CATEGORIES

Pristyn Care audit spots 'weaknesses' in internal controls

The latest financial audit of Pristyn Care spotted “material weaknesses\" in its internal controls but was satisfied that the healthcare unicorn presented a “true and fair view\" in its financial statements, two people aware of the matter said.

Ayana eyes majority sale, $400 mn funds

Standard Chartered to manage sale; firm targets $2 bn valuation

Apple sees record qtr in India; mkt share hits 6%

Pathak, as well as Navkendar Singh, associate vice-president at market researcher IDC India, expect Apple to ship over 9 millioniPhones in India by the end of this year, a growth of more than 50% over the previous year. Prabhu Ram, head of market researcher CMR’s industry intelligence unit, said that Apple’s shipments grew 44% year-on-year in the September quarter, giving ita 54% market share in smartphones priced above 750,000.

Founder convicted of fraud in FTX crash

Prosecutors characterized Bankman-Fried as the mastermind of a massive fraud at Bahamas-based FTX, of creating a "pyramid of deceit" built on lies and false promises.

FPIs in exit mode as weak hits returns

Rohit Srivastava, founder of IndiaCharts and Strike Money Analytics, agrees that weaker dollar returns have been the key reason for FPIs selling in the cash market since 2021.

Zomato's profit streak continues, fuelled by strong festive spending

Food delivery GOV grew 9% from the June quarter and 20% from a year ago and is recovering well from the demand slowdown we witnessed in the past two quarters of FY23. Quick commerce bounced back with a 29% growth in order volume from the preceding June quarter.

Sorry, Gen Z, But Your Anxiety Over Money Is Going To Persist

It's become a reality especially as another shock could hit savings

South Korea To Ban Short-Selling Of Stocks Until June 2024

South Korea will prohibit stock short-selling until June 2024 to allow regulators to "actively" improve rules and systems, the Financial Services Commission said.

SBI, BOB Look To Raise More Current, Savings Deposits

Large public sector banks such as the State Bank of India and Bank of Baroda are working to boost their current and savings accounts ratio (CASA), following the decline in the share of low-cost deposits across the board.

Ayana eyes majority sale, $400 mn funds

Standard Chartered to manage sale; firm targets $2 bn valuation

'Outbound travel from India to grow'

India’s outbound travel market is set to grow in the coming years, with an increasing focus on high-spending segments, making it a high-priority market for global hoteliers. This will be further supported by a slow recovery in Chinese outbound travel, which is still recovering from the impact of the covid-19 pandemic, industry experts said.

Stiffer capital rules for US banks are a lazy way to keep them safe

Sensible banking-sector regulation depends on knowing when a tool loses its effectiveness and becomes counterproductive

Global Al policymakers may need a hubris check

Orders and declarations on artificial intelligence have come thick and fast lately, with the UK's Bletchley Park back in the arc-lights, but AI is far too complex for snappy regulation

How equity funds leverage a few good months for outperformance

Despite market volatility, people should stay invested for the long term to benefit from such outperformance

NEW LOTTERY: THE HUMAN COST OF F&O TRADE

Influenced by 'experts', retail traders are flocking to derivatives trading. Most lose their money

Blinken pays visit to West Bank

Blinken said the US was committed to getting aid into Gaza and restoring essential services in the region

Climate talks reach framework to help vulnerable countries

World Bank will host a new Loss and Damage Fund on an interim basis for four years

Regional films defy the odds, achieve greater success

Despite the recent dominance of big-budget Hindi and South Indian cinema, such as Jawan and Jailer, lesser regional film industries, including Punjabi and Marathi are showing signs of a resurgence.

'Corporate lending to rely on borrowers' track record'

Indian corporations have become more prudent in their approach to take on debt for new projects, leading to more caution towards fresh investments. In India, JP Morgan, the world’s largest bank by market cap, said clients are becoming more aware of their debt obligations, prodded by regulatory changes. JP Morgan’s senior country officer for India and vice-chair of the Asia Pacific Kaustubh Kulkarni said in an interview that the bank would look at track record of companies to fund their expansion plans. Edited excerpts:

War of words between BoB, ex-CDO over app

CEO Chand says CDO Handa was dismissed; Handa says he quit on his own

JSW Infra targets 50% external biz

Around 36% of overall volume from third-party customers in Sep qtr

Speed-breaker in sight for TaMo's JLR?

Tata Motors Ltd’s (TaMo’s) British subsidiary, Jaguar Land Rover Automotive Plc (JLR) has come a long way—from failing to meet the margin target in FY23 to raising the guidance in FY24. Recall that in FY23, JLR had clocked an Ebit (earnings before interest and tax) margin of 2.4%, lower than the 5% guided when the year began. For FY24, it has raised Ebit margin target to 8% from 6% plus earlier.

Delhi's EV plan a risk to IGL volumes

City gas distributor Indraprastha Gas Ltd (IGL) should sail through this financial year, but it is the next one that looks tough in the face of the Delhi government’s push for faster transition to electric vehicles (EVs). IGL’s management has clung to its exit volume guidance of nine million metric standard cubic meters per day (mmscmd) for FY24. The current volumes are 8.5 mmscmd. The management did not give a target for FY25 as there was a lack of clarity on the impact of the proposed EV policy.

Margin sparkles for Titan in Q2

Titan Co. Ltd has so far managed to shield itself from the general demand slowdown. The firm’s pre-quarter update for the three months ended 30 September (Q2 FY24) had shed light on revenue and operational performance. The jewellery business stayed resilient, clocking 19% year-on-year growth in revenue excluding sale of bullion, which is nothing to sneeze at.

IBM India sales bounce back after long slump

For five straight years, its revenues declined and profits fell even more

GreenLine to invest 5,000 cr to acquire LNG trucks for green logistics

Green mobility solutions provider GreenLine is planning a big-ticket expansion of its two-year-old logistics services operations, investing about ₹850 crore to add 1,000 liquefied natural gas (LNG) trucks to its fleet in this financial year.

Govt may not table telecom bill this year

The government is unlikely to table the draft Indian Telecommunications Bill for Parliament’s approval in the upcoming winter session, said two people familiar with the development.

Viability support for pump storage projects on cards

Fiscal support for PSP is being considered as storage systems are highly capital-intensive

Streaming growth slows after boom

The explosion in streaming video fuelled by the covid pandemic has cooled to a sedate pace as new entertainment options open up and cities get saturated with OTT subscriptions.

OMCs to absorb crude oil shocks

The Indian public may be spared fuel price hikes despite the war in West Asia stoking crude price volatility, two people aware of the matter said. State-run oil marketing companies (OMCs) are expected to absorb the higher costs, even as they face under-recoveries in selling fuel.