COST Financial News

Tata Technologies on Friday fell 2% to the day’s low of Rs 989 on BSE after the company recorded a 15% year-on-year (YoY) decline in its quarterly net profit at Rs 162.03 crore. The company’s net profit was weighed down by an increase in expenses incurred for the purchase of technology solutions. Sequentially, the net profit has increased by 3.04%.

green energy has become a pivotal area of focus. India, with its vast population and burgeoning economy, stands at a critical juncture as our energy consumption patterns evolve, with a noticeable shift towards renewable sources. Today, India's green energy sector is at a nascent stage but poised for exponential growth. The expectation from the upcoming Budget is high as stakeholders anticipate strategic initiatives from the Indian government to accelerate this transition. India's commitment to green energy sector is evident from its ambitious target of achieving 175 GW of renewable energy capacity by 2022, and the more recent goal of achieving 500 GW by 2030. Renewable energy accounts for over 42% of the country's installed power capacity at present with solar and wind energy with the largest share in the green energy mix. However, to sustain this momentum and meet future requirements, a robust policy framework and financial support are imperative. India is the third-largest energy consumer globally and the fourth-largest in renewable energy installed capacity. Many countries are taking aggressive steps to promote green energy. For instance, the US offers tax credits for renewable energy investments, and China has a comprehensive system of subsidies and quotas. In comparison, India's green energy incentives are modest. However, the country's vast market potential and strategic initiatives like the International Solar Alliance (ISA) position it as a significant player in the global arena.

But the global woes may not impact the government’s plans, says Shirish S Garud, Consultant, T.E.R.I (The Energy and Research Institute). In an interaction with ET Digital, he explains how the wind energy industry has gradually evolved in the country and the trajectory it is taking now. Edited excerpt: ET: How has wind energy development evolved over the years? SG: The wind energy development in India started in the early 1980s when the government asked PSUs like BHEL to invest in these projects. In 1993, the government came out with a policy on the tariff of wind power plants that are to be connected to the grid. This was a proactive one that gave some fixed tariff and annual increment in this tariff.

Infosys. UBS has issued a sell call on Dalmia Bharat. Jefferies maintained a hold call on Havells while increasing its target price. Additionally, Citi has issued a buy call on ONGC with an increased target price. We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

GPT-3.5 Turbo and will be available to use starting today for free along with ChatGPT Plus and Team members. Meanwhile, it will be offered to enterprise users starting next week. Also Read | Anthropic rivals GPT-4o with Claude 3.5 Sonnet model, makes it free for all usersOpenAI said that GPT-4o Mini is priced at 15 cents per million input token and 60 cents per million output tokens, making it 60% more cheaper than GPT-3.5 Turbo.

Bank of India has raised ₹5,000 crore through the issuance of infrastructure bonds, with the state-owned lender receiving bids far in excess of the notified amount for the debt sale. On Thursday, Bank of India sold 10-year infrastructure bonds for a total of ₹5,000 crore at a rate of interest of 7.54%, the lender informed exchanges.

Tata Communications’ overseas revenues have continued to outgrow its India revenues for three consecutive quarters and hold a 58:42 ratio as of end-June 24, chief executive AS Lakshminarayanan told ET. “In the US and European markets, we are a challenger, so there is a much bigger white space for us to chase and that's why two years ago we started making all these investments in sales and marketing and our products. All of that has started to pay dividends, and we are happy to see the results,” the executive said in a virtual conversation after the company declared its first quarter FY25 earnings.

Uco Bank and IDBI Bank have hiked their marginal cost of funds based lending rate (MCLR) rates by 5-20 basis points (bps) since June. Whenever there is an increase in MCLR, an internal benchmark, interest rates rise on all loans linked to it. SBI’s overnight MCLR stands at 8.1% and one-year MCLR at 8.85%.

Mint. Nykaa owns over 27 brands across skincare, cosmetics, and fashion, including Nykaa Cosmetics, Nykd by Nykaa, and Pipa Bella. Purplle, which recently raised ₹1,000 crore from Abu Dhabi Investment Authority and other investors, runs brands like Carmesi, Good Vibes, NY Bae, and Faces Canada.

NASA has cancelled its VIPER (Volatiles Investigating Polar Exploration Rover) mission, initially worth $450 million, following a comprehensive internal review. The decision was made due to escalating costs, delays, and potential future cost increases. «NASA stated cost increases, delays to the launch date, and the risks of future cost growth as the reasons to stand down on the mission,» the agency explained in a statement. Commitment to Lunar Exploration Despite the cancellation, NASA remains committed to lunar exploration. Nicola Fox, Associate Administrator for the Science Mission Directorate at NASA Headquarters, emphasized, “We are committed to studying and exploring the Moon for the benefit of humanity through the CLPS program.”

Ashneer Grover, founder of BharatPe and Third Unicorn, advocates for a streamlined hiring process centered around the principle of "hire fast, fire fast." Speaking on the podcast 'Limitless with Ishan Sharma,' Grover argued that traditional lengthy hiring procedures and prolonged notice periods waste valuable time and resources, ultimately hindering company growth. The Traditional Hiring Process: A Time Sink Grover criticizes the conventional approach to recruitment, which involves multiple rounds of interviews and extended notice periods. «What I have basically understood about hiring, and a lot of people don’t agree with this thought, it’s hire fast, fire fast,» Grover stated. He emphasized that the extensive time spent in hiring is often counterproductive, as candidates tend to be on their best behavior during interviews, making it difficult to gauge their true performance.

CBS. The theme of this season's «Big Brother» is «Big Brother Artificial Intelligence» (BB AI). This season «Big Brother» has 16 houseguests. These houseguests have the rights to vote for a 17th member in due course of time. «Big Brother» season 26 is being premiered on July 17 and July 18 on CBS. There are special two-night episodes on Wednesday and Thursday.

The Bahnsen Group founder and CIO David Bahnsen surveys the real estate market as younger homebuyers struggle with the ongoing housing crisis. 

Shoppers Stop Ltd on Thursday reported a consolidated net loss of Rs 22.72 crore in the June 2024 quarter, hit by subdued consumption due to prolonged heat waves, elections and inflation. The company posted a consolidated net profit of Rs 14.49 crore in the corresponding period last fiscal, Shoppers Stop said in a regulatory filing. Consolidated revenue from operations in the quarter under review stood at Rs 1,069.31 crore as against Rs 993.61 crore in the year-ago period, it added.

Karur Vysya Bank jumped 2.2% to Rs 206.45 after the bank reported a 28% jump in net profit at Rs 459 crore for the first quarter of the current fiscal against Rs 359 crore in the year-ago period. Its net interest margin for the quarter stood at a healthy 4.13%, although down by 6 basis points year-on-year, as rise in cost of deposit outpaced yield on advances. The bank's net interest income rose 14.3% at Rs 1,025 crore.

Reserve Bank of India economist wrote, providing long-awaited commentary on a key gauge that is used to predict the future course of borrowing costs. “The natural rate of interest estimated earlier for Q3:2021-22 is revised upward from 0.8 -1.0 per cent to 1.1-1.3 per cent, reflecting revision in GDP data. The current estimates suggest a wide range between 1.4-1.9 per cent for Q4:2023-24,” wrote Harendra Kumar Behera from the RBI’s Department of Economic and Policy Research in the central bank’s July Bulletin. The views are personal and do not reflect those of the central bank. RBI Deputy Governor Michael Patra provided guidance for the article.

TORONTO — Canadian homeowners are increasingly adding flood coverage to their insurance policies as extreme weather events become more common, according to the Insurance Bureau of Canada.

₹7,000 off on select models, it's time to ditch your old, inefficient washer and embrace a new era of effortless cleaning. Their easy-to-load design and powerful performance make them a popular choice for households of all sizes.This article will guide you through Amazon's top deals on best-selling top-load washing machines. We'll explore features like large capacities for tackling family-sized loads, multiple wash programs for various fabric types, and advanced technologies that ensure gentle yet thorough cleaning.

The Consumer Financial Protection Bureau says apps that allow workers to access their paychecks in advance, often for a fee, are providing loans and therefore subject to the Truth in Lending Act

A Chinese-led consortium has pulled out of its contract with Cyprus to build the island nation’s first natural gas import terminal over what it says was the Cypriot government’s failure to pay what it owed for work completed this year

Sales of U.S. homes to foreign nationals have fallen to the lowest level in more than a decade, hampered by a strong dollar and many of the hurdles that have kept the housing market in a deep sales slump for over two years