapped a six-session losing streak on Monday.

"The drop earlier in the session after a rebound on Monday indicates that buyers and sellers remain indecisive about the short-term market trend," said Akshay Chinchalkar, head of research at Axis Securities.

"Volatility is expected to rise in the next few sessions with all the upcoming event-related risks such as US non-farm payrolls on Friday and US presidential elections on Nov. 5."

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12:15 IST, October 29th 2024

Federal Bank shares surge 8 pc after September quarter earnings announcement

Shares of Federal Bank on Tuesday jumped 8 per cent after the firm posted an 11 per cent increase in net profit to Rs 1,057 crore in the September quarter.

The stock climbed 8 per cent to Rs 199.55 on the BSE.

At the NSE, it soared 7.83 per cent to Rs 199.49.

12:14 IST, October 29th 2024

Dhanteras gems and jewellery sales may cross Rs 30,000 cr amid rising prices

Dhanteras and Diwali demand for gems and jewellery this year is anticipated to remain strong despite rising prices, with Diwali sales potentially crossing Rs 30,000 crore in the domestic market, according to industry experts.

Price hikes in precious metals are prompting consumers to view gold as a reliable asset, while silver is gaining popularity among people due to its relatively lower price and high industrial demand.

 

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11:48 IST, October 29th 2024

Lufthansa reports 9% decline in Q3 profit as core brand struggles

German airline group Lufthansa on Tuesday reported a year-on-year fall in its operating profit in the third quarter, as its flagship carrier Lufthansa struggles with low yields, competition with international airlines and spiralling costs.

The German group reported a third-quarter operating profit of 1.3 billion euros ($1.41 billion), largely in line with the expectations of analysts polled by the company, but 9 per cent lower than a year earlier.

11:19 IST, October 29th 2024

Boeing to raise up to $24.3 bln to shore up finances

 Boeing aunched a stock offering that could raise up to $24.3 billion as the planemaker looks to strengthen its finances squeezed by a more than six-week strike by factory workers and preserve its investment-grade credit rating.

The move will boost Boeing's battered finances, which have worsened since roughly 33,000 of its workers represented by the machinists union walked off their jobs in September, halting production of models including its cash-cow 737 MAX aircraft.

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10:30 IST, October 29th 2024

China stocks edge down as energy, property shares weigh

China stocks dipped on Tuesday, weighed down by energy and property shares, as investors await details of stimulus measures from a top leadership meeting next week, while Hong Kong stocks were roughly flat.

China's blue-chip CSI300 Index .CSI300 dropped 0.6 per cent by midday, while the Shanghai Composite Index .SSEC was down 0.7 per cent. The Hong Kong benchmark Hang Seng .HSI was almost flat.

09:53 IST, October 29th 2024

Shares open marginally lower as tepid earnings, persistent foreign outflows weigh

Domestic shares opened marginally lower on Tuesday, after they snapped a six-session losing streak the previous day, as caution prevailed due to a largely tepid earnings season and persistent foreign selling.

The NSE Nifty 50 .NSEI shed 0.13 per cent to 24,306 points as of 9:26 am, while BSE Sensex .BSESN lost 0.2 per cent to 79,852.28.

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09:52 IST, October 29th 2024

HSBC third-quarter profit rises 10%, beats estimates

HSBC Holdings HSBA.L reported a 10 per cent rise in third-quarter profit on Tuesday, beating analyst estimates, as it benefited from slower-than-expected rate cuts while it is embarking on one of the largest overhauls in its history.

Europe's largest bank posted pretax profit of $8.5 billion for the July-to-September period versus $7.7 billion a year earlier.

09:21 IST, October 29th 2024

Sensex slips 200 pts, Nifty opens 0.2% down, bank, IT stocks drag

The domestic stock market indices opened in red on Tuesday with BSE’s Sensex slipping 177 points or 0.22 per cent while NSE’s benchmark Nifty 50 eroded 75 points or 0.3 per cent in the first few minutes of the trading session. 

As of 09:19, BSE Sensex was trading at 79,741.34 whereas Nifty 50 stood at 24,277.85. 

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09:14 IST, October 29th 2024

Brazil institute sues social media giants for $525 mln over usage by minors

Brazil's Collective Defense Institute, a consumer rights group, has filed two lawsuits demanding 3 billion reais ($525.27 million) from the Brazilian units of TikTok, Kwai and Meta Platforms (META.O), for allegedly failing to create mechanisms to prevent indiscriminate use of these social media platforms by minors, according to initial petitions reviewed by Reuters.

08:41 IST, October 29th 2024

Gold prices hover near record peak on US election jitters

Gold prices lingered near record highs on Tuesday, supported by uncertainty surrounding the upcoming U.S. presidential election, while investors awaited key economic data for clues on the Federal Reserve's interest rate trajectory.

Spot gold XAU= was up 0.5% at $2,755.42 per ounce, as of 0226 GMT. Prices hit a record high of $2,758.37 last Wednesday.

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08:37 IST, October 29th 2024

Japan's finance minister vows to closely watch FX moves

Japan's Finance Minister Katsunobu Kato reiterated on Tuesday that the authorities would be vigilant to foreign exchange moves, including those driven by speculators.

"We will continue to closely monitor foreign exchange moves, including those driven by speculators, with a higher sense of vigilance," Kato told a regular news conference.

08:09 IST, October 29th 2024

Domestic shares set to open flat as earnings season remains largely tepid

Indian shares are set to open little changed on Tuesday, after snapping a losing streak in the previous session, with traders expecting caution to persist due to largely tepid earnings season and persistent foreign selling.

The Gift Nifty futures GIFc1 was trading at 24,352, as of 07:53 am, indicating that the benchmark Nifty 50 .NSEI will open near Monday's close of 24,339.15.

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08:09 IST, October 29th 2024

Australia risks losing top spot in global steel supply chain

Australia risks losing its dominant position in the global iron ore market if it does not move swiftly to produce green iron, and would do well to learn lessons from the near wipe-out of its nickel industry, Fortescue CEO Dino Otranto said on Tuesday.

08:08 IST, October 29th 2024

China and HK stocks open up, markets await details of stimulus steps

China and Hong Kong stocks rose at the open on Tuesday, as investors await details of stimulus measures from a top leadership meeting next week.

China's blue-chip CSI300 Index .CSI300 and Shanghai Composite Index .SSEC both opened up 0.2% each. Hong Kong benchmark Hang Seng .HSI was up 0.6%.

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07:08 IST, October 29th 2024

Brazil institute sues social media giants for $525 mln over usage by minors

Brazil's Collective Defense Institute, a consumer rights group, has filed two lawsuits demanding 3 billion reais ($525.27 million) from the Brazilian units of TikTok, Kwai and Meta Platforms META.O for allegedly failing to create mechanisms to prevent indiscriminate use of these social media platforms by minors, according to initial petitions reviewed by Reuters.

06:37 IST, October 29th 2024

Yen remains under pressure after Japan election

The yen hit three-month lows against the dollar on Monday, remaining under pressure as an election loss by Japan's ruling coalition raises political and monetary policy uncertainty, while the US dollar headed for its biggest monthly gain since April 2022.

The dollar rose by as much as 1 per cent to a high of 153.88, the yen's weakest level since late July. The yen was last down about 0.7 per cent on the dollar at 153.34, bringing the decline in October to 6.4 per cent, the largest of any G10 currency.

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06:37 IST, October 29th 2024

Oil falls 6% on reduced risk of wider Middle East war

Oil prices tumbled 6 per cent on Monday, or more than $4 a barrel, after Saturday's retaliatory strike by Israel against Iran's military bypassed oil and nuclear facilities, not disrupting energy supplies.

Brent futures settled at $71.42 a barrel, down $4.63 or 6.09 per cent. WTI US crude futures finished at $67.38 a barrel, $4.40 or 6.13 per cent.

06:36 IST, October 29th 2024

Wall Street closes higher ahead of megacap earnings

Wall Street closed higher on Monday ahead of a packed week of earnings from megacap companies and the final stretch before the Nov. 5 presidential election, while sentiment improved after energy supplies were not disrupted by weekend developments in the Middle East.

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06:38 IST, October 29th 2024

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