Performer Financial News

BEIJING/SHANGHAI (Reuters) -Baidu ordered artificial intelligence chips from Huawei this year, two people familiar with the matter said, adding to signs that U.S. pressure is prompting Chinese acceptance of the firm's products as an alternative to Nvidia (NASDAQ:NVDA)'s.

Emami’s share price climbed 5% to Rs 545.25; however, it retreated 0.73% to Rs 515 a day after the company posted consolidated net profit for the second quarter of FY24 at Rs 178.50 crore, down 3.1% as compared to Rs 184.18 crore during the same period last year. It posted revenue from operations at Rs 864.87 crore, up 6.3% compared to Rs 813.75 crore during the second quarter of FY23. “The company demonstrated remarkable resilience in the second quarter and half-year ending on September 30th 2023, overcoming challenges such as poor monsoons, food inflation, and subdued demand in rural markets,” Emami said.

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World Cup. Sri Lanka faced a 302-run defeat against India at the World Cup 2023. The minister had also appointed an interim committee headed by former cricket captain and Chairman of a new interim national cricket board Arjuna Ranatunga.

Devyani International on Tuesday, November 7, reported a consolidated profit of ₹33.35 crore for Q2FY24, down 43 per cent against the profit of ₹58.76 crore in the corresponding quarter last year. Revenue from operations for the quarter under review stood at ₹819.47 crore, up 9.64 per cent year-on-year (YoY) against ₹747.43 crore in Q2FY23. The reported EBITDA, post-IND-AS, closed at ₹158.8 crore, resulting in an EBITDA margin of 19.4 per cent.

Guruprasad Srinivasan, CEO and Kamal Pal Hoda, CFO, Quess Corp, in conversation with ET Now. Huda says: “We have a plan to break even in Foundit business by the end of this year, and we are very much on track. Foundit has had a 35% sales growth quarter on quarter and year on year. And there are a lot of initiatives that have been taken in Foundit to look at our cost base, our marketing costs. The development cost of the new product has been largely through so we expect Foundit to break even by the end of this year.” What is leading to this high EBITDA growth? Has the cash burn in Foundit reduced? Kamal Pal Hoda: Yes, the cash burn in Foundit also reduced, but that is not the only reason for EBITDA to go up. There have been a lot of operational synergies. As you can see, the EBITDA in all four of our platforms have gone up. So the WFM EBITDA has gone up by 5%. GTS the EBITDA has gone up 4% quarter on quarter. OAM, the facility management business, the EBITDA has gone up 14% quarter on quarter. So, yes, there is a reduction in cash burn in Foundit, but that is not the only reason, we had good growth from all our four platforms.

India is among the top 3 countries worldwide after the USA and UK, leading the online chatter about electric vehicles (EVs), with 0.57 million mentions in 2023, according to a report by Interactive Avenues, a leading full-service digital agency and the digital arm of IPG Mediabrands India. The social listening report «EVolution: Insights on India's rapidly evolving EV market based on social media data» analyses the social media buzz across multiple platforms around both 4-wheeler and 2-wheeler EVs to unearth key growth drivers, pressing category concerns, the latest OEM and government initiatives, the most popular EV brands, and more. Shantanu Sirohi, COO, of Interactive Avenues, said, «While EVs have been around for a long time, the level of innovation and consumer interest in this space has accelerated manifold in the past few years. Using advanced analytics and best-in-class tools, our social team studied the category landscape to create an in-depth report tracing the EV growth story and outlining the latest trends, opportunities, technologies, and consumer needs, with a deep dive into the 4-wheeler and 2-wheeler segments.” The report further stated that EV owners have saved lakhs within the first few years, with a running cost of less than Rs.

UBS posted its first quarterly loss in almost six years, as the ongoing absorption of Credit Suisse drags on the Swiss lender’s performance.

Dhanteras is just around the corner and one can sense the frenzy among investors to buy gold. But it is not just physical gold that is drawing investor interest, there is a growing appetite for investing in gold ETFs (exchange-traded funds). 

Devyani International on Tuesday recorded profit for the second quarter of FY24 at Rs 33.35 crore, down 43.2 per cent in comparison to Rs 58.76 crore during the same period last year. It posted revenue from operations at Rs 819.47 crore, up 9.6 per cent as against Rs 747.43 crore during the quarter ended September 2022, led by new store additions. The company EBITDA stood at Rs154 crore, down 7 per cent on-year. 

Gland Pharma climbed 6% to Rs 1,674.6 in Tuesday's trade on BSE despite the firm posting a 20% year-on-year (YoY) fall in consolidated net profit to Rs 194 crore for the September quarter of the financial year 2024. The company reported a profit of Rs 241.2 crore in the same period last year. However, its revenue came in at Rs 1,373.4 crore, up 32% from the year-ago quarter figure of Rs 1,044.4 crore. Meanwhile, the company's earnings before interest, taxes, depreciation and amortization (EBITDA) came in at Rs 320.5 crore, up from Rs 297 crore in the year-ago period. Following Q2 results, domestic brokerage firm Motilal Oswal reiterated its 'Buy' rating on Gland Pharma with a target price of Rs 1920. «Gland Pharma delivered an in-line operational performance in 2QFY24.

LLM in town. Nearly a year after OpenAI’s ChatGPT made waves, leading to an artificial intelligence (AI) race among the world’s tech giants, notably Microsoft, Meta and Google parent Alphabet, a China-based AI startup is giving Silicon Valley a run for its money.

Backstage at the second Los Angeles show of Lauryn Hill and the Fugees' anniversary tour, Pras Michel was optimistic

One of the biggest reasons people cite when saying they won’t buy an electric vehicle is range anxiety

RR Kabel jumped 6% to Rs 1,488.5 in Tuesday's trade on BSE after the firm's consolidated profit increased to Rs 74.1 crore in the July-September quarter, compared with Rs 35 crore a year earlier. Meanwhile, the company's revenue from operations surged 17.7% to Rs 1,609.7 crore in Q2 FY24 as compared to Rs 1,367.2 crore in Q2 FY23. The EBITDA in the quarter under review rose 92.7% to Rs 121.1 crore from Rs 62.8 crore in the same quarter last year. The margin was up to 7.5% in the June-September period as against 4.6% in the same quarter a year ago. «Throughout the past six months, RR Kabel has demonstrated a promising performance, marked by strong growth in our sales volume.

World Cup 2023 match. So much so, that someone on X (erstwhile, Twitter) tweeted, “Our batsmen are doing good because they practice with great bowlers. Our bowlers are doing good because they practice with great batsmen." In a few years from now, you may find people willingly discussing investments more effectively as they discuss cricket.

AI hallucinations’, which could result in loss of business, threat to life, and increased costs, amidst increasing adoption of artificial intelligence, experts said. AI hallucination refers to when artificial intelligence produces content or choices that are inaccurate, prejudiced, or unsuitable. In such an occurrence, the AI produces information and behaviours that veer significantly from reality.

Brookfield India Real Estate Trust has leased over 5.21 lakh sq ft office space including 4.63 lakh sq ft of new leasing during the quarter ended September. Of this, the listed Real Estate Investment Trust (REIT) has leased over 3.18 lakh sq ft in its Special Economic Zone (SEZ) assets with 2.20 lakh sq ft of expansion demand from existing occupiers. Around 37% of the office space was leased to Global Capability Centers (GCCs).

semiconductor industry has been in the limelight in recent years due to its soaring demand and the persistent global shortage of chips, making it a favoured investment sector for investors looking for high growth. Adding to this excitement, Qualcomm Inc., a global semiconductor giant, has announced plans to outsource the manufacturing of semiconductor chips in India. The company aims to capitalise on its substantial scale and the need for high chip volumes by collaborating with key industry players to introduce state-of-the-art technology in the country.

₹330 on the BSE on Tuesday, a premium of 1.85% to the issue price of ₹324. The company's ₹1,701-crore IPO, which concluded on 2 November, was subscribed 7.61 times over, indicating strong investor demand, but initial public offerings (IPOs) in India have seen mixed performances since last Diwali. Companies such as Ideaforge Tech, Netweb Technology, Utkarsh Small Finance Bank, Cyient DLM, SBFC Finance, Cello World, and Mankind Pharma, recorded strong listing gains ranging from 20% to 93%.