Reports Financial News

SpiceJet on Wednesday reported a 20% per cent drop in consolidated profit for the April-June quarter, as a financial crunch took a toll on its operations. The carrier's profit came at Rs 158.75 crore in Q1 FY25 as against Rs 197.58 crore in the year-ago period.

free trade agreement with the UAE, which came into force on May 1, 2022, Commerce Secretary Sunil Barthwal said on Wednesday. He said that India is in discussions with the UAE and there are various issues which can be discussed in the review. The UAE is the third largest trading partner of India with USD 83.65 billion bilateral trade in 2023-24. The agreement is officially dubbed as Comprehensive Economic Partnership Agreement (CEPA). «As regards CEPA, there are two things — one is the value addition norms and the second is reduction (of customs duties). So we are in discussion with them and there are various issues which are discussed under CEPA review. So, I think we are seeking a review with them and once we get it, then we will look at all the issues holistically,» he told reporters here.

Allahabad High Court on Wednesday deferred the hearing on a plea against a Varanasi court order refusing to direct the ASI to survey the Gyanvapi mosque's 'wazukhana', as the counsel for the Muslim side did not appear due to «illness». On July 9, the high court granted a month to the mosque management committee to file a counter affidavit on the revision plea and fixed August 14 for the hearing. On Wednesday, an «illness slip» was sent on behalf of counsel for the Muslim side and a request was made to adjourn the matter. Thereafter, the high court fixed August 22 as the next date of hearing in the case. Justice Rohit Ranjan Agarwal passed the order on the revision petition filed by Rakhi Singh, one of the plaintiffs in the Shringar Gauri worshipping suit.

Many Canadians today are feeling the pinch and reining in their spending, waiting out harsh economic winds in a pattern of behaviour typical of major recessions and financial crashes in history.

Motilal Oswal has initiated coverage on Gravita India with a buy rating, and a target price of Rs 2,350, signalling a 30% upside potential, stating that the company is favored by strong industry tailwinds. “We believe that with strong industry tailwinds, favorable regulatory policies, the availability of additional hedging mechanisms, and the absence of significant supply chain disruption, Gravita can ramp up the utilization materially (driving ~30% sales volume CAGR over FY24-27E)," ,” said Motilal Oswal in its report.

China's Tencent Holdings reported an 8% rise in second-quarter revenue on Wednesday, driven by a recovery in its gaming business after a launch of a new mobile game in May that got off to a strong start. The world's largest video game company and operator of the WeChat messaging platform said revenue reached 161.12 billion yuan ($22.5 billion) in the quarter ended June 30. Analysts had expected revenue of 160.77 billion yuan, according to LSEG data. Tencent's core gaming business had faced headwinds, with China revenue declining for two consecutive quarters since the fourth quarter of last year, partly hit by successful rollouts of rival games from competitors.

Gujarat Fluorochemicals Ltd. with a target price of Rs 2,800. The current market price of Gujarat Fluorochemicals Ltd. is Rs 3272.3. Gujarat Fluorochemicals Ltd., incorporated in the year 2018, is a Mid Cap company (having a market cap of Rs 36751.42 Crore) operating in Chemicals sector.

EPL Ltd. with a target price of Rs 275.0. The current market price of EPL Ltd. is Rs 243.95 . EPL Ltd., incorporated in the year 1982, is a Mid Cap company (having a market cap of Rs 7762.40 Crore) operating in Packaging sector.

Shivakumar on Wednesday said the government will look into complaints against those who pay Goods and Services Tax and income tax but still avail benefits under the 'guarantee schemes' launched by the Congress government. He also asserted that there was no question of altering or scrapping the guarantee schemes. «As the Congress state president, I am saying that Chief Minister Siddaramaiah has said that there is no question of altering or scrapping the guarantee schemes for any reason,» Shivakumar told reporters. «There are complaints that some people who have more income are availing this benefit. We will review that. That's it. There are complaints that those who are paying income tax and GST are availing it,» he maintained.

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

ZURICH, Switzerland ꟷ UBS CEO Sergio Ermotti said Wednesday that market volatility could intensify in the second half of the year, but he does not believe the U.S. is heading into a recession.

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Nazara Technologies reported a 13% increase in net profit to Rs 23.6 crore for the first quarter of fiscal year 2025, even as its quarterly revenue dipped slightly. The firm’s operating revenue fell 1.7% to Rs 250 crore on a year-on-year basis for the quarter ended June 30, 2024. About 44% of the firm’s revenue for the quarter came from the North American market and 33% from India, while the rest of the world contributed 23%.

Hindu family with no political affiliation in northwest Bangladesh, a media report said on Wednesday, in the latest incident of targeted attacks on the minority community after the fall of the Sheikh Hasina-led government. The incident in Farabari Mandirpara village in Akcha union under Thakurgaon Sadar upazila took place on Tuesday evening, hours after Chief Advisor to the interim government Yunus Muhammad assured the distressed minority community that his government would punish the perpetrators. The targeted arson incident also came on the same day when the Bangladesh National Hindu Grand Alliance claimed that the minority community faced attacks and threats in 278 locations across 48 districts since the fall of the Sheikh Hasina-led government on August 5 and termed it as an «assault on the Hindu religion.» Unidentified individuals set fire to Kaleshwar Barman's house around 7:30 pm on Tuesday in Farabari Mandirpara village in Akcha union under Thakurgaon Sadar upazila, Subrata Kumar Barman, chairman of Akcha Union Parishad (UP), told newspaper The Daily Star.

DOMS Industries Ltd. with a target price of Rs 2620. The current market price of DOMS Industries Ltd. is Rs 2274.25 . DOMS Industries Ltd., incorporated in the year 2006, is a Small Cap company (having a market cap of Rs 13958.06 Crore) operating in Paper sector.

Karnataka Congress legislator on Wednesday urged Prime Minister Narendra Modi not to hesitate to take decisive military action like former PM late Indira Gandhi did in 1971. Rizwan Arshad, who represents Shivajinagar Assembly constituency in Bengaluru, in a letter to Modi, also appealed to him to take «decisive action» to not only address concerns of minorities in Bangladesh but also in India, who have been under «constant attack both economically and socially by the right wing.» «I write to you today as a concerned citizen of India deeply distressed by the recent reports and videos circulating on social media, highlighting the ongoing political turmoil in Bangladesh and the atrocities being reported against Hindu minorities in the region,» Arshad said.

Ola Electric Mobility on Wednesday reported a consolidated net loss of Rs 347 crore for the quarter ended June 30, 2024, which was up from Rs 267 crore reported by the EV two-wheeler maker in the year-ago period. The revenue from operations for the quarter stood at Rs 1,644 crore, which was up by 32.3% from Rs 1,243 crore reported in the corresponding quarter of the previous financial year.

Mint analysis of 1,475 BSE-listed companies that reported their financial results by Friday showed a 9% year-on-year increase in their combined revenue and a more modest 5% rise in net profit. While revenue growth was still one of the best in a year, the string of consistent sub-10% figures in this period could keep India Inc. tense.

New York Post, Captain Ruud Van Pangemanan, a seasoned pilot, captured footage of unidentified flying objects (UFOs) performing extraordinary maneuvers in the sky. The UFOs displayed rapid movements and sharp turns, baffling the aviation community.

Starbucks reportedly fired Indian-origin Laxman Narasimhan from the position of Chief Executive Officer, a recent interview of him saying he 'almost never' worked past 6 pm has been making rounds on various social media platforms. «I am very disciplined about balance. If there's anything after 6 pm and I am in town, it's got to be a pretty high bar to keep me away from the family. Anybody who gets a minute of time after that better be sure that it's important… Because if not it will just wait for another day,» Narasimhan said in an interivew to Fortune. Starbucks on Tuesday announced that Chipotle Mexican Grill's head, Brian Niccol, will replace Chairman and Chief Executive Officer Laxman Narasimhan.

Real estate developers and financial institutions are cautiously optimistic about growth in the realty sector in the next six months amid geopolitical uncertainties, according to Knight Frank-NAREDCO. Real estate consultant Knight Frank and realtors' body NAREDCO released 41st edition of the Knight Frank-NAREDCO Real Estate Sentiment Index Q2, 2024 (April-June 2024) report, showing that the current sentiment index score has moderated to 65 from its all-time high of 72 in Q1, 2024. The future sentiment score declined to 65 from 73. «While both current and future sentiments remain firmly in the positive zone suggesting a continued belief in the sector's long-term prospects, the scores reflect a more tempered view on recent real estate growth, influenced by election and budget speculations,» Knight Frank said. The adjustment in the future sentiment index reflects a positive yet more conservative outlook for the near term.