COST Financial News

Agricultural economist Ashok Gulati says the government should import wheat, to signal plentiful domestic availability and dampen expectations. This is sound advice, and in the short term, India should also export the damaged wheat FCI procured this season to meet the world’s need for animal feed, which would release some grain being devoted to animal feed for human consumption.

Allianz SE, the German owner of bond giant Pacific Investment Management Co., said its second-quarter profit jumped from a year earlier as stronger earnings from its insurance business offset weaknesses in its asset management units.

Thomas Cook India reported an income from operations of Rs 1899 crore in its consolidated results for the quarter ended June, up from Rs 976 crore in the corresponding period of the previous fiscal. The company reported a profit of Rs 71 crore for the quarter ended June, up from Rs 6 crore in the corresponding period of the last financial year.

G20 Summit, the Delhi Police is acquiring Russian Dragunov sniper rifles, a move aimed at boosting security measures, said undisclosed sources in an interview with TOI. Skilled marksmen armed with these rifles will be strategically positioned atop high-end hotels in central Delhi, Aerocity, and other crucial spots across the city. Although senior officers have chosen to keep mum on the matter, reliable police insiders suggest that instead of purchasing these rifles outright, the police force might secure them on loan from either the army or paramilitary units.

India's Pidilite Industries, maker of adhesive brand Fevicol, reported a more than 32% rise in first-quarter profit on Thursday, aided by strong demand and reduced input costs. The company's consolidated net profit rose to 4.68 billion rupees ($56.53 million) for the three months ended June 30, it said in an exchange filing.

Investors piled into online retailer Cettire, pushing up the stock by 12 per cent on Thursday, after founder and chief executive Dean Mintz flagged the positive momentum from 2023 has continued into the new financial year with luxury shoppers still spending.

Jio Financial Services (JFSL), the date of which has not yet been announced, shares of the demerged company were credited to demat accounts of eligible shareholders of Reliance Industries (RIL) on Thursday. As part of the demerger of RIL's financial services business, RIL shareholders as of the record date of July 20 have been rewarded with one share of JFSL for every share of RIL owned.

American streaming platform Netflix will premiere Malayalam film Padmini starting 11 August. The film features Kunchacko Boban, Madonna Sebastian, Aparna Balamurali, and Vincy Aloshious in lead roles. Video streaming platforms are likely to offer 50-60% of the budgets to southern language content, with these programmes seeing much traction, accounting for 30% of OTT viewership, said industry experts.

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₹515 crore over the next five years. The proposed unit to be located in Thiruporur Taluk, Chengalpattu, near Chennai, will provide the maker of soaps and hair colours greater access southern markets. The plant will manufacture the company’s core brands such as Cinthol, Godrej Expert Rich Crème, Godrej Selfie shampoo hair Colour, and Goodknight.

«Because of the fact that we offer multiple products to our customers, our customers are largely people who are the common man of the country, people in the middle income or low middle income segment of the country,» says Rishi Gupta, Fino Payments Bank.This entire payment bank experiment of the system, you have really done a great job. Many could not. And now I was just comparing, the way you have turned this quarter, you are on route to almost Rs 80 crore of profit for the full year versus say Rs 65 crore, roughly, give or take 5% last year. We all are reading about your plans of moving into a transition, into a small finance bank. When it does actually happen, how does the profitability outlook change or improve? What meaningful change actually happens then for you? From a Fino Payments Bank point of view, we have been doing this business for the last 17 years.

RBI Governor Shaktikanta Das, while speaking on the decision of the bi-monthly Monetary Policy Committee meeting today, said that a Public Tech Platform for Frictionless Credit delivery is being developed by the Reserve Bank Innovation Hub (RBIH) for end-to-end digital lending processes. The RBIH is a wholly owned subsidiary of the RBI set up to promote and facilitate an environment that accelerates innovation across the financial sector.

The “persistently high profitability” of Australia’s banks operating in New Zealand will be under increased scrutiny after the country’s competition regulator drew attention to the issue as it prepares for a major inquiry.

6.40 per cent in July on surging food prices, breaching the upper end of the Reserve Bank of India's 2 per cent-6 per cent tolerance band for the first time in five months. Even though CPI inflation rose higher than Street estimates at 4.81 per cent in June, it was still below the central bank's upper tolerance band of 6 per cent for the fourth straight month. Broadly, India's inflation trajectory is expected to be benign, but highly vulnerable to changes in food prices, DSP Mutual Fund in its August edition of Netra report.

MA Financial’s growth ventures business has inked a $20 million raise in energy start-up Upstream.

Commonwealth Bank’s $10.2 billion profit was denounced as “uninspiring” by banking analysts, undermining the Greens’ argument for a new super profit tax to rein in corporate oligopolies as bank margins suffer from further degradation.

Downer EDI chief executive Peter Tompkins has pledged to deliver consistent earnings and monitor project performance more carefully after the contractor hired a new chief risk officer and sealed an annual net loss of $386 million.

Tata Motors may launch Punch EV by the end of this year. According to a report by CarWale, the auto manufacturer may announce Tata Punch EV in November, 2023. Similar to its conventional counterpart, the Tata Punch EV will exhibit a striking resemblance in terms of body panels, alloy wheel design, and dimensions.

In another couple of weeks, talks about the festive season sales would start to come up. For the auto industry, headwinds like rising input cost, stagnant demand are becoming things of the past.

WeWork, which promised to revolutionize the way people work alongside one another, announced in a financial filing Tuesday that it had «substantial doubt» that it would stay in business. That declaration raises questions about not only the company's viability but also the future of commercial real estate. Here's what you need to know about WeWork's past and prospects.What is WeWork? WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey, tech entrepreneurs who used the funds from the sale of their previous co-working startup, Green Desk.

«I would tend to see that the broad message of the policy as very much in line with expectations, very justifiably highlighting inflation risks, revising the Q2 numbers and so forth,» says Abheek Barua, Chief Economist, HDFC Bank.Was the stance really that hawkish for the market to fall the way it is because it is pretty much along expected lines? Yes, you described the key elements of the policy but one thing that you did not sort of refer to was this incremental CRR. It might be temporary, it could just be viewed as a technical measure but if you see it as an additional monetary policy signal and sort of a tightening signal at that, indicating that the RBI is not comfortable with current levels of liquidity, whatever the drivers may be, then I think that is the bit which was not priced in by the market.