New Delhi: Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported a 3.11 per cent increase in its consolidated net profit to Rs 426.75 crore for the fourth quarter ended March 2022. The company had posted a net profit of Rs 413.87 crore in the January-March quarter a year ago, Avenue Supermarts said in a BSE filing. Its revenue from operations rose 18.55 per cent to Rs 8,786.45 crore during the quarter under review from Rs 7,411.68 crore in the corresponding quarter of the preceding fiscal. Avenue Supermarts' total expenses surged 18.71 per cent to Rs 8,210.13 crore in Q4 FY2021-22 against Rs 6,916.24 crore a year ago.For the fiscal ended March 2022, Avenue Supermarts' consolidated net profit grew 35.74 per cent to Rs 1,492.40 crore. It had reported a net profit of Rs 1,099.43 crore in the previous financial year. In 2021-22, its revenue from operations jumped 28.3 per cent to Rs 30,976.27 crore. It was Rs 24,143.06 crore in FY21.Avenue Supermarts CEO and MD Neville Noronha said: ''March 2022 month again had robust recovery and very satisfactory like for like growth vis-a-vis March 2021. In general, the quarter performance and past two waves of stop-start-stop give us extreme confidence in the resilience of the business to recover in the short term''.D-Mart's FMCG business is recovering well, he added. ''The value proposition is being distinctly seen by our customers in this segment. In the discretionary non-FMCG segment, as of now, it is hard to estimate if the relatively lower growth is due to a secular change over time due to the e-commerce shift or inflation or due to significantly higher Covid related negative economic impact for certain shoppers,'' Noronha said.Talking about DMart's growth in the brick and mortar segment for FY22, he said the company ended the year with growth across key financial parameters of Revenue, EBITDA and PAT. ''Two years and older, DMart stores grew by 16.7 per cent during FY2022 as compared to FY 2021. We have 214 stores that are 2 years or older. Our sales from General Merchandise and Apparel moved slightly up at 23.40 per cent as compared to 22.90 per cent in the previous year,'' he added.In FY22, D-Mart opened 50 additional stores, taking the total to 284 stores. ''Our store footprint continues to grow across the country. We had a record opening this year primarily because of delayed openings in the previous year due to Covid,'' he said. Its e-commerce business DMart Ready also had gradual expansion during the year, which is present in 12 cities across the country. ''Post Omicron wave, the e-commerce business has slowed down its growth trajectory. However, in general, we are quite happy and excited about this business. We are learning every single day. DMart Ready has again had a tremendous year. Topline sales this year were slightly more than double that of last year,'' Noronha said.At a fundamental level, D-Mart believes that for grocery, e-commerce is a channel of convenience while brick and mortar is still the channel of joy, except for the effort to reach the store and the time to wait at the checkout. ''Each has its own unique magic. We will operate both channels to the best of our abilities with a mindset to improve on these principles and ensure that the value to the shopper remains supreme,'' he said.—PTI

 Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported a 3.11 per cent increase in its consolidated net profit to Rs 426.75 crore for the fourth quarter ended March 2022.

D-Mart Q4 net profit up 3.11 pc at Rs 426.75 cr

Mumbai: State-owned lender&nbsp;Bank of Baroda&nbsp;(NS:BOB) reported a sharp rise of 79.3 per cent in its standalone net profit to Rs 2,168 crore in the first quarter of the financial year 2022-23, as compared to Rs 1,209 crore reported in the same quarter last year on back of rise in net interest income and improvement in the asset quality.The net profit of the bank for the consolidated entity stood at Rs 1,944 crore in the April-June quarter as against Rs 1,187 crore in the same quarter last year.Net interest income of the bank grew 12 per cent to Rs 8,838 crore in the Q1FY23. While, net interest margins of the bank stands at 3.02 per cent in the quarter under review.The non-performing assets (NPA) ratio of the state-owned lender improved sharply to 6.26 per cent in April-June quarter compared to 8.86 per cent in the same quarter last year. In absolute terms, gross NPA of the Bank reduced to Rs 52,591 crore in Q1FY23 from the level of Rs 66,671 crore in Q1FY22.The net NPA Ratio of the Bank improved to 1.58 per cent in Q1FY23 as compared with 3.03 per cent in Q1FY22. The Provision Coverage Ratio of the Bank stood at 89.38 per cent including TWO and 75.94 per cent excluding TWO in Q1FY23. Slippage ratio decreased to 1.71 per cent for Q1FY23 as against 3 per cent in Q1FY22.Fee based Income for the quarter increased by 15.6 per cent to Rs 1,277 crore. On the other hand, operating Income for Q1FY23 stands at Rs 10,020 crore and cost of Deposits reduced to 3.46 per cent in Q1FY23 as against 3.55 per cent in Q1FY22.The total advances of the state-owned lender reported a strong growth of 18 per cent YoY. Organic Retail loan portfolio of the Bank grew by 23.2 per cent led by growth in Personal loan portfolio by 147.1 per cent, Auto loan by 25.6 per cent, Education loan by 20.5 per cent, Home loan by 15.3 per cent on a YoY basis.Domestic Current Account Deposits stands at Rs 63,440 crore, up 10 per cent on-year and domestic Savings Bank Deposits grew by 11.1 per cent to Rs 3,38,182 crore. Overall Domestic CASA registered a growth of 10.9 per cent on a YoY basis.Similarly, global deposits increased by 10.9 per cent YoY to Rs 10,32,714 crore. Domestic Deposits increased by 8.5 per cent YoY to Rs 9,09,095 crore in Jun'22.As of June 30 this year, the state-owned lender's has 8,163 branches and 11,475 ATMs and cash re-cyclers supported by self-service channels.

State-owned lender Bank of Baroda (NS:BOB) reported a sharp rise of 79.3 per cent in its standalone net profit to Rs 2,168 crore in the first quarter of the financial year 2022-23, as compared to Rs 1,209 crore reported in the same quarter last year on back of rise in net interest income and improvement in the asset quality.

Bank of Baroda's net profit rises 79.3% YoY to Rs 2,168cr

Guwahati: Assam's state-owned Numaligarh Refinery Ltd (NRL) posted a record earnings in fiscal 2021-22 with profit after tax of Rs 3,562 crore as compared to Rs 3,036 crore in the previous year, or an increase of Rs 525 Crore. After the 29th NRL's Annual General Meeting, Chairman-cum-Managing Director Ranjit Rath on Monday said that highest-ever profit before tax was also achieved by the company at Rs 4,848 crore, which is higher by 18.37 per cent over Rs 4,083 crore of the previous financial year, mainly due to increase in overall gross margin and higher inventory gains. During financial year 2021-22, the company also achieved the highest-ever sales turnover of Rs 23,546 crore, or 26.95 per cent higher over Rs 18,548 crore in the previous year, primarily on account of increase in product prices. The net worth of the company has increased to Rs 8,388 crore as on March 31 this year as compared to Rs 5,596 crore in the previous year. The NRL has contributed a total of Rs 5,809 crore to the government exchequer in the form of taxes, duties, and dividends. Rath said that in the next five years, the company has planned to invest more than Rs 35,000 crore and is determined in its pursuit of executing the major ongoing projects -- the Numaligarh refinery expansion project, the Paradip-Numaligarh crude oil pipeline, the crude oil import terminal at Paradip, the 2G Ethanol Project, and the India-Bangladesh friendship pipeline. During FY 2021-22, the refinery achieved a throughput of 2,624 TMT that included 23 TMT of imported crude oil, the CMD said. Product sales during the year were 2,799 TMT compared to 2,924 TMT in the previous year. Sales within northeast, at 1,090 TMT, marked significant improvement (39 per cent of total sales) against 817 TMT (28 per cent of total sales) in the previous year which contributed towards savings on account of CST and freight under-recoveries. Sales also comprised 56 TMT of gas oil exported to Bangladesh and 125 TMT naphtha to Brahmaputra Cracker and Polymer Ltd from external sources. The NRL, one of the four refineries in oil and gas-rich Assam, was set up at Numaligarh in Golaghat district in April 1993 in accordance with the provisions made in the Assam Accord signed on August 15, 1985. Conceived as a vehicle for speedy industrial and economic development of the region, the NRL was dedicated to the country by then Prime Minister Atal Bihari Vajpayee on July 9, 1999.&nbsp;
—IANS

Assam's state-owned Numaligarh Refinery Ltd (NRL) posted a record earnings in fiscal 2021-22 with profit after tax of Rs 3,562 crore as compared to Rs 3,036 crore in the previous year, or an increase of Rs 525 Crore.

 Assam's Numaligarh Refinery posts Rs 3,562 cr profit after tax

San Francisco (The Hawk): Elon Musk's company Tesla announced $3.3 billion in net profits for the third quarter (Q3), more than doubling from the same period last year, while its automotive revenue increased by 55%.
The electric carmaker stated in a letter to shareholders late Wednesday that the third quarter was another strong quarter, with record revenue, operating profit, and free cash flow.
"In the recent year, our free cash flow surpassed $8.9 billion. In Q3, our operating margin was 17.2 percent "According to a business release.
Tesla's automotive revenue was $18.69 billion, up 55% from the previous year.
"We remain committed to boosting vehicle production as rapidly as feasible by raising our weekly build rate in Fremont and Shanghai and steadily working through the production ramps in Berlin and Texas," the company added.
Musk hinted at a probable share buyback during an earnings call.
"I can't emphasise enough that we have tremendous demand for Q4 and intend to sell every car we build for the foreseeable future. The facilities are running at full capacity, and we are delivering every car we produce while maintaining healthy operating margins "He informed analysts.
Musk suggested that Tesla may conduct a "major repurchase" next year, potentially worth $5 billion to $10 billion.
"I believe we can significantly outperform Apple's present market cap. In fact, I believe Tesla has the potential to be valued more than Apple and Saudi Aramco combined. That doesn't guarantee it will happen or be simple "He took note.
According to the corporation, logistics unpredictability and supply chain bottlenecks remain immediate challenges, albeit they are improving.
"We continue to expect that battery supply chain bottlenecks will be the primary impediment to long-term EV market growth. Despite these obstacles, we intend to deliver every vehicle produced while maintaining good operating margins "The electric vehicle manufacturer stated in a statement.
(Inputs from Agencies)

Elon Musk's company Tesla announced $3.3 billion in net profits for the third quarter (Q3), more than doubling from the same period last year, while its automotive revenue increased by 55%.

Tesla's Q3 net profit doubled to $3.3 billion, on sales of automobiles that increased by 55%

San Francisco (The Hawk): In the third quarter (Q3), Alphabet, the parent company of Google, reported net income of $13.9 billion, a decrease of 27% from the same period in the previous year, while revenue rose by 6% to $69.1 billion.
Alphabet's earnings of $16.9 billion in net profit fell short of Wall Street expectations.
The tech giant made profits of about $16 billion and revenue of almost $69.7 billion in the second quarter (Q2).
Alphabet and Google CEO Sundar Pichai stated, "We are sharpening our focus on a clear set of product and business priorities."
"Product announcements we've made in just the past month alone have shown that very clearly," Pichai said in a statement late on Tuesday. "These include significant improvements to both Search and Cloud, powered by AI, and new ways to monetize YouTube Shorts."
The third quarter's financial results, which were impacted by foreign exchange, reflect solid fundamental growth in Search and momentum in Cloud, according to Ruth Porat, CFO of Alphabet and Google.
Porat continued, "We're working to realign resources to support our highest growth priorities.
To $39.5 billion, Google Search ad sales increased by 4%.
Google Cloud increased from $4.9 billion in Q3 2021 to nearly $6.9 billion in Q3 2022, and advertising brought in $54.4 billion, up from $53.1 billion. In Q3, YouTube ad revenue was slightly down.
According to Pichai, the business has begun the process of increasing efficiency by reallocating resources to capitalise on its most promising growth prospects.
"We have made a number of shifts over the past quarter away from lower priority initiatives to support higher growth priorities. We will add fewer employees in Q4 than we did in Q3. And as we make plans for 2023, we'll continue to make crucial trade-offs where necessary and are committed to containing the growth of operating expenses "said he.
(Inputs from Agencies)

In the third quarter (Q3), Alphabet, the parent company of Google, reported net income of $13.9 billion, a decrease of 27% from the same period in the previous year, while revenue rose by 6% to $69.1 billion.

Alphabet's net profit falls 27% to $13.9 billion, while revenue rises 6%

San Francisco (The Hawk): Despite a global decline in PC sales, Microsoft reported a 14% decline in net profit for the first quarter of 2023 (the period of July to September).
Microsoft's first quarter of 2023 saw $50.1 billion in revenue and $17.6 billion in net income.
Digital technology is the ultimate tailwind in a world with growing headwinds, according to Satya Nadella, chairman and CEO of Microsoft.
In this environment, Nadella said in a statement late on Tuesday, "we're focused on helping our customers do more with less, while investing in secular growth areas and managing our cost structure in a disciplined way."
Microsoft Cloud revenue increased by 24% year over year to $25.7 billion.
Amy Hood, executive vice president and CFO of Microsoft, stated that "we continue to see healthy demand across our commercial businesses, including another quarter of solid bookings as we deliver compelling value for customers."
According to IDC, global shipments of traditional PCs totaled 74.3 million units during the period of July through September, a 15% decline year over year. This decline is primarily to blame for the decline in net profit.
According to Microsoft, revenue from LinkedIn increased by 17%, while revenue from Intelligent Cloud increased by 20% to $20.3 billion.
More Personal Computing generated $13.3 billion in revenue, a marginal decline.
Revenue from Xbox devices increased by 2% while revenue from content and services fell by 3%.
Nearly half of Xbox Series S purchasers, according to Nadella, are first-time users of our ecosystem.
(Inputs from Agencies)

Despite a global decline in PC sales, Microsoft reported a 14% decline in net profit for the first quarter of 2023 (the period of July to September).

Microsoft reports a 14% decline in net profit due to falling PC sales

Chandigarh: Haryana Dairy Development Cooperative Federation Ltd Chairman Randhir Singh Golan on Friday said the federation has earned a profit of Rs 49.57 crore in the last two and a half years owing to improving the quality of products.
The total combined turnover of the federation rose from Rs 1,159 crore in 2019-20 to Rs 1,505 crore tentatively in 2021-22. Accordingly, the total combined profit witnessed a steep growth of three times from Rs 11.50 crore in 2019-20 to Rs 49.57 crore in 2021-22, which is an all-time high.
Golan said the sale of milk has witnessed a seven per cent increase during April-June 2022 quarter as compared to the same period last year. The sale of ghee during this period has witnessed an increase of 29.95 per cent, curd 54.5 per cent and 'lassi' 48.70 per cent.&nbsp;
—IANS

Haryana Dairy Development Cooperative Federation Ltd Chairman Randhir Singh Golan on Friday said the federation has earned a profit of Rs 49.57 crore in the last two and a half years owing to improving the quality of products.

 Haryana dairy cooperative sees all-time high profit

Haryana Dairy Development Cooperative Federation Ltd Chairman Randhir Singh Golan on Friday said the federation has earned a profit of Rs 49.57 crore in the last two and a half years owing to improving the quality of products

San Francisco (The Hawk): According to a ProPublica investigation, Google is purportedly making disinformation profitable through its ad tactics for some of the Internet's most prolific providers of misleading information in Europe, Latin America, and Africa.
The investigation, the first of its kind, discovered that Google's vast automated digital ad operation distributed advertising from big corporations on global websites that disseminated false claims about vaccines, Covid-19, climate warming, and elections.
The ProPublica study also discovered that Google routinely inserts adverts on sites in French, German, and Spanish-speaking nations spreading myths about Covid-19 and climate change.
"The ensuing ad revenue is potentially worth millions of dollars to the persons and organisations running this and other untrustworthy sites – while simultaneously making money for Google," according to a Saturday report.
Google ads are more likely to display next to incorrect content on issues not explicitly addressed in its policy, such as crime, politics, and conspiracy theories like chemtrails.
A former Google executive who worked on trust and safety concerns admitted that the internet behemoth concentrates mainly on English-language enforcement and is weaker in other languages and smaller areas.
ProPublica examined over 13,000 live article pages from thousands of websites in over a half-dozen languages to see if they were currently collecting ad money through Google.
According to the investigation, Google put advertising on 41% of the nearly 800 active web articles rated as incorrect by members of the Poynter Institute's International Fact-Checking Network.
"The corporation also delivered advertising on 20% of climate change publications that Science Feedback, an IFCN-accredited fact-checking organisation, labelled fake," according to the report.
According to a corporate representative, Google has increased its investment in non-English language enforcement and oversight, which has resulted in an increase in the amount of advertising removed on pages that break its policies.
"We've created comprehensive procedures to combat disinformation on our platform, including policies covering elections, Covid-19, and climate change, and we work to enforce these policies in over 50 languages," according to a company spokeswoman.
(Inputs from Agencies)

According to a ProPublica investigation, Google is purportedly making disinformation profitable through its ad tactics for some of the Internet's most prolific providers of misleading information in Europe, Latin America, and Africa.

Google is profiting from misinformation through its ad business: Report

Haridwar: The Patanjali Foods has posted a decline of 31.6 per cent in its standalone net profit to Rs 112.30 crore in the quarter ended September 30, against Rs 164.30 crore net profit in the year-ago period.
The fast-moving consumer goods firm has posted a jump of 42 per cent in its standalone revenue to Rs 8,514 crore against Rs 5,995 crore in the year-ago period.
The FMCG's standalone operating profit or Ebidta was down 41.1 per cent to Rs 194.6 crore, against Rs 330.2 in the corresponding period the previous year.
The company said its margin was 2.3 per cent against 5.5 per cent in the year-ago period.
The company said demand remained challenging with persisting high inflation along with monetary/fiscal measures taken by the government including the continuation of stock limits on oils and oilseeds, governments insistence on reduction in retail edible oil prices and passing of price benefits to the consumers.
According to the company statement, the foods business achieved sales of Rs 2,399.66 crore contributing 37.18 per cent of the total branded sales of the company. It also added that branded sale including the institutional segment achieved sales of Rs 6,453.45 crore, making up more than 77 per cent of the total sale of products of the company for the period.
The Haridwar-headquartered company was founded by Ramdev and Balkrishna in 2006. Its office is in Delhi, with manufacturing units and headquarters in the industrial area of Haridwar. The company manufactures cosmetics, ayurvedic medicine, personal care and food products. The chief exexutive officer (CEO) of the company, with a 94-percent share hold, is Balkrishna. Ramdev represents the company and makes strategic decisions.
The company's shares closed at Rs 1,272 apiece on BSE, a decline of 1.62 per cent over the previous session, on Friday. In the past five days, the shares had been declining about 5.64 per cent, according to the stock exchange. —ANI

The Patanjali Foods has posted a decline of 31.6 per cent in its standalone net profit to Rs 112.30 crore in the quarter ended September 30, against Rs 164.30 crore net profit in the year-ago period.

Patanjali Posts 31% Decline In Net Profit During Second Quarter

New Delhi: On Monday, Punjab National Bank (PNB) said that its standalone net profit for the quarter ending in December had decreased by 44 percent, to Rs 629 crore.
In the prior-year period, the state-owned bank had posted a net profit of Rs 1,127 crore.
According to a regulatory filing, PNB reported a rise in income from October through December of 2022, from Rs 22,026 crore to Rs 25,722 crore.—Inputs from Agencies

On Monday, Punjab National Bank (PNB) said that its standalone net profit for the quarter ending in December had decreased by 44 percent, to Rs 629 crore.

PNB Q3 net profit falls 44% to 629 crore

New Delhi: A source has revealed that the Airports Authority of India (AAI) returned to profitability in the fiscal year that ended in March, with a profit of Rs 3,400 crore because to an increase in domestic aviation traffic.
For the first time since the coronavirus pandemic severely disrupted air travel and the aviation industry, AAI has reported a profit.
AAI had posted a loss for the fiscal years ending in 2021-22 and 2020-21.—Inputs frrom gencies

A source has revealed that the Airports Authority of India (AAI) returned to profitability in the fiscal year that ended in March, with a profit of Rs 3,400 crore because to an increase in domestic aviation traffic.

AAI back on profitable runway; reports Rs 3,400 profit in 2022-23 fiscal

Bengaluru: Infosys, an IT services provider, announced an 11% increase in quarterly consolidated net profit to Rs 5,945 crore on Thursday, although it decreased its full-year growth projection to 1-3.5% due to macroeconomic uncertainty.
Prior to the effect of minority interest, the net profit for the same period in the prior year was Rs 5,362 crore.
The company's revenue increased by 10% year-over-year, reaching Rs 37,933 crore from Rs 34,470 crore.—Inputs from Agencies

Infosys, an IT services provider, announced an 11% increase in quarterly consolidated net profit to Rs 5,945 crore on Thursday, although it decreased its full-year growth projection to 1-3.5% due to macroeconomic uncertainty.

Infosys' Q1 profit rises 11 pc to Rs 5,945 crore; lowers full year outlook to 1 to 3.5 pc

New Delhi: On Thursday, Hindustan Unilever Ltd. reported a 6.9% increase in consolidated profit after tax to Rs 2,556 crore for the first quarter ended June 30, 2023. This growth was driven by the company's ability to capitalise on a modest rebound in the FMCG industry despite operating in a difficult environment.
In the same period last year, Hindustan Unilever Ltd reported a consolidated net profit of Rs 2,391 crore, according to a regulatory filing.
First-quarter consolidated total income was Rs 15,679 crore, up from Rs 14,757 crore in the same period last fiscal year.—Inputs from Agencies

On Thursday, Hindustan Unilever Ltd. reported a 6.9% increase in consolidated profit after tax to Rs 2,556 crore for the first quarter ended June 30, 2023.

HUL Q1 profit rises 6.9 pc to Rs 2,556 crore

New Delhi: Servotech Power Systems' consolidated net profit for the quarter ending in June increased dramatically to Rs 4.10 crore, the company announced on Friday.
According to a BSE filing, the company made Rs 35 lakh in net profit during the same period previous year.
Total sales for the company increased from Rs 32.06 crore in the prior-year quarter to Rs 79.81 crore in the most recent quarter.—Inputs from Agencies

Servotech Power Systems' consolidated net profit for the quarter ending in June increased dramatically to Rs 4.10 crore, the company announced on Friday.

Servotech Power Systems Q1 net profit grows manifold to Rs 4.10 cr

Srinagar: J&amp;K Lt governor Manoj Sinha said on Thursday that those who made profit out of conflict -- used to brainwash the children, and hand over stones and guns to them -- will not be spared.
Sinha was addressing a 2-day workshop on strengthening child protection system/mechanisms for representatives of PRIs/ULBs/Police/SIRD and other stakeholders at the convention centre in Srinagar on Thursday.&nbsp;
The Lt governor said some conflict profiteers would brainwash children and then hand over stones and guns to them.&nbsp;
“We are acting tough against these conflict managers and none of them will be spared now,” the Lt governor said.&nbsp;
He said that the administration is committed to hand over laptops to J&amp;K’s children and shape their future.
“Post August 2019, all laws that were not applicable to J&amp;K with regard to child protection were made applicable with the result Juvenile Justice Board (JJB) was re-framed, Rehabilitation policy for children was also made.&nbsp;
“Focus has to be on the institutional care where a child should get home like feeling. The administration will ensure that no child is seen begging or working on streets of J&amp;K.&nbsp;
&nbsp;“UT administration has announced war against drugs and to make J&amp;K drug free.&nbsp;
“But administration alone can’t do it. We need support of youth clubs, elders, civil society and all other stakeholders,” the Lt governor asserted.&nbsp;
—IANS

J&K Lt governor Manoj Sinha said on Thursday that those who made profit out of conflict -- used to brainwash the children

No ‘Conflict Profiteer’ will be spared: J&K L-G Manoj Sinha

New Delhi: Higher growth expectations but with expensive valuation have more often led to lower returns for investors from equities, DSP Mutual Fund said in a report.
Currently, the P/E ratio of Nifty 50 is at 22.5x. Historically, whenever an investment has been made when the PE ratio is more than 22x, 3-year forward returns have been subdued, the report said.
Thus, an investor contemplating investing in equities with the backdrop of India's growth story should also consider the margin of safety.
The Margin of Safety is an important aspect in equity investing, and the absence of it can cause investors to earn subpar returns. Valuations are one of the key indicators that can help investors determine whether equities have a margin of safety.
There are exceptions as well. In post Covid crisis recovery, equities performed well even though markets were trading at all time high valuation.
However, despite the favorable conditions for engineering and capital goods companies, it is essential to be mindful of valuations. Therefore, a more active, bottom-up approach is necessary for this sector, the report said.
The net interest payments by US corporations are at their lowest levels in half a century. This trend has hit rock bottom, and high-frequency indicators suggest that US corporate profitability can decrease as the cost of borrowing rises and liquidity becomes scarce.
This is likely to cause a headache for US stocks. A similar story is likely playing out in the EU and the UK. Expensive valuations of US equities aren’t helpful in the face of such a headwind, the report said.
The US equity market exhibits overvaluation, indicating the potential for a correction amid economic deceleration, the report said.
The report points to the possibility of a worldwide correction affecting Indian markets, with anticipated milder declines compared to other markets.
—IANS

Higher growth expectations but with expensive valuation have more often led to lower returns for investors from equities, DSP Mutual Fund said in a report.

Markets have given subdued returns when Nifty P/E ratio more than 22x

New Delhi: Global travel tech brand OYO is set to report its first-ever profit after tax at Rs 16 crore in the second quarter of the FY24.  In a letter to the company’s top management, seen by IANS, OYO founder Ritesh Agarwal shared that Q2 FY2024 will mark the company’s maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore.
Congratulating his team on OYO completing 10 years, Agarwal wrote, “As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax of over Rs 16 crore.”  He said that the revenue from operations stood at Rs 5,463 crore in FY23, up from Rs 4,781 crore in FY22, marking a 14 per cent increase.  â€œWe also narrowed our losses to Rs 1,286 crore. Our Adjusted Gross Profit Margin rose to 43 per cent of revenue and Adjusted Gross Profit increased by 23 per cent to Rs 2,347 crore in FY23 from Rs 1,915 crore in FY22,” Agarwal wrote.  The overall Gross Booking Value (GBV) increased by 25 per cent reaching the Rs 10,000 crore milestone in FY23.  Agarwal, during an employee town-hall earlier this year, had shared that OYO expects to clock adjusted EBITDA of nearly Rs 800 crore in FY2024.  OYO has also published its Annual Accounts for FY2023. It has achieved operational profitability in FY2023, clocking an Adjusted EBITDA of Rs 277 crore.  In the annual report, OYO attributed this achievement to its focus on core markets, centralisation of key functions, cost optimisation initiatives, divestment, and rationalisation of non-core businesses.  The company reduced the number of hotels in FY23 to 12,938 from 18,037 in FY22, citing an increased focus on quality customer service across OYO hotels, globally.  It still maintains the largest footprint in terms of hotels in India and SEA, as compared to other full stack short-stay accommodation players (as of June 2023).  The company in its filing said that the OYO app is the fourth most downloaded travel app globally (as of July 2023) and the most downloaded travel app in key Asian markets.  “Today, there are over 1,000 hotels tagged as Super OYO’s spread across 140 cities in India. Average customer service ratings of OYO hotels in India have gone up to four out of five in 2023 from 3.5 in 2022″, Agarwal wrote in the letter.  Recently, global ratings agency Moody’s shared that it expects OYO to remain EBITDA positive for FY24.
—IANS

Global travel tech brand OYO is set to report its first-ever profit after tax at Rs 16 crore in the second quarter of the FY24.

OYO set to report its first net profit of Rs 16 cr in Q2 FY24

Los Angeles [US]: Rapper Snoop Dogg is all set to perform at a gala on November 11 in Los Angeles. The glitzy Baby2Baby annual gala supports the nonprofit organization, which provides supplies for children living in poverty, Variety reported.
In acknowledgement of Snoop Dogg's performance, the organisation will provide nearly 300,000 essential items, such as school supplies, hygiene products and sports equipment to children in two Snoop-backed organizations: the Snoop Youth Football and Basketball Leagues and Snoop Special Stars. Oscar nominee and Emmy winner Salma Hayek Pinault will be honoured with the Giving Tree Award, which the organization says is given "to a public figure who has demonstrated exceptional commitment to improving the lives of children in need around the world." Hayek's foundation supports organizations that assist battered women and underprivileged children in Mexico.
—ANI

Rapper Snoop Dogg is all set to perform at a gala on November 11 in Los Angeles.

Snoop Dogg to perform at gala honouring Salma Hayek Pinault

By Paige Smith PayPal Holdings Inc. will reduce its workforce by about 9 per cent as Chief Executive Officer Alex Chriss, who took over in September, grapples with rising competition, profit pressures and a raft of analyst downgrades.  In a letter to staff on Tuesday, Chriss said the decision was made to “right-size” the company through both direct cuts and the elimination of open roles throughout the year. Affected staff will be notified by the end of the week, according to the letter, which was seen by Bloomberg News.  PayPal, which employed around 29,900 workers at the end of 2022, announced a similar round of cuts last January. The latest move will affect about 2,500 workers.  Eliminating jobs will allow the firm to “move with the speed needed to deliver for our customers and drive profitable growth,” Chriss said in the letter. “At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth.”
Shares of the payments giant have plunged more than 20% over the past year as earnings faltered and the company lowered its full-year guidance for adjusted operating margin. PayPal named Chriss last year to replace Dan Schulman.  PayPal was an early disrupter in the payments industry, but rivals including Apple Inc. and Zelle have since crowded the space, leaving PayPal struggling to keep pace. At least four analysts downgraded the stock this month, citing a range of concerns from rising competition to pressure on profitability.  Chriss said on PayPal’s third-quarter earnings call that the firm’s “cost base and complex structure” had slowed progress, an issue he plans on addressing to boost the firm’s operating leverage. The San Jose, California-based company is set to report fourth-quarter results next week.  “There hasn’t been a lot to celebrate” over the past few years, Chriss told CNBC earlier this month.  Since Chriss took the helm, he’s revamped PayPal’s leadership roles and made clear that he plans to streamline what grew into a bloated business during the pandemic.  Block Inc., which offers the Cash App and Square payments services, began cutting jobs Tuesday as part of its goal to trim the workforce to 12,000 by the end of the year. Headcount as of the end of the third quarter of last year was just over 13,000, according to the firm.
—Bloomberg

PayPal plans to reduce its workforce by 9% due to rising competition and profit pressures. CEO Alex Chriss aims to streamline operations for growth.

PayPal to cut around 2,500 jobs as rivals snag market share

New Delhi: Paytm is expecting an impact on its annual operational profit estimated to be between Rs 300 500 crore, due to the recent directive from the Reserve Bank of India (RBI). The directive, issued on Wednesday restricts Paytm Payments Bank (PPBL) from offering services such as accepting deposits top ups in customer accounts prepaid instruments, wallets and FASTags.  This regulatory decision by the RBI follows a system audit report and subsequent compliance validation conducted by external auditors. In response to this development Paytm stated in a filing that they anticipate a worst case impact of Rs 300 500 crore on their annual EBITDA going forward. However the company remains committed to improving profitability despite this setback.  One97 Communications Ltd (OCL) which owns the Paytm brand holds a 49% stake in PPBL. Although PPBL is classified as an associate, than a subsidiary of OCL Paytm emphasizes that it has been collaborating with various banks beyond PPBL as part of its payments business. Now they plan to accelerate their efforts to shift entirely to bank partners.  It's worth noting that since March 11th, 2022 RBI had already prohibited PPBL from acquiring customers. Paytms filing stated that the next phase of OCLs journey involves expanding its payments and financial services business. Only through partnerships with other banks.  PPBL is actively taking steps to comply with RBIs directives. Is working closely with the regulator to address concerns promptly. Users can rest assured that their savings accounts, wallets, FASTags and NCMC accounts will not be affected by this directive allowing them to continue using their existing balances.  While the Paytm Payment Gateway business for merchants will continue as usual Paytms offline merchant payment network offerings like Paytm QR, Paytm Soundbox and Paytm Card Machine will also remain uninterrupted. RBI has also instructed the termination of 'nodal accounts of OCL and Paytm Payments Services (PPSL) by February 29th, 2024. In response to this directive OCL and PPSL will be moving these accounts to banks within this time frame.  Paytm has expressed its commitment to forming partnerships with banks in order to provide a wide range of payment products to its customers. It is important to note that the company has clarified that its financial services such as loan distribution, insurance distribution and equity broking are separate, from PPBL and are not expected to be impacted by these measures.
—Input from Agencies

RBI's directive impacts Paytm's annual profit by Rs 300-500 crore. Explore the central bank's action, Paytm's response, and the future of financial services compliance.

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