UPS Financial News

Britannia Industries executive vice-chairman and managing director Varun Berry said metropolitan cities dragged the overall fast-moving consumer goods (FMCG) market in the previous quarter amid surging housing costs and lower wage growth. Consumers in metro cities contribute about a third to the urban market for the FMCG sector, but they accounted for 2.4 times to the slowdown, said India's biggest biscuit maker by value.

Although Apple traditionally does not offer direct discounts on its products, the company’s Black Friday deals typically revolve around Apple Gift Cards with certain purchases, as mentioned in the Macbook website. In contrast, Google has already launched some significant early deals on its flagship devices, setting the stage for an exciting holiday shopping season.

revenue in Q2 FY25 to Rs 2001.3 crore compared to Rs 1371.5 crore in Q2 FY24. The company posted a profit after tax (PAT) of Rs. 34.9 crore in Q2 FY25, a 59% increase over the same period last year. The quarter saw robust performance due to festive demand during Ganesh Utsav and the decrease in gold import duty in the Union budget. Additionally, during Maha Mangalsutra Mahotsav (the 20th year of Mangalsutra Mahotsav), PNG Jewellers’ annual flagship event, the average sales per day increased by 40%.

Infibeam Avenues, which runs payment gateway CCAvenue, reported a total operational revenue of Rs 1,016 crore in the September quarter of FY24, up almost 30% from Rs 787 crore a year ago. Its net profit for the quarter stood at Rs 47.4 crore, up 16.7% from Rs 40.6 crore a year earlier. While the company saw its operational revenue grow steadily, its expenses shot up too. In the second quarter of the current fiscal, Infibeam Avenues reported total expenses of Rs 957 crore, up 30% from Rs 734 crore. A major chunk of the company’s expenses are operational expenses, part of which is a payment processing charge which it needs to pay banks for settling transactions generated via the CCAvenue gateway.

The previous government in London committed in 2021 to curb such emissions by 78 percent over the same period compared to 1990. Starmer unveiled the new target as he attended the beginning of the COP29 climate conference in Baku, Azerbaijan, where he is one of the only G20 leaders to show up.

Religare Enterprises on Tuesday reported a 70 per cent jump in consolidated net profit to Rs 68.49 crore for the second quarter ended September 2024. The financial services firm had a consolidated net profit of Rs 40.35 crore in the July-September quarter of 2023-24. Its total revenue stood at Rs 1,971 crore during the second quarter of the current fiscal year, up from Rs 1,586 crore in the corresponding period of the last year.

casual gaming studio Funstop Games on Tuesday said it has raised $5 million in its Series A funding, in a round led by 360 ONE Asset alongside InfoEdge Ventures, which has doubled down on its previous round. “Our decision to double down on our investment in Funstop Games reflects our confidence in the founders and their continued ability to churn out viral titles even as they have transitioned to a self-publishing model," Chinmaya Sharma, Partner, InfoEdge Ventures said in a statement. «We are excited to see the adoption of Funstop’s games not just by Indians in India but by the larger Indian diaspora overseas as well.” The company said the funds will be used to ramp up Funstop’s game development efforts, build its ad-tech capabilities, and grow its portfolio of games. This is in line with its vision of expanding its presence in the casual gaming sector and creating new titles.

Japanese technology conglomerate SoftBank Group swung back to profitability in the July-September quarter, boosted by its Vision Fund investments

The nominee for the European Union's next top diplomat says the bloc must commit to Ukraine for the long-haul even as the war's costs mount

After nearly a decade of negotiations, leaders during the United Nations climate conference’s first day decided on some of the finer points of much-debated sticking point aimed at cutting planet-warming emissions from coal, oil and gas

Home Depot continued to deal with a pullback in spending from customers in its fiscal third quarter, but it was less severe than in the past, and its performance beat Wall Street’s expectations

Subscribe to enjoy similar stories. Beginning Wednesday, Philip Wallin plans to spend roughly 90 hours on airplanes over the course of two weeks. His grueling journey involves over 20 flights and will take him across 37,000 miles and more than a dozen time zones.

Subscribe to enjoy similar stories. New Delhi: Sixtythree indebted companies were given a new lease of life in the September quarter – nearly half the number of distressed businesses to avoid liquidation so far this year. The total number of firms saved under the Insolvency and Bankruptcy Code (IBC) this year is 121, official data showed.

Best executive chairs in India 2024: Here are the top 8 options available in different designs for home and office useThe Solimo Accord Chair by Amazon Brand offers a balance of simplicity and functionality for any workspace. This fabric chair has a high-quality build, providing lasting comfort with a contoured back and ergonomic support.

Subscribe to enjoy similar stories. Wall Street bonuses are on the rise for the first time in three years. How big a pay bump bankers and traders get will depend on the type of work they do.

Subscribe to enjoy similar stories. Devyani International Ltd continues to battle weak consumption demand, especially in urban areas. This has hurt the quick-service restaurant operator’s same-store sales performance for many quarters now.

Subscribe to enjoy similar stories. The man charged with reviving Citigroup’s reputation as an investment bank is setting his sights on the buyout kings. Vis Raghavan, Citi’s new banking head, wants his dealmakers to advise on and finance more private-equity deals, bringing in more fees to a group that has punched below its weight for more than a decade.

Check the heating elementStart by checking the heating element that is responsible for warming up the water. If you have access, look for any visible signs of wear or corrosion. Turn on the geyser for a few minutes, then test the water temperature.

According to Labour Force Survey (LFS) figures published by the Office for National Statistics today (12 November), annual growth in employees' average regular earnings, excluding bonuses, fell from 4.9% to 4.8% in July to September. The figure was the lowest since mid-2022, but it fell short of economists' expectations of a larger drop to 4.7%. Including bonuses, annual growth in total earnings rose from 3.9% to 4.3%, above consensus of 3.9%.  Bank of England meets expectations with 25 basis point rate cut to 4.75% Private sector regular pay growth, the Bank of England's key indic...

The spike in inflation rate in October marked the first time since August 2023 that the print breached the Reserve Bank of India's (RBI) tolerance ceiling of 6 per cent. In September, the inflation print had surpassed RBI's 4 per cent medium-term target for the first time since July at 5.49 per cent. Food inflation, which makes up around half of the overall Consumer Price Index (CPI) basket, surged to 9.69 per cent in October, up from 9.24 percent in the previous month. Rural inflation also quickened to 6.68 per cent, compared to 5.87 per cent in September, while urban inflation rose to 5.62 per cent from 5.05 per cent the previous month.

Amit Syngle, MD & CEO, Asian Paints, says the company faced pressure in the overall product mix and sales. All the metro towns and the bigger cities did not do well and even the B2B market, where Asian Paints accounted for 15-20%, did not go the way we anticipated. Industrials was the only segment where they did well. Coming to price hike, Syngle says that given the inflation in the first quarter, they took a price increase in terms of passing it on to the market. They also saw a lot of volatility in terms of the crude prices. The entire paint industry has taken a price increase and the full realisation of the price increase will happen in Q3. In Q2, your peers had managed to report a volume growth between 4% and 9%. But your numbers were clearly a bit of a miss. In fact, the volumes declined by half a percent. What led to this divergence because we usually do not see Asian Paints performing so badly versus its peers. What led to that? Amit Syngle: As we look at the last quarter, we have just touched our base in terms of the volume terms and the value has also been negative. July was good for us but then all the rainfalls and floods that came in August, were not very well distributed across the country. So, we saw a muted demand coming in both August and September and given that the seasonal component in overall our sales is very high, we saw that in all the seasonal markets, and faced pressure in our overall product mix and the overall sale.