CEO Financial News

Tata Digital, which houses ecommerce superapp Neu, has recorded a standalone revenue of Rs 204.35 crore in FY23, growing close to 13 times compared to the previous year, as per Tata Sons annual report. On a standalone level, the unit recorded a loss of Rs 1,370 crore – a jump of around 23%. Tata Digital is the ecommerce arm of the Mumbai-based salt-to-aviation major which houses digital assets such as egrocery firm BigBasket and online pharmacy 1mg, besides its own digital offerings like Tata Cliq, Croma and others.

Tata Power Ltd on Wednesday reported an 22.4% year-on-year rise in its consolidated net profit (profit attributable to owners of the company) for the fiscal's first quarter ended June (Q1FY24) to ₹972.49 crore. The company had reported a profit of ₹794.60 crore in the year-ago period. Sequentially, consolidated net profit was up 25% from ₹777.73 crore in Q4FY23.

Akamai Technologies (NASDAQ:AKAM) shares gained nearly 6.5% in premarket Wednesday following the company reporting its Q2 results.

Roblox (NYSE:RBLX) shares fell more than 7% in pre-market trading after the company reported second quarter results.

(Reuters) -Pot firm Trulieve Cannabis (OTC:TCNNF) on Wednesday posted a wider second-quarter loss on weak demand and higher expenses.

In the midst of a surge in disposable income and a notable increase in point-of-sale transactions on e-commerce platforms, the utilization of credit cards has witnessed a remarkable upswing. The Reserve Bank of India's data reveals that credit card expenditures have been scaling unprecedented heights each month. The insightful analysis of these evolving consumer trends has not only unveiled potential avenues but has also paved the way for tailored credit offerings.

Berger Paints India on Wednesday reported a nearly 40% year-on-year (YoY) jump in its consolidated net profit for the quarter ended June 2023 at Rs 355 crore versus Rs 254 crore in the same quarter last year. The revenue from operations jumped 9.2% YoY to Rs 3,029 crore against Rs 2,773 crore reported in the year-ago period. The company's Board of Directors also approved a bonus issue of one bonus equity share against five equity shares.

foreign exchange laws in India. A Section 8 company can receive foreign investments, as contributions or donations from overseas entities, subject to compliance with provisions of Foreign Contribution (Regulation) Act, 2010 (“FCRA"). However, the FCRA nod is not always forthcoming and getting it is a rather cumbersome task.

On Wednesday, Bitcoin (BTC/USD) is witnessing a notable surge, registering a 1.60% increase and trading at a promising $29,700. 

BTC volume stood at approximately $18.1 billion, rising 34.35% in the last 24 hours. «Bitcoin’s price breached the $30000 mark in the early hours of today but consolidated to trading above the $29500 level. This movement could be because of the fall in Chinese trade numbers for July and the U.S. 10-year Treasury yield descending lower by 11 basis points to 3.98%,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens, BNB, XRP, Dogecoin, Solana, Polygon, and Polkadot were also trading higher on Wednesday.

Elon Musk's former partner, Grimes, has remarked on his formidable strength in anticipation of a potential cage fight against Meta CEO Mark Zuckerberg. She noted that Musk views the match as a channel for expressing his masculinity. In a recent interview with Wired, Grimes mentioned that while she believes the much-talked-about showdown between these tech titans will likely occur, she also expressed a preference for it not to take place.

WhatsApp, the social media messaging app has introduced new functionalities including screen sharing and landscape mode for video calls, as highlighted by Meta CEO Mark Zuckerberg in an announcement recently. Zuckerberg took to Facebook to share the news, stating, "We're enhancing WhatsApp video calls with the capability to share your screen during the call." With the screen sharing feature, users can display their live screen content in real-time while engaged in a call. According to the company's statement, this option is easily accessible via the 'share' icon, giving users the choice to share either a specific application or their entire screen.

(Reuters) -Bottler Coca-Cola (NYSE:KO) HBC beat half-year profit expectations and lifted its annual revenue target on Wednesday, supported by strong sales and higher prices of its drinks.

Bumble shares fell 4% on Tuesday after the dating app owner forecast lackluster third-quarter revenue and posted a jump in expenses, sparking fears that stiff competition with Tinder-owner Match was affecting its business. The operator of Bumble, Badoo, and Fruitz apps said its total operating costs rose more than 7% in the June quarter as it spent more on product development and marketing.

Asset Management Company (MOAMC) reveals that passive funds have taken center stage in India over the last few years, gaining market share from 1.4% of AUM in 2015 to over 17% today. The survey conducted with more than 2,000 investors participating from across the country, shares insights on the usage and attitude of investors towards passive funds in India. The study also throws light on investors’ preference for SIPs over lumpsum investing, an affinity for index funds, and reliance on social media over news outlets in their investment decision-making.

By Joanna Plucinska, Rajesh Kumar Singh, Doyinsola Oladipo and Priyamvada C

Beach Energy chief executive Morne Engelbrecht has made an immediate exit and will be replaced by senior Santos executive Brett Woods in a move that is being directly linked to the tightening hold of billionaire Kerry Stokes’ Seven Group Holdings on the board of the under-pressure oil and gas producer.

WeWork is warning there's "substantial doubt" about its ability stay in business over the next year because of its financial losses and its need for cash, among other factors. The New York-based workspace-sharing company said Tuesday that its ability to stay in operation is contingent upon its ability to improve its liquidity and profitability over the next 12 months.

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Inox WindPromoters Inox Wind Energy and Devansh Trademart have sold 4.5% and 2.8% stake each in Inox Wind through block deals at a weighted average price of Rs 208 a piece.360 One WamForeign investor General Atlantic Singapore has nearly sold its entire stake in 360 one Wam through the block deals.Bikaji FoodsLighthouse India fund has sold its partial stake in Bikaji Foods via block deals. Prominent domestic funds Tata AIA Life, ICICI Pru Life and foreign investors Morgan Stanley, Kotak Mahindra AMC (Singapore) among others bought the stake in the company.Read more: What changed the market while you were sleepingCoal IndiaState-owned Coal India's consolidated net profit fell 10% year-on-year to Rs 7,941 crore for the June quarter.

Once a successful American startup, WeWork is now struggling to keep the business going. The New York-based company is bleeding cash, and customers of its office rentals are canceling their memberships in droves, the company has claimed. The business of the co-working space firm is gradually crashing due to which the stock fell about 24% in extended trading on Tuesday.