COST Financial News

₹153 crore. The firm cites the drop in company's consolidated net profit is due to higher employee costs and narrowed the revenue growth outlook for its largest business unit. As per LSEG data, analysts, on average, had expected a profit of ₹185 crore.

BENGALURU : Tesla tumbled more than 8% on Thursday after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins and raised investor concerns at the world's most valuable automaker. Musk said growth would be "notably lower" as Tesla focuses on a cheaper, next-generation electric vehicle to be made at its Texas factory in the second half of 2025, which is expected to spark the next boom in deliveries. But his remarks fell flat with investors, with Tesla set to lose more than $50 billion in market value, if premarket loss hold.

NEW DELHI : JSW Steel Ltd reported a fivefold jump in profit for the December quarter, surging ahead of analysts’ expectations, while its board approved raising ₹2,000 crore to repay loans and for capital expenses. The Sajjan Jindal-led company’s net profit for the third quarter increased to ₹2,415 crore from ₹490 crore in the same year-earlier period. Consolidated revenue from operations rose 7.17% year-on-year to ₹41,490 crore, as the government’s thrust on infrastructure spending boosted domestic demand for the alloy.

Nomura Asset Management’s Richard Hodges began the year by buying credit default swaps, worried that rate cut bets were becoming too aggressive. He reduced the hedge when the cost of protection increased, and now stands ready to dip in again.

It’s indisputable that something needs to be done to fix the Social Security system’s underfunding problem, and a pair of ideologically opposed academics suggest eliminating the tax preferences for 401(k)s and individual retirement accounts as solution.

AI4Bharat, the research lab at IIT Madras, on Thursday announced the release of its first large language model Airavata trained on Hindi datasets. Airavata (Sanskrit word for ‘elephant’) was created using SarvamAI’s foundational Hindi model OpenHathi with diverse, instruction-tuning Hindi datasets to make it better suited for assistive tasks, the research wing said in a blogpost.

Jindal Stainless Ltd has cut its exports forecast for the fiscal year ending March due to freight disruptions in the Red Sea and faltering demand in Europe and the United States, a top executive said. India's biggest stainless steel manufacturer hopes to ship out 10-12% of its estimated overall sales of over 2.1 million metric tons in 2023/24, down from its previous forecast of 15%, Abhyuday Jindal, managing director of Jindal Stainless, told Reuters in an interview. The company is exploring «new options» and a «variable freight model», Jindal said, as part of efforts to deal with the challenges posed by attacks launched by the Iran-allied Houthi militia on ships in the Red Sea.

Nitin Gadkari said. “Ministry of roads will soon be adopting qualitative tendering process instead of the least cost bidding process to bring in quality and road safety in various projects,” Gadkari said at the International Road Federations’ event on Vision Zero – Targeting road safety by 5E’s, jointly organised by the ministry of road transport and highways and Maruti Suzuki. “Qualitative tendering will help incorporate safer road safety features in designs keeping in mind the behavior of the road users,” he added. According to Gadkari, there have been several cases where officers in the ministry have done away with safety features in highway projects to bring down costs and in the name of making them financially viable. “Road engineering is the biggest culprit for increasing road accidents in the country.

markets dropped at the start of trading Thursday as investors awaited an update on the outlook for eurozone interest rates.

Hindustan Petroleum Corporation on Thursday said its net profit for the quarter ended December tripled year-on-year (YoY) to Rs 529 crore. Sequentially, however, the bottomline slumped by nearly 90%.

Stock market today: Vedanta shares have opened with marginal gains during the early morning session on Thursday. Ahead of the announcement of Vedanta Q3 results today, the market is expecting improvement in EBITDA on rising commodity prices.

DCB Bank fell over 6 percent on Thursday after the lender witnessed a decline in its net interest margin (NIM) for the quarter ended December (Q3FY24). Its NIM for Q3FY24 declined sharply 21 bps QoQ to 3.48 percent. The lender posted an 11.2 percent year-on-year (YoY) rise in its net profit to ₹126.6 crore for the third quarter of FY24, as against ₹113.9 crore in the same period last year.

₹19,100 crore during his visit to Uttar Pradesh's Bulandshahr. Besides, PM Modi will also visit Jaipur on 25 January. According to an official release from the Prime Minister's Office (PMO), PM Modi is expected to inaugurate developmental projects at around 1:45 pm in Bulandshahr.

Tesla reported lower fourth-quarter operating profits despite higher revenues Wednesday, following a series of auto price cuts as Elon Musk's electric vehicle giant warned of slower volume growth in 2024.

Spotify users in Europe can start to buy audiobooks and subscription plans from within the music-streaming app from March as a result of the region's new competition law for Big Tech, the Swedish company said on Wednesday. The move will help the company avoid Apple's 30% fee for purchases through its App Store, which has long been a source of contention between app developers and the tech giant.

Tesla CEO Elon Musk said on Wednesday Chinese automakers will «demolish» global rivals without trade barriers, underscoring the heat the U.S. electric vehicle market leader faces from the likes of BYD, who are racing to expand worldwide. Musk's comments come after Warren Buffett-backed BYD — with its cheaper models and a more varied lineup -overtook Tesla as the world's top-selling EV company last quarter, despite Tesla's deep price cuts through 2023. Chinese car companies were the «most competitive» and «will have significant success outside of China, depending on what kind of tariffs or trade barriers are established,» Musk said on a post-earnings call with analysts on Wednesday. «If there are no trade barriers established, they will pretty much demolish most other car companies in the world,» he said.

Analysts at most top brokerages raised or retained share price targets on Axis Bank after the lender's December quarter results.

Tesla expects to start production of its long-anticipated, next-generation electric vehicle at its Texas factory in the second half of 2025, Chief Executive Elon Musk said on Wednesday. But Tesla shares were down 6.5% in premarket trading as Musk noted that ramping up production of the new vehicle would be challenging and Tesla also warned of sharp slowdown in sales growth this year before the new model launch. Musk said it would take «a tremendous amount of new revolutionary manufacturing technology» required — a sign that any boost to Tesla's declining pace of growth would take time. His projection followed a Reuters story earlier in the day saying Tesla had told suppliers to prepare for a June 2025 startup of a smaller crossover vehicle, critical for the automaker as it loses share to inexpensive EVs such as those made by China's BYD.

Nocturne, a crypto project backed by prominent figures like Vitalik Buterin, recently announced the shutdown of its first version, Nocturne v1. The project initially focused on enhancing account abstraction (AA) and crypto accessibility, emphasizing privacy at the account layer as a unique and challenging goal in the crypto world​​​​​​.

NEW DELHI, MUMBAI : India’s free trade talks with the UK and European Union (EU) may skip the vexed carbon tax matter in an attempt to fast-track the trade deals, three people aware of the matter said. The absence of any agreement on the carbon border adjustment mechanism (CBAM) casts a cloud over Indian steel exports to the region, as it would raise the cost of exports and eat into profits. India is negotiating separate free trade agreements (FTAs) with the UK and EU.

Online retailer eBay Inc. will cut about 1,000 jobs, or an estimated 9% of its full-time workforce