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Business news Updates: NYSE gets wave of sell orders, unleashing stock-market chaos

Info Edge has completed acquisition of Gramophone for  ₹9.31 crorePremium
Info Edge has completed acquisition of Gramophone for 9.31 crore

  • Read today's Business News Updates on January 24, 2023: Get latest news, breaking news, latest updates, live news, top headlines, breaking business news and top news of the hour

Welcome to livemint.com updates platform where you can find breaking news from India and across the world. Find fast updates about the latest news as it breaks.

25 Jan 2023, 12:48:47 AM IST

Updates to this blog have ended.

24 Jan 2023, 10:03:04 PM IST

Oil dips $1 on global economic concerns

Crude oil prices dipped on Tuesday on concerns about a global economic slowdown and expected build in U.S. oil inventories. Brent futures for March delivery fell $1.15 to $87.04 a barrel, a 1.3% loss, by 11:11 a.m. EST (1611 GMT). U.S. crude fell 96 cents, or 1.2%, to $80.66 per barrel.

24 Jan 2023, 09:31:59 PM IST

Some NYSE-listed stocks briefly halted for trading after market open

A slew of stocks were briefly halted for trading on the New York Stock Exchange shortly after the market opened on Tuesday. Most of the stocks have resumed trading.

24 Jan 2023, 09:31:21 PM IST

Macrotech Developers profit rises on deferred tax gain

India's Macrotech Developers Ltd, formerly known as Lodha Developers, on Tuesday reported a rise in quarterly profit on the back of deferred tax gains.

Profit rose 41.4% to 4.05 billion rupees ($49.65 million) for the three months ended Dec. 31 from a year earlier, the real estate developer said in an exchange filing.

The company reported a deferred tax gain of 873.8 million rupees.

24 Jan 2023, 09:21:25 PM IST

India v New Zealand 3rd ODI scores

India 385-9 in 50 overs (S. Gill 112, R. Sharma 101; H. Pandya 54; B. Tickner 3-76, J. Duffy 3-100) v New Zealand 295 all out in 41.2 overs (D. Conway 138, H. Nicholls 42; S. Thakur 3-45, K. Yadav 3-62)

Toss: New Zealand

Result: India won by 90 runs

Series: India seal the three-match series 3-0

24 Jan 2023, 07:43:03 PM IST

India unveils mobile operating system in self-reliance pursuit

India unveiled a mobile operating system, developed at one of its top engineering colleges, which it claimed was more secure than Alphabet Inc.’s Android and designed to be used in businesses and high-security surroundings.

BharOS, short for Bharat, or India, OS, does not come with any default apps and gives users access to only trusted apps from private store services. “This is a Linux-based operating system," Professor V Kamakoti, director at the Indian Institute of Technology, Madras, said.

24 Jan 2023, 06:50:06 PM IST

Vistara pauses plane orders ahead of Air India merger, eyes international growth

Vistara has put the brakes on new plane orders while it awaits regulatory approval to merge with Air India, but that will not stop the airline from adding more international routes to boost profits, its chief executive said on Tuesday.

24 Jan 2023, 05:57:43 PM IST

TVS Motor Q3 results

TVS' profit climbed nearly 22 per cent to 353 crore ($43.25 million) for the quarter ended Dec. 31, with analysts attributing a bulk of it to price increases. Analysts had expected a profit of 343 crore, according to Refinitiv data.

24 Jan 2023, 05:52:41 PM IST

Proptech startup Landeed raises USD 8.3 million

Proptech startup Landeed has raised USD 8.3 million (over 67 crore) to expand its business.

24 Jan 2023, 05:37:38 PM IST

Air India says pilot's licence suspension over passenger incident 'excessive'

Tata Group's Air India said on Tuesday the recent suspension of a pilot's licence by the aviation regulator was "excessive" after a passenger behaved in an unruly manner onboard one of its flights.

24 Jan 2023, 05:35:24 PM IST

Gold prices march higher on slower Fed rate-hike bets

Gold prices advanced on Tuesday as the dollar's retreat amid expectations for a less-aggressive interest rate hike from the US central bank made bullion a more attractive bet. Spot gold rose 0.3% to $1,936.62 per ounce by 1137 GMT. U.S. gold futures gained 0.5% to $1,938.00.

24 Jan 2023, 05:25:56 PM IST

Govt calls all-party meet on 30 Jan ahead of Budget Session

The government has called an all-party meeting on 30 January ahead of the Budget Session of Parliament, sources tell news agency ANI.

24 Jan 2023, 05:07:30 PM IST

PNB Housing Finance beats Q3 profit view

PNB Housing Finance Ltd on Tuesday reported a better-than-expected 43% rise in third-quarter profit on the back of a strong demand for loans and improved asset quality.

24 Jan 2023, 04:23:18 PM IST

Former Sebi-chief Damodaran launches midcap corporate governance index ATOM

Airawat Indices Pvt Ltd, a joint venture firm founded by former Sebi Chairman M Damodaran and Decimal Point Analytics, has launched a new index ATOM, comprising 30 midcap companies listed on stock exchanges.

24 Jan 2023, 04:18:24 PM IST

Tata Coffee consolidated Q3 net profit falls 45%

Tata Coffee on Tuesday reported a 44.71 per cent decline in consolidated net profit during the December quarter at 38.40 crore.

24 Jan 2023, 04:12:04 PM IST

Rupee falls 28 paise to 81.70 against US dollar

The rupee fell 28 paise to close as 81.70 (provisional) against the US dollar on Tuesday as unabated foreign fund outflow hit market sentiments.

24 Jan 2023, 03:45:57 PM IST

Market closing

Sensex and Nifty recover from intra-day lows to close little changed. Sensex gained 37 points to 60,979 and Nifty ends unchanged at 18,118.

24 Jan 2023, 03:04:41 PM IST

Work on to have Coal-to-Methanol plants in India: Hardeep Singh Puri

Work is in progress to set up Coal-to-Methanol plants in the country using indigenous technology, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Tuesday.

24 Jan 2023, 02:54:11 PM IST

BPCL to set up 1 GW renewable energy plant in Rajasthan

Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan as the nation's second-largest state oil refiner pivots its path to achieving a net zero emission target by 2040.

24 Jan 2023, 02:42:31 PM IST

UCO Bank Q3 profit more than doubles to ₹653 cr

UCO Bank today reported more than two-fold jump in profit at 653 crore for the quarter ended December 2022, driven by increase in interest income and decline in bad loans. Its net profit stood at 310 crore in the same quarter of the preceding financial year.

24 Jan 2023, 02:31:53 PM IST

SBI Card reports Q3 earnings

- Net profit rose 32.1% to 509.5 crore as against 386 crore (YoY).

- Revenue up 21.4% at 3,507.1 crore for the December quarter.

24 Jan 2023, 01:18:17 PM IST

Info Edge completes acquisition of Gramophone for ₹9.31 crore

Info Edge has said its wholly-owned subsidiary, Startup Investments (Holding) (SIHL), acquired an agritech firm Agstack Technologies (Gramophone) for a cash consideration of 9.31 crore.

According to a statement shared on Monday with exchanges, Gramophone is a full-stack agritech platform for farmers. The company sells agri-inputs to farmers directly and via small retailers in an omnichannel model. It also provides advisory to farmers with respect to cropping or farming practices and helps them in selling their output to buyers.

According to Info Edge statement, this follow-on investment by the company through SIHL is in furtherance of company's investment strategy, which includes making external financial investments that are focused on value creation in the medium- to long-term.

24 Jan 2023, 12:36:50 PM IST

India's first green bond to be sold at a 'greenium'

The Indian government expects to issue its first green bonds at a 'greenium,' with yields below prevailing market rates, and has identified 400 billion rupees ($4.92 billion) in projects that can be funded with the proceeds, said two government sources.

The government plans to raise 160 billion rupees through green bonds for the current fiscal ending March 31, with the first tranche of 80 billion rupees scheduled for auction on Wednesday.

The proceeds would be used for 'green' projects such as solar power, wind and small hydro projects and other public sector projects that help reduce the economy's carbon footprint.

The government is expecting a green premium, or 'greenium,' on prices to push yields 5-10 basis points (bps) below sovereign bonds, based on the strong response and interest from global and local investors.

24 Jan 2023, 12:36:50 PM IST

Iran condemns sanctions imposed by EU, Britain and threatens retaliation

Iran on Tuesday strongly condemned new sanctions imposed by the European Union and Britain and said it would retaliate, after the West stepped up pressure on Iran over its crackdown on protests.

"The Islamic Republic will soon announce the list of new sanctions against the human rights violators of EU and England," Iran's Foreign Ministry Spokesperson Nasser Kanaani said in a statement.

The European Union imposed sanctions on more than 30 Iranian officials and organisations, including units of the powerful Revolutionary Guards, blaming them for a "brutal" crackdown on unrest and other human rights abuses.

24 Jan 2023, 12:36:50 PM IST

US Justice Department to sue Google over market dominance

The US Justice Department is expected to sue Alphabet Inc.’s Google today because of search engine’s dominance over the digital advertising market, according to reports. The lawsuit will mark the Justice Department’s second monopoly case against the company, which is the No. 1 player in the $278.6 billion US digital-ad market, controlling most of the technology used to buy, sell and serve online advertising.

The lawsuit would also be the fifth major case in the US challenging the company’s business practices. State attorneys general have filed three separate suits against Google, alleging it dominates the markets for online search, advertising technology and apps on the Android mobile platform in violation of antitrust laws.

24 Jan 2023, 11:23:55 AM IST

Axis Bank shares fall nearly 3 pc after Q3 results

Shares of Axis Bank declined nearly 3 per cent in morning trade on Tuesday after the bank's December quarter results failed to cheer investors. The stock fell 2.68 per cent to 908.35 apiece in early trade on the BSE. On the NSE, it declined 2.59 per cent to 908.50 apiece. The 30-share BSE Sensex was trading 178.1 points or 0.29 per cent higher at 61,119.77 in morning trade.

In a regulatory filing on Monday, private sector lender Axis Bank reported a 62 per cent surge in profit at 5,853 crore for the quarter ended December 2022, driven by increase in net interest income and decline in bad loans.

Its net profit on standalone basis stood at 3,614 crore in the same quarter of the preceding financial year.

24 Jan 2023, 11:10:53 AM IST

India's services exports to cross USD 300 bn target for this fiscal: Goyal

India's external services exports are expected to register about 20 per cent growth in this fiscal and cross the USD 300 billion target despite global economic uncertainties, Commerce and Industry Minister Piyush Goyal has said. The upswing is on the back of outbound shipments doing extremely well.

He said that on the merchandise front also, exports are registering healthy growth despite the world being under recession, huge inflationary pressure , and overstocking of various commodities.

With all these stress, where every global leader is talking of “very" tough times, India's exports rose 9 per cent year-on-year during April-December 2022-23.

24 Jan 2023, 11:10:54 AM IST

Pakistan Minister: Need to probe external hand in power failure

Pakistan Energy minister has hinted at a sabotage angle a day after the country plunged into darkness following the national grid failure. He claimed, ‘Need to probe if there was an external interference, like an internet attack, although that’s less likely."

All 1,112 grid stations have now been restored and electricity would be fully restored across the country once power generation units were back up. The outage, which began on Monday morning during the peak winter season, is the second major grid failure to hit the nation of 220 million people since October, though there are partial blackouts almost daily.

24 Jan 2023, 11:04:02 AM IST

New Zealand's Ardern bids emotional farewell on last day as PM

New Zealand's Jacinda Ardern bid farewell in an emotional speech on  her last day as prime minister. Days after her statement ‘no more in the tank’ 42-year-old told a gathering of politicians and reporters,"Thank you from the bottom of my heart for the greatest privilege of my life," 

She will resign on Wednesday and be replaced by the new Labour party leader, Chris Hipkins.

Ardern, along with Hipkins and opposition politicians, were making an annual visit to Ratana, where a weeklong celebration is held for the birth of Maori prophet Tahupotiki Wiremu Ratana.

24 Jan 2023, 11:02:56 AM IST

IIT Campus in South Goa soon: CM Sawant

A campus of the Indian Institute of Technology (IIT) will come up in South Goa and efforts are on to identify a suitable land for it, Chief Minister Pramod Sawant has said. The state government had earlier identified a land for setting up the IIT campus at Shel-Melaulim village in Sattari taluka of North Goa district, but the project was then scrapped following violent protests by locals in 2021.

24 Jan 2023, 11:02:57 AM IST

Nigeria to slow interest rate hikes before elections 

Nigeria’s central bank is poised to temper the pace of interest-rate increases after inflation unexpectedly slowed from a 17-year high in December, a sign that it may have peaked.

The first drop since November 2021 took the annual inflation rate to 21.3% and caused some economists to reconsider past predictions for an increase in borrowing costs. Others are forecasting that policymakers will significantly slow their most aggressive monetary tightening in 12 years, a month before Africa’s largest economy holds presidential elections.

(Courtesy Bloomberg)

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