Listed housing finance companies (HFCs), as a group, posted a 3.7 per cent drop in second-quarter (Q2) profit year-on-year (YoY) to Rs 5,830 crore and 19 per cent sequentially on rise in interest expenses and uptick in provisions and write-offs. Operating income rose 13.7 per cent YoY to Rs 54,086 crore in Q2 of 2022-23 (FY23). Sequentially, income was up 62.3 per cent, from Rs 33,331 crore in the first quarter (Q1) of 2021-22 (FY22).
Posts tagged Rediff
Hatchback sales lose momentum in India (15-11-2022)
Sales growth of entry-level cars or hatchbacks like WagonR and Alto have seen a decline during the past few years due to changing consumer preference. Maruti Suzuki chairman R C Bhargava had on October 28 said that he does not expect hatchback unit sales to grow in the fourth quarter (Q4FY23) or in the next fiscal year.
GST complaints to be taken up by CCI from Dec 1 (15-11-2022)
All GST anti-profiteering complaints would be dealt with by the Competition Commission of India (CCI) from December 1 as the extended tenure of National Anti-profiteering Authority ends this month, an official said on Tuesday. A notification in this regard is expected to be issued by the finance ministry later this month, the official added. The National Anti-profiteering Authority (NAA) was set up in November 2017 under Section 171A of Goods and Services Tax (GST) law to check unfair profiteering activities by registered suppliers.
US directs Air India to pay $121.5 mn to passengers (15-11-2022)
The US has ordered Tata-group owned Air India to pay a whopping $121.5 million as refunds and $1.4 million as penalties for extreme delays in providing refunds to passengers due to the cancellation or change in flights, mostly during the pandemic, officials said. Air India is among the six airlines that have agreed to cough up a total of over $600 million as refunds, the US Department of Transportation said on Monday. Air India’s policy of “refund on request” is contrary to the Department of Transportation policy, which mandates air carriers to legally refund tickets in the case of cancellation or change in flight, officials said.
Ex-MyGovIndia chief Dwivedi to head Prasar Bharati (14-11-2022)
Senior IAS officer and former MyGovIndia chief Gaurav Dwivedi was on Monday appointed the Chief Executive Officer of public broadcaster Prasar Bharati. A 1995-batch officer of Chhattisgarh cadre, Dwivedi will have a five-year tenure from the date he assumes charge. Currently, he is posted as Principal Secretary, Commercial Tax, in the Chhattisgarh government. “The President of India has today appointed, after due recommendation by the Selection Committee, Shri Gaurav Dwivedi, as Executive Member (Chief Executive Officer) in Prasar Bharati for a period of five years from his assumption of charge,” a statement from the Information and Broadcasting Ministry said.
Adani’s open offer for 26% stake in NDTV gets Sebi nod (14-11-2022)
Markets regulator Sebi has approved Adani Group’s open offer to buy an additional 26 per cent stake in media firm New Delhi Television (NDTV) and the offer will commence on November 22. According to an update on Sebi’s website on Monday, the regulator gave its final comments on the proposed Rs 492.81 crore-open offer on November 7. The offer will tentatively open on November 22 and close on December 5. The price fixed is Rs 294 per share, as per a recent regulatory filing by NDTV.
Hotels roll out red carpet as big fat weddings return (14-11-2022)
Cash registers are ringing more frequently at hotels and resorts with the return of the big fat Indian wedding after a two-year hiatus. This comes even as the small and intimate ceremonies – which became popular during the pandemic – are also set to keep those employed in the hospitality sector on their toes. As many as 2.5 million marriages are expected to get solemnised during the wedding season that gets underway from next week and stretches on till April, according to industry estimates.
Indian smartphone market dips to 3-year low (14-11-2022)
Smartphone shipment in India declined by 10 per cent to hit a three-year low of 43 million shipment in the July-September 2022 period, market research firm International Data Corporation said on Monday. The 5G smartphone share reached 36 per cent of total smartphones during the reported quarter with 16 million units at a slightly higher average selling price of $393, about Rs 32,000, apiece compared to $377, about Rs 30,600, in the previous quarter. “India smartphone market declined 10 per cent year-over-year (YoY) shipping 43 million units in July-September 2022.
Retail inflation falls to 6.77% in October (14-11-2022)
Retail inflation dropped to 6.77 per cent in October from 7.41 per cent in the preceding month, mainly due to easing prices in the food basket, though it remained above Reserve Bank’s comfort level for the 10th month in a row, according to the government data released on Monday. The Consumer Price Index (CPI) based retail inflation has remained above the 6 per cent target since January this year.
Index heavyweights drag markets down in volaile trade (14-11-2022)
In a volatile trade, benchmark indices ended lower on Monday dragged down by index heavyweights ICICI Bank, ITC and Reliance Industries amid largely weak Asian markets. The 30-share BSE Sensex declined 170.89 points or 0.28 per cent to settle at 61,624.15. During the day, it hit a low of 61,572.03 and a high of 61,916.24.