Business News

• D-Mart's Q2 net profit rises 5.8% to Rs 659.4 crore October 12, 2024
  Avenue Supermarts Ltd reported a 5.78% increase in consolidated net profit to Rs 659.44 crore for Q2 FY 2025. Revenue from operations rose 14.41% to Rs 14,444.50 crore. During the quarter, D-Mart opened six new stores, bringing its total to 377 as of September 30, 2024.
• Godrej Properties acquires 6 land parcels in July-September to build projects worth Rs 9,650 crore October 12, 2024
  Godrej Properties acquired six land parcels in Q2 to develop housing projects worth Rs 9,650 crore, driven by strong demand. With these acquisitions, the firm reached 63% of its annual land acquisition target, supporting a robust project pipeline. Sales bookings grew to record levels, marking significant growth in the industry.
• Rupee breaches 84 as oil prices, foreign outflows put strain October 11, 2024
  The rupee breached the 84 per dollar mark for the first time, reflecting RBI's strategic adjustments amid rising crude prices and geopolitical tensions. Dealers suggest the central bank may be preparing for increased volatility due to the Iran-Israel conflict. Despite substantial forex reserves, further depreciation of the rupee is expected to be controlled and gradual.
• Internship scheme: 193 companies post over 90,000 slots on portal October 11, 2024
  About 193 companies, including Reliance Industries and Maruti Suzuki, have posted over 90,000 internships on the PM Internship scheme portal. The initiative targets 1.2 lakh internships this financial year, aiming to bridge the skill gap in various sectors like oil, gas, and financial services. Internships are available nationwide across 37 states and Union Territories.
• 'India largest engineering centre for Qualcomm globally' October 11, 2024
  India has become Qualcomm's largest engineering base, outstripping its US operations, thanks to high-end local talent and cost benefits. Qualcomm plans to increase hiring and expand development of solutions in India across various sectors, including 5G, home connectivity, vehicle digital experiences, IoT, and AI computing.
• Industrial output contracts for 1st time in nearly 2 years October 11, 2024
  India's industrial output experienced a contraction of 0.1% in August, marking the first decline in 22 months, predominantly due to a high base effect, reduced mining and electricity output, and a weakened manufacturing sector. Analysts attribute this to temporary factors including monsoon rains and expect no major alarm.
• Tesla unveils robotaxi, investors seek details October 11, 2024
  Elon Musk revealed Tesla's Cybercab, a self-driving taxi prototype expected to cost less than $30,000 and enter production by 2026. Despite the excitement, the event lacked technical details, leading to a 9.3% drop in Tesla's shares. Analysts remain skeptical due to Tesla's history of unmet autonomous vehicle promises.
• Forex reserves drop $3.7 billion in week, most since start of August October 11, 2024
  India's foreign exchange reserves fell by $3.7 billion to $701.2 billion in the week ended Oct 4, marking the first decline in eight weeks. The drop includes a $3.5 billion decrease in foreign currency and a $40 million reduction in gold value.