CEO Financial News

Indian Premier League (IPL) cricket tournament, sales of Domino's Pizza would go up. The country’s largest retailer, Reliance Retail posted good television sales in April-June quarter, again thanks to IPL. So, has sales of alcoholic beverages gone up in the same tourney. While Cricket may have been a religion in India, but its direct impact on consumption had largely moderated in the last 5-6 years. With this year’s IPL returning back in full form after Covid and the cricket world cup coming up in October-November, cricket too seems to have got back its mojo on direct business of several companies. Four large listed companies — Reliance Industries, United Spirits, Jubilant Foodworks and Indian Hotels Co Ltd — have told analysts that either there was a spike in their business during the IPL or they expect a big spike during the up-coming cricket world cup to be played in India. “So cricket is one occasion where friends and family sit together and order a pizza,” said Sameer Khetarpal, chief executive and managing director of Jubilant Foodworks, which operates the Domino’s Pizza chain in India, citing the example of Suryakumar Yadav’s century and pizza sales. “We have plans to capitalize on the World Cup which is in and around Diwali,” he told analysts in the company’s earnings call. Jubilant Foodworks registered its highest ever in-stadium sales growth of pizzas during IPL matches. Dinesh Taluja, chief financial officer of Reliance Retail, also said in the earnings call that the retailer had leveraged the IPL last quarter to drive television sales. Reliance Retail is owned by Reliance Industries.

(Reuters) -Biogen said it would buy biotech firm Reata Pharmaceuticals (NASDAQ:RETA) for roughly $6.5 billion to expand its presence in the rare disease drugs market.

Intel (NASDAQ:INTC) stock surged more than 7% in pre-market Friday after the company reported Q2 results and offered a more positive-than-expected outlook for this quarter.

Allen & Overy appointed its Middle East head as interim managing partner following the shock resignation of Gareth Price earlier this month. The Magic Circle law firm said Khalid Garousha would take over as interim global managing partner, effective 1 September, for an eight-month period until 30 April 2024.

lingerie and sleepwear brand, la Vie en Rose has partnered with Apparel group that sells brands such as Aldo, Charles & Keith and Bath & Body Works for India entry. “Our expansion into India market reflects our dedication to providing customers with exceptional fashion options and an enjoyable shopping journey,” said François Roberge, President and CEO of la Vie en Rose.

Ittira Davis, MD & CEO, Ujjivan SFB, says “the cost of funds is going to be slightly higher than what it is today and the NIM for the full year is going to be about 9%. The bank’s NIM was 9.2% this quarter and we are expecting it to average for the full year at about 9% because we had anticipated a small decline in the interest rates in the second half of the year. That is now looking unlikely and the current interest rate scenario is expected to play out much longer during this financial year, possibly for the whole financial year.”Let us talk about the numbers in terms of your cost of funds. The yields have risen and have been hitting the margins of the company. Has the cost of funds peaked out now and should your NIMs be around 9- 9.5% for this financial year?Let me just focus on NIMs.

sanctions. TikTok, a Chinese-owned short-video app, is in the sights of American lawmakers. The Biden administration’s plans to curb outbound investment will encompass private-equity giants and venture capitalists.

The countries discussed the importance of scaling the transition to net zero financing and addressing emission reductions. Singapore shared projects that aim to address energy transitions in Asia.

Systematic investment plans, or SIPs, have gained prominence over time, with investors largely reposing faith in the instrument, which, experts say, allows investors to consistently pool in small sums of money without much time and effort, making it an ideal long-term ‘wealth creation’ tool.

Job creation and skill development: One of the primary benefits of Micron's investment in India will be the creation of high-value jobs. With its state-of-the-art semiconductor manufacturing facilities, Micron will not only hire top-tier talent but also collaborate with local educational institutions, fostering the development of skilled professionals in microelectronics. This transfer of knowledge and expertise is crucial to nurturing indigenous innovation and allowing homegrown technology companies to flourish.

Cryptocurrency platform Crypto.com acquired a registration approval with De Nederlandsche Bank (DNB), the Dutch central bank, as a crypto services provider.

As non-banking financial companies (NBFCs) are offering higher interest rates on fixed deposits than banks, individuals, especially senior citizens, can lock in for a longer tenure. However, they must keep in mind that these deposits, unlike banks, are not insured under Deposit Insurance and Credit Guarantee Corporation and carry a higher risk compared to bank deposits.

Realty firm Macrotech Developers Ltd will launch 22 new projects by March next year across Mumbai Metropolitan Region (MMR), Pune and Bengaluru with an estimated sales revenue potential of Rs 12,560 crore as it seeks to tap rising housing demand. Macrotech Developers, which sells its properties under the Lodha brand, said in an investor presentation that the company launched 1.8 million square feet area in the first quarter of this fiscal year having a revenue potential of Rs 1,510 billion.

«The macros of the country, they are all good. And we are seeing opportunities in almost all sectors whether it is steel, cement, textile, even city gas, advanced metering, NBFCs. So there are a number of sectors where we are getting good opportunities even in LRDs and all.

Intel CEO Pat Gelsinger said that the company plans to «build AI into every product that we build». Intel will launch Meteor Lake later this year, its first consumer chip with a built-in neural processor for machine learning tasks, according to The Verge. At Microsoft's Build 2023 conference, the company announced the collaboration with Microsoft to drive the development of AI on personal computing, and previewed AI-enabled capabilities of its Meteor Lake client PC processors.

OpenAI, the operator of the generative chatbot ChatGPT, has been fined 3.6 million won ( ₹2.32 lakh) by South Korea's Personal Information Protection Commission (PIPC) for exposing personal information of 687 South Korean citizens on 27 July. The exposure occurred due to a bug in an open-source library on ChatGPT, which caused the inadvertent visibility of payment information, including names, email addresses, the last four digits of credit card numbers, and credit card expiration dates of ChatGPT Plus subscribers.

registering his company in India, rather just stating the facts. “Umm not giving up on anything. Just stating the facts.

Gujarat facility will be shipped to Indian customers and also abroad, CEO of Micron Technology Sanjay Mehrotra said on Friday at the annual semiconductor conference in Gujarat. «I am proud to be here today to represent the company's commitment to build a semiconductor test facility right here in Gujarat. It is a first for India and the first major semiconductor company investment in the nation,» Mehrotra said at Semicon India 2023 event.

Magicpin has delivered over 1000 orders of tomatoes at Rs 70 per kg across 90 pincodes across Delhi-NCR in just 2 days. The company, in collaboration with the National Cooperative Consumers Federation of India (NCCF) has started selling tomatoes at Rs 70 per kg through select online platforms registered on the government-backed Open Network for Digital Commerce (ONDC) across 90+ pincodes in Delhi-NCR.

«We are looking at operating cash flow generation of about Rs 6,000 crores and we expect to use about Rs 2,500 to Rs 3,000 crores towards growth opportunities, towards land and new business,» says Abhishek Lodha, MD & CEO, Macrotech Developers.You had earlier outlined construction expenses of Rs 500 crore rupees for FY24. With the guided operating cash flows of Rs 6,000 crores, you would have Rs 2,500 crore rupees worth of leeway to reduce your debt. Given this, do you think the debt reduction would be much below the targets you have conveyed?We are looking at operating cash flow generation of about Rs 6,000 crores and we expect to use about Rs 2,500 to Rs 3,000 crores towards growth opportunities, towards land and new business.

Puneet Chhatwal, MD & CEO, IHCL, says “traditionally Q3 has been the strongest quarter for the sector and will continue to be so for Indian Hotels. What is interesting for us is to have gone beyond Rs 1,500 crore in top line, posting a 17% increase on consolidated level as most of our growth is based on asset-light, fee-based business.